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Whether you are a small business that extends credit to its customers or a commercial debt collection agency, being in the business of attempting to extract payments from delinquent customers is more difficult today than it has ever been. There is a seemingly endless amount of legislation protecting the rights of debtors and an [...]
As questions about the strength of the United States economy continue, there is no question that the amount of debt carried by its citizens is a ticking time bomb that is just waiting to explode. As a result of the Great Recession, many Americans were forced to take on more debt and have since [...]
Recording collection calls is a common practice for many large collection agencies. Having an audio recording of every call placed to a debtor is a great way to prove that there were no compliance violations during the collection process. However, recording collection calls can also come back to haunt even collection agencies with the [...]
A few months ago, we discussed the topic of conducting an international debt collection with a client in China. The many differences in both culture and language, as well as the incredible physical distance, make this a very tough situation where you absolutely must have some experience if you expect to be successful. We [...]
Just about every serious collection process starts with a collection letter. This is the best way for a creditor to officially inform a debtor that their failure to make timely payments is not acceptable. It is also the beginning of the collection paper trail, which will be used as evidence if the collection should [...]
Most debt collectors cringe the very moment that the topic of compliance is brought up. That is because compliance issues are almost always viewed as red tape that ends up being a drag on productivity. With all of the rules and regulations that the government requires professional debt collectors to follow, many feel handcuffed [...]
One of the primary reasons that many small business owners drag their feet on hiring a commercial debt collection agency for the first time is that they are not exactly sure how the agency plans to go about collecting the debt. If you have never worked with an agency before, you will likely be [...]
In an interesting post for Inside ARM last month, Mike Ginsberg discussed the recent increase in the number of credit cards being issues to customers with lower credit scores. Ginsberg took the stance that this is a promising sign that there will be plenty of future business for debt collection agencies, but he neglected [...]
For many small business owners, offering credit and attempting collections is not their strong suit. Many businesses are forced to offer credit terms to their customers in order to keep the sales coming in, but these businesses are not always well-equipped to handle the collections side of the business. Because some small business owners [...]
An invoice is your formal request for payment from a customer or client. That makes it one of the first things you should examine if you are looking to improve that rate which you are able to collect on your accounts receivable. Even the slightest tweaks to your invoices can produce dramatically different results, [...]
