U.S. consumer debt hit $12.84 trillion in Q2 of 2017, with delinquent debt reaching $612 billion and seriously delinquent debt — at least 90 days late — rising to $411 billion, according to the Federal Reserve Bank of New York’s quarterly report. In response, many businesses are contracting with debt collection agencies. To produce favorable…
Consumer debt reached $12.84 trillion in the second quarter of 2017, surpassing the previous all-time high of $12.68 trillion in 2008 by $164 billion, the Federal Reserve Bank of New York reports in its Quarterly Report on Household Debt and Credit. The report, released earlier this month, marks the 12th consecutive quarterly increase. A rise in…
Consumer debt reached $3.71 trillion in 2016, a new record high according to the Federal Reserve’s Board of Governors. When accounts go unpaid, businesses pay the price. To recover revenue and optimally manage all accounts receivable, many businesses choose to hire a debt collection agency. Average Costs of a Debt Collection Agency Hesitations due to unknown…
With the continual rise in consumer healthcare costs, the need for medical debt collection professionals remains constant. Staying informed on the latest industry practices is an essential component of collection success. Each year, The Medical Group Management Association (MGMA) provides an opportunity for collection professionals to expand their industry knowledge through educational sessions and networking…
[vc_row][vc_column][vc_column_text]The Global Finance & Credit Conference & Expo (GFC 2017) is “different … deliberately.” The annual event is the only conference tailored exclusively towards national and international B2B finance, credit and collection professionals. GFC 2017 is produced by business finance professionals, providing a platform for educational and networking opportunities focused on pressing industry issues. The…
Businesses that employ a top performing debt collection agency receive time, resource and cost savings benefits as well as a favorable return on investment. Those in contract with an underperforming agency can experience less than optimal collection results and run the risk of detrimental data security breaches and or strained customer relations. To keep operations running smoothly…
ACAInternational.org, the online information center for the Association of Credit and Collection Professionals, is an all-inclusive website that is easy for debt collectors to navigate and comprehend. The site offers hundreds of pages under main navigational resources in the areas of Advocacy, Compliance, Education, Insurance, Events, Products and Membership. These channels are essential to debt…
The vitality of a business largely depends on consumer sales. When delinquent consumer accounts arise, businesses must decide whether to pursue in-house debt collections or delegate the process to a debt collection agency. Direct oversight of accounts and consumer relations, along with perceived savings, draws businesses toward exploring in-house collections. While this option can prove…
Members of ACA International, including debt collectors, creditors, collection attorneys and debt industry service providers, will be attending this year’s ACA International Convention and Expo in Seattle. The convention takes place July 16 – 18 in the Washington State Convention Center, offering multi-track seminar sessions, a 205,700 square feet exhibit hall and several social and networking opportunities. Hotels partnered with…
As the sole national magazine produced exclusively for US debt collection professionals, Collection Advisor magazine is a leading source for the latest industry news, technology and practices. Through a team of industry experts, the sixteen-year-old magazine covers topics including compliance, data security, skip tracing, document management, credit card collections, medical collections and analytics. Within the…