Listening to customers keeps them happier, boosts retention and helps companies identify areas of improvement. In debt collection, listening is a key skill to look for in a new hire. It is an essential part of consumer interactions, determining the success (or failure) of the calls your agents make.Deep ListeningCommunication and collections professional Mary Shores is a vocal advocate of …
3 Quick Tips to Create a Connected Consumer Experience
One of my favorite quotes is by the author Maya Angelou: “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”This is clearly a great quote for people interested in personal development because it perfectly captures the importance of leaving a lasting, positive impression on …
Hunstein Decision: Collection and Consumer Attorneys Weigh In
The recent Hunstein decision has been a big talking point for debt collection since the ruling was made. Agencies are scrambling to understand the implications of this case, which found transmitting data from a debt collector to a letter vendor is a violation of third party disclosure, even as new suits are being filed. To get a handle on this …
Collection Success: The Art and Science of Mental Rehearsal
Another year of Collector.Live! content is in the books, and the speakers did not disappoint. Negotiation expert Joshua Weiss spoke about negotiation tactics front line collectors can use to improve call outcomes and Joann Needleman of Clark Hill discussed digital communication with consumers. Another inspiring speaker, Mike Hiller of American Profit Recovery, discussed the benefits of mental rehearsal for improving …
4 Core Payment Negotiation Tactics for Debt Collections
Collector.Live! has wrapped up another program full of speakers, panels and inspirational knowledge. Front line collectors gained insight on everything from the impacts of Regulation F to the positive impacts of mental rehearsal on job performance. One such speaker, Dr. Joshua N. Weiss, who is a negotiation and conflict resolution expert and President of Negotiation Works, Inc., taught attendees the …
The CFPB Completes Debt Collection Rulemaking
This article was written by Joann Needleman, Ann E. Lemmo, and Leslie C. Bender. It was originally published by Clark Hill Law and is republished here with permission. On Dec. 18, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) completed its seven-year rulemaking process for debt collection. In 2013, the CFPB embarked on an ambitious journey to write regulations to interpret the 40-year-old Fair Debt …
The CFPB Issues Regulation F, but the Debt Collection Rules Are Far From Final
This article was written by Joann Needleman, Leslie C. Bender and Ann E. Lemmo. It was originally published by Clark Hill Law and is republished here with permission. The long-awaited Final Rule (Regulation F) for the Fair Debt Collection Practices Act (FDCPA) was issued Friday afternoon, concluding a seven-year rulemaking process. In its official press release, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Director, …
A Debt Collection Compliance Minefield: Call Baiting
Adapting live conferences to a digital format has created many challenges for events coordinators this year. However, trade organizations – like the California Association of Collectors (CAC) – remain dedicated to providing resources and networking opportunities for members, just as in years past. During one session, Amanda Griffith, partner with Berman, Berman, Berman, Schneider & Lowary, LLP, discussed debt collection …
Thriving in Third Party Debt Collection: An Interview With Lauren Valenzuela
In accounts receivable, it’s important to stay informed about upcoming legislation and other changes that will impact business (especially during major disruption, like the events happening this year). Lauren Valenzuela has been watching the trends and staying up-to-date with the latest in AR compliance as part of her job as Corporate Counsel, Performant Financial Corp. We had the pleasure of …
Increase Debt Recovery with the ‘Goldilocks Zone of Connection’
Are your collectors stuck in the friend zone with consumers? In other words, are your collectors sympathetic to consumers to the point where they feel bad asking for payment and don’t collect any money or only a small amount? Or, maybe it’s the opposite problem. Are your collectors so aggressive on collection calls that their words and behavior land them …
Thriving In Third Party Debt Collection: An Interview with John Bedard
This year has seen vast, unexpected change for the credit and collection industry. As many professionals work to navigate this new world of remote work and prepare for the months to come, attorney John Bedard has been a dominant voice, guiding collectors through the struggle. We recently spoke to Bedard about his journey in the industry, his observations on doing …
Positive Language: The Secret To Collecting More On Delinquent Accounts
Speaking to consumers about delinquent accounts can stir up negative emotions. Retraining yourself and staff to replace negative language or neutral phrases with positive language can have a big impact on your debt collection calls. To optimize your consumer interactions through positive communication, first focus on tone, intentional language, and breaking negative habits that impact calls.Intentional Positive Language and TonePeople …
