When Does and Independent Contractor Become an Employee?

Gind_cntrctruest Editorial

There is a strange phenomenon occurring in the asset recovery industry consisting of deep client involvement in the repossession process related to the control and intrusion in the actual act of the repossession.

For some reason the clients seem to be more involved with controlling the actions of the agent in the field for example the “NO CONTACT” with consumers or third parties dictates. What world do these people live in? Apparently, they have never worked an actual field assignment or they would understand that their absurd directive is an impossible demand.

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The Stupid Math behind Contingent Repossession Assignments

math“People don’t always respond to incentives in the ways you might predict. What distinguishes good economic thinking from bad is recognition of the subtle, creative, and often unforeseen ways that people respond to incentives.” Economist Glen Whitman

 

GUEST EDITORIAL

Ask any economist, and he’s tell you that the business world works best where there are proper incentives in place to guarantee the best performance. And bad incentives produce what’s called “perverse consequences”. And there’s a secret perverse consequence to contingency assignments that’s being kept hidden.

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The First Repo Man and First Auto Repo in History

One of my personal crusades is to raise awareness of the fact that Mercedes-Benz did not invent the car like they claim to, and that automobiles have been around far longer than most people realize — viable cars have been around since at least the early 1800s. That’s why I’m so delighted to tell you about the first car to be repossessed, and used to run from a cop — way back in 1867.

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Lenders Creating Headaches on RDN

GUEST EDITORIAL

According to some repossession agencies, recently, some lenders are making direct address changes in the Recovery Database Network (RDN), that are creating safety and efficiency issues. The majority of lenders follow the standard protocol of putting in an update for a new address, but several have recently been just adding the address without a note or call.  The other issue is that there is no history in the “History” tab of RDN showing these changes.

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