The COVID-19 pandemic created unprecedented challenges for the debt collections industry, including new regulatory rules, changing consumer demands, and a potential uptick in activity as forbearance nears an end and deferments fall off. The pandemic continues to affect everyone’s lives, and — along with inflation and market fluctuations — the only thing that’s certain is continued uncertainty. As lenders and third-party collections agencies plan their next steps, a robust evaluation of debt-recovery processes should be a required starting place.
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ROCHESTER, N.Y. --Continental Service Group, Inc., d/b/a ConServe, is pleased to announce that Michelle Hartmann, Vice President of Sales was awarded the 2021 COHEAO Commercial Member of the Year award by the Coalition of Higher Education Assistance Organizations (COHEAO) at their 2022 Annual Conference held in Washington, DC in July.
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A new report by the CFPB uses over five million credit records from one of the three nationwide consumer reporting agencies to examine how credit card companies have used credit line decreases throughout the Great Recession and the early stages of the COVID-19 pandemic. As a general trend, the report found issuers used credit line decreases during broad economic downturns as a way to decrease overall risk.
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