Collection Industry News

JUNE 9, 2023

Introduction: For collection agencies and attorneys, expanding their business and maximizing revenue is a constant pursuit. To achieve sustainable growth and overcome the challenges of debt recovery, partnering with industry associations and organizations can be highly beneficial.

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Taurus Collect

SEPTEMBER 17, 2021

External debt collection benefits businesses for numerous reasons. Collecting debt is an unfortunate (but often necessary) part of doing business, and not dealing with it can prove very costly. So, why is an external debt collection agency better for businesses? External Debt Collection for Businesses.

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Collection Industry News

MARCH 19, 2024

Additionally, WalletHub’s Economic Index, which measures consumer satisfaction, rose by about 4% between January 2023 and January 2024. For lenders, service providers and debt collectors, guaranteeing repayment will still be a challenge [in] 2024.”

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True Accord

SEPTEMBER 16, 2022

Trying to keep up with regulations in debt collection can feel overwhelming especially with new cases and federal guidance coming out regularly interpreting the law and states actively amending or creating new laws that impact debt collectors, original creditors, and current creditors.

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Payment Savvy

MARCH 10, 2021

Therefore, designing an effective collecting strategy for past due accounts is vital for success. Here are several successful debt recovery tips any business can utilize to manage their account receivables effectively. Take Advantage of Customer Self Service (CSS) Options. Offering it is a key to successful debt recovery.

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Re:Ceeve

JUNE 2, 2020

In today’s world where consumerism is rife and ‘buy now, pay later’ plans are an integral part of most transactions, an enterprise’s approach towards debt collection is essential in maintaining relationships, safeguarding the average lifetime value (LTV) of a customer and sustaining financial health. You can automate revenue processes.

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Nexa Collect

JANUARY 16, 2021

Set up processes to collect up-to-date information about your customers’ financial health where the partner liaisons and account managers can access them, and modify your Policies and Procedures to include clear guidelines on payment practices befitting the customers’ situation. Trust and communication. Know your business partners.

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Troutman Sanders

OCTOBER 11, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures.

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Fico Collections

JANUARY 6, 2021

Posts dealing with debt collection were among the most popular on the FICO Blog last year, for obvious reasons. They also offered perceptive tips for dealing with what they dubbed the “debt tsunami.”. Debt Collection And Covid-19: What Past Crises Can Teach Us. there will be large books that need to be worked.

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PDC Flow

MAY 18, 2021

In the debt collection space, we’re often handling phone calls with consumers who are experiencing challenging emotions. On the flip side, if you treat a frustrated consumer with empathy and validate their feelings, they’ll develop a deeper connection with your agency, and they’ll be more likely to work with you to find a solution.

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Fico Collections

JANUARY 19, 2023

While UK support will continue through 2023, and possibly into 2024, we can expect to see it provided on a more targeted basis as governments face rising debt burdens as a proportion of GDP. It’s a move typified in the UK by the launch of the FCA’s Consumer Duty , which reinforces a host of customer safeguards.

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Credit Corp

SEPTEMBER 7, 2023

If you’re behind the national average, it may seem difficult to catch up, but whether you have bad credit or a lot of debt, you can still begin building your net worth by learning how to generate passive income. Passive income is a great way to generate more income, pay down your debt, and start saving and investing for your future.

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Debt Guru

AUGUST 30, 2021

When your voicemail is filled with messages from collection agencies and stacks of bills arrive in your mailbox that you have no chance of paying, it’s time for some serious debt relief help. So, when should you seriously consider debt relief? But before you seek relief from a professional, you should understand your options.

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CSA

JANUARY 8, 2021

This individual will become a Director of both Credit Services Association Limited and CSA (Services) Ltd and will serve on both Boards. Experience of developing and implementing apprenticeship/accredited programmes strategy into organisations would be a key advantage. Experience within financial services or compliance.

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PDC Flow

JUNE 8, 2021

For the past 15 years, I’ve studied neuroscience and conducted communication experiments in my debt collection agency to understand how empathy works and how to use it effectively in business situations. The framework has 4 key pillars: Understanding the patient experience. Luckily, I’ve got you covered.

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PDC Flow

NOVEMBER 23, 2021

So why aren’t businesses taking full advantage of this simple, easy, effective tactic? Now, with the accelerated rate of technology adoption , may be one of the best times to explore how a payment reminder system can work for you and your business. 2) Increases Timely Payments The majority of customers don’t mean to ignore a bill.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. State Responses.

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Debt Guru

APRIL 12, 2020

n]: A financially detrimental debt arrangement that only benefits the lender. Unfortunately, while the former is pretty straightforward, there’s a lot of confusion surrounding the latter – something that shady or disreputable lenders use to their advantage. Payday [p?-?d?]: A great day that most of us regard fondly. Payday loan [p?-?d?

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Troutman Sanders

FEBRUARY 8, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

NOVEMBER 10, 2020

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). On November 4, the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association issued a report to the Secretary of the Treasury. State Activities.

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Collections Law

SEPTEMBER 21, 2020

If you are unlucky enough to have done business with construction companies or property owners who seem to be rolling in cash, but never have time to pay, you’ll soon find out the importance of a mechanic’s lien in Massachusetts in debt recovery. Your industry is the only one with this type of collection tool, and it works very well.

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Credit Corp

MAY 24, 2021

This article originally appeared on Arrest Your Debt and has been republished with permission. Collect and Resell Golf Balls. It involves a little work, but you’ll make more money by doing some of these chores instead of online surveys. When I was a kid, there was always something I wanted to buy. Are you 13 years old or older?

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Troutman Sanders

AUGUST 10, 2020

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). On August 5, 2020, American Financial Services Association, American Bankers Association, U.S. State Activities. Privacy and Cybersecurity Activities. Privacy and Cybersecurity Activities.

Financial services 52

Financial services Student loans Student Loans Education 52

CSA

JUNE 28, 2021

Chris Leslie is CEO of Credit Services Association. As the UK trade body for the collections and debt purchase sector, part of the Credit Services Association?s post-Covid, at little-to-no-cost to their organisations. Business challenge 1: The cost of compliance and risk mitigation. bigger picture?

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Fico Collections

JANUARY 8, 2021

For FICO, customer development means working with customers through all the stages of the lifecycle – from marketing to originations to customer management. In this category, COVID-19 was a pressing topic but didn’t dominate the discussion as it did in the Debt Collection & Recovery category. Service coverage?

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Troutman Sanders

JUNE 22, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

PDC Flow

DECEMBER 8, 2020

Most agencies use collection call scripts but how do you know you’re getting all you can out of yours? Call scripts provide many benefits for debt collection. President, Pacific Credit Services. Creator of the Collection Advantage Program. Keep Agents In Control. Call Script Elements. Agent Training.

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Troutman Sanders

MARCH 8, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures.

Financial services 52

Financial services Retail Foreclosure Financial Institution 52

Credit Corp

MARCH 9, 2021

However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. Take advantage of all the resources available to stay up to date on your student loans and protect your refund. And it’s very important to do it quickly. Otherwise, your tax refund could be taken from you.

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CSA

JUNE 10, 2020

Colleen Peel is Head of Marketing & Events at the Credit Services Association. t know what impact the work we have carried out as a result will have had. We have also had to adapt to a completely new working environment and up to now, I think we?ve The work we?ve Do we create enough influence with stakeholders?

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Credit Corp

MARCH 30, 2021

This post originally appeared on Arrest Your Debt and has been republished with permission. Being independently wealthy means you have enough money you never have to work again to pay for your expenses, or need monetary support from others. With a plan and determination, you can become independently wealthy and live life on your terms.

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Consumer Financial Services Law

SEPTEMBER 19, 2016

The Fifth Circuit has joined the growing split in circuits concerning the collection of time barred debt. In Daugherty , the collection letter provided that This notice is being sent to you by a collection agency. If you are interested in taking advantage of this offer, call our office within 60 days of this letter.

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Fico Collections

JANUARY 18, 2023

Top 5 Debt Collection Posts of 2022: Crisis and Opportunity. As more people enter the collections queue due to rising costs and economic wobbles, our collections experts share their tips for early collections, digital approaches and more. Here are the top five posts from 2022 on debt collection trends.

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FDCPA Defense

JANUARY 22, 2017

(This post is adopted from the materials presented at the CAI Law Seminar in Las Vegas, Nevada on January 20, 2017) Demystifying the FDCPA Class Action For HOA Attorneys Consumer attorneys have been filing FDCPA class actions against collection attorneys for decades, and the pace of those filings has increased sharply in the past ten years.

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Fico Collections

JULY 6, 2020

Across EMEA, most countries have now moved past the peaks of the COVID-19 driven lockdowns and restrictions, but the challenges of debt collection in the pandemic remain. Collections departments have, for some time, been bracing themselves for a "debt tsunami" of people unable to meet their financial commitments.

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Fico Collections

NOVEMBER 15, 2022

Right now, many banks and financial services firms are locked in a competitive arms race to deliver faster, smarter, suitably tailored experiences in a bid to set them apart from their peers. FICO Admin. Tue, 07/02/2019 - 02:45. by Matt Cox. expand_less Back To Top. Tue, 11/15/2022 - 11:55. Right now, the numbers speak for themselves.

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