2015

New Student Debt Regulations: REPAYE

National Service Bureau

The United States Department of Education (ED) recently announced two additional regulations (designated REPAYE or Revised Pay As You Earn) which are intended to ease the burden of federal student loan repayment. The REPAYE initiative complements an earlier memorandum issued by President Obama on June 2014 by expanding the “Pay As You Earn” plan to an additional five million borrowers involved in Federal Direct Loans.

Turbo Debt Recovery Helps Another Client Get Paid!

Turbo Recovery

Turbo Debt Recovery Helps Another Client Get Paid!

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Credit Collections Bureau

Recoverity

Credit Collections Bureau represent a broad base of healthcare, retail, and financial clients from sole proprietors to large corporations. Over 7000 clients have come to trust CCB with their accounts receivable collections. CCB has not branched out into different businesses. We have always concentrated on only one thing: accounts receivable collections. CCB complies with HIPAA and FDCPA and believes crossing into the “grey area” is not necessary for maximum results.

Is The CFPB’s Collection Litigation Strategy Consumer Friendly?

FDCPA Defense

Collection attorneys who are nervous about the risks involved in handling consumer accounts can relax. The CFPB has devised an ideal litigation strategy for you to follow. Let’s take a closer look at what the Bureau wants you to do to make sure it dovetails with the CFPB’s consumer protection goals. First, if your client plans to place accounts with your office, you should ensure the client has access to or possesses all the evidence needed to file suit and win the case at trial.

Debt Collectors: Avoid These Three Mistakes!

National Service Bureau

John Rossman and Mike Poncin of Moss and Barnett have a Debt Collection Drill podcast, and a recent episode was particularly relevant to our audience. Here, we share three mistakes gleaned from a study of Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) enforcement actions. These are important for debt collectors to avoid, especially because they’ve been emphasized recently.

3 Cell Phone Violations for Debt Collectors to Avoid

National Service Bureau

Earlier this summer, the Consumer Financial Protection Bureau issued a ruling against Discover Bank to the tune of $18.5 million. The CFPB found Discover Bank to be in violation of the Consumer Financial Protection Act in three instances and in violation of the Fair Debt Collection Practices Act in one.for a mistake that might catch other debt collectors unaware.

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Accounts Receivable Management for Halloween

National Service Bureau

It’s better to stick with treats than tricks when it comes to money. Does it ever feel like dealing with some accounts is a game of trick-or-treat? Like you just aren’t sure what you’re going to get…another excuse or a check? That’s not to say that most clients aren’t honest human beings. The point is this: the 80-20 rule holds true for accounts receivable management.

Scary! Medical Debt Collection Horror Stories!

National Service Bureau

Halloween is right around the corner, so we decided to round up something spectacularly scary: medical debt collection horror stories! This isn’t the first time we’ve featured examples of bad apples, but we wanted to focus on the medical debt collection industry in particular this time. Why is that?

Servicemembers Civil Relief Act & Debt Collection: A Primer

National Service Bureau

The Servicemembers Civil Relief Act (SCRA) is a piece of legislation that seeks to protect uniformed service members from certain financial obligations and practices.

Consent to Contact Consumer's Phone for Debt Collection

National Service Bureau

The 2013 decision in Nelson v. Santander teaches debt collection agencies some important lessons about liability a nd communication when contacting consumers during collection efforts. The TCPA prohibits the use of automated dialing systems or the use of a pre-recorded voice to contact emergency lines (such as 911), guest or patient rooms in hospitals or similar establishments, and telephone lines where the recipient is charged for the call (e.g. cell or personal phone lines).

End of the Fiscal Year: Time To Take Stock of Accounts Receivable!

National Service Bureau

October 1 is the start of a new fiscal year for a large number of organizations - particularly those with a high percentage of their work coming from government contracts. The US government’s fiscal year runs from 01 October to 30 September and therefore a lot of businesses run their accounting on a similar schedule. Otherwise, fiscal years will typically coincide with the calendar year (in which case it’s only three months away).

What's an Autodialer?

National Service Bureau

There has been a lot of discussion in the collections business about automated dialing equipment over the last few years as it relates to new industry regulation (the Telephone Consumer Protection Act, TCPA) and its application in practice. First, in a 2013 judgment of Nelson v. Santander , the plaintiff was awarded approximately $572,000 in damages relating to the use of automated calling equipment.

Improve Your Accounts Receivable

National Service Bureau

Here’s an encouraging fact: there are things you can do with your business to improve the financial efficiency of your company! One of those things is to incorporate a few simple processes into your company’s accounts receivable department. Improving your system of accepting and managing receivable accounts will help you to collect revenues more quickly, and will minimize your organization’s propensity to lose money to bad debt. Step 1: Improve Contractual Legalese.

The Final Notice: The Most Important Document Before Debt Collection

National Service Bureau

We speak to a lot of service companies who, after months of back-and-forth with their client, come to the realization that they simply aren’t going to get paid for their work. What do you do when faced with that type of situation? If you had to get one thing right before you handed an aging account receivable off to collections, it would be the Final Notice. What is the final notice?

Student Debt: Info for Students, Debt Collectors & More

National Service Bureau

It’s no secret that student debt is at an all-time high. According to the US Department of Education, there are more than 40 million student loan borrowers who owe more than $1.2 trillion. That is an incredible amount - for reference, a stack of $1000 bills would be more than 67 miles high if it were to equal a trillion dollars…that’s where the bills are stacked on top of each other, not placed end-to-end!

Social Media Ban for Debt Collection in New York?

National Service Bureau

If you’re a collection agency or creditor in New York, you need to be keeping an eye out for Senate Bill 3803. This bill was introduced to the state senate in February of this year, and the crux is that if approved, debt collectors would be prohibited from using social media to contact debtors. But what does this mean exactly, and what are some of the ambiguities associated with the proposed legislation? Let’s take a look at the actual text! How Is Social Media Defined?

FDCPA Compliance: Acquiring Location Information for Debt Collections

National Service Bureau

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.

Washington State Utilities Collections

National Service Bureau

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.

Debt Collection for Deceased Account Holders

National Service Bureau

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.

Phantom Debt Collections: Miscreants in the Industry

National Service Bureau

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.

Should You Be Using Check Verification Services?

National Service Bureau

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.

Trade 40

The History of Skip Tracing

National Service Bureau

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!

Student Debt Adding Up? What You Need to Know

National Service Bureau

Student loans generally fall into two categories: federal student loans and non-federal student loans. Federal loans come from the United States national government and are controlled by the Department of Education, while non-federal loans may come from a variety of sources to include state or local governments, the school itself, or a private organization of some sort. Federal loans for students: Federal loans fall under one of several categories. Two of the most common are the William D.

Restrictive North Carolina Debt Collection Laws About to Change?

National Service Bureau

In 2009, the North Carolina legislature passed Senate Bill (SB) 974, which governed the requirements surrounding debt collection and asset buying in the state. At the time (and still), many in the industry viewed this bill as highly restrictive. For instance, the law broadened the definition of collection agencies and debt collectors, increased civil penalties (minimum of $500, max of $4000 per violation), and restricted the ability of collectors and debt buyers to file suit against a consumer.

Utilities Collections in Washington State (Revised Code of Washington)

National Service Bureau

If you’re a utilities provider in Washington State, it’s helpful to know what the laws are regarding how to collect on delinquent accounts. Consumer costs are continuing to rise, with people paying more for food, clothing, services, and more. What this means is that it may become more difficult for customers to cover their utility bills.

What is the Cohort Default Rate (and relationship to student debt)?

National Service Bureau

Introduction to the Cohort Default Rate: When students default on their federal student loans the government and by consequence, taxpayers, lose money. Although student debt default costs the university money as well, it only has an appreciable effect as long as the institution cannot collect on short-term tuition payments and/or is subsequently unable to replace the student with another.

The Crawford Decision & Its Impact on the Debt Collection Industry

National Service Bureau

The Eleventh Circuit Court of Appeals held last year to broaden the scope of the ‘least sophisticated’ standard when considering FDCPA (Fair Debt Collection Practices Act) violations. This change can have far-ranging effects for debt buyers and debt collectors alike. Even though the 11th Circuit doesn’t necessarily have legislative authority for other jurisdictions, the Crawford v LVNV decision can be set an important precedent, and collection agencies need to know about it.

Keeping Debt Collection Complaints in Perspective

National Service Bureau

A lot has been written about the number of complaints turning up at the CFPB regarding debt collection companies. It’s important to take the statistics with a grain of salt because the sheer number of complaints is not (in and of itself) an indicator of either good or bad debt collection behavior. As it stands, the CFPB takes complaints from consumers about the behavior of particular debt collection companies.

The Data Is In: Household Debt & Credit Report

National Service Bureau

The Federal Reserve Bank of New York recently released a Household Debt and Credit Report. Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies.

3 Times You CAN'T Contact a Debtor

National Service Bureau

The Fair Debt Collection Practices Act was passed in 1977 to outline the ways in which consumers can be contacted by collection agencies. Most agencies are aware that consumers are protected by the FDCPA from abusive acts and practices , but there are other intricacies of the law to be aware of.such as when a debt collector may contact a debtor. First, who is a debt collector?

3 Tips for Hiring a Debt Collection Agency

National Service Bureau

Debt collectors sometimes have a bad rap, but the truth is that they provide an important service to society so long as their practices are ethical in nature (i.e. they’re not threatening to break your kneecaps if you don’t pay). Although such horror stories have occurred in the past, the truth is that they are extremely rare, and of course, they’re illegal.