Building and maintaining internal collections operations while remaining compliant is no small task. Effective debt collections requires specialized training, personality traits, technology, security measures, expert leadership and compliance. In addition to the expected legal consequences, the potential fallout of inadequate planning, operations and compliance at internal collections departments weighs heavily on the mental health of…
Using external collections to recover debt is a tried-and-proven method that can deliver extraordinary results. On the other hand, mounting internal campaigns to avoid paying contingency fees is tempting, but the high startup costs and complex compliance requirements generally outweigh the potential savings. Furthermore, just one compliance blunder may result in expensive litigation, regulatory fines,…
Risk management professionals will “prepare for tomorrow” with specialized sessions, interactive workshops and professional network-building events at the 2017 Annual Risk Management Conference this winter. Hosted by the Risk Management Association (RMA), professionals at all career levels are welcome to attend. The 2017 conference will focus on key issues currently affecting the financial services industry…
In early December, the IRS will announce the official start of the 2018 tax season, designating the date the bureau begins processing electronic tax returns. The related press release will also include the filing deadline for submitting 2017 tax returns. The traditional April 15 deadline falls on a Sunday in 2018, so the closing time…
Optio Solutions is among the 56 American debt collection agencies to have earned PPMS certification (Professional Practice Management System) from ACA International, a distinction achieved by only 1.36 percent of the 4,100 agencies. To become certified, a company must complete a rigorous application and auditing process. Optio has been certified since January 2013. According to…
A second warning about consumer credit card debt indicates Americans have returned to spending more with borrowed funds. Released June 8, the WalletHub analysis is a snapshot of 2016 consumer spending data. This blog covered the specter of increased consumer credit debt combined with higher delinquency rates in the article “Consumer Spending and Debt Increases…
The California Association of Collectors — the largest state-level organization of credit and collection professionals in the nation — will hold the 100th installment of its Annual Conference and Expo October 9 – 10, 2017. The event features a legislative update, distinguished speakers, a tradeshow with collection tools and services, educational seminars and ACA training.…
Quality assurance is used in many industries, including manufacturing where it is often called stress testing or failure analysis. Optimized production assures safe drugs in pharmaceuticals, a successful return to earth in aerospace, and seamless functionality in software development. Quality assurance (QA) operations are generally intertwined with government compliance to protect the purchasers of goods…
Hiring a debt collection agency is a microcosm of making personal decisions. Sometimes there are too many choices complicating the selection process — like trying to decide what to order at a restaurant with a lengthy menu. Other times, there are several options of equal weight, making it difficult to choose which one to act…
Many industries engage in some form of predictive analytics — from meteorology and oncology to Wall Street and sports television — but the mathematical analysis of debt collections operations is a fairly recent addition. Call center managers now harness the power of predictive data to garner better results for their clients and gauge the effectiveness…