Glendale, CA – January 6, 2014 –Fidelity Creditor Services, widely recognized as one of the largest collection agencies in Southern California, is celebrating its 50th anniversary. Founded January 6, 1964 in North Hollywood and moving to Glendale in 1980, the company has seen numerous changes to the collection industry in the last half century.
According to Fidelity’s President and CEO Clint Sallee, the collections industry has gone through significant growth and transformation with new Federal rules and regulations governing how collection businesses operate as well as the increased use of technology both on the business and consumer side. These changes have resulted in a shift in the way Sallee operates in order to maximize results for his 2,000 active clients nationwide. To stay ahead of the industry, Fidelity has often bucked industry norms.
“Building a great team and minimizing employee turnover has certainly been key to our success,” says Sallee. “And, we have been early adopters to technology as well as being hyper-compliant with the laws that govern our industry. Many collections companies view compliance as a second tier priority, but we don’t.”
In addition to the transformation in the collections industry, Sallee, who is Fidelity’s fourth owner, has seen a significant shift in debt demographics over the past five decades.
“Today, people are far less concerned with their credit than in decades past. Some people will spend more time avoiding paying their bills than honoring their commitments,” said Sallee. “The national average now is 17 delinquent accounts per debtor. As credit becomes more a part of our society, so does bad debt and delinquency.”
In addition, Sallee says his clients’ customers have also increased their credit capacity, which has resulted in the growth of a cottage industry helping debtors to avoid paying their debt. This is proof of one of the more significant changes impacting his business and his clients, who are small to mid-sized businesses primarily in the healthcare, finance and property management industries.
Sallee points to employee and client loyalty as a testament to the longevity and strength of the company. Employees on average stay with Fidelity for 11 years, and key clients have a track record of staying with the company even longer.
“We are grateful to our clients for their support over the past 50 years and we look forward to continuing to provide quality service and outstanding results for them,” says Sallee.
About Fidelity Creditor Service
Fidelity Creditor Service, Inc. has been a leading, full service California-based collections agency since 1964. The company represents small to mid-sized businesses in the healthcare, financial, legal and property management industries and has generated more than $110 million in gross collections for its 2,000 active clients nationwide.