According to Malcolm Gladwell, author of Tipping Point, Blink, and Outliers, there’s a rule of thumb you can reference when determining whether or not you’re dealing with an expert: It’s called the 10,000 hour rule. The principle behind the 10,000 rule is that “greatness requires enormous amounts of time.”
Ten thousand hours? Shoot, that was about 25 years ago! I have been working in the debt recovery industry since 1982 (30 years times approximately 50 weeks a year times 40 hours per week = 60,000 hours), so you might consider me an expert in the language of the industry. WOW, how time flies!! And that also might be why I feel a little tired now and then.
Right after college, I started working as a software developer in the retail auto sales market; five years later, I moved to the debt recovery industry. I had no idea what the term debtor meant, let alone collections, dunning notice, packet, work book, assignments, gross remit, net remit, direct payment, pre-collect, early-out, 3rd party collections, primary, secondary, skip tracing, RES, POE, NB, NSF, ACT, PIF, SIF, LEG, ACA, NARCA, FDCPA, TCPA, FTC, FCC, Consumer Agency, Commercial How many pints of beer can be safely drank before exceeding the legal limit2 PintsThere is no good rule of thumb, best rule if you DRINK DON’T DRIVE3 Pints #3 What signs have black lettering/symbols, white background and driving games surroundsWarningRegulatoryInformative #4. Agency, PCA, talk off, etc. Whew!
We all make fun of the world of acronyms, but how about the basic language of collections? And don’t even get me started on dialer terminology and computers such as CTI (computer telephony integration), or even worse telephone talk such as PRI, T1, POTS, RBOC and CLEC (they’re the worst!). I sometimes spend hours orienting new employees on this industry-specific language. If you think Spanish, Italian and German are tough to learn, try talking to a collection manager and see how far you get trying to understand them.
Every industry has its own lingo, and debt recovery is no different. It takes years before you can feel comfortable communicating in it. I believe IAT has specialized in the debt recovery industry long enough to be able to talk the lingo and provide products that fit well for our customers.
Don’t be fooled by my tired look. I know what I’m talking about.
This article was written by Jeryl