Category: Collections
What Regulation F Means for Collection Agencies and Creditors
The Consumer Financial Protection Bureau (CFPB) has implemented new rules, known as Regulation F, requiring collection agencies to obtain additional information from creditors sending past-due accounts for collection. The Rule’s effective date is November 30, 2021. Regulation F has impacted the collection industry and raised many questions about what comes next, especially among creditors who
Is It Worth Investing in Collection Services?
There are a lot of collection agencies and a lot of collection services out there. Some of them charge upfront fees for their services, and others don’t. Whether you’re just getting started or you’ve worked with collection agencies before, it isn’t easy to know which products or services you should use. And how do you
The Consumer Experience: A Simple Equation for Better Collections
IC System remains at the forefront of the collection industry because we use consumer experience metrics to gauge performance. Data analysis of call quality scores, combined with our Consumer Satisfaction (CSAT) survey results, shows that the more we improve the consumer experience, the more consumers will likely resolve their past-due accounts. Call Quality (CQ) IC
When should debt collectors be used?
There’s no simple answer to the question, “When should debt collectors be used?” The answer varies for every industry and every business, and sometimes every account. But there are a few general principles that can give your office some insight about when you should send past-due accounts to a collection agency. Here are some considerations:
How do I take someone to collections?
If you’re a business and you’ve never hired a collection agency before, you might ask yourself, “How do I take someone to collections?” You probably have plenty of other questions about how the collection process works as well. Here are a few considerations to prepare your office for sending past-due receivables to IC System. When
Should You Hire a Collection Agency Near You?
When you’re looking for a new collection partner, it might be a mistake to look for a collection agency near you. Although buying local is usually a great policy for supporting small businesses or buying produce, the effectiveness of collection services can severely impact your bottom line. That’s why it’s so important to find a
5 reasons your small business needs a collection agency
Business growth means difficult decisions are often waiting at the crossroads. Do we keep doing this thing in-house? Should we hire someone? Or is it better to partner with a vendor? Luckily, as a small business owner, there’s no need to wait to hire a collection partner for debt recovery services. Hire the right firm
Landlords Still Struggling After Recent Stimulus
Many creditors have special emergency relief plans for those who fall behind on auto loan, credit card, student loan, and other payments. Mortgage companies can offer forbearance plans under the CARES Act, the economic stimulus bill passed in March 2020. However, most private landlords or property management companies don’t have many options when it comes to offering
4 Simple Steps to Ensure Fast Revenue
In these unpredictable times, everyone’s looking for ways to achieve some measure of stability in their business. Fortunately, there are a few methods to ensure fast revenue from your accounts receivable, even in situations requiring collection efforts. Follow these simple steps, and you’ll start seeing revenue returned to you faster. Step 1: Have a Plan
Netback: The Best Way to Evaluate Your Collection Agency
If you have used or shopped around for a collection agency, you know they offer various services. Most collection agencies will make calls, send letters, and possibly even credit report your past-due consumers. But rather than evaluate a collection agency on its list of services, the most critical aspect of your relationship with your collection
