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Collections and Recovery Blog

Open Source and Cloud Help Make Collections Affordable

By: Rob Daley | December 23, 2016

Open-source software and cloud architecture helps provide cost-effective and flexible collections systems. It also moves bank debt recovery toward digital frameworks and business models. A cloud computing platform − a network of servers hosted internally, through a third-party provider or via a hybrid of both – allows banks and credit unions to move technology to […]

Debt Collection Among Top Consumer Complaints in 2016

By: Rob Daley | December 8, 2016

The Consumer Financial Protection Bureau released a monthly snapshot highlighting consumer complaints about financial services. The report revealed problems with debt settlement companies and a great opportunity for financial institutions using robust debt collection services. When consumers submit a complaint that falls outside one of the bureau’s major complaint categories, their complaint falls under the […]

Reliable Collection Systems Reduce Bank Collections

By: Rob Daley | November 7, 2016

It is now more important than ever that financial institutions have a reliable and compliant debt recovery system because they simply cannot afford to write off bad debts or ignore customer experience. Some 77 million Americans have a debt in collections, which amounts to 35% of consumers. Meanwhile the Consumer Financial Protection Bureau also reports […]

Ten Debt Collection Strategies for Banks That Make Collections More Efficient

By: Rob Daley | October 21, 2016

Effective risk management practices financial institutions use includes the establishment of detailed policies and procedures to help govern debt collection practices consistently across the organization and the use of efficient debt recovery software. Some of the key contributors to debt-elevated costs are the exertion and time involved in debt gathering, installation, and maintenance of IT […]

More Collection Regulations Coming Amid Growing Complaints

By: Rob Daley | October 15, 2016

It has never been more important that financial institutions assure that they remain in compliance with their debt recovery actions. Every day comes more news involving consumer complaints about questionable activity. “Since opening our doors in 2011, we have handled over 1 million complaints from consumers about their problems with financial products and services,” Consumer […]

Managing Collection Repossessions

By: Rob Daley | September 27, 2016

Nobody likes repossessions, not the borrower, the bank or credit union. However, in the collections and recovery business it is a necessary part of the process and having the correct software helps manage the whole progression fairly and compliantly. The financial institutions repossession policy aims to recover monies or possessions (collateral) in the event of […]

5 Debt Collection Bankruptcy Misconceptions

By: Rob Daley | September 13, 2016

There are some common misconceptions about what bank creditors can do to collect and how bankruptcy influences their decisions. Robust collection and asset recovery software with bankruptcy tracking helps financial institutions manage debt efficiently and correctly. Here is a look at some debt collection myths surrounding bankruptcy. 1. Credit is unavailable for seven years: Not […]

FDCPA Compliance Checklist

By: Rob Daley | August 25, 2016

5 Debt Collection Basics and a Checklist The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive, unfair, or deceptive practices to collect debts. A bank collecting its own debt in its own name is not a debt collector and may attempt to collect debts owed in a reasonable manner, including telephone […]

10 Banking Regulatory Collection Trends to Watch in 2016

By: Rob Daley | August 9, 2016

Increasing and unprecedented new and impending regulation geared toward lending and collection practices makes understanding compliance more important than ever. For many banks and credit unions, this requires reassessing vendor relationships and instituting improved safety measures and guidance to meet these new, stricter standards. Regulatory Trends Presented in no particular order 1. Oversight of third-party […]