Debt Collection

Debt collection refers to the work done to recover balances from credit accounts that are past due. Most commonly, debt collection specifically references third party debt collectors whose clients include banks, credit card issuers and other credit grantors, debt buyers, governments, and any organization that extends credit or owns an account where a balance is due. Collection methods traditionally include phone calls from call center agents, e-mails, and letters, and increasingly, SMS text. If an account remains in arrears after these efforts, the collection agency may contract with a collection attorney to file suit to recover the debt, if the collection agency is not positioned to do so.

Some Collection Agencies Already Have Practice with CFPB Complaints

by Patrick Lunsford June 19, 2013 1 Response

According to several sources and accounts, the CFPB will begin taking debt collection complaints in July. Once that happens, ARM companies will have to set up processes to address each complaint logged against it. But some firms have already been dealing with complaints.

An analysis of consumer complaint data in the CFPB’s Consumer Response system shows that several high-profile collection agencies, debt buyers, and collection law firms have been dealing with complaint response for a while.

Array Services Group Adopts Minnesota Highway

by insideARM.com June 19, 2013 (Be the first to respond)

Array Services Group (Array), a leader in Revenue Cycle and Accounts Receivable Management and Call Center Solutions, adopts a Minnesota highway as part of Minnesota’s Adopt a Highway Program; a public service program for volunteers to pick up litter along Minnesota’s highways.

ARM Survey Reveals Major Differences in Operations Based on Company Size

by Patrick Lunsford June 18, 2013 1 Response

The results of an ARM operational survey conducted by insideARM revealed a collection industry with major operational and strategic differences based on size. While the vast majority of collection agencies made use of some similar technologies (taking check payments by phone, for example) and had concerns about certain external forces that have recently emerged (CFPB regulation), when we broke the results out by company size, some real differences began to show.

Debt Collection Agency Executive Pleads Guilty to Bank Bribery

by insideARM.com June 18, 2013 (Be the first to respond)

Deirdre M. Daly, Acting United States Attorney for the District of Connecticut, announced that Patrick Pinto, 44, of Bohemia, New York, waived his right to indictment and pleaded guilty today before United States District Judge Stefan R. Underhill in Bridgeport to one count of conspiring to commit bank bribery while he was an executive of Oxford Collection Agency.

Collection Agencies Greystone Alliance and Turning Point Capital Announce Merger

by insideARM.com June 18, 2013 (Be the first to respond)

Two debt collection entrepreneurs are merging their companies. In addition to bringing together their staffs and customer bases, they are also uniting their sons.

Delta Outsource Group Earns Management Certification from International Trade Association

by insideARM.com June 18, 2013 (Be the first to respond)

Delta Outsource Group of Saint Louis, Missouri, has recently earned certification through the Professional Practices Management System (PPMS) of ACA International, The Association of Credit and Collection Professionals (ACA).

How to Analyze and Categorize Consumer Complaints – Yes this Means You!

by Rozanne M. Andersen June 17, 2013 1 Response

The CFPB’s consumer complaint site goes live for debt collection complaints in July — an announcement that’s already set complaint resolution programs on fire. But how big is the issue, really, and what are the odds it will affect you?

Think Your Debt Dispute Process is Solid? Three Overlooked Laws Cause Turmoil

by John Rossman June 17, 2013 3 Responses

The consumer dispute triggers a well-defined required process in the accounts receivable management industry. But certain recent developments may prompt collection agencies to look into their workflow with more attentive eyes.

Array Services Group Announces Enhanced Website and Social Media Presence

by insideARM.com June 17, 2013 (Be the first to respond)

Array Services Group (Array) and its three innovative business units, CareCall, ProSource and J.C. Christiansen & Associates, are excited to announce the launch of an enhanced, user friendly website along with a dynamic new social media presence on LinkedIn, Facebook, Twitter, and Google+.

Mike Ginsberg’s Take on Recent ARM Developments

by Mike Ginsberg June 14, 2013 (Be the first to respond)

It has been a very active period for impactful developments in the ARM industry. Let’s take a look at some of the news that will have a long-term effect on the debt collection industry.