IC System’s Reason For Success

Debt collection is a major industry, and in that competitive and highly-regulated industry, a company must have a lot of experience and an innovative core otherwise put themselves, and their clients, at risk of either losing a possible profit or even running into regulatory problems. Luckily for IC System, they have both.

Founded in 1938 by Ruth and Jack Erickson, and being ran by the family since, IC System has survived for eighty years, a testament to their industry expertise (Tcbmag). The company was founded on a guiding principle of giving ethical and honest service to their clients, and this principle has guided them into the modern age, even leading the company to be nominated as a finalist for the BBB Torch Award for Ethics multiple times.

However, experience isn’t the only part of success. A company, especially a company founded 80 years ago, must also adapt to the changing world. IC System has proven itself innovative throughout its history. Most notably, in 1968, they were the first collection agency to replace typewriters with more efficient computers, taking a technological risk to jump on as an early adopter of a technology that is now commonplace and essential within the modern industry. Nowadays, IC System is known for following the latest regulatory and compliance standards to improve efficiency and avoid regulatory issues, as well as utilizing state-of-the-art collection tools to improve their agent’s performance and the client’s experience.

Adherence to regulation and law is an important part of the debt collection business, and this has led IC System to doing something that some of their peers and competitors sometimes don’t do, which is ensuring that they are licensed and bonded in every state, according to that state’s requirements. This means two important things for the company The first is that it allows IC System to effectively and safely pursue debts in all of the United States, which is important because patients can move and sometimes will not live in the same state as they were. It also means that IC System can pursue these debts without worry about running afoul of state regulation, as that is already taken care of (https://www.nhms.org/content/ic-system).

IC System is a company with decades of experience and an innovative mindset, one that allows them to adapt to modern regulation and compliance standards, allowing them to effectively pursue their client’s interests.