Debt Collection Compliance Creates Biz Opportunity

In the dark ages of debt collections, some agencies had to be pulled kicking and screaming from the depths of questionable business practices. Things have changed. The face of the modern agency now reflects a commitment to debt collection compliance with all state and federal regulations. It has taken enormous resources to reach the current level of respectability, but the efforts have paid off in higher recovery rates for clients and greater profits for agencies.

debt collection compliance

Home Owners Flip Debt Collections on their Banks

In an act of debt collections role reversal, two homeowners exercised their rights as property owners by ordering a levy on their banks to recover legal fees. Yes, that’s correct. For the residents, it wasn’t Bank of America or Wells Fargo who would be collecting on them — despite repeated attempts by those institutions — but the residents who initiated a sale on the two financial goliaths for attempting to make invalid collections.

Debt Collections, Foreclosure
Common Acronyms of the Collections Industry

Collections Industry Common Acronyms

Considering the broad spectrum of applicable government agencies, associations and regulations, doing business in the collections industry can be overwhelming. In this complicated landscape, knowledge is power while a familiarity with the various terms and organizations provides a competitive advantage for collections managers. Below are some of the most common agencies, associations and acts that…