Fans of the “insane” legendary magazine harpooning everyone and everything in America will certainly recognize the quote in the title. While the publication’s mascot may carry a devil-may-care attitude, the concept of the Internal Revenue Service outsourcing collection efforts to private debt collection agencies may send chills up the spine of anyone who has encountered difficulty…
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It’s 5:00 AM, Tuesday and the operations manager of a small credit union is clutching her mug of coffee while reviewing Google News. Much to her chagrin, a headline with her company’s name is among those in the local news section: “Acme Credit Union Sued for $30 M Over Debt Collection Mistakes.” Assessing potential vulnerabilities,…
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As fixtures of American pop culture, superheroes have been idolized by people of all ages since the 1930s — from kids sneaking comic books into class, to adults viewing newspaper comic strips on New York City subways. Their origins have been traced to the gods of Greek and Roman mythology that formed the foundation of…
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A few popular clichés resonate in the business world as well as the personal space: “there are plenty of fish in the sea,” “leave no stone unturned” or “sometimes you have to kiss a lot of frogs before you find your prince.” Those words of wisdom are great if one has a lifetime to spare,…
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In an act of debt collections role reversal, two homeowners exercised their rights as property owners by ordering a levy on their banks to recover legal fees. Yes, that’s correct. For the residents, it wasn’t Bank of America or Wells Fargo who would be collecting on them — despite repeated attempts by those institutions —…
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Considering the broad spectrum of applicable government agencies, associations and regulations, doing business in the collections industry can be overwhelming. In this complicated landscape, knowledge is power while a familiarity with the various terms and organizations provides a competitive advantage for collections managers. Below are some of the most common agencies, associations and acts that…
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