Most debt collection agencies use collection call scripts but how do you know you’re getting all you can out of yours? We reached out to several experts in the industry for their advice on using call center scripts. They discussed the pros and cons of using call scripts, elements they should contain, and the important link between call scripts and …
10 Examples of Great Debt Collection Websites in 2024
In the debt collection industry, if you haven’t updated your website to meet today’s consumer expectations, you’re probably already losing revenue. A user-friendly debt collection website is a necessity if you want to stay competitive and effectively engage consumers. The Consumer Financial Protection Bureau’s (CFPBs) Regulation F attempted to clarify many aspects of compliant debt collection like text messaging and …
Skip Tracing Tools and Techniques for Collections
Between 2017-2020, PDCflow partnered with the California Association of Collectors (CAC) to share in-depth advice on running a successful, compliant debt collection agency. The subjects, ranging from day-to-day operations such as best practices for telephone communications with consumers to high-level topics like creating debt collection settlement campaigns, first appeared as the curriculum of the CAC’s Collection Boot Camp courses. Our …
Guide to Credit Card Chargebacks for Collection Agencies
Every business comes with obstacles. A high-risk operation like a debt collection agency is full of especially unique team management and compliance challenges. Along with industry-specific rules, collection agency owners and managers must also comply with Regulation E, understand PCI compliance rules, and maintain a compliance management system as a whole. While balancing these responsibilities, agencies need to keep a …
Guide to Emailing Model Validation Notices
If your debt collection agency doesn’t use email to talk to consumers, you’re never going to reach your full recovery potential. Phone calls are less effective than ever in making consumer contacts and traditional mail can be costly. Sending the model validation notice by email: Encourages more consumer engagement Is a compliant option Saves money Is faster than mail Still, …
Accounts Receivable Collections Best Practices: Handling Late Payment Excuses
Every employee will encounter late payment excuses in accounts receivable collections. Greg Ruffino, a successful coach and trainer in the accounts receivable industry, is well-versed in the difficulties a consumer’s payment stalls and objections can cause. Ruffino shared his knowledge on the subject, including common excuses for late payments consumers give and effective debt collection techniques to overcome them.Payment Excuses …
DAKCS Connect: Digital Strategies for Collection Success
Learn about the advantages of integrating digital strategies into your collection processes through your DAKCS Beyond platform. Discover how to create, schedule, and manage text and email communications with DAKCS Communication Service and integrated Flow services.
How to Plan for Your Best Tax Refund Debt Collection Season
For many consumers, a tax return is the perfect opportunity to take control of outstanding debts. That’s why tax refund season is one of the busiest times of the year for debt collection agencies. Does your agency take advantage of tax refund season to boost revenue and close more accounts? Lots of companies might want to establish a tax time …
A Strategic Approach to Debt Settlement Campaigns for Tax Season
Debt settlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Tax refund season is the best time to consider a debt settlement campaign within your debt collection agency. A debt settlement campaign can help your agency: liquidate inventory more quickly increase revenue for you and your clients increase …
Understand and Develop Conversational Intelligence in Debt Collection
“Privacy works flexibly. It’s scalable. And it’s unique to every situation we’re in.” This is a quote from Leslie Bender, Senior Attorney of Health Privacy and Consumer Financial Privacy during her presentation at Collector Live, a yearly event hosted by Mike Gibb of AccountsRecovery.net. The virtual conference for frontline and upper management debt collectors hosted several experts including debt collection …
Setting Up a Successful Debt Collection Validation Notice Email Campaign
Most modern debt collection agencies are starting to use email for collection, or have it on the roadmap to implement soon. Consumers like the convenience of email and companies prefer advantages like: The cost savings of using email compared to traditional mail The possibility to reach consumers you otherwise wouldn’t Faster collection on accounts Even with the positive aspects of …
How To Market a Debt Collection Company: Expert Advice
Marketing any business can be a challenge. Marketing in a niche industry such as debt collection can be even more difficult. Sometimes it’s hard to reach prospective clients. Sometimes it’s because you have a shoestring budget to cover your efforts. Yet, marketing your debt collection services is important to your agency’s growth. How should you focus your debt collection marketing …
