Linda Straub Jones is a Director of Market Planning for Compliance at LexisNexis Risk Solutions. Her specialties include Bankrutpcy and Deceased data. In her role as Director of Market Planninig, she reviews industry rules, regulations, laws and compliance matters, and determines solutions that LexisNexis may provide to assist customers.
Having a plan in place for how your company will manage collections of deceased account holders will go a long way toward making sure this delicate situation is handled with extra care. It is important to note that the baby boomer generation is far more credit savvy, and will expect there to be a disciplined process around this inevitable event. Additionally, it is essential that your plan is well thought out, and in compliance with regulations.
In May of this year, several of the larger banks were in the news for not correctly reporting debts on credit bureaus that were discharged in bankruptcy. Pursuant to lawsuits, which were filed in White Plains, New York Bankruptcy Court, and investigations by the US Trustee’s Office, the banks were not correctly updating trade-line accounts on consumer’s credit bureaus with information that the debt was discharged in bankruptcy.
Even if you aren’t one of the “big guys” you’ll want to be sure to keep yourself out of the headlines. Here are four things that the big agencies do to stay compliant and grow, which you can easily adopt.
With the increased attention the credit and collections industry has been receiving lately, it’s more important than ever to not only know the status of your consumers, but to also have a plan on how to handle accounts as they move into different statuses.
We’ve all seen the headlines lately with the statistics of lawsuits rising against collection agencies, of penalties handed down by the CFPB and the courts, of settlements against collection agencies and even speculation that the business of debt collection is going the way of the dinosaur. But is the business of collections really going away, or is it just going through another change?
If you haven’t started your Compliance Management Program, including Service Provider/Vendor audits by now, you should make it part of your 2014 goal.
Are you wondering what people (mostly consumers) are telling the CFPB about debt collection in response to its ANPR? Here is a breakdown of the first 1,000 public comments.
For many accounts receivable management firms, dormant judgments represent an opportunity to capitalize on existing investments and realize unrecovered revenue.
Last year, LexisNexis launched Banko Events Montoring, a solution that automates the process of monitoring bankruptcy events and helps collections organizations improve efficiency, reduce cost and identify new sources of revenue.