When interacting with a collection agency, many consumers have questions that touch on issues such as the security of information, ethical practices, and agency accreditation. These concerns are often rooted in a desire to ensure they are being treated honestly and fairly by their service provider, as well as the accounts receivable company collecting on the service provider’s behalf. It is the role of any reputable company in the industry to be upfront about these questions and answer them preemptively to ensure that all parties involved are satisfied with the methods in which a financial resolution is reached.
A look at the measures IC Systems puts in place to protect consumers is an important step towards living up to these standards. The following article will address these concerns as it examines one of the leading collection agencies in operation today (GlassDoor).
Company Background
Founded in 1938, IC Systems was started by Ruth and Jack Erickson. Since its founding eighty years ago, the company has remained in the Erickson family. Headquartered just outside of St. Paul, Minnesota, the company has now passed through three generations of family members. Thanks in part to this family-oriented approach, the company has been able to maintain a focus on ethical and honest service that was first put into practice at the time of its creation.
This focus is best exemplified in the Core Values that stand at the heart of the way the company conducts business. These values focus on the five areas: People, Integrity, Performance, Pride, and Innovation. They are intended to ensure that every action the company takes is guided by a desire to treat employees, clients, and consumers fairly. The company’s commitment to ethical practices is so ingrained in its culture, that it is often recognized by outside organizations for the way in which it helps to improve financial outcomes for all parties involved. An example of this is the company’s nomination for the Better Business Bureau’s Torch Award for Ethics three consecutive years in a row.
Compliance and Regulatory Measures
One of the ways in which IC Systems works to preserve its reputation for fair practices is by ensuring it is up to date with all pertinent regulatory measures. While some companies in the accounts receivable industry only follow the bare minimum when it comes to regulations, IC Systems makes sure it is at the forefront of all of the latest compliance measures. These standards, such as CFPB, TCPA, and 501(r), allow the company to use state-of-the-art collection tools to maintain their status as one of the most secure collection agencies in the industry.
That focus on security is a point of pride for the company as it handles sensitive information, knowing that proper procedures for keeping data safe are paramount in our increasingly connected world. To that end, the company opts for constant auditing by the third-party security specialist, FRSecure. The firm ensures that IC Systems not is truly data security compliant but also allows customers to rest assured that their data will not be misused by those inside or outside the company.
In addition to its security-minded compliance, the company is also licensed and bonded in all fifty states. This ensures that the company can act lawfully in any state or territory in which its services are required. This practice, which is often not adhered to by other collections agencies, ensures that interactions with consumers are always lawful and above board. This focus on licensing also protects clients from legal repercussions that can arise through dealings with companies that operate outside the bounds of the law.
Conduct
Another question many consumers have when dealing with a collection agency concerns the measures put in place to assure proper conduct by its collectors, which are called consumer financial representatives at IC Systems. Here, again, IC Systems acts as a leader in the field. Guided by its founding principles of ethical and honest treatment for all, the company accepts nothing but the highest level of behavior from its staff. This is true for both ethical and legal conduct and applies throughout the entire process of serving an account. While one of the company’s goals is to improve financial outcomes for clients and consumers, they also know that it is important to do so by using consumer-friendly practices to help maintain consumer-client relationships.
In the pursuit of this high level of conduct from consumer financial representatives, the company records and archives all calls involving its staff. These calls are regularly reviewed by auditors to evaluate the overall manner in which they interact with consumers. Furthermore, the company encourages consumers to reach out through their online contact page if they have any questions or concerns centered on the behavior of consumer financial representatives.
Auditing
As is seen in other areas of the company, a focus on auditing is a primary component of IC System’s Compliance Risk Management Systems. The auditing process ensures that policies exist and are clearly documented, thus helping to protect consumers from being the subject of a collection effort in error. To ensure that the auditing process is completed with all due diligence, the company maintains a director of internal audit and also a full-scale audit committee to which the director reports. This committee is made up of some of the highest-ranking executives at the company.
Though some consumers may feel uneasy when they are first contacted by an accounts receivable company, it is important for all companies in the industry to treat people with morally sound practices. This method has been in place at IC Systems for the eighty years of its existence and will continue to be used moving forward. Stemming from the ideology of its founders, this drive towards ethical and honest conduct is not only spelled out in the company’s core values, but it is also reinforced by a myriad of third-party auditing and other accountability measures. Through these practices, the company can ensure that it is working to achieve its goals in a way that simultaneously serves clients while also placing maximum emphasis on protecting consumers as well.
For more information on IC Systems visit https://www.linkedin.com/company/ic-system/
