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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Regulatory and economic changes continue to have a profound effect on the way that credit grantors, collection agencies, debt buyers, collection law firms and vendors are running their own businesses. In many instances, compliance trumps performance across major market segments as the new age of regulatory oversight sets in while the economy continues to recover […]
There’s an irritating dinner-party-conversation-starter topic about how, because of physics and aerodynamics, bumblebees shouldn’t be able to fly. It’s a ridiculous argument because: (a) bumblebees have been flying just fine since there were bees to bumble; and (b) it’s not like if you told a bumblebee, “Hey, you, with the bumbles: did you know you […]
From a recent Top Story, we learn that a case in California may dictate how collection agencies interact with consumers around call recordings. We wanted to check in with readers, via anonymous poll, to see what the widespread practice currently is. If you’re looking for insight into best practices around phone calls, voicemail, Foti, etc., we […]
The plaintiff alleges an invasion of his privacy and a violation of California Penal Code. Verizon’s argument: the recording of the phone calls actually isn’t a violation since privacy wasn’t breached. The Court, however, appears to be siding with the plaintiff on this one, which could offer some operational clarity for collection agencies in one aspect of how they interact with consumers via cell phone.
Let’s check in with a guy and his thoughtful mustache posing for his senior photo on the state of today’s economy! “The deleveraging of America is over.” Yay! “Or mostly over.” Oh? “And that’s good news and possibly bad.” ::frustrated sigh:: Robert J. Samuelson, a syndicated columnist, is trying to run through our Economic State […]
As scammers get more and more sophisticated in how they steal money from unwitting consumers, a consequence for the collection industry may be a significant increase in the number of validation requests submitted by consumers.
Onboarding a new employee can be a significant financial risk for a collection agency. You’re often having to pay someone to not be productive for at least a week while he learns the ins and outs of compliance and operations. With that in mind, how much is your collection agency paying, on average, per employee, […]
Collection agencies CAN have an influence on consumer credit scores. But that doesn’t mean that they WILL. And that is the crux of our Pop Quiz. Is there a safe way for collectors to counsel consumers about their credit scores?
According to a variety of sources, Capital One is preparing to launch a team of suited collectors to visit people’s homes and offices in pursuit of missed credit card payments. The LA Times put it this way: “Credit card issuer Capital One isn’t shy about getting into customers’ faces. The company recently sent a contract update to cardholders that makes clear it can drop by any time it pleases.” Only this is not a recent update, and the credit card company claims its only using this clause in repossession efforts.
Looking for additional information about complying with FCRA? We’ve got you covered. Our Compliance Overview is an excellent resource for getting your head around the ins and outs of complying with the Fair Credit Reporting Act.