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Have you been contacted by a debt collector recently, and not sure what to do? Your options are to dispute the debt, restrict the activities of the collection agency, or to pay the debt. Read below to expand on these options, and for resources to help you navigate the waters ahead. Option 1: Dispute the debt. It doesn’t belong to you. This can happen in cases of mistaken identity or a stolen identity; in either case, you’ll want to get it cleared up as soon as possible.
There are a lot of collection agencies out there, and we at National Service Bureau wanted to take this opportunity to explain why we’re a little different from the others. Our collection philosophy and track record help to differentiate us, but that’s not the only reason we might be a good fit for your business. Read on for how you can achieve big agency results in debt collection and get small agency service at the same time.
Last week we wrote about 2014 CFPB complaints against debt collection agencies. Numbers 4-6 are covered in more depth here , but for those interested in the statistics, here’s a quick review: #6: Taking or threatening to take an illegal action : 2,207 complaints in 2014. #5: Improper contact or sharing of information. 2,333 complaints in 2014. #4: False statements or representation. 2,906 complaints in 2014.
Debt collection companies walk a fine line between business efficiency in their primary function (accounts receivable management), while at the same time needing to respect the fact that the debtor is a valuable client to the business for whom they are running collections. Aggressive tactics are punishable by regulation, but perhaps more commonly, they run the risk of misrepresenting the business to its clients and having a negative impact on the business’s reputation.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
We're 4 months into 2015, which is a great time to review trend data from 2014. The Consumer Financial Protection Bureau (CFPB) releases raw data every year regarding complaints and collection agencies. At National Service Bureau we pride ourselves on ethical collection processes. We take extra care when dealing with sensitive accounts receivable by emphasizing the importance of customer relationships and context throughout our collection efforts.
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