The nuances of debt collection laws remain dynamic. Best-in-class collection agencies and businesses conducting accounts receivable management are regulated by federal laws such as the Fair Credit Reporting Act (FCRA), the Telephone Consumer Protection Act (TCPA) and the Fair Debt Collection Practices Act (FDCPA). While the majority of state laws mirror the FDCPA, states such as California have instituted their own collection laws, requiring professionals to stay up to date on the latest additions and amendments.
Collector’s Ink magazine assists California collection professionals with bi-monthly digital issues focused on state legislation, current news, industry trends, hot button issues and successful business strategies. Produced by the California Association of Collectors (CAC), all issues dating back to 2012 are available on the CAC website. Directors of collections, risk managers, creditors, third-party collection agencies and businesses managing in-house collections can consume the one-stop online resource to support legal and effective collection efforts.
About the CAC
The CAC, founded in 1917, is the “first organized association of collection professionals in the country.” The organization currently operates as the largest state unit of collection professionals and creditors. CAC supports the collection industry in California through advocacy, education, legal support, leadership development and networking opportunities. The annual subscription rate for Collector’s Ink is included in the annual CAC membership dues.
Inside Summer 2017
In addition to news and feature articles, each issue is comprised of four core sections — President’s message, Legislative Advocate Update, General Counsel Update and Executive Director’s Report. Collector’s Ink is authored by top industry experts including CAC staff, committee chair members and members.
Legislative Advocate Update
Slotted after the President’s Message, the section monitors the California Legislature’s activities, current regulations, proposed bills and other legal actions concerning the industry. The update also provides briefings on country-wide policies that effect Californians.
In the Summer 2017 issue, a comment submitted by the Commercial Law League of America to the United States Congress in support of H.R. 1849 — Practice of Law Technical Clarification Act of 2017 — is featured. The act aims to “amend the FDCPA to exclude law firms and licensed attorneys who are engaged in activities related to legal proceedings from the definition of a debt collector, to amend the Consumer Financial Protection Act of 2010 to prevent the Bureau of Consumer Financial Protection [CFPB] from exercising supervisory or enforcement authority with respect to attorneys when undertaking certain actions related to legal proceedings, and for other purposes.” Future issues will provide continual coverage of the act’s status.
You Are Not Very Interesting
In the feature article “You Are Not Very Interesting,” CAC member Paul Morrow discusses the all-too-common phrase uttered by prospects during sales calls —“I am not interested.” Morrow lists key strategies on creating a positive impression within the first 10 seconds of a call, along with delivering an irresistible presentation. Professionals must understand what is important to the prospect, have a solid opening remark and convey the value of products and or services in a clear and concise manner. Mentioning a current client by name with a scenario of how the products and or services “solved a problem” for their business is another tactic used by Morrow. Lastly, salespeople must always research potential clients prior to first contact.
Additional Debt Collection Tools
Operating legal collection procedures is crucial. To produce debt collection results in line with company goals, professionals can turn the pages of Collector’s Ink for informative and valuable content. Businesses with accounts receivables can direct a higher percentage of company resources towards business-building by transferring the collections process over to a top performing debt collection agency.
Optio Solutions offers successful first– and third-party collection services at affordable rates. Our agency continually provides clients with the latest technology, open access to account information, solid data and brand protection, recurring collection reports and high consumer satisfaction rates to meet client needs. With ACA certified Credit and Collection Compliance Officers and legal team, Optio is an agency businesses can contract with in confidence. Learn more by contacting Optio today.
