Colorado State University Account Collections Review Click mouse to proceed.
At Colorado State University the expectations of the individual collector, and the collections team averaged stable between 2000 and 2005. These goals included collections of Accounts, Loans, and Return Checks. In 2005 those goals were set at $633,500.00 per collector and $1,900,500.00 for the team.
In 2005 due to budget cuts and restructuring I was put in charge of the accounts with the expectation of receiving staff at a future date. The following are results based on that time when I worked alone.
In 2005-2006 the expectation for an individual collector was $633,500. I collected $1,837,388. Just under 300% of the expected goal
This was 97% of the work goal for the entire department.
How did I do this?
By using the tools that were already available I was able to automate very time consuming processes. These processes created error reports, ran statistics, tracked accounts, did calculations, etc, allowing us to organize issues, reduce manual work, and spend more time actually working the accounts. Initially only 17% of the work could be done due to issues. In twelve months that was reduced to 91%
Initially 20% of the work couldn’t leave the building due to address issues. Over half of the work that did go out was returned due to mailing issues. Very few addresses had been confirmed After 12 months only 3% of the mail was unable to be sent. All other addresses had been verified and corrected.
Automating most manual processes not only provided more accounts to work from, but also provided more opportunities to return to failed attempts, track what we had done and try something new. The average account went from 4 attempts to 24 attempts within the legal time frame. Accounts resolved within that time frame did not have to be reported to Credit Bureaus.
Within 12 months I was able to reduce the accounts that were outside of Federal compliance by 90%. Within 24 months I was able to reduce that to two accounts. Both of which had legal issues that preceded compliance.