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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Taurus Collect

SEPTEMBER 18, 2023

When it comes to managing international collections, one key aspect that often stands as a challenge for businesses is international credit checking. Ensuring the creditworthiness of international clients is vital to prevent financial losses and enhance the efficiency of your collections process.

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Taurus Collect

OCTOBER 30, 2023

Navigating the financial maze of unpaid debts can be a daunting task for any business. If you find yourself in this predicament, it might be time to consider engaging the services of a third-party collection agency. This lack of engagement could be due to their inability to pay, disregard for the debt, or they might be buying time.

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Fico Collections

MAY 2, 2023

Hurdles to Overcome The FCA expects consumers to receive communications they can understand, products and services that meet their needs and offer fair value, and get the support they need, when they need it. Customers are always front and centre of business decisions and robust processes have been well-established.

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CICM

JUNE 6, 2023

In this blog, we’ll delve into why you should seriously consider making an apprenticeship in credit management your next move. You learn important skills that help you succeed in any career, such as decision-making, financial analysis, risk assessment, and effective communication. An apprenticeship is a great way to find yours!

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Fico Collections

FEBRUARY 1, 2023

It’s driven by a combination of inflation, rising interest rates and higher energy costs. It’s a common picture across the globe, with the threat of rising delinquency rates seemingly everywhere. In fact, some forecasters are warning as many as one in four individuals are now struggling in the top-11 developed countries.

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True Accord

OCTOBER 5, 2022

Delivering communications to your customers has always been a compliance challenge with the plethora of laws, regulations, court decisions, and regulatory guidance in the debt collection space. This blog is not legal advice. That has really influenced our industry and how we think about communications in debt collection.

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CICM

JUNE 9, 2023

The exact contents of the policy will depend on the specific requirements of the business, but as a general guide it’s good practice to cover the following areas that will be covered in this blog. A credit policy is a set of rules that businesses and organisations use to manage the extension of credit to customers and clients.

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True Accord

SEPTEMBER 17, 2022

Debt collection is highly regulated and must adhere to different regulations and laws like the FDCPA, Regulation F, and unique state laws—including regulations that may not be specifically focused on debt collection but still apply to the practice. What are the key elements to create a compliance strategy for collections?

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PDC Flow

JULY 21, 2020

This can have a big impact on your debt collection calls. These chances rise even higher in collection, where many consumers are defensive about their overdue bills. . These chances rise even higher in collection, where many consumers are defensive about their overdue bills. . Intentional Language.

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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.

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Better Credit Blog

JULY 7, 2020

No one wants to answer a call from a debt collection agency. But if your number has made its way onto a debt collector’s calling list, ignoring the problem won’t make it go away. Even when you pay off a collection agency, it can hurt your credit score for years to come. Harris Collection. Harris and Harris Ltd.

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Better Credit Blog

APRIL 3, 2022

Portfolio Recovery Associates, LLC, is a collection agency that buys old debts from lenders and companies that have been unable to collect the debt themselves. Portfolio Recovery buys multiple accounts with old debt from companies that have given up and “charged off” the accounts. This is called a charge-off.

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Fico Collections

JANUARY 3, 2023

Agile Collections Strategies Can Protect Loyalty in Tough Times. As economic victims swell the collections queue, do you have the tools you need to differentiate them and apply the correct treatments to different cohorts? FICO Admin. Tue, 07/02/2019 - 02:45. by Bruce Curry. Senior Principal Consultant. expand_less Back To Top.

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Fico Collections

JUNE 16, 2022

Meeting Debt Collection Challenges Amid a Squeeze on Income. In order to deal with the rising cost of living and other challenges, anyone managing collections portfolios and effective debt recovery strategies needs these capabilities. As with most walks of life it also applies to effective debt collection.

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Fico Collections

SEPTEMBER 7, 2022

Even in a Crisis, the Best Collections Strategy Is to Avoid Collections. With as much as 50% of consumers experiencing financial difficulty soon, it's time to review your early and pre-collections strategy and processes. IFRS9, Collections Strategy, Delinquency and Risk. FICO Admin. Tue, 07/02/2019 - 02:45.

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True Accord

JUNE 25, 2020

In the wake of the COVID-19 pandemic, a recession is looming, and consumer debt is on the rise. Debt sales play a unique role in the collections industry, as choosing between selling to a debt buyer and placing accounts with a third-party debt collector can make or break a brand. What is a debt buyer?

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Better Credit Blog

FEBRUARY 2, 2021

Is BGE Collections lowering your credit score? BGE Collections is a debt collection agency. If you fell behind on power payments from Baltimore Gas and Electric Company, their collections department could contact you. Read on for our guide to getting BGE Collections out of your life and off your credit report.

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Fico Collections

NOVEMBER 3, 2022

Debt Collection: Have We Learned the Lessons of the Last Crises? While the current series of economic shocks may seem "unprecedented", there are clear lessons from past crises that should shape our collections strategies today. Four Key Collections Factors Shaping Analytic Insights, Strategy, Policy and Execution.

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Fico Collections

AUGUST 10, 2022

It comes amid widespread predictions of a forthcoming tsunami of debt as more people find themselves unable to pay their bills. Covid to Cost-of-Living: Assessing Affordability in Uncertain Times. The removal of the mortgage market affordability test in the UK could pose challenges at a time when affordability is an important lending issue.

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Better Credit Blog

APRIL 6, 2022

If you’re ready to tackle improving your credit, a credit repair service can help save you time, energy, and a whole lot of hassle. Credit repair companies challenge items on your credit report that are inaccurate, incomplete, or unverifiable. That’s why we recommend going with a credit repair service. Credit Saint. Credit Saint Pricing.

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True Accord

SEPTEMBER 28, 2022

Just as technology has evolved leaps and bounds, so have consumer communication preferences, especially when it comes to debt collection. Code-based compliance is a critical component for the debt collection industry. How can businesses ensure compliance through the evolving regulatory landscape? Hydrated, check.

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Re:Ceeve

JUNE 5, 2020

One of the biggest challenges in debt collections is trying to create an effective dunning process that ensures outstanding balances are settled promptly and customers remain loyal to your company. Customer-centric collections is different from regular debt management processes. Customer preferences are changing.

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Fico Collections

JANUARY 9, 2023

FCA’s Consumer Duty Mandates Sharper Use of Technology. Managing UK customers to better outcomes under the FCA’s Consumer Duty will require a true platform for understanding and action. FICO Admin. Thu, 12/19/2019 - 16:29. by Peter Lemon. Lead Consultant. expand_less Back To Top. Mon, 01/09/2023 - 10:20. Source: fca.org. Structure of Consumer Duty.

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Fico Collections

JULY 5, 2023

Fraud masquerades as bad debt There exists in the telecom fraud world a sort of purgatory where fraudsters disguise themselves as bad debtors. More than 40% of the experts CFCA surveyed say less than 10% of their bad debt is actually due to fraud. If fraud is categorized as bad debt, it will not be investigated or stopped.

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Re:Ceeve

SEPTEMBER 17, 2020

When it comes to collections, past-due customers can be divided along a number of criteria: demographic details, their contact preferences, their purchasing habits, and their repayment history (among other things). So how can you group similar customers together before creating targeted collections strategies that are most likely to succeed?

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Fico Collections

JUNE 8, 2023

At this year’s FICO Mastermind, Andrew Chow of FICO sat down with Steve Greenfield, CEO and Founder of Automotive Ventures, an early-stage automotive technology and mobility VC fund, to discuss the future of hyper-personalized automotive experiences, made possible in part by electric vehicles. Andrew: That’s fabulous.

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PDC Flow

JANUARY 12, 2021

Agencies across the country found themselves making the shift to remote workers , trying to keep up with state-by-state collection restrictions and dealing with other logistical issues caused by running a business during a pandemic. . Whatever happens in the next few years, the regulatory landscape will play a large role. John Bedard.

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