221 East Main Street, Morristown, TN 37816

info@accountresolutionteam.com

What is a Good Debt Collection Strategy? Here's How We Do it.

Posted by Emily Herrington on Jun 27, 2022 11:17:03 AM

Debt collection is a tough field. It takes a robust spirit to see the matter through. Though we have a clear objective, the road is not level and smooth. As there is both money on the table and resistant debtors in the chairs, to be successful, we as collectors need a careful strategy. When approaching each account before the journey even begins, we are reminded of the words of Gene Kranz, the flight director of Apollo 13; “Let’s work the problem, people.”  

Read More

Topics: Collection Strategy, Compliance, Technology, old debt, debt collections, collection agency, how to get out of debt, unpaid debt, accounts receivable, outsourcing, commission rate, revenue, debt settlement, debt collection regulations

From Over-Dunn to Well-Dunn

Posted by Emily Herrington on Feb 24, 2022 3:00:00 PM

From Over-Dunn to Well-Dunn:

A Win-Win Consumer-centric Approach Rooted in Compassionate Communication

Read More

Topics: Collection Strategy, Compliance, Technology, old debt, debt collections, collection agency, how to get out of debt, unpaid debt, accounts receivable, outsourcing, commission rate, revenue, recovery rate, debt settlement, Regulation F, debt collection regulations, medical collections, medical debt

When is the Right Time to Hire a Collection Agency

Posted by Emily Herrington on Feb 15, 2022 11:30:00 AM

Even though not everyone may have a favorable view of debt collection agencies, the fact is, they perform a vital service that keeps costs down and maintains client relationships. Before you take inventory and decide whether hiring an agency is the right move for your business, consider all the ways in which using collections is the smarter and more efficient move for you and your business.

Read More

Topics: Collection Strategy, Compliance, Technology, old debt, debt collections, collection agency, how to get out of debt, unpaid debt, accounts receivable, outsourcing, commission rate, revenue, recovery rate, debt settlement, Regulation F, debt collection regulations, medical collections, medical debt

The Fundamentals of the Collection Industry

Posted by Emily Herrington on Feb 8, 2022 11:30:00 AM

Have you ever asked yourself, just what exactly does a debt collection service do and how does it work? Well then, you’re in luck! We’ve outlined the most common topics about how agencies operate, why we need them, to the evolution and future of the debt collection industry.

Read More

Topics: Collection Strategy, Compliance, Technology, old debt, debt collections, collection agency, how to get out of debt, unpaid debt, accounts receivable, outsourcing, commission rate, revenue, recovery rate, debt settlement, Regulation F, debt collection regulations, medical collections, medical debt

How Debt Collection Agencies Operate

Posted by Emily Herrington on Nov 4, 2021 11:13:09 AM

At some point you may have asked yourself exactly what debt collection agencies do and how they work. A debt collection agency is the entity that employs debt collectors tasked with recovering late or missed payments. Often these agencies are the “middlemen” who recover funds for the original creditors and lenders. Their overall objective is to legally recover debt while abiding by federal and state laws. There are different types of collection agencies which specialize in different amounts and types of collection. 

Read More

Topics: Collection Strategy, Compliance, Technology, old debt, debt collections, collection agency, debt collection regulations

Debt Collection Reimagined: How Digital Preferences are Boosting Profits

Posted by Emily Herrington on Nov 1, 2021 1:34:59 PM

The paradigm of customer preferences has shifted in recent years. It should be no surprise that these digital preferences in other industries, such as online shopping, would eventually carry over into others. Using digital channels to collect debts is by no means a novel idea, but it has presented a challenge for many businesses to implement. However, with the passage of Regulation F and constantly emerging technologies, the debt collection sector is undergoing a digital shift in its operations. Research shows that customers prefer digital engagement, making payments with the tap of a button, and self-service options that can be handled when the timing is convenient instead of phone calls they don’t have time to answer. The great thing about incorporating more technology into debt collection practices is that it is a win-win for customers and collectors alike. It permits more efficient workflows and grants more flexibility in communication. Digital debt collection uses text, email, and other digital means such as chatbots and applications to send outgoing and receiving incoming communication from consumers.

Read More

Topics: Collection Strategy, Compliance, Technology, old debt, debt collections, collection agency, unpaid debt, Regulation F

The New Normal: How REG F is Changing the Game

Posted by Emily Herrington on Sep 27, 2021 9:51:03 AM

Times are changing, and so must collection techniques. With the Consumer Financial Protection Bureau’s “Regulation F” becoming effective December 1st, partners must adapt and optimize their practices to ensure more efficient debt recovery.

Read More

Topics: Insider, Collection Strategy, Compliance, Technology, old debt, debt collections, collection agency, unpaid debt, Regulation F

Non-Financial Benefits of Being Debt Free.

Posted by Emily Herrington on Mar 23, 2021 10:33:20 AM

The psychological, physical, and relationship effects from debt are detrimental. Many Americans believe that having debt is a necessary factor of life. Whether you are going to college or buying a home, having what some may call “good debt” can assist you in going further in those goals. On the other hand, medical or credit card debt has an adverse effect on your income through interest charges that can cause a chain reaction of borrowing and more debt, all while not having the same potential advantages as a business or student loan. What you may not know is the ways debt can negatively affect your life and how being debt-free can benefit you in non-financial aspects.

Read More

Topics: Collection Strategy, old debt, debt collections, collection agency, get out of debt, being debt free

How Outsourcing Debt Collections Benefits Your Revenue

Posted by Emily Herrington on Mar 11, 2021 11:00:14 AM

Any business can face financial problems that work against the effort to maintain sufficient cash flow. One dilemma that can have a significantly negative impact on your company is issues in accounts receivable. When a service is provided and your customer does not pay, meeting your bottom line becomes difficult. It is a debt collection agency’s obligation to recover your earnings so that you can continue doing business.

Read More

Topics: Collection Strategy, Technology, old debt, debt collections, collection agency, accounts receivable, outsourcing

Why You Should Hire a Collection Agency in 2021

Posted by Emily Herrington on Mar 1, 2021 10:04:37 AM

Don’t expect anything to go “back to normal” post COVID, and what defines as “post” still remains to be seen. Some experts say that it may be 2022 before we can safely resume old activities in some semblance as they once were. The pandemic has left its mark, not only on our physical behaviors, but our financial ones as well. In these continuing uncertain times, debts rise, layoffs continue, and there is a consistent economic downturn for many businesses. Many entities are overwhelmed with the daily tasks associated with trying to make up for lost time during the shutdown and by trying to throw collection efforts into that mix only makes your employees less productive with other tasks.

Read More

Topics: Collection Strategy, COVID-19, Technology, old debt, debt collections, collection agency