Bill Sorgatz from The Bureaus, Inc. on Executive Spotlight

Bill Sorgatz has been with The Bureaus, Inc. for over 17 years, and oversees its third-party collection service providers. Bill’s responsibilities include developing and executing on collection strategy for a passive debt buyer, and ensuring service providers maintain compliance in the ever-changing regulatory environment.

Name: Bill Sorgatz

Company: The Bureaus, Inc.

Title: Director of Outsourcing & Litigation

“You only have to do a few things right in your life so long as you don’t do too many things wrong.” – Warren Buffett

Name: Bill Sorgatz

Company: The Bureaus, Inc.

Title: Director of Outsourcing & Litigation

“You only have to do a few things right in your life so long as you don’t do too many things wrong.” – Warren Buffett

What is your favorite part of working at The Bureaus, Inc.?

We are a relatively small company, which gives me the opportunity to experience multiple sides of the business and take on new projects. When someone has an idea for a process improvement, we’re able to get stakeholders together quickly to effectively prioritize the time and work effort.

In the receivables industry, what emerging trend has your attention?

Regulations or regulation by enforcement focused on outbound communication attempts, such as the FCC’s STIR/SHAKEN, TRACED Act and future offshoots. I believe regulators will put pressure on telecommunication companies in an Operations Choke Point manner in an attempt to limit industry efforts to reach and assist consumers in resolving their debts. While not without its own challenges, it does put more pressure on collection agencies to have a more robust and diverse communication strategy, and to regularly monitor and evaluate the solutions being deployed to determine whether they are successful and to what degree.

What industry change do you predict over the next 5 years?

An increase in machine learning AI and AI-automated workflow integrations with collection and recovery strategies.  While some of that exists today, the ability to incorporate additional data attributes from traditional and nontraditional sources will lead to better efficiencies in how we deploy time and resources.

How do you define success?

Accomplishing what you wanted to accomplish.

What is the best piece of advice you have ever received in life?

If everything is important then nothing is important.

What advice would you give someone entering the receivables management industry?

Don’t assume that clients are not open to cutting-edge technology. Make a compelling case to try something different.

What are you most proud of or what is your biggest accomplishment?

Outside of being married to my wife for 13 years, being asked to join the Indiana University Honors College (now called Hutton Honors College)

What is your favorite book or podcast?

I listen to a lot of podcasts that cover the financial and credit markets, the economy, and personal finance; however, I really like Freakonomics Radio because they explore “the hidden side of everything” in a very approachable way. My wife will even tune in when I have it on in the car.

If you could do any other non-industry job for just one day, what would it be?

I would be a lifeguard. I could always use a day in the sun and there is a major shortage in Chicago. Plus, I think I would get a sign-on bonus!

People would be surprised if they knew…

I played Pinocchio in a school play.

About The Bureaus, Inc.

The Bureaus, Inc. is a master servicer for accounts receivable portfolios and a Certified Receivables Business (CRB) by the Receivables Management Association International. Using cutting-edge technology, internally developed proprietary tools, and the vast expertise of its management team, we combine technological strategies with data mining capabilities to identify opportunities not usually found by other asset management firms. The Bureaus was founded in 1928 and is located in Northbrook, Illinois.

Published On: August 7th, 2023|Categories: Executive Spotlight|Tags: , , |

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