There are many laws and agencies that regulate debt collectors, but one of the most significant is the Fair Debt Collection Practices Act (FDCPA). Enacted in 1978, the FDCPA's goal is to protect consumers from abusive debt collection practices.
Fairway Capital Recovery Blog
Despite the fact that there are many professional, responsible and above-board collection agencies operating in the U.S., there are a few that may not be so law-abiding and conscientious. Here are four major watch-outs to consider before partnering with any collection agency:
Landlords and property managers deal with certain challenges as part of the reality of their jobs. One of those challenges is collecting past due rent. Whether you choose to collect past due rent yourself or hire a rent collection agency, you can maximize your collections with three simple tips:
There’s no point beating around the bush: debt collectors and collection agencies get a bad rap. While most collection agencies are compliant with federal and state consumer protection laws, unscrupulous collectors with questionable business practices have contributed to a negative image of all debt collectors.
As in any successful partnership, open communication is vital when working with a collection agency. Here are three simple tips for getting the most out of your collection agency through great communication:
Whether you perform collections activity in-house or outsource to an agency, it’s important to be aware of the regulatory changes and trends in the accounts receivable management (ARM) industry. This industry is highly regulated, and the rules governing debt collection practices have seen many changes in recent years. Here are some updates of which you should be aware:
Consumers approach medical and dental bills differently than other bills, such as utility bills or rent. In many cases, they might feel less urgency to pay. After all, if your choices were between being evicted, having your electricity shut off or not paying for last month’s teeth cleaning, which bill would be your lowest priority?
You may often hear collection agencies refer to themselves as “licensed, bonded and insured”—but what do those things really mean? In this article, we’ll take a closer look at each of these concepts and why they are important.
Great debt collectors remain professional and respectful at all times, which is no mean feat considering they are in an inherently uncomfortable situation—few people enjoy talking about their finances. Besides, many of the customers they are calling are experiencing feelings of shame, frustration, anger and other strong emotions.
As with any change, the decision to outsource debt collection will require you to communicate with key stakeholders and get their buy-in before you can move forward. Follow these five steps to begin building a case for outsourcing debt collection at your company: