“Be Prepared” has been the motto of the Boy Scouts of America ever since the youth organization was founded in 1910. It should also be the motto of any tax season collection strategy. To a scout, the motto translates to being ready and equipped for any life situation. To a third party collection agency, “be…
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For the second consecutive year, college-bound children of employees at Optio Solutions and affiliate CrossCheck were awarded scholarships from the ACA International Education Foundation (ACAEF). Trevor Arco (Texas) finished in second place while Nicholas Siembieda (Calif.) was among the fourth-place winners. The recognitions were part of the foundation’s Loomer-Mortenson Scholarship, an annual program that recognizes…
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There is only one season that really matters to the debt collection industry — the tax season that runs from late January to mid-April. Hence the need for planning a tax season collection strategy. There are others types of seasons, however, including those recognized by people living in a variety of places around the world.…
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Third party collection agencies maintain clean desk policies to protect the confidential, personal or sensitive information belonging to agency clients and consumers. A component of compliance management systems (CMS), clean desk policies work in concert with secure controls over networks, file transfer protocols, data storage, backup systems, employee training programs, authorized access to buildings and…
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Auto lenders received some sobering news in May 2019 regarding the repayment of auto loan debt. The euphoria created by the recent record highs in newly originated auto loans and the average price per vehicle was tempered by the announcement that delinquencies continue to increase for some borrowers. Specifically, serious delinquencies (90 days or longer)…
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With a delinquency rate reaching the highest level since the Great Recession, auto loan debt has become serious business for lenders and the agencies that represent them. The factors leading to this decline include a record-high sum of newly originated auto loans ($584 billion in 2018), a record-high average price per vehicle ($37,577 in December…
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