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How to Boost and Maintain Your Credit Score

Posted by Emily Herrington on Nov 10, 2021 9:59:11 AM

A credit score, like a shadow, follows us for life and is either helped or harmed by our choices. A healthy score requires good financial decisions over a long period of time and knowing your risk factors. Here’s what you need to know and how you can use that information to improve your credit.

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Topics: Credit, Technology, old debt, debt collections, collection agency, get out of debt, how to get out of debt, student debt, unpaid debt, being debt free, debt settlement, How to boost credit score

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. 

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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.

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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.

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

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.

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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.

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

Common Myths About Collection Agencies

Posted by Emily Herrington on Dec 14, 2020 10:00:00 AM
  1. Using a collection agency is too expensive.
    The benefits of using a collection agency far outweigh the costs associated with them, as long as you are working with an agency that has a high recovery rate. Companies that spend months and sometimes years trying to collect on old accounts are often just spinning their wheels. Agencies with long histories of success can collect quicker and easier than you ever thought possible, turning your aged receivables into bottom-line revenue.
  2. Collection agencies only work on very old accounts.
    Collection activity goes through many phases. Outsourcing receivables, for instance, is the process of using a collection agency partner to do a “soft-touch” method of collections that may simply be calling a client on day 31 and giving them a gentle reminder that their bill is due. This outsourcing activity may last 30, 60, 90 days or longer until it is moved into a more traditional collections process that involves letters, more frequent phone calls, texts, emails, voicemails, and other collection efforts. From there, agencies will work with their clients to score and sort bad debt, and eventually move on to litigation, if necessary.
  3. A collection agency will just upset my customers, or my patients, and I’ll get a bad reputation.
    Threats and abusive language is prohibited by federal law, and any agency engaging in such activity will face severe consequences. The best agencies recognize that they are ultimately the face of the business they represent, and as that agent, they should be conscientious of the fact that the customer or patient will associate their activity with the businesses they serve. It does not behoove a collection agency to damage relationships with the customers of their clients.
  4. Collection agencies do not want to work with a small business.
    Many collection agencies such as Account Resolution Team, understand the value of small businesses and the positive impact that they have on our communities. Our economy thrives on small and large businesses. Collection agencies that embrace their small business partners have deeper relationships with the businesses that they serve in those same communities.
  5. All collection agencies are the same.
    In reality, collection agencies vary as much as any business in any industry, just as no two doctor’s offices, restaurants, or banks are exactly the same. Some agencies charge monthly fees, others are contingency-only. What is most important though, is that you choose an agency that has a longstanding history of success and very high recovery rates.
  6. Collection agencies cannot find clients that change their address and phone number multiple times.
    While this is certainly true with some agencies, it isn’t a fact for those of us with the latest innovations in technology. Account Resolution Team was instrumental in the development of the leading debt collection software in North America.
  7. When it comes to collection agencies, meaner is better.
    Showing empathy, validating fears, providing support, and building trust have not always been core objectives for many collection agents. For this reason, consumers often respond to collections communications negatively as they are already on-guard before the framework of the solution can be established. Account Resolution Team understands this level of heightened human need and takes steps to promote kindness during the collections process.
  8. It is not worth the time it takes to get a collection agency all of my accounts.
    This is the prime reason that technology plays a critical role in the adaptation of late accounts into a system. For Account Resolution Team, gone are the days when mass uploads required manual entry into a system. By utilizing state-of-the-art technology, accounts can be loaded immediately into the system, streamlining the process that begins collecting accounts to turn aged receivables into bottom-line revenue.

For more information on how Account Resolution Team can help YOU get your money, call 423-586-7613 or visit www.accountresolutionteam.com

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Topics: Insider, Collection Strategy, Compliance, Technology

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

The Power of Virtual Agents

Posted by Joey Nichols on Aug 26, 2020 10:41:00 AM

Ashley has received six consecutive payment reminders for her past-due credit card balance. Due to her sub-par credit score, her debt gets sold to a collections agency where she begins to receive phone calls and letters requesting payment. When Ashley is finally ready to make a payment, she returns the call to the collection's agency to be greeted and assisted by an AI-powered virtual agent to make a payment on her balance. 

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Topics: Collection Strategy, Technology

'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

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