Debt collection letters are a central part of a collection agency’s compliance management system. However, the California Association of Collectors (CAC) 2017 Collection Boot Camp panel, Courtney Reynaud, Shawn Suhr, Kelly Parsons-O’Brien (agency owners) and June Coleman (attorney), recognize the potential liabilities inherent in drafting collection letters. Their combined expertise and Coleman’s legal know-how as the CAC’s MAP attorney provided …
Guide to Credit Card Chargebacks for Collection Agencies
Every business comes with obstacles. A high-risk operation like a debt collection agency is full of especially unique team management and compliance challenges. Along with industry-specific rules, collection agency owners and managers must also comply with Regulation E, understand PCI compliance rules, and maintain a compliance management system as a whole. While balancing these responsibilities, agencies need to keep a …
Consent Management for Electronic Communications: Best Practices for Creditors and Collectors
Regulation F and reaching consumers through electronic communications is now a reality. Debt collection agencies have prepared as best they can and have implemented new compliance policies and procedures. But what about creditors? All creditor clients that use a third-party agency should know about Regulation F. Are you (and more importantly, are your clients) ready for data maintenance and handoff …
Guide to Emailing Model Validation Notices
If your debt collection agency doesn’t use email to talk to consumers, you’re never going to reach your full recovery potential. Phone calls are less effective than ever in making consumer contacts and traditional mail can be costly. Sending the model validation notice by email: Encourages more consumer engagement Is a compliant option Saves money Is faster than mail Still, …
How to Plan for Your Best Tax Refund Debt Collection Season
For many consumers, a tax return is the perfect opportunity to take control of outstanding debts. That’s why tax refund season is one of the busiest times of the year for debt collection agencies. Does your agency take advantage of tax refund season to boost revenue and close more accounts? Lots of companies might want to establish a tax time …
Chargeback Prevention Tips for High Risk Businesses
Your staff works hard during the busy tax season and throughout the year to settle past-due accounts and collect payments for your debt collection agency. Without measures in place to prevent chargebacks, though, many of your payments could end up being disputed by consumers. Agencies and other high-risk businesses can go months or years without experiencing the stress caused by …
A Strategic Approach to Debt Settlement Campaigns for Tax Season
Debt settlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Tax refund season is the best time to consider a debt settlement campaign within your debt collection agency. A debt settlement campaign can help your agency: liquidate inventory more quickly increase revenue for you and your clients increase …
Understand and Develop Conversational Intelligence in Debt Collection
“Privacy works flexibly. It’s scalable. And it’s unique to every situation we’re in.” This is a quote from Leslie Bender, Senior Attorney of Health Privacy and Consumer Financial Privacy during her presentation at Collector Live, a yearly event hosted by Mike Gibb of AccountsRecovery.net. The virtual conference for frontline and upper management debt collectors hosted several experts including debt collection …
Steps to Create A Compliance Management System
The CFPB expects all debt collection agencies to have a compliance management system (CMS) in place during operation. Courtney Reynaud, President of Credit Bureau USA, and the other California Association of Collectors Collection Boot Camp panelists, understand how overwhelming creating a compliant collection agency can be. “With everything else we have to do to run a successful business, compliance is …
Setting Up a Successful Debt Collection Validation Notice Email Campaign
Most modern debt collection agencies are starting to use email for collection, or have it on the roadmap to implement soon. Consumers like the convenience of email and companies prefer advantages like: The cost savings of using email compared to traditional mail The possibility to reach consumers you otherwise wouldn’t Faster collection on accounts Even with the positive aspects of …
How To Market a Debt Collection Company: Expert Advice
Marketing any business can be a challenge. Marketing in a niche industry such as debt collection can be even more difficult. Sometimes it’s hard to reach prospective clients. Sometimes it’s because you have a shoestring budget to cover your efforts. Yet, marketing your debt collection services is important to your agency’s growth. How should you focus your debt collection marketing …
Data-Driven Debt Recovery: A Proven 5-Step Email Strategy
Email for debt collection is more popular than ever and there are good reasons why. A thoughtful debt collection email strategy: Makes right party contact faster and easier Drives more traffic to self-serve channels, freeing up employees to do other work Saves money on operating costs by reducing postage costs Gives you more visibility into consumer engagement In an era …
