What are the Benefits of Outsourcing Collections Licensing?
Navigating the landmines of state license regulations requires an abundance of time and focused energy to stay current and compliant.  Licensing requires that you keep your eye on shifting legislation and knowing the pitfalls of sometimes silly and costly mistakes that generate costly fines and “earnings” downtime.. The usage of an outside firm to handle a function that would otherwise be performed within your company is a sensible practice that affords collection agencies to focus on what they do well. A small to mid-size agency might not have the staff to manage key functions, while a larger agency may turn to outsourcing to cut costs.
Can you beat the Regulator (Take the 4 question quiz)?
When seeking a Licensing Support Service Provider to handle your ongoing debt collection registration and licensing maintenance, the understood benefits of outsourcing are at the heart of your decision making process. The maintenance of your debt collection licensing is of vital importance to fulfill a statutory requirement in a majority of US jurisdictions. It is also necessary to secure and critical to maintain client relationships. With an Outsourced Licensing Support Service Provider you are able to:
- Increase efficiency – Using a licensing support service provider with a comprehensive understanding of the debt collection licensing process, will ensure that your agency obtains and maintains licensing quickly and efficiently, with minimum pull upon internal resources.
- Reduce labor costs – The interaction of your staff and the chosen licensing service provider should be only in the form of reaction to your service providers’ requests. Quite simply a member of your staff should be coordinating signatures and non-static corporate information.
- Launch ongoing projects quickly – Your chosen service provider should have an established system and efficiencies’ in place to ensure that new projects are capable of launching as quickly as your organization requires.
- Focus on your core business functions – With all of the above benefits securely in place, you and your staff can entirely focus your efforts on the money making aspects of your business.
- Reduce liability risk– A competent licensing support service provider should have an understanding of the state registration and licensing requirements, consistently tracking legislation and communicating frequently with state regulators to understand nuances in regulator interpretation of existing debt collection. This will mitigate exposure relating to potential civil or administrative action from the states, as well as potential lawsuits from consumer attorneys relating to unlicensed collection activity.
Why should you consider Cornerstone for your Licensing Support Service?
We are the leading debt collection licensing support service provider in the industry, with over 20 years of experience and over 1000 agencies licensed. Cornerstone has the depth of understanding and experience essential to providing your agency with efficient and effective support. Cornerstone stands by and guarantees our Comprehensive License Renewal Services, if your agency has provided us with all requested information and your license is not renewed, it is written into our contract that we will pay any penalty or fine incurred. With our consistent tracking of legislation and the regularity of regulator contact, we will provide your agency with licensing related updates. Cornerstone’s Licensing portal puts the status of new licenses, copies of existing licenses, and the ability to quickly pull together a licensing compliance report all at your fingertips.
