Category: Collections
New Movie âBuffaloedâ Takes Aim at Collection Industry
Thereâs a new movie called Buffaloed that sets its sights on the debt collection industry. It portrays debt collectors as shady criminals who are willing to knock on doors, make nasty threats, and dupe the elderly into repeatedly paying off the same debtâanything to collect on the âpaperâ they have purchased from creditors. The movie concentrates on
How Debt Collection Works: Finding a Collection Partner
You know that your business or practice needs a collection partner, but youâre not sure about what qualities should drive your decision-making process. In this series of informative blogs by IC System about accounts receivable management, some of our tenured experts will provide their insights about various aspects of the debt collection process. The first
What does a collection agency do?
Many businesses use a collection agency to help recover their past-due accounts. But what exactly does a collection agency do? The federal government limits the actions of debt collectors with the Fair Debt Collection Practices Act (FDCPA). Even so, collection companies should perform a few basic services to ensure they’re doing everything possible on your
Increase Collections with These 6 Tips for Speaking with Past-Due Consumers
Talking to a consumer about a past-due account is a tricky thing. If you don’t stress the importance of payment enough, you may never get paid. If you come on too strong, you could aggravate your businessâ relationship with the consumer. Follow these six steps for recovering delinquent bills, and youâll find your internal collection
A Story about Why Your Business Needs a Collection Agency
I recently discovered that most small businesses donât realize the importance of working with a collection agency. A friend of mine, letâs call her Daisy, is a master gardener, and she runs a landscaping and custom gardening business. She likes working outside and having the freedom to accept jobs whenever she wants. Like a lot
IC System’s New Survey Listens to Consumer Feedback
IC System has a new consumer survey known as CSAT, short for Consumer Satisfaction. This post-call survey helps IC System gauge whether consumers who have been submitted into collections feel that our companyâs representatives have met their needs and treated them with respect. The survey, unprecedented in the collection industry, asks consumers for their feedback
New Cybersecurity Breaches, New Reasons to Check Your Security Posture
A number of recent security breaches serve as a reminder that your cybersecurity posture should be a primary concern for your office, regardless of your businessâ size or industry. A medical group in California recently had the protected health information of nearly 200,000 patients exposed because of a computer virus. Itâs a story that stresses
Letâs Be Honest About Debt Collection
One of the most complained about industries in the United States is debt collections according to the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). No one wants to be called by a debt collector, even if thereâs a legitimate reason for the call. The nature of the situation is bound to
Go after bad debts without ruining the good vibes
Reminding your customers to pay their bills is the right thing to do, but it can be an awkward task. Bungle the message, and itâs sure to damage the relationship. Still, in any relationship, setting expectations of the other person is always the healthy thing to do. For you, that means setting the expectation that the
Collection agencies, the FDCPA, and you: Safeguarding customer info
One thing business owners think about is protecting consumer information. When itâs time to turn late accounts over to a third-party debt collector, you may be wondering what happens to that information and what they do to keep it safe. The short answer: Go in with high expectations. Because a reputable, quality collection agency may
