Cogent Collections

Debt collection industry is a booming, but a struggling industry. Though the number of people taking debt is going uphill, debt collection businessessuffer ordeals of major financial losses every year. Stats show that businesses from all around the U.S., place about$150 billion worth of debt with collection agencies. Out of which, these agencies are able to recover just $40 billion of the totalamount ( source: Harry Strausser III, president of the Mid-Atlantic Collectors Association, 9/21/2011, in the Huffington Post). These statistics point at aburning need to address the reasonsthat lead to failure indebt collection. The leading factors which results in unsuccessful collections is – law compliance failure . Withan enormous number ofdebt seekers in the market, there is a neck-breaking pressure on debt collectorsto assure compliance. For this they need todevice better ways of debt collection and manage complexities, to enablemaximum recoveries.But in most of the cases, co