This article was written with help from Tim Collins, leading attorney in the ARM space. Nearly half of ACA member organizations are small-scale collection agencies. These offices run with small crews and service fewer accounts but must still focus on compliance management. How do small and mid-sized agencies do this without the resources of a large organization? It’s all about …
Consumer Rights in Debt Collection Under the CCPA
Share this ArticleThe next step in protecting consumer privacy has been taken through the new California Consumer Privacy Act (CCPA). The law, which becomes operative January 1 of 2020, is the first of its kind in the U.S. In a recent webinar hosted by the California Association of Collectors, Lauren Valenzuela, Compliance Counsel at Performant Recovery, Inc. gave an overview …
Compliance and Risk Management is the Secret to a Successful Debt Collection Agency
Share this ArticleSome companies think that revenue is the most important, and compliance is a cost. “Actually, if your compliance program is working, it should be saving you money,” says Laura Knights, Gulf Coast Collection Bureau. She recently discussed the important role compliance management plays in collection in a webinar on the future of compliance management. Hosted by Accounts Recovery, …
California Consumer Privacy Act Overview
Social media, websites and countless apps have expanded our worlds and made our lives easier. Now, consumers are starting to see the potential downsides to technological convenience. The Cambridge Analytica scandal and countless data breaches have made consumers – and lawmakers – weary. In 2018, the European Union (EU) led the way in data protection rules with the General Data …
How To Build a Website for Your Debt Collection Agency to Reach Every Audience
By now, every legitimate business should have a working website. Debt collection agencies are no exception. The objectives your debt collection agency website should achieve, however, are unique. Debt collection agencies have three main purposes: help consumers resolve their debts attract new clients to grow your business hire new staff members The challenge is understanding how to build a website …
10 Things to Consider When Redesigning Your Website
Share this ArticleIn the financial services industry, you need to be able to prove legitimacy and build trust with consumers and potential clients. The best way to do this is to build your web presence through a great company website. We spoke to the experts at Metric Marketing to learn what elements every business should consider when creating or redesigning …
3 Tips to Decrease Outstanding Invoices and Collect More Late Payments
Updated July 2022 Running a business comes with many internal and external concerns, from training and team management to focusing on brand reputation. But if your company has excessive outstanding invoices, cash flow will stall and the health of your business will suffer. Decrease late payments from customers, keep revenue flowing and free yourself up to focus on other aspects …
Organize a Successful Working Group for Your Business
For self-sufficient professionals, it can be hard to share workloads. This mindset can sometimes be positive, but more often, this thinking leads to forgotten tasks, overlooked details, and staff burnout. Working groups are a more efficient way to solve difficult problems or finish big projects.Working Group DefinitionA committee or group of people appointed to study and report on a particular …
How To Create a Credit Policy and Past Due Collection Procedure
Last updated February 2023 The blueprint most businesses use to collect on accounts receivable is called a credit and collection policy. The guidelines are typically broken into two sections: a credit policy and a past due collection procedure. The framework can be as detailed or as broad as is necessary for your office. Providing this direction to your employees is …
What Creditors Should Understand About the Proposed Debt Collection Rule
Share this ArticleThe 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 first-party …
Key Accounts Receivable Definitions and Terms
Last updated February 2023 Managing the money customers owe your business is a vital – often overlooked – part of maintaining a healthy business. If your accounts receivable (or billing) department could use some attention, start with the basics. Here’s a glossary of accounts receivable definitions and terms every AR billing professional should know.DEFINITION OF ACCOUNTS RECEIVABLEMoney due to a …
Preparing Staff for Electronic Communication Under the CFPB Proposed Rule
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 debts. These technologies …
