Mike Bevel is an Editor for insideARM.com. You can follow him on Twitter: @MikeBevel_iA. You can also email him about Charles Dickens, Shannen Doherty, Angela Lansbury, and "Murder, She Wrote." He lives, laughs, and loves in Rockville, Maryland. He is terrified of whales.
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The largest challenge to successful collection efforts today is outbound communications compliance. With many rules to follow, and requirements continually evolving, staying on top of the myriad pieces, components, and pitfalls can take an extraordinary amount of time.
Intelligent communications and customer self-serve, according to FICO, help you scale the shifting economic, regulatory and social environment. In today’s dynamic collections environment, traditional approaches are less and less effective. New techniques—like self-serve ways for customers to resolve delinquencies from their mobile phone—produce higher ROI for collections time, effort and expense. This whitepaper covers five […]
Have you guys had a chance to read over the recent Douglass v. Convergent decision? It’s the case where a consumer complained that the account number was visible through the envelope window. We’re asking you to weigh in with your thoughts on the decision in this week’s poll. Additionally, if you’re looking for specific operational […]
LAS VEGAS — During the panel discussion on Impacts of Regulations, Greg Nodler, an enforcement attorney for the Consumer Financial Protection Bureau, suggested that those in the debt industry should spend some time making themselves acquainted with three CFPB Bulletins: CFPB Bulletin 2013-08 (Fair Debt Collection Practices Act and the Dodd-Frank Act) Date: July 10, […]
At a collection conference in Las Vegas, regulators shared some insight into how they view out-of-statute debt. They called for fuller disclosures to consumers, both on legal action (agencies can’t take any) and responsibility to pay (the consumer, in an out-of-stat-debt situation, has none). Will the insight make it into the Policies and Procedures of collection agencies, though?
An increasing percentage of people with medical insurance are having difficulty paying medical bills. With growing debt and rising costs, healthcare providers and medical debt collectors are turning to statistical modeling to develop a more targeted and effective patient friendly collections strategy. Download this white paper to learn how statistical models can help you identify which accounts have the highest propensity to pay, helping you make the collections process more efficient and effective leading to cost reductions and increased liquidations.
Conversations with consumers —- whether asking for payment or answering product questions —- are an expensive form of contact, fraught with compliance risk. When handled unsuccessfully, they can negatively impact the bottom line, as well as increase risk of fines and reputational damage for regulatory noncompliance. This paper from FICO looks at how companies can use these analytic insights to achieve profitable business goals.
The Telephone Consumer Protection Act played to packed audiences through two sessions Wednesday at ACA International’s 75th Anniversary Convention & Expo in Chicago. At issues for those in the debt industry are: effective consent language and present capacity.
Despite the advances of the Patient Protection and Affordable Healthcare Act (ACA) related to patient debt (establishing maximum out-of-pocket expenses and other protections), most healthcare finance analysts believe bad debt will increase over the coming years.
In this free whitepaper, sponsored by LexisNexis, you’ll discover best practices from a wide range of healthcare providers who have managed to stem the tide of bad debt increases.
in the eyes of the Consumer Financial Protection Bureau, debt collectors and creditors are two sides of the same coin — and both covered under CFPB oversight equally. This means the beginning of new opportunities for debt collectors and creditors to start to work together to ensure best practices and compliance under this new regulatory scrutiny.