This article was written with help from Tim Collins, leading attorney in the ARM space. Nearly half of ACA member organizations are small-scale collection agencies. These offices run with small crews and service fewer accounts but must still focus on compliance management. How do small and mid-sized agencies do this without the resources of a large organization? It’s all about …
Consumer Rights in Debt Collection Under the CCPA
Share this ArticleThe next step in protecting consumer privacy has been taken through the new California Consumer Privacy Act (CCPA). The law, which becomes operative January 1 of 2020, is the first of its kind in the U.S. In a recent webinar hosted by the California Association of Collectors, Lauren Valenzuela, Compliance Counsel at Performant Recovery, Inc. gave an overview …
Compliance and Risk Management is the Secret to a Successful Debt Collection Agency
Share this ArticleSome companies think that revenue is the most important, and compliance is a cost. “Actually, if your compliance program is working, it should be saving you money,” says Laura Knights, Gulf Coast Collection Bureau. She recently discussed the important role compliance management plays in collection in a webinar on the future of compliance management. Hosted by Accounts Recovery, …
California Consumer Privacy Act Overview
Social media, websites and countless apps have expanded our worlds and made our lives easier. Now, consumers are starting to see the potential downsides to technological convenience. The Cambridge Analytica scandal and countless data breaches have made consumers – and lawmakers – weary. In 2018, the European Union (EU) led the way in data protection rules with the General Data …
How To Build a Website for Your Debt Collection Agency to Reach Every Audience
By now, every legitimate business should have a working website. Debt collection agencies are no exception. The objectives your debt collection agency website should achieve, however, are unique. Debt collection agencies have three main purposes: help consumers resolve their debts attract new clients to grow your business hire new staff members The challenge is understanding how to build a website …
10 Things to Consider When Redesigning Your Website
Share this ArticleIn the financial services industry, you need to be able to prove legitimacy and build trust with consumers and potential clients. The best way to do this is to build your web presence through a great company website. We spoke to the experts at Metric Marketing to learn what elements every business should consider when creating or redesigning …
What Creditors Should Understand About the Proposed Debt Collection Rule
Share this ArticleThe Consumer Financial Protection Bureau (CFPB) recently released their Notice of Proposed Rulemaking (NPR) for the debt collection industry. Even if creditors have heard about this news, not all are likely to have read the hefty document. However, if your business or department handles AR billing, there are elements of the new proposed rule that will impact first-party …
Preparing Staff for Electronic Communication Under the CFPB Proposed Rule
Industry experts are certain electronic communication will play a part in the final CFPB debt collection rule once it is created. This means agencies will be given clearer guidelines on how text messages and emails can be used for communication with consumers. Sending communications through electronic channels offers consumers more choice in how they can resolve their debts. These technologies …
Why Attorneys Should Embrace New Law Firm Technology
The slow adoption rate of law firm technology has been discussed in the legal industry for years. In 2016, LexisNexis covered law firms and technology, centering on why firms have struggled to keep up. The article cited a report that suggests it is because “most lawyers have a tendency to believe their own practice is better equipped than others to confront …
Payment Collection: How To Use Your Voice as a Tool of Persuasion
Share this Article“Have you ever thought that when you’re on a call, you could strategically use your voice and speech melody to be more persuasive, and perhaps redirect the behavior and change the direction of that call?” This is a question presenter Liz Peterson asked the audience at the 2019 Collector Live virtual conference. Peterson has worked as a speech …
How To Manage Employees: Hiring and Employee Retention
Turnover is a concern office managers face constantly. While some factors are beyond your control, there is much you can do to increase your employee retention. The collection industry faces more hurdles than most when it comes to hiring and retaining a good, engaged, workforce. This has given managers in the industry a lot of experience hiring, managing and training …
