Who we are
Vocational Recovery Solutions (VRS) was founded in 2004 as a division of Lockhart, Morris and Montgomery, a third-party collection agency and debt buyer offering services nationwide. VRS specializes in the collection and purchase of challenging receivables predominately originating through the educational finance sector and associated markets. Specifically providing debt collection services to schools, educational lenders and freight motor carriers. Through our principled strategy, our team converts non-performing receivables into immediate working capital. Our team is devoted to facilitating a positive and productive experience for every consumer, regardless of circumstance. Delivering a collection process unlike conventional agencies where cutting-edge communication and database management technology is combined with principled consumer engagement practices, resulting is in an unmatched level of results and retained goodwill for every client we serve. We believe a financial breakthrough is available for everyone, our team is skilled in delivering just that!
Founded to serve vocational schools
We believe vocational careers are a faithful pathway into the middle class and are the backbone of the American workforce. Government guaranteed student loans and grants do not always provide adequate funding to cover the costs of many high-quality vocational career training programs available for potential students; however, it is still necessary to create financing opportunities for students at a variety of credit levels to cover education costs. Only by expanding finance options available for students on vocational career paths, can the staffing needs of an evolving American workforce be met. We offer schools, finance companies and carriers willing to finance high-risk borrowers, a final stage of receivables management designed to decrease loan default and forecast reliable cash flow.
VRS was founded on the premise that the vocational training finance sector warranted an industry-specific agency to serve their collection needs. Our team understands the unique considerations for underwriting vocational student accounts and how to ethically capitalize on those standards when borrowers fail to meet their contractual and financial obligations. We are committed to delivering a level of service worthy of this vital finance sector.
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Our Process
Our agents are equipped to first locate, then engage consumers in an effort to find the root of the problem that led to the loan or contract default. We empower our agents with a problem-solving approach designed to inspire breakthrough for consumers lacking financial literacy. By employing a consultative approach, offering assistance in locating employment opportunities and helping consumers take advantage of tuition reimbursement whenever possible, VRS is equipped to deliver innovative direction for those open-minded to financial solutions.
VRS will continue our collections process until the statute of limitations expires. Primary, intermediate and late stage strategies are all taken into consideration when developing a custom process for a new client. This includes continuous credit monitoring, periodic skip tracing, letter campaigns and a multitude of engagement strategies. Our team will remain persistent for the life of a client’s receivables or until a resolution is reached.
Agent Credit Development Program – We can help because we’ve been there
At VRS, every team member is encouraged to participate in our agent credit development program. The program begins with a commitment from the team member to improve their creditworthiness and to develop financial literacy. The team member is paired with a member of our senior staff who will guide and advise them on a journey to financial well-being. Throughout the program, the team member will learn about establishing a personal budget, sound financial decision making, setting goals, preparing for the unexpected and planning for retirement. We believe that the most qualified mentor for a person experiencing a financial hardship is someone who exercises concepts of financial literacy in their own life.
Principled Compliance
At VRS we begin every work day with compliance training and testing. Through our compliance management system, VRS assures all actions are in strict accordance with the laws and regulations governing the collections industry. Regulations governing collection activity vary widely throughout the country. VRS monitors emerging requirements and is licensed, insured and bonded where required in every city and state in which we operate. Consumer collections are executed in accordance with FDCPA, FCRA, Federal, State, and City specific guidelines. We are registered with the CFPB and are always prepared to appropriately respond to any inquiry.
As a member of the American Collectors Association (ACA) and Receivables Management Association (RMA), we are always on the pulse of new compliance issues for our industry. All staff members are subject to daily regulatory knowledge testing and attend weekly compliance training sessions.
The cornerstone of our unwavering compliance is built on a framework of instilling our core values of honor, positive attitude, and goodwill within our staff. Instilling principles and training a deep-rooted understanding of compliance and regulation above and beyond simple scripting assures our team members make the grade in every situation.
Every client should expect to have their receivables serviced in a manner that is ethical and honorable towards regulatory compliance. At the same time, an agency should be persistent and effective in its collection practices. VRS dependably delivers both. We will always remain focused on exceeding standards for compliance and performance in the services we provide for our clients. Your reputation is safe in our hands.
Client Services
Our client services team is dedicated to exceeding expectations and delivering on commitments. Keeping our clients in the know and up-to-date about their inventory is essential. We offer complete transparency through our state-of-the-art and comprehensive web portal. A wide array of standard and customized reporting is made available to meet each client’s specific needs. As well as on-demand access to account information and detailed analytics. We’re always here to take your call or respond to an email request.
Our clients can always expect an immediate response from our team.
- PCI Compliance
- Network Scans and Monitoring
- Third party security audits
- Security Policies
- Risk Assessments
- Disaster Recovery Plan
- Employee Access Controls
- Information Security Incident Management
- Multiple site database redundancy
Associations
