RMAi Blog

FEBRUARY 6, 2023

Debt collection agencies are among the companies looking for solutions that can help them transform, and 2023 will be the year that voice-led tech will challenge the status quo of the ARM industry, especially when companies can deploy it within a day. Total account penetration has helped improve collections and optimize productivity.

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RevCycle

JULY 26, 2023

The Consumer Financial Protection Bureau (CFPB) is concerned about the risks associated with medical debt credit cards. In a 2022 report, the CFPB found that these cards can lead to higher costs for patients, as well as increased risk of debt collection and bankruptcy. Aggressive debt collection practices.

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RMAi Blog

OCTOBER 11, 2024

MENLO PARK, CA – Latitude by Genesys , a leading debt collection software solution, is dedicated to positively impacting the communities where its employees and executives live. About Latitude by Genesys Latitude by Genesys® is a comprehensive debt collection and recovery solution for managing all receivables processes.

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Your Virtual Credit Manager

JULY 2, 2024

it just might help them collect faster and pay you sooner. Share Six Best Practices for Effective Debt Collection Communications Debt collection can be complicated as well as time-consuming. Being a collector requires patience, persistence, and effective communication skills. Ask for everything owed.

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RMAi Blog

OCTOBER 4, 2024

On October 1 st , 2024, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced actions to reduce the burden of medical debt and address medical debt collection practices in a coordinated event with the White House. The video of the White House event can be found here.

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RevCycle

MAY 14, 2021

Regulation F and the CFPB commentary are over 900 pages of regulatory changes to everyday operational matters faced by the debt collection industry. Regulation F covers a broad range of consumer debt collection activity under the 1978 Fair Debt Collection Practices Act (FDCPA).

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RMAi Blog

SEPTEMBER 25, 2024

The bill also prohibits using any medical debt listed on a credit report as a negative factor when making credit decisions and gives individuals more room to address their medical bills before debt collection and reporting actions can take place. This bill will be effective on January 1, 2025.

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Chaser

MARCH 4, 2025

In the complex world of finance, debt collection is a significant aspect that affects individuals and businesses alike. When debts become delinquent, creditors often turn to debt collectors to recover unpaid amounts.

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Your Virtual Credit Manager

APRIL 16, 2024

Ensuring Successful Debt Collections Even with these headwinds, there are steps trade creditors can take to improve their collections game: Be Proactive: It starts with a comprehensive credit application and vetting process and is complemented with clear communications about terms, the billing process, and the expectation of on-time payments.

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RMAi Blog

SEPTEMBER 13, 2024

On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report. Medical debt, rental debt, and consumer complaints were among the topics focused on in the report. The report stated that the CFPB received approximately 109,900 debt collection complaints in 2023.

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RMAi Blog

OCTOBER 21, 2024

filed suit against New York City for declaratory and injunctive relief from the debt collection rule promulgated by the New York City Department of Consumer and Worker Protection (DCWP) on August 12, 2024. On Friday evening, October 18, 2024, ACA International and Independent Recovery Resources Inc.

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MNS Credit Management Group

DECEMBER 2, 2022

Who are debt collectors? A corporation or agency that recovers money owing on past-due debts is known as a debt collector. Many businesses that owe money to creditors use debt collectors, who work for a fee or a portion of the total amount collected. Effective Debt Recovery.

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MNS Credit Management Group

JUNE 5, 2023

Introduction When a firm faces the non-payment of one or more invoices, that company will initially try to recover what is owed using an amicable debt recovery approach. Debt collection may be a difficult and delicate procedure that frequently leads to conflict between creditors and debtors.

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MNS Credit Management Group

MAY 28, 2022

The Debt collections business is primed for even greater transformation in 2022, which should come as no surprise. The latest modification to Reg F, lenders’ digital-first strategy to engaging with consumers, and the improving economy are all going to make things more difficult for third-party collectors.

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Eastern Credit Management Services

JUNE 10, 2019

“You’re a Bill Collector, you collect overdue accounts; thus you must be one”, you would not believe how often we hear this day today. The truth is yes, we collect overdue accounts, but we are not Bill Collectors by definition; we are an extension of your business.

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Your Virtual Credit Manager

JUNE 4, 2024

Most of the collectors seemed relieved I was cooperating and accepted my initial offer. In fact, there was only one collector that tried to collect everything owed, and I was able to get them to accept three payments over the next five weeks. If not, you are probably not collecting all you should.

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MNS Credit Management Group

MARCH 2, 2023

Nowadays, there are two main methods of debt collection in Vietnam. The second option is to request assistance from a debt collection firm, which assists corporate clients in recovering their obligations. One must keep the following in mind when collecting debt in Vietnam: Vietnamese debt collection outside of court.

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MNS Credit Management Group

MAY 25, 2023

The main purpose of debt collection in any country is to find an amicable and smooth settlement of dues between a debtor and a creditor. However, in Indonesia, there are no specific rules regarding debt collection service companies. Indonesia is no exception.

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Priority Credit Management Corporation

OCTOBER 16, 2020

“When I grow up, I want to be a debt collector.”. However, if my future self came to talk to me before I started a career in debt collections and said…. Hello, past self, this is Brad from the future and you are going to KILL it in the debt collection business.". A DEBT collector??

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MNS Credit Management Group

SEPTEMBER 24, 2023

Consumer And B2B Debt Collections Variation Commercial collections refer to the process of recouping unpaid invoices owing to another company. When a client owes a business money, consumer collections take place. The debt collection industry consists of two distinct functional areas.

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Eastern Credit Management Services

OCTOBER 3, 2023

When it comes to debt collection, businesses are faced with a critical decision. Should they handle it in-house or outsource it to a professional debt collection agency like Eastern Credit Management Services (ECMS)? Resource Efficiency: Outsourcing debt collection saves your company time, manpower, and resources.

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MNS Credit Management Group

AUGUST 11, 2023

Introduction In order to successfully recover debts in Singapore, a strategic strategy must strike a balance among ethical standards, effective communication, and legal issues. Debt collectors must use crucial tactics to do this, which guarantee a win-win situation for all sides. Price shouldn’t be the main consideration.

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RMAi Blog

FEBRUARY 3, 2023

The California Department of Financial Protection and Innovation (DFPI) is currently soliciting applications for the 7-member Debt Collection Advisory Committee for the 2023-25 term. Owner, corporate officer or senior-level employees of debt collector licensees or applicants. Small and large agencies.

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JSP Credit Management

JANUARY 10, 2022

This blog below is going to explore that change in more detail, and more specifically how it has affected the commercial debt collection industry. Finally, a shift towards more technology-based methods might have paved the way for efforts to streamline the debt collection process for some companies.

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FICO Blog

JANUARY 18, 2023

Top 5 Debt Collection Posts of 2022: Crisis and Opportunity. As more people enter the collections queue due to rising costs and economic wobbles, our collections experts share their tips for early collections, digital approaches and more. Here are the top five posts from 2022 on debt collection trends.

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Gaviti

FEBRUARY 18, 2024

Regardless of the reason, typically once your unpaid or overdue invoice is more than 90 days overdue, however, it has evolved to become a debt. At this point, your business should move from handling the invoice in-house to managing it through one of the debt collection outsourcing services listed below.

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JSP Credit Management

MARCH 16, 2022

We introduce ourselves at these events and then now and again someone will say, “oh ok, like debt factoring….”. It does not necessarily mean that debt collection and debt factoring are mutually exclusive. So, what about debt collection? Well, there are lots of different ways of doing debt collection.

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RMAi Blog

OCTOBER 14, 2024

In This Update Earlier this month, the CFPB issued an Advisory Opinion reminding debt collectors of their obligation to comply with the Fair Debt Collection Practices Act and Reg F’s prohibitions on false, deceptive, or misleading representations in the collection of medical debt (see RMAI’s October 4, 2024 Member Alert ).

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JSP Credit Management

OCTOBER 10, 2021

But what does all this mean for the debt collection industry? If AI can be used to handle complex legal matters, credit lending decisions and the distribution of work for millions of people then the question is could it also be used to undertake the entire debt collection process?

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Gaviti

FEBRUARY 17, 2024

For some customers, however, you’ll need another strategy altogether for collecting unpaid and overdue invoices: debt collection. The Key Components of Effective A/R Management The main aspect of A/R management is the collections of receivables. Deciding between debt collections and write-offs.

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RMAi Blog

MAY 12, 2023

A debt collector unaware of the discharge, allegedly due to a bona fide error, sent several collection letters to the consumer regarding the past-due rent. The consumer filed a lawsuit claiming the debt collector, by seeking payment following the discharge, “violated 15 U.S.C. See you in Monterey! Help RMAI Grow!

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RMAi Blog

APRIL 4, 2023

Defendants cited subsections within the FDCPA which allow debt collectors to serve legal processes on consumers and use telephones and telegrams to communicate with consumers, further noting that the communication in question was not an attempt to collect a debt (dunning letter).

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JSP Credit Management

JUNE 27, 2022

For instance, our very first exposure to debt collection was only made possible by the kind of supervision from a more experienced debt collector that would be more akin to a guardian attentively watching over a new-born baby for fear of anything going wrong. Back then of course, this was completely necessary.

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JSP Credit Management

OCTOBER 31, 2021

This article aims to explore the different types of companies that exist in the UK and discuss the implications of each of the different structures for the debt collection industry. Therefore, a business owner operating as a Sole trader will be 100% personally liable for all debts owed by the business.

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MNS Credit Management Group

JULY 12, 2023

Speak to a debt-collecting company A collection agency phones and emails debtors and, if required, litigates on their behalf. A debt collection service can assist the lender should legal action be required. Effective use of these technologies helps reduce risks and recover bad debts. Risks do exist, though.

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Chaser

JANUARY 19, 2023

If your business is in debt, debt collectors will usually take legal action as a last resort. This means they will contact you to arrange repayment of the debt, issue warning letters , and even visit your place of business in an attempt to recover the money owed.

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RMAi Blog

DECEMBER 13, 2024

CFPB expressed concern over social media influencers on platforms like TikTok and Instagram spreading misinformation about debt collections. The collection agency provided an account itemization and threatened to pursue legal action if the bills werent paid. RMAI will collaborate with the CFPB on addressing these issues in 2025.

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