While most collection agencies broke even or suffered losses in the past two years, Enhanced Recovery Corp.’s founders and co-CEOs managed to lead the company to its top two years in growth and revenue.
In fact, the company expanded its infrastructure and employee count. All of it took place because of Mark Thompson and Kirk Moquin’s ability to see rising trends and plan ahead.
In 2007, Thompson and Moquin started noticing an interesting change in consumer behavior patterns. ERC primarily deals with subprime to prime consumers, and while evaluating credit models, Thompson and Moquin saw consumers’ average payments on balances were shrinking along with their available funds. Knowing that could mean potential for growth, the two decided to make a strategic decision to invest in ERC’s infrastructure by purchasing two new buildings even though they didn’t have employees to fill them.
Just as the two founders thought, when the recession hit, ERC experienced tremendous growth. The company expects to outgrow its three facilities by the end of the year.
ERC can attribute its success to its highly trained staff and top technology. The analytic tool that helped foresee the housing crisis and recession was developed in-house. The technology gives ERC an edge over its competitors because it allows the company to change strategy overnight instead of the typical seven to 10 days.
Since its founding, Thompson and Moquin have grown the company from one client to 45. No client represents more than 14 percent of ERC’s revenue, which speaks directly to ERC’s commitment to client diversification as it continues to grow. Primarily a collector on aged receivables, equity loans, telecommunications and retail receivables, it’s positioning itself to move into the auto and banking sectors.
How to reach: Enhanced Recovery Corp., (800) 617-0049 or www.erccollections.com