Looking for a New Vendor? These 4 Red Flags Should Stop You in Your Tracks

From technology vendors to agency partners, a successful collections and recovery strategy is impossible without good collections vendor partnerships. But finding and selecting those good vendor partners? That's a real challenge for executives in collections and recovery. It can be tedious and time-consuming for lenders to find and vet those vendor partners. The faster you can rule out vendor candidates who won't work, the faster you can identify the right debt collection partner.

What should you look for or expect in potential debt collection vendor candidates? How can you screen out candidates fast and get to those good vendor partners more quickly? Here are four major red flags all executives in vendor mangement should look for early in the vendor search process.

Red Flag 1: Collections and recovery vendors who aren't authentic.