Debt collection is a highly regulated business, the companies that thrive in this setting are leaders in compliance and certification. The Consumer Financial Protection Bureau (CFPB) released its final ruling for Debt Collection Regulation F (effective November 30th, 2021), which was designed to provide more information for consumers and enable them to communicate with debt…
With debt collections being a continuum of evolution, utility collection professionals need to learn about the latest collection tools and strategies to maximize their collection efforts. The Utilities Credit and Collections Symposium invites utility company vice presidents, directors, managers, supervisors, analysts and other industry professionals to attend their event. The Utility Credit and Collection Symposium…
Auditing third party collection agencies is standard procedure among corporate clients in today’s business world. The reason for conducting audits is simple. Clients want to confirm that agencies are protecting their interest with compliant practices and efficient collection efforts that result in a favorable return on investment, brand protection, and customer retention. Auditing third party…
Predictive modeling is used in many aspects of life today. For example, a fisherman can use predictive forecasts to determine the patterns of fish to find the best times and locations to get the most action. Similarly, in the world of collections, there are many fish in the sea with agencies challenged to handle massive…
Collecting on accounts receivable can bring in sizable amounts of revenue to clients, but third-party debt collection agencies should maintain a compliance management system (CMS) to provide legal compliance and other benefits. First, a CMS enables agencies to remain compliant with federal, state and local laws that protect consumer interests. The approach ensures that every…
In lieu of hiring a collection agency, some companies believe they can successfully recover debt on their own. Launching an in-house collections department can be a costly matter and expend a great amount of resources. Businesses need to budget for the physical infrastructure of adding a collections department such as leasing a separate space, implementing…
Optio Solutions recently initiated a quarterly collections contest to reward its top performing collectors. The contest began Jan. 1 and runs until March 31. The next quarterly contest will start April 1. This contest helps acknowledge the hardworking individuals who have contributed to the ongoing success of Optio Solutions since the agency was founded 12…
Utility collection managers face a tough challenge in this day and age. Many consumers struggle to pay their bills each month and often need to pick and choose some debts over others. The Annual Utilities Credit & Collections Symposium provides tools and knowledge for utility collection managers to overcome these challenges while conducting compliant collections…
In a country of debt-juggling practiced by the millions, determining what bills consumers pay first can have a profound effect on lending and debt collection practices. What types of debt are they willing to let fall into delinquency in order to pay for essentials? Many consumers are in situations where they must choose between two or…
“Clients drive my business and we need to be the best we can with everything we are doing,” said Chris Schumacher, president and CEO of Optio Solutions, about PPMS certification. Schumacher and four other experts from the collection industry took part in a webinar about the process on Dec. 12. The webinar focused on explaining…