Debt collection is a highly regulated business, the companies that thrive in this setting are leaders in compliance and certification. The Consumer Financial Protection Bureau (CFPB) released its final ruling for Debt Collection Regulation F (effective November 30th, 2021), which was designed to provide more information for consumers and enable them to communicate with debt…
Unlike the tracers used to track motion in the military, medicine or science, debt collection skip tracing involves searching for consumers or business owners who have gone missing. These individuals may be evasive debtors or those who have inadvertently dropped off the grid for a variety of reasons. The U.S. Postal Service, for example, estimates that nearly 30% of “undeliverable” mail is sent to people who have not left a forwarding address after moving to a new residence.
Many companies procrastinate hiring a collection agency because they simply don’t know what they don’t know about the credit and collections industry. Consequently, businesses often struggle to formulate a list of specific questions before hiring a collection agency. This uncertainly may lead to delay — a major factor in poor debt recovery — and consequently,…
Several departments at third-party collection agencies — client relations, operations, compliance and quality assurance, sales and information technology — pool their resources to seamlessly onboard new national clients before the ink even dries on a new contract. The goal is to complete the implementation process and begin collecting in four to six weeks. After the…
CRS 2018, a conference for the collection and recovery industries, was the center of attention for senior level creditors involved in collection, recovery operations and strategy on May 9 – 11, 2018 at the Four Seasons Hotel Las Vegas. The trade event featured workshops, keynotes, concurrent seminar sessions, round-table discussions, networking opportunities and an expo…
ACA International, the Association of Credit and Collection Professionals, is rolling out three new collection certifications in 2018. Two of the certifications, Professional Collection Management and Collection Industry Professional, are detailed on the organization’s Education & Training page while the educational phase of Credit and Collection Compliance Attorney certification will debut at the ACA International…