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The Fair Debt Collection Practices Act was first passed almost 40 years ago to govern the tactics used by debt collection agencies pursuing consumer debt. Whether you’re in the business of collecting your own outstanding accounts receivable, or looking to outsource that work, FDCPA compliance is very important to consider. The head of the Consumer Financial Protection Bureau (which works with the Federal Trade Commission to enforce consumer protection law) has stated multiple times that debt col
In a previous blog , we discussed some of the laws regarding utility companies and collection agencies , specific to the state of Washington. Here, we’ll go over some of the additional guidelines and restraints that govern a utility company’s ability to collect owed payment. As previously mentioned, gas and water providers are unique in that they are generally authorized to terminate service for delinquent accounts.
Like any industry, the debt collection and accounts receivable management industries have some bad apples. There are those organizations who are licensed, professional, effective, and ethical, and then there are those who would take advantage of specialized knowledge or the opportunity to take money unlawfully from debtors. The latter are obviously people and organizations that you would want to avoid should your business need assistance with collecting on delinquent accounts.
Sometimes it seems hard to believe, but checks are still alive and well in the world of finance. While the use of checks for many things (grocery shopping, clothes, fuel, and other personal expenses) has gone down, there are still some industries and some populations that prefer payment this way. If your business is one of them, you need to look into check verification services.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Skip tracing has been around since antiquity. It wasn’t practiced in the same way that it is now, but the basic idea is the same. What is it? In relation to debt collection, skip tracing is a way of “tracing” (finding) a debtor who has “skipped” (left) town in an effort to get out of a debt that is owed. Now you know what we mean when we say it has been around for a while - people have been running away from debts since before sliced bread!
The debt collection and accounts receivable industries can be understandably awkward for your business to consider at times. This is especially true if your company is service- or relationship-based (rather than selling a consumer product). For instance, you may have a medical private practice, or run an assisted-living facility. In both of these situations, there is often a long-term relationship established between the ‘consumer’ and the provider.
The debt collection and accounts receivable industries can be understandably awkward for your business to consider at times. This is especially true if your company is service- or relationship-based (rather than selling a consumer product). For instance, you may have a medical private practice, or run an assisted-living facility. In both of these situations, there is often a long-term relationship established between the ‘consumer’ and the provider.
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