(pic from here)
The NY Times had an interesting article about credit card companies and the debt collectors they hire and train. The article details how these financial companies train debt collectors as amateur psychologists, and how they teach them to squeeze every penny out of delinquent borrowers. It’s a fascinating read.
I once applied for a job as a debt collector. It was exactly as the Times described it. The company hired large numbers of collectors, trained them to act as “counselors,” and reminded them that people want to pay these bills. The phrase that they repeated over and over was “we’re not their enemy, and we’re not their friend. We’re just here to help.”
Because I work with credit, I’ve seen how FICO scores provide a fairly reliable character reference. I probably could have guessed that purchase decisions (brand names vs. generic brands) work the same way. The funny thing is that we all think of ourselves as original and unique, but numbers often prove that we’re human, just like the other 6 billion souls. Enjoy.
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