Digital debt collection, while not a new idea, has been difficult for many to implement compliantly in the past. Now, through Regulation F and the emergence of new debt collection technology, the debt collection industry is finally beginning to see a digital transformation. Debt Collection agency operating models have begun to include more digital tools and the future of debt …

Workflow optimization is a trial and error process. It takes attention, time and patience to find the right system for the type of debt you’re collecting. In a recent webinar, “Developing the Optimal Workflow for Your Collection Process,” by Accountsrecovery.net, three debt collection experts discussed ways to adjust your systems, where to look for improvements and how to analyze the …

The events of the last year had a huge impact on the accounts receivable industry. The pandemic disrupted business operations and transformed debt collection security and compliance procedures. Standards that have been in place for a decade or more were no longer viable and agencies were forced to adopt digital collection practices almost overnight.What is Digital Collections?Agencies have now spent …

I opened my debt collection agency in 1998. From day one, the stressful phone calls started to take a toll on me. Sometimes I would lose sleep at night because I was stressed about potential lawsuits, consumer complaints, or losing clients. In 2005, all of that changed. One day, after a series of frustrating collection calls, I just looked at …

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 …

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 …

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 …

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 …

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 …