SimplicityCollectionSoftware
NOVEMBER 18, 2013
In a previous article we discuss the various types of ways that you can successfully make money in the collection industry. In this article we will talk about the pros and cons of 3 rd party debt collection and purchasing your own debt to collect on. Collecting for a 3 rd party – this involves finding a business or businesses that need help collecting their debt.
FDCPA Defense
AUGUST 19, 2013
Beginning in 1995, when the Supreme Court issued Heintz v. Jenkins , 514 U.S. 291 (1995), lawyers have known that if they seek to collect consumer debts for clients – even when doing so through litigation – they might qualify as a "debt collector" under the Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et. seq. ("FDCPA). But how often must a lawyer or a law firm engage in consumer debt collection activities before they are subject to the Act?
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
As in any industry, understanding your competition is essential to the success of your collection business. If you are collecting debt for 3 rd party entities, it is vital that you understand what others in your industry and area are doing to be successful. Each demographic area has its own set of challenges. Even though debtors are wide-spread, the area in which you live can have a huge impact on how successful you can be at collecting debt.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
One of the top reasons why businesses fail in the first few years is due to the fact that they were not set up correctly to begin with. If you are setting up your collection business with a business partner, make sure you have your business agreement, exit strategy, and legal documents set up prior to opening your doors. I don’t care who you are, MONEY CHANGES PEOPLE.
Speaker: Victor C. Barnes, CPA, MBA
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.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
The answer to this question varies depending on your personality and business experience. I have always been under the philosophy that you find good, honest people, and surround yourself with those people. You may have pay a little more for those types of people, but they will save you mounds of headaches in the long run. Ask yourself how you would like to be managed, and then devise a way that would suffice your philosophies and beliefs.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
In a previous article we discuss the various types of ways that you can successfully make money in the collection industry. In this article we will talk about the pros and cons of 3 rd party debt collection and purchasing your own debt to collect on. Collecting for a 3 rd party – this involves finding a business or businesses that need help collecting their debt.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
As in any industry, understanding your competition is essential to the success of your collection business. If you are collecting debt for 3 rd party entities, it is vital that you understand what others in your industry and area are doing to be successful. Each demographic area has its own set of challenges. Even though debtors are wide-spread, the area in which you live can have a huge impact on how successful you can be at collecting debt.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
One of the top reasons why businesses fail in the first few years is due to the fact that they were not set up correctly to begin with. If you are setting up your collection business with a business partner, make sure you have your business agreement, exit strategy, and legal documents set up prior to opening your doors. I don’t care who you are, MONEY CHANGES PEOPLE.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
The answer to this question varies depending on your personality and business experience. I have always been under the philosophy that you find good, honest people, and surround yourself with those people. You may have pay a little more for those types of people, but they will save you mounds of headaches in the long run. Ask yourself how you would like to be managed, and then devise a way that would suffice your philosophies and beliefs.
Speaker: Kim Beynon, CPA, CGMA, PMP
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
This again comes back to the question of whether you are collecting your own debt or collecting for others. Obviously if you have others that are referring business to you, your primary target for advertising would be other business who will also refer business to you. One of the easiest ways to do this is to establish a website. When developing a website you need to establish a brand and a purpose for your site.
SimplicityCollectionSoftware
OCTOBER 23, 2013
The answer to this question depends on how you plan to attract and keep business. Generally, most collectors work on a commission basis. In order to optimize the number of collectors you will need, you need to analyze the number and type of accounts you will be working with. Ask yourself these questions: How many accounts do I currently have? You want to have enough account to keep your collectors busy.
SimplicityCollectionSoftware
OCTOBER 23, 2013
The answer to this question depends on where you chose to start your business, how many employees you choose to employ, and whether your business will require office space. The typical expenses involved in starting up a new debt collection business are as follows: Local and state business fees. Insurance and taxes. Employee wages. Purchasing debt (assuming that you are not collecting for a 3rd party).
SimplicityCollectionSoftware
OCTOBER 23, 2013
Just as soon as you can get your business licenses in place, you can start collecting debt. This is the first and biggest hurdle that you must overcome before you can move forward. Setting up your collection business can be as easy or as hard as you make it. If you are worried about business expenses, consider starting your business as a telecommuting or home based business until you can get the capital and licensing to branch out and expand.
Speaker: Alex Salazar, CEO & Co-Founder @ Arcade | Nate Barbettini, Founding Engineer @ Arcade | Tony Karrer, Founder & CTO @ Aggregage
There’s a lot of noise surrounding the ability of AI agents to connect to your tools, systems and data. But building an AI application into a reliable, secure workflow agent isn’t as simple as plugging in an API. As an engineering leader, it can be challenging to make sense of this evolving landscape, but agent tooling provides such high value that it’s critical we figure out how to move forward.
SimplicityCollectionSoftware
OCTOBER 23, 2013
The answer to this question depends on where you chose to start your business, how many employees you choose to employ, and whether your business will require office space. The typical expenses involved in starting up a new debt collection business are as follows: Local and state business fees. Insurance and taxes. Employee wages. Purchasing debt (assuming that you are not collecting for a 3rd party).
SimplicityCollectionSoftware
OCTOBER 23, 2013
Just as soon as you can get your business licenses in place, you can start collecting debt. This is the first and biggest hurdle that you must overcome before you can move forward. Setting up your collection business can be as easy or as hard as you make it. If you are worried about business expenses, consider starting your business as a telecommuting or home based business until you can get the capital and licensing to branch out and expand.
FDCPA Defense
JULY 20, 2013
On July 11, 2013, California passed the FairDebt Buying Practices Act , California Civil Code section 1788.50 et. seq., in response to criticism that debt buyers did not have adequate documentation to support the collection lawsuits they were filing against California consumers. The Act imposes a series of costly new requirements on debt buyers that start before any collection letter is sent to a consumer, and that continue throughout the collection process, including during any collection litig
FDCPA Defense
FEBRUARY 5, 2013
The FTC recently released its 162-page report entitled " The Structure and Practices of the Debt Buying Industry " which describes a comprehensive study conducted by the FTC over a three-year period using data obtained from the nation’s largest debt buyers. Many will view the Report as another chance to engage in debt buyer bashing, which has become a favorite pastime for mainstream media and consumer advocates.
Speaker: Joe Wroblewski, Senior Sales Engineer
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Expert insights. Personalized for you.
40 
Let's personalize your content