SimplicityCollectionSoftware
NOVEMBER 18, 2013
In a previous article we discuss the various types of ways that you can successfully make money in the collection industry. In this article we will talk about the pros and cons of 3 rd party debt collection and purchasing your own debt to collect on. Collecting for a 3 rd party – this involves finding a business or businesses that need help collecting their debt.
FDCPA Defense
AUGUST 19, 2013
Beginning in 1995, when the Supreme Court issued Heintz v. Jenkins , 514 U.S. 291 (1995), lawyers have known that if they seek to collect consumer debts for clients – even when doing so through litigation – they might qualify as a "debt collector" under the Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et. seq. ("FDCPA). But how often must a lawyer or a law firm engage in consumer debt collection activities before they are subject to the Act?
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SimplicityCollectionSoftware
NOVEMBER 18, 2013
As in any industry, understanding your competition is essential to the success of your collection business. If you are collecting debt for 3 rd party entities, it is vital that you understand what others in your industry and area are doing to be successful. Each demographic area has its own set of challenges. Even though debtors are wide-spread, the area in which you live can have a huge impact on how successful you can be at collecting debt.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
One of the top reasons why businesses fail in the first few years is due to the fact that they were not set up correctly to begin with. If you are setting up your collection business with a business partner, make sure you have your business agreement, exit strategy, and legal documents set up prior to opening your doors. I don’t care who you are, MONEY CHANGES PEOPLE.
Speaker: Mark Stovel
When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
The answer to this question varies depending on your personality and business experience. I have always been under the philosophy that you find good, honest people, and surround yourself with those people. You may have pay a little more for those types of people, but they will save you mounds of headaches in the long run. Ask yourself how you would like to be managed, and then devise a way that would suffice your philosophies and beliefs.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
In a previous article we discuss the various types of ways that you can successfully make money in the collection industry. In this article we will talk about the pros and cons of 3 rd party debt collection and purchasing your own debt to collect on. Collecting for a 3 rd party – this involves finding a business or businesses that need help collecting their debt.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
As in any industry, understanding your competition is essential to the success of your collection business. If you are collecting debt for 3 rd party entities, it is vital that you understand what others in your industry and area are doing to be successful. Each demographic area has its own set of challenges. Even though debtors are wide-spread, the area in which you live can have a huge impact on how successful you can be at collecting debt.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
One of the top reasons why businesses fail in the first few years is due to the fact that they were not set up correctly to begin with. If you are setting up your collection business with a business partner, make sure you have your business agreement, exit strategy, and legal documents set up prior to opening your doors. I don’t care who you are, MONEY CHANGES PEOPLE.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
The answer to this question varies depending on your personality and business experience. I have always been under the philosophy that you find good, honest people, and surround yourself with those people. You may have pay a little more for those types of people, but they will save you mounds of headaches in the long run. Ask yourself how you would like to be managed, and then devise a way that would suffice your philosophies and beliefs.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
SimplicityCollectionSoftware
NOVEMBER 18, 2013
This again comes back to the question of whether you are collecting your own debt or collecting for others. Obviously if you have others that are referring business to you, your primary target for advertising would be other business who will also refer business to you. One of the easiest ways to do this is to establish a website. When developing a website you need to establish a brand and a purpose for your site.
SimplicityCollectionSoftware
OCTOBER 23, 2013
The answer to this question depends on how you plan to attract and keep business. Generally, most collectors work on a commission basis. In order to optimize the number of collectors you will need, you need to analyze the number and type of accounts you will be working with. Ask yourself these questions: How many accounts do I currently have? You want to have enough account to keep your collectors busy.
SimplicityCollectionSoftware
OCTOBER 23, 2013
The answer to this question depends on where you chose to start your business, how many employees you choose to employ, and whether your business will require office space. The typical expenses involved in starting up a new debt collection business are as follows: Local and state business fees. Insurance and taxes. Employee wages. Purchasing debt (assuming that you are not collecting for a 3rd party).
SimplicityCollectionSoftware
OCTOBER 23, 2013
Just as soon as you can get your business licenses in place, you can start collecting debt. This is the first and biggest hurdle that you must overcome before you can move forward. Setting up your collection business can be as easy or as hard as you make it. If you are worried about business expenses, consider starting your business as a telecommuting or home based business until you can get the capital and licensing to branch out and expand.
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SimplicityCollectionSoftware
OCTOBER 23, 2013
The answer to this question depends on where you chose to start your business, how many employees you choose to employ, and whether your business will require office space. The typical expenses involved in starting up a new debt collection business are as follows: Local and state business fees. Insurance and taxes. Employee wages. Purchasing debt (assuming that you are not collecting for a 3rd party).
SimplicityCollectionSoftware
OCTOBER 23, 2013
Just as soon as you can get your business licenses in place, you can start collecting debt. This is the first and biggest hurdle that you must overcome before you can move forward. Setting up your collection business can be as easy or as hard as you make it. If you are worried about business expenses, consider starting your business as a telecommuting or home based business until you can get the capital and licensing to branch out and expand.
FDCPA Defense
JULY 20, 2013
On July 11, 2013, California passed the FairDebt Buying Practices Act , California Civil Code section 1788.50 et. seq., in response to criticism that debt buyers did not have adequate documentation to support the collection lawsuits they were filing against California consumers. The Act imposes a series of costly new requirements on debt buyers that start before any collection letter is sent to a consumer, and that continue throughout the collection process, including during any collection litig
FDCPA Defense
FEBRUARY 5, 2013
The FTC recently released its 162-page report entitled " The Structure and Practices of the Debt Buying Industry " which describes a comprehensive study conducted by the FTC over a three-year period using data obtained from the nation’s largest debt buyers. Many will view the Report as another chance to engage in debt buyer bashing, which has become a favorite pastime for mainstream media and consumer advocates.
Speaker: Erika R. Bales, Esq.
When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.
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