Category Archives: Debt Collection Business

IC Systems- An Ethical Debt Collector

Since 1938, IC Systems has been operating a debt collection business that is second to none. This industry, also referred to as “Accounts Recovery”, centers around collecting debts for a variety of different industries. They do this through a number of methods, from simple and benign things like phone calls and emails all the way up to legal action against the delinquent account (Facebook).

This year marks the 80th year that they have been in business. So, to commemorate the occasion, we are going to take a quick look at IC Systems…in particular their high emphasis on ethics.

The company was founded by Ruth and Jack Erickson, who set out to provide an honest, ethical form of debt collection that would give merchants an ethical recourse when faced with a client who refuses to pay. Despite the inherent unpleasantness of debt collection, you can look at their website and see that this company is all about ethics. They talk about it a lot, which I find reassuring. After all, most of have been in debt at some point. Considering that they have been nominated for 3 Golden Torch Awards from the Better Business Bureau (for ethics), it’s obviously not just talk.

One of the advantages of doing business with such a long-established company is that they conduct business almost everywhere. IC Systems is licensed to collect debt in all 50 states as well as Guam and Puerto Rico. This is important because many times, a person leaves a debt unpaid when they are moving to another state. This can be a problem if a collections agency is not authorized to collect in both states. To proceed under these circumstances would be a violation of a person’s rights.

In order to maintain compliance, IC Systems has a strict compliance risk management system, which is simply a program that audits all departments of the company for compliance with all applicable regulations. They also carry out training programs in order to help ensure compliance. They even have a separate and independent director and committee to oversee all auditing operations.

Such policies are probably why IC Systems has been around as long as it has, and why they will continue to outlast the unscrupulous.

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