One almost universal constant in the industry is that collectors receive a bonus or commission. I have been part of literally hundreds of discussions extolling the virtues of this model or that, and have authored many schemes myself. However, today I propose a new approach. I would suggest the possibility that collectors no longer receive a bonus at all.
This is the only event each year that provides a forum for these executives to interact candidly with peers who have similar challenges, in a sales-free environment. There is no exhibit hall, and only a small number of sponsors, whose representatives have the background that allows them to contribute productively to the conversations.
The U.S. Supreme Court has agreed to hear an important case that will decide whether a plaintiff who cannot show any actual harm from a violation of the FCRA nevertheless has standing to sue for statutory damages in federal court. The consequences of the decision will likely extend significantly beyond FCRA litigation and affect numerous other statutes, including the FDCPA and TCPA .
It seems as though there is a mobile app for everything these days, including collecting information for TCPA suits. Two mobile applications allow consumers to create legal documentation of unwanted robocalls, telemarketing calls, and debt collection calls. The information is forwarded to law firms specializing in filing lawsuits against businesses using robocalls and engaging in debt collection activities.
Let’s take a look at some of the major regulations impacting both the U.S. health care system and the ARM industry, and how ARM providers can get involved with this expanding segment.
Just in case there was a doubt about what the consumer bar is really after, a prolific attorney that targets the ARM industry argues that the CFPB is “ineffective” in its regulatory efforts because it doesn’t get enough money from collection agencies and debt buyers to settle consumer complaints.
I am all for transparency. In most cases I think it’s really important — for consumers, for employers, for relationships. But in the case of a nearly unanimous vote in the U.S. House of Representatives this week on HR 1265, I wonder whether the intended result will occur.
Have you ever wondered how your business stacks up against other businesses in your industry? How your business compares to competitors has a strong impact on your company’s value and the overall strategy you should take when trying to grow profitably.
There are certain organizations in the industry that we all know. Their name is everywhere, the company is huge, they seem to have an endless marketing budget…and they are your competitor. You have comparable services/offerings, but how can you even begin to take over some of that market share?
Collection agencies, debt buyers and credit granters are often under siege, forced to defend against identical claims on multiple jurisdictional fronts, regardless of whether the claims are on behalf of an individual or a putative class. One strategy for consolidating the defense of identical claims is to file a motion with the U.S. Judicial Panel on Multidistrict Litigation (MDL) to transfer claims to a single venue.