If you read part 1 of this two-part blog series you might have found some of our comments surprising. Perhaps you left with more questions than you’d had going in. Or you wonder how in the world communicating compliantly via email and text - consistently, day in and day out - is even possible. I...
Is communicating via email and text still a pipe dream for your collection operations? If so, you might want to settle in and keep reading. It really isn’t as scary as you might expect. Despite the high costs and marginal returns of relying on phone calls and printed letters, many ARM agencies and...
It’s not every day that we see multiple decisions on the bona fide error defense from the courts, yet recently we saw three. Two were great, and one was scary. Below we’ll discuss each and how this may impact your business. Decision 1: “Redundant” Policies and Procedures Save the Day The first...
A little insight from experienced insiders. Many Americans struggling with managing their debt become afraid to pick up the phone because of debt collectors. You’ve probably heard stories about deceptive debt collectors, and you may even have been a victim of a debt collection scam. But you’ve...
In today’s job market, individuals can be a lot pickier about where they work. Hundreds of resumes that are submitted turn into a handful of viable candidates who actually show up for the interview, and maybe one or two people accept an offer and make it through lunch on the first day. Finding...
It can be very easy for collection agencies to get bogged down in what is known as “analysis paralysis” when attempting to figure out the productivity of collectors, because there are so many different data points and variables that can be factored into an equation. But just because there are so...
There are apps out there now that imitate the voices of real people and individuals are using them during phone conversations with collection agents as a means of wasting an agent’s time and making it impossible to collect on a debt. That was just one of a number of important topics discussed...
Recently, the owner of a collection agency reached out to me and shared a letter he had written to his local Congressman. The letter, which you can read excerpts of below, talks about the pains of dealing with frivolous lawsuits and the impact that defending against them, in terms of hirings that...
While posting a job ad online can generate a ton of responses and likely lead to identifying potential candidates, collection agencies should be looking outside of the traditional hiring pipelines to identify the best possible talent, a panel of industry executives shared during a webinar...
Not every employee that a collection agency hires is going to be promoted. While many collection agencies look to promote from within, identifying the right candidates who might make good managers, supervisors, or even executives is not an easy job. How can a collection agency identify someone who...
There is so much that a new collection agency employees needs to know. What the heck is the Fair Debt Collection Practices Act, anyway? Why can’t I threaten to break someone’s legs if they don’t want to pay their bills? And, most importantly, where is the bathroom? All kidding aside, training a...
Keeping an eye on employees needs to be a top priority at any collection agency, and not just because of increased compliance risks, according to a pair of executives who spoke during a webinar hosted earlier this week. The webinar, on the topic of monitoring employee performance, was sponsored by...