Insiders know that the credit management industry is an ever-evolving and growing trade. With regulation changes, current credit market conditions and new best-practice business approaches, the International Association of Credit Portfolio Managers (IACPM) serves as an informative resource for credit portfolio managers and other industry stakeholders. The international non-profit organization serves financial businesses and institutions around the…
The Payment Card Industry Security Standards Council was established in 2004 as an alignment of individual data security programs operated by Visa, MasterCard, American Express, Discover and JCB. The council developed the Payment Card Industry Data Security Standard (PCI DSS) to promote “cardholder data security and facilitate the broad adoption of consistent data security measures…
Most business-to-consumer operations possess an arsenal of action jargon, and debt collection agencies are no exception with their charge-offs, garnishments, scrubs and skip traces. In a perfect world, agencies are able to negotiate a fair settlement for clients so they don’t face revenue loss to account charge-offs and consumers aren’t subjected to wage garnishments. If…
Customers are the vital spark of business, providing the revenue that supports sustained success and growth. When customers fail to make full or partial payments on goods or services, it can adversely affect cash flow and hinder progress. Businesses that respond to unpaid charges with in-house receivable efforts often lose crucial time and profits because…
Nearly three quarters of Americans are dying with debt according to statistics provided to Credit.com by the Experian’s FileOne database which includes 220 million consumer contacts or about 91% of US adults. The average balance for those without mortgages was $12, 875 while those owning homes died with $61,554 in debt. Data from October to…
The debt collections industry enjoys acronyms almost as much as Congress does — from CCCO, CCCP and PCS to HIPAA, FDCPA and TCPA — but who’s counting? The correct answer is that many parties with a vested interest in debt collections — from consumers, clients attorneys to government bureaucracies and watchdogs — are counting on…
This summer, the Seattle Space Needle will point the way to the debt collection industry’s largest event of the year, the ACA International Convention & Expo. The ACA International’s yearly event operates as the debt collection industry’s focal point for innovative ideas, products and services. Collection agencies, collection attorneys, creditors and other professionals will take…
Collection and Recovery Solutions 2017 takes place May 10 – 12 at the Four Seasons Hotel, Las Vegas, and is open to senior-level members of the debt collections industry involved in collection, recovery operations, compliance, risk and strategy on a first-come, first-served basis via registration. The conference offers general sessions, receptions, an exhibit hall and…
The Internal Revenue Service announced the official start of the 2016 tax season on Monday, January 23 by unlocking the doors to its virtual storefront and accepting the first electronic tax returns. The agency anticipates processing over 153 million returns this year with an estimated 80% of the total generated by tax preparation software. Meanwhile,…
There are certain jobs and industries where cutting corners is acceptable or even considered harmless. The accounts receivable industry, where debt collection values are revered, is not one of them. “What harm,” one may ask, “is there in not fully complying with state and federal laws, or not documenting business activities such as letters or…