What Creditors Should Understand About the Proposed Debt Collection Rule

What Creditors Should Understand About the Proposed Debt Collection Rule

Share this Article The Consumer Financial Protection Bureau (CFPB) recently released their Notice of Proposed Rulemaking (NPR) for the debt collection industry. Even if creditors have heard about this news, not all are likely to have read the hefty document. However, if your business or department handles AR billing, there are elements of the new proposed rule that will impact …

Preparing Staff for Electronic Communication Under the CFPB Proposed Rule

Preparing Staff for Electronic Communication Under the CFPB Proposed Rule

Share this Article Industry experts are certain electronic communication will play a part in the final CFPB debt collection rule once it is created. This means agencies will be given clearer guidelines on how text messages and emails can be used for communication with consumers. Sending communications through electronic channels offers consumers more choice in how they can resolve their …

How To Prevent Data Breaches: Three Steps

How To Prevent Data Breaches: Three Steps

Share this Article Data breaches have been in the news for several years. One thing we can learn from companies like Equifax to the massive Marriott data breach is that no company is immune if they don’t protect themselves properly. The accounts receivable industry is no exception. News outlets throughout the industry recently reported a breach of sensitive consumer data …

Call Blocking and Right Party Contact in Debt Collection

Call Blocking and Right Party Contact in Debt Collection

Share this Article This blog post is based on information discussed in a recent California Association of Collectors (CAC) webinar and was co-authored by Neustar. Spam tagging and call blocking are causing a huge problem in debt collections. In the last two years, collection agencies have seen a drastic increase in their legitimate calls being blocked or mislabeled with Spam …

CFPB Proposed New Rule: Debt Collector Do’s and Don’ts

CFPB Proposed New Rule: Debt Collector Do’s and Don’ts

Share this Article For debt collectors, the CFPB’s notice of proposed rule (NPR) is becoming the embodiment of the phrase “hurry up and wait.” The Bureau’s proposed rule released in early May. Once it became public, the reaction from many experts was appreciation for the level of detail in the 500+ page document. Weeks after the release of the rules, …

What is AR Billing?

What is AR Billing

Share this Article If your business provides goods or services without requiring full payment up front, this unpaid money is categorized as accounts receivable (AR). The process of sending invoices, collecting payments, and pursuing unpaid balances makes up the AR billing system your company most likely already follows.   In fact, most offices have a dedicated department in their organization …

Debt Collection and Consumer Advocacy Under the New Proposed Rule

Debt Collection and Consumer Advocacy Under the New Proposed Rules

Share this Article Unclear, outdated guidelines and contradictory court rulings make debt collection compliance hard. That’s why so many industry professionals have been eagerly reading the CFPB’s new proposed debt collection rule. Clarity on expected procedures and how to use updated technology are giving collectors hope for a more direct way to fully comply. However, it became apparent during the …

Increasing Payments From Millennials Through Text Message Invoicing

Increasing Payments from Millennials through Text Message Invoicing

Share this Article Millennials (closely followed by Generation X) are delinquent on more payments than any other generation. These younger customers also become more important for businesses to interact with each year, as they make up a large piece of the consumer ‘pie.’ Increasing payments from millennials can happen by hiring a third party to collect late payments. There are …

Keys to Collecting Payments from Any Generation

Key to Collecting Payments from Any Generation

Share this Article With the rise of millennials as a larger portion of the consumers who now owe debts, generational collection strategies have become a popular topic. Just this week, Beth Conklin of State Collection Service, Sabrine Salti of American Profit Recovery, and Vivan Chau of TrueAccord joined Mike Gibb from Accountsrecovery.net to discuss this topic during the webinar Speaking …

CFPB Proposed Debt Collection Rules Release: First Thoughts from Industry Professionals

CFPB Proposed Debt Collection Rules Release: First Thoughts from Industry Professionals

Share this Article Just one day after the Consumer Financial Protection Bureau (CFPB) Debt Collection Town Hall, and two days after the Bureau released its proposed new rules, Accountsrecovery.net hosted a panel of trusted ARM industry professionals to discuss first impressions of the CFPB proposed debt collection rules, and where we go from here. Rozanne Andersen, Vice President and Chief …