Cynthia Wilson brings more than 20 years of journalism experience as a reporter and editor to her freelance contributions to insideARM.com. She also has a background in market research and analysis, contributing reports for investment banking firm Ogden Associates, Inc. Wilson’s career includes work as the Business Editor for The Wichita Eagle. Prior to that she reported for The Louisville Courier-Journal where she received a 1991 Pulitzer and Kennedy award nomination for her coverage of the decline of a historically black Louisville neighborhood. Wilson later worked for the St. Louis Post-Dispatch, where she covered Trans World Airlines’ third and final bankruptcy and Boeing’s bid to win the largest fighter jet program in aviation history. Prior to that, she worked as an associate analyst for Edward Jones. Wilson has won writing awards from the Society of Professional Journalists, the Small Business Administration and the National Business Aviation Association.
A report released yesterday by the government said that the IRS did not go after debt returned to it from a cancelled private debt collection program. The report also left open the possibility of private collectors working for the IRS in the future.
Another nail-biter is in the making for the private student loan collection agencies on the U.S. Department of Education’s private student loan collection performance competition.
Maryland’s court system is the latest to require that collection agencies and debt buyers who sue consumers provide more documents to support their case, as the state announces another settlement with a debt buyer that will cancel hundreds of lawsuits.
The U.S. Census Bureau’s report this week that fewer Americans had private medical insurance last year, while more fell into poverty, seems like a mixed message to debt collection professionals. But it may be more good news than bad for the ARM industry, at least in the short run.
A couple of bills in the Massachusetts legislature could have a big impact on the healthcare ARM sector in that state. One could wind up shifting medical collection agencies’ clients from healthcare providers to insurers.
Coast Professional held onto its first place ranking among small business contractors in U.S. Department of Education’s private student loan collection performance competition in July. Pioneer Credit Recovery, meanwhile, regained the lead among unrestricted contractors in the first month of the third quarter.
A Bank of America unit settled a credit card arbitration suit for $5 million this week. The deal effectively ends the debt collection arbitration scandal that has plagued certain sectors of the ARM industry for years, but collection agencies with interests in BofA credit cards should still be cautious.
More small private collection agencies are getting the opportunity to work on the sought after U.S. Department of Education (ED) private student loan collection contract as the government will start rewarding the successful use of subcontractors.
A recent member proposal to the ACA to rebrand the accounts receivable management industry’s main lobbying group as a debt collectors group and reclassify debt buyers as creditors didn’t garner much support among ACA’s leadership.
Diversified Collection emerged as the winner among unrestricted Department of Education debt collection contractors, the first time the collection agency has won the quarterly performance competition during the 2009 contract.