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Using Tax Refunds to Pay off Debt

Posted by Emily Herrington on Jan 26, 2021 9:08:37 AM

Many Americans will receive a tax return this year. While some may be tempted to put a down payment on a new car or renovate a kitchen or bathroom, they really should use that money to pay down their debt. Tax time is the best time for businesses to utilize an experienced collection agency to turn their bad debt into bottom-line revenue.

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Topics: Collection Strategy, old debt, debt collections, new practice, collection agency, tax refund, get out of debt, how to get out of debt

One Big Mistake Doctors Make When They Start A New Practice

Posted by Emily Herrington on Jan 19, 2021 7:40:19 AM

You’ve started a new practice. Maybe you’re a seasoned doctor or other medical professional, or perhaps you’re fresh out of med school and your residency. Either way, congratulations! You’ve made an important step in your career and you now have a new practice you can call your own.

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Topics: Collection Strategy, old debt, debt collections, new practice, collection agency

How to Turn Aged Receivables into Bottom-Line Revenue

Posted by Emily Herrington on Dec 9, 2020 2:45:00 PM

If you’re in a product or service industry, you’ve likely faced a time when you realized your bad debt was catching up with you. At this point, you may have considered the use of a collection's agency. Maybe you were even scared to take the leap of faith? These fears may be the reason you’re missing out on the revenue that your business needs, negatively impacting your day-to-day business. In fact, a lack of funds can affect employee retention, lead to freezing critical marketing activities, and in extreme cases, can ultimately result in closing your doors permanently.

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

Recovery Rate vs. Commission Rate in Debt Collections

Posted by Emily Herrington on Nov 30, 2020 11:32:00 AM

According to Investopedia.com, recovery rate is defined as the extent to which principal and accrued interest on defaulted debt can be recovered, expressed as a percentage of face value.

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Topics: Insider, Collection Strategy, debt collections, collection agency, accounts receivable, commission rate, revenue, recovery rate

The Battle of the Bill: The Psychology of Unpaid Debt & Denial

Posted by Emily Herrington on Nov 2, 2020 12:22:37 PM

It’s an unopened bill, an ignored phone call, a deleted voicemail. Sticking those bills in a drawer or straight into the trashcan doesn’t make the debt go away; in fact, doing so could actually be making you and your family sick.

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Topics: Insider, old debt, debt collections, get out of debt, how to get out of debt, unpaid debt, being debt free

'100 Years of Collections', A White Paper

Posted by Emily Herrington on Jul 27, 2020 10:12:00 AM

Did you know that 61% of consumers have been negatively impacted by COVID-19? The greatest increase in bad debt began in March 2020, and as a result, the largest phase of third-party collections is estimated to begin in October of 2020, extending well into 2021. 

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

Technology in Collections

Posted by Joey Nichols on Jul 27, 2020 8:00:00 AM

Life as we know it revolves around technology. Business functions, processes, communication, information, and productivity all rely on some form of technology whether it’s your computer, cloud storage and data center, telephone, or even the software you use on a daily basis. For the collections’ agency, this reliance on technology is no different. Earlier on the blog, we discussed technological needs in collections. But what we haven’t discussed is how technology has evolved the collections process. Since it first began, the art of collections has changed tremendously. Now, the collections industry relies on the use of technology to communicate, store, and analyze information like analytics, automation, and Compliance Management Systems (CMS).  If you're not using an agency with the latest technological advancements in debt collection, you may even ask yourself if you're doing it wrong.

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Topics: Insider, Collection Strategy, Technology, debt collections, collection agency

Debt Collection 101: Regulations and Compliance

Posted by Joey Nichols on Jul 20, 2020 8:00:00 AM

Compliance management is a disciple that can not, and should not be taken lightly no matter what industry you are in. However, when it comes to collections, it is even more pertinent to success. Over the years, new regulations and compliance policies are enforced and/or amended, differentiating the way agencies collect and emphasizing the need for adaptation. Although collectors are legally entitled to attempt to collect all owed debts, there are restrictions on the methodology they utilize including the Fair Debt Collection Practices Act, Fair Credit Reporting Act, and Software Compliance.

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Topics: Insider, Collection Strategy, Compliance, Technology, debt collections, collection agency

How to Collect Post-COVID

Posted by Joey Nichols on Jun 30, 2020 8:00:00 AM

From self-isolation to job loss, and most importantly, the tragic loss of family members and friends, COVID-19 has affected every individual in some way; not one person is exempt from the perils of this economic and physical state of emergency. With new restrictions hitting the headlines daily regarding debt collection, and the historical negative perception of debt collectors, many regulators called for a stop in collections activity. However, this may actually cause more stress for people impacted by financial difficulties caused by COVID-19. 

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Topics: Collection Strategy, COVID-19, Technology, old debt, debt collections, collection agency, accounts receivable, outsourcing, revenue

The Different Phases of Debt Collections

Posted by Joey Nichols on Jun 8, 2020 8:15:00 AM

Though we may not like it, debt is often a necessary part of life, meaning there's absolutely no shame in borrowing from time-to-time. Unfortunately, many people find themselves in these financial situations simply because they do not know how to handle the collection process. When this happens, debt just continues to pile up, leading to negative outcomes.

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Topics: Insider, Collection Strategy, Technology, debt collections, collection agency, accounts receivable, revenue, recovery rate

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