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…
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Launching and maintaining best-in-class debt collection agencies requires a tremendous effort and an ongoing commitment to compliance, certification, data security, and collections technology. Recent articles in this blog have also discussed the importance of having highly qualified people in client relations and operations. Client relations teams are responsible for ensuring that clients are satisfied with…
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Petaluma, Calif. (May 16, 2019) — Employees from national debt collection agency Optio Solutions participated in a handful of activities to support Collectors Challenge, an annual fundraiser by the ACA International Education Foundation for its Loomer-Mortenson Scholarship program. Staff members in two Optio offices (Petaluma, Calif. and Fargo, N.D.) were joined by employees from parent…
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Produced by insideARM, the 2019 First Party Collections Summit will focus on the unique challenges of first party collections, outsourcing collections management, and the consumer experience. The event is scheduled for June 17 – 19 at the Loews Vanderbilt Hotel in Nashville, Tenn. Over 350 first party partners are expected to attend, including 100-plus creditors…
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The final part in this series about senior-level creditors at the 2019 Collection and Recovery Solutions (CRS) conference takes a closer look at the featured speakers and the discussions they host. See part one and part two to review the educational opportunities and networking events. This year’s conference takes place May 8 – 10 in…
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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…
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