Collections
The Cake Theory of Collector Scorecards
When I meet with collection teams, I always ask collectors, “How do you know you are doing well every month?” Their answers give me a good sense of how much leadership values performance and recognizes the team. If the response is something like, “Well, I am still here,” or “I... https://collectioncomplianceexperts.com/the-cake-theory-of-collector-scorecards/
Acceptable Performance – 50% of a Top Performer?
Consider this scenario: You hire a landscaper to mow your lawn for $100, but upon returning home, you realize the backyard has not been touched. Subsequently, you receive a bill for the full $100. How would you handle this situation? Now, let us parallel this with collection teams. Is it... https://collectioncomplianceexperts.com/acceptable-performance-50-of-a-top-performer/
Transparency Matters: The Value of Open Communication in Oversight
Transparency is not just a buzzword:In the world of collection agency oversight, transparency is not just a buzzword – it’s a fundamental principle that underpins trust, accountability, and effective collaboration. Transparent communication is the cornerstone of successful relationships between businesses and collection agencies, fostering mutual understanding, alignment of goals, and... https://collectioncomplianceexperts.com/transparency-matters-the-value-of-open-communication-in-oversight/
Recovery Management Network
The Recovery Management Network is a unique networking organization strictly for creditors, providing collection and recovery professionals with the peer contact, resources and information they need to succeed in their jobs.For more information, see the attached pdf file.
Wage Garnishments By State
Wage Garnishment Laws by State 2023What is Wage Garnishment?Wage garnishment, also called wage attachment, is a legal process for collecting a monetary judgment for a creditor if a debtor does not pay their debt. It involves a court order requiring that an employee withholds a portion of the debtor's paycheck... https://worldpopulationreview.com/state-rankings/wage-garnishment-laws-by-state
FCC Declares ‘Ringless Voicemails’ Are Subject to Robocalling Rules
FCC DECLARES THAT ‘RINGLESS VOICEMAILS’ TO CONSUMER CELL PHONES ARE SUBJECT TO ROBOCALLING RESTRICTIONSWASHINGTON, November 21, 2022—The Federal Communications Commission today clarified that callers must obtain a consumer’s consent before delivering “ringless voicemail,” a message left in a consumer’s mailbox without ringing their cell phone. The unanimous decision by the... FCC - Ringless Voicemails
FEDERAL TRADE COMMISSION 16 CFR Part 314 RIN 3084-AB35 Standards for Safeguarding Customer Information
SUMMARY: The Federal Trade Commission is delaying the effective date set forth in 16 CFR 314.5 of portions of the amended Safeguards Rule, 16 CFR Part 314, as published on December 9, 2021, 86 FR 70272. DATES: The effective date for portions of the final rule published December 9, 2021,... FTC - SAFEGUARDS ACT
FTC Extends Deadline by Six Months for Compliance with Some Changes to Financial Data Security Rule
November 15, 2022 - The Federal Trade Commission today announced it is extending by six months the deadline for companies to comply with some of the changes the agency implemented to strengthen the data security safeguards financial institutions must put in place to protect their customers’ personal information. The deadline... https://www.ftc.gov/news-events/news/press-releases/2022/11/ftc-extends-deadline-six-months-compliance-some-changes-financial-data-security-rule
Nine Critical Capabilities that Collection Software Systems Need in 2021
No doubt 2020 was one of the most difficult years on record for the collection industry. Unfortunately, 2021 looks to be every bit as daunting given the latest major challenges: • Ongoing social & economic impacts from the COVID-19 Virus (deferred payments/rising defaults) • Expanding list of State & Federal...
TotalCollectR brings artificial intelligence to Collections Max in a new partnership to help lenders and collection agencies collect more money
Lansing, Michigan - Total CollectR, a premier provider of virtual agent and debt negotiations solutions, has announced a partnership with Decca Software Lansing, Michigan – Total CollectR, a premier provider of virtual agent and debt negotiation solutions, has announced a partnership with Decca Software Company to fully integrate Total CollectR with...