“As a species, we’re vulnerable to hype – whether it’s diet fads or celebrity news or late night advertisements for juicers or exercise equipment. I’m sure we don’t mean to be so credulous; and yet it’s easy to be swayed, often, by the loudest voice in the room.” Maria Wacker, Vice President of New Business Development […]
The student loan market is often framed in terms of the Next Big Thing for the ARM industry. Unpaid student loans make up the highest-growth collections market in the country, topping $1 trillion in 2013. However, the market segment remains confusing for those that want a chance to work student loan paper.
Knock knock. Who’s there? CFPB. CFPB who? CFPB auditors. May we please see your account records and compliance policies? Once you’ve picked yourself up off the floor from laughing so hard at the punch line, check out our latest homepage poll to let us know where your compliance policies stand. At the most recent insideCompliance […]
We asked readers, in a poll last week, how much it costs to train a new collector. There was an equal split between $2,500-$5,000 and $5,000-$7,500. Should new employees feel like they’re wearing a price tag? “Well, of course, no, not exactly,” said one anonymous hiring manager. “But it’s important that everyone involved understands the […]
It’s the most wonderful time of the year, and I’m not talking about Fat Tuesday…or National Pancake Day…or the weather across the mid-Atlantic. I’m talking about something even better: National Consumer Protection Week. Excited yet? This year, National Consumer Protection Week couldn’t come at a better time. While the Federal Trade Commission is promoting a […]
One of the top concerns for many accounts receivable managers is collecting and organizing financial data, while staying within the legal and regulatory rules of the industry. The pressure is on to increase the bottom line, which has more managers turning to technological solutions. But what differentiates a good solution from a bad one?
2014 has just begun, and U.S. district courts have already seen a 19 percent increase in Fair Credit Reporting Act filings and a 30 percent increase in Telephone Consumer Protection Act filings. At the same time, filings for violations of the Fair Debt Collection Practices Act dropped 26 percent. In January 2014, more FDCPA lawsuits […]
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.
A newly-proposed Senate bill would restrict data brokers from collecting or soliciting consumer information in deceptive ways. The Data Broker Accountability and Transparency Act, introduced by Sens. Jay Rockefeller (D-W.Va.) and Edward Markey (D-Mass.), would also let consumers access and correct their information, and opt out of having it sold for marketing purposes. “Consumers deserve to know […]