The world of collections is filled with companies with varying connections to their clients and communities. Though many agencies are known for a commitment to their work, few can equal the quality of service offered by one of the leaders in the field, IC System. This well-known accounts receivable company has a long of history of working with clients and can now lay claim to eighty years of service in the industry. Read on for a closer look at IC System and the efforts they take to excel in their field.
IC System was founded by Ruth and Jack Erickson in 1938. Headquartered outside of St. Paul, Minnesota, the company was created with a guiding principle that centered on providing honest and ethical service to its customers. Since its start, the company has passed down through three generations of Erickson family members, but it has never lost sight of the focus from which it was created. This continued drive toward ethical service has been consistently recognized by independent organizations. For example, the company was a finalist for the Better Business Bureau’s Torch Award for Ethics for three consecutive years beginning in 2013 (https://www.glassdoor.com/Overview/Working-at-I-C-System-EI_IE32267.11,21.htm).
Over the many decades of its existence, the company has been known as a leader and innovator in the collections industry. The company has the distinction of being the first collection agency in the country to transition away from typewriters in favor of computers. This spirit of innovation and adherence to state of the art practices continues in the present day, with IC System following the latest regulatory standards, such as TCPA, CFPB, and 501(r).
Charity and Sustainability
In addition to its commitment to innovation, IC System also prioritizes helping its community and the world at large through a variety of corporate responsibility initiatives. In the field of charitable outreach, the company has a plethora of yearly campaigns that donate resources, time, money, and services. The company also encourages employees to participate in volunteer projects organized in-house. Current and past charitable initiatives have contributed to organizations such as The Special Olympics, The American Red Cross, Toys for Tots, and more.
Along with its philanthropic endeavors, the company also exercises corporate responsibility through promoting the use of sustainable practices. The company’s goals in this area are met in a variety of fashions such as operation methods, communications with partners, and analysis of both successes and failures. These sustainability goals include emphasizing carbon neutrality through efficient use of energy and renewable resources, considering environmental impact when making purchasing choices, and being mindful of sustainability while maintaining and managing infrastructure and lands.
In addition to focusing on charitable efforts and sustainability, IC System has a larger list of values that help shape the company’s decision-making process. These values not only guide every aspect of how the company conducts its business, but they also have a heavy influence on the company’s office culture. The five values that form this list are: treating people with respect, prioritizing integrity, delivering performance and results, taking pride in the company’s work, and fostering innovation.
With a strong emphasis on promoting these values in the workplace, IC System looks to reward employees who exemplify their commitment to excellence. To that end, the company asks employees to highlight coworkers who they feel are committed to these values in their work. Each quarter, the company recognizes employees who exhibit one of or more of these traits by presenting them with a Core Values Award.
As an accounts receivable company, IC System keeps a constant focus on ensuring their practices are up to date with all industry standards (Bloomberg). In order to do this, the company maintains a robust Compliance Risk Management System. The system includes extensive auditing as well as rigorous training and thorough documentation. This allows the company to confirm that all policies exist and that they are properly documented. The system also allows the company to make sure that staff is properly trained. To further ensure proper compliance, all policies are audited on a regular basis.
IC System is licensed and/or bonded in every state or territory in the US with such requirements. This allows the company to actively collect debt in all 50 states, as well as Puerto Rico and Guam. This focus on licensing is central to the company’s mission, as they have found that a large percentage of all past-due balances are owed by individuals who live in areas that are physically distant from the original area of service. In many cases, these individuals may live several hundred miles from where they accrued the debt and may even live in a completely different state.
By ensuring that they have the ability to legally operate throughout the country, the company is able to provide collection services independently of where a clients’ customers currently reside. This is a valuable offering for the clients who seek out the company’s services, as many other collection agencies do not possess this type of nationwide licensing. Agencies without this type of licensing may not be able to pursue collection in many cases. Even more troubling, agencies who do pursue collections in areas for which they are not licensed, are often putting their own clients at risk. In past instances of this type of behavior, regulators have held the original client responsible for the actions of the collection agency with which they partnered.
As a longtime fixture in the world of collections, IC System is a company with a history of providing their customers with the best service possible. As a family-owned business with an established culture of ethically-driven actions, the accounts receivable company is one of the leaders in its field. For those seeking a partner to help collect customer debt, IC System is a reliable name in an industry that can often seem confusing or difficult to navigate. With a strong foundation of practices based on an established code of values, they exemplify how a company can lead its industry in both corporate responsibility and customer-driven results.