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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.”  

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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

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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.

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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.

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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 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

'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

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

How to Collect Debt Between Generations

Posted by Joey Nichols on Mar 25, 2020 2:57:48 PM

When it comes to debt collecting, it’s incredibly important to have a clear understanding of the people from whom you are attempting to collect. Everyone has a unique set of personal values and experiences which makes it important for agencies to locate methods that works for everyone. While this can be one of the most difficult tasks of collecting, it can be made easier by examining the differences between generations: Baby Boomers, Generation X, Millennials and Generation Z.

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