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Outsourcing vs. In-House Debt Collection: Pros and Cons

Eastern Credit Management Services

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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Action Collection Agencies, Inc. appoints Candice E. O’Brien as Executive Vice President/Chief Operations Officer

RMAi Blog

Middleboro, MA, January 9, 2023 – Action Collection Agencies, Inc. O’Brien as its Executive Vice President/Chief Operations Officer overseeing the operations of its first and third party collections services. “I Established in 1967, Action Collection Agencies, Inc. The post Action Collection Agencies, Inc.

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Member Alert: DFPI Announces Advisory Committee Vacancies Submissions Due February 23, 2023

RMAi Blog

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. Diversity of backgrounds and experiences.

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How Long Does a Charge-Off Stay on Your Credit Report? 

CreditStrong for Business

Credit Karma describes charge-offs as unpaid debts that a creditor (lender) has “given up” trying to recover from the borrower. Here, lenders formally stop any direct debt collection efforts and often sell the old debt to third-party debt collectors or collections agency companies.

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What Triggers Your Collection Efforts?

Your Virtual Credit Manager

When an unresponsive customer reaches 90 to 120 days past due, you should consider sending a final demand letter and then turning the account over to a third-party collection agency. Going forward, you should treat them as a new customer, but in the meantime, you still need to collect any existing debt.