Direct Recovery

MAY 4, 2024

Are you under the impression that the only people who can see your credit report are the ones you authorize when applying for new credit? That is not exactly the case. Believe it or not, debt collectors can actually pull your credit report, and they don’t even need your permission to do so. Even if you work to keep up with your credit report, you might be surprised to find sudden changes that debt collectors might encounter, or even cause themselves.

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Direct Recovery

MAY 4, 2024

The best way to maximize your collection efforts is to minimize the number of collections you have in the first place, and reducing the number of accounts in collections starts with formatting your invoices. Invoices are the primary means of asking your customers to pay you for services rendered, but their effectiveness can vary dramatically depending on whether or not they include the following five essential elements.

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Direct Recovery

MAY 4, 2024

Legend has it that Morgan Housel wrote a large chunk of the first draft of The Psychology of Money in the same format as every other financial advice book, but then he took a hard left turn and chucked that draft into the trash. Housel had spent a large portion of his life breaking down complex financial topics into short blog posts, so why should writing a book be any different?

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Direct Recovery

MAY 4, 2024

There is a time in every business story when managing the accounts receivable becomes too big for the core team. Many companies hire a collection agency to handle their problematic or delinquent accounts when that happens. This can be a big help in alleviating some of the workload from your best people, allowing them to focus on what they do best. But if you aren’t careful and hire the wrong agency, it can also be a complete waste of time.

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Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.

Collection Agencies

Direct Recovery

MAY 4, 2024

One of the most common misunderstandings about the debt collection industry is that many consumers believe that debt collectors can only come after them if they provide a social security number at the time the debt is incurred. However, those consumers often find that this is not the case once those debts make their way onto a credit report. These misunderstandings are surprisingly common in the medical debt collection space, as many hospital patients are treated and released without ever provid

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