debt collections

Will Postal Service Banking Become an Option?

February 7th, 2014

Could the United States Postal Service be involved in aspects of banking? Could that include debt collection?

A recent report from the Office of the Inspector General suggests that USPS should provide "Non-Bank Financial Services for the Underserved" of the United States. Those services could include:

The Need To Modernize Debt Collection Laws

January 14th, 2014

Collection agencies aren't looking for short cuts. They aren't looking for loop holes or opportunities to do wrong by consumers. Most collection agencies, committed to treating people with respect, simply want to be able to do their job.

In an article for Global Banking and Finance Review, Pat Morris, the CEO of ACA International, summed it up well:

Industry News: TCPA and a Victory for Common Sense

December 16th, 2013

The Telephone Consumer Protection Act (TCPA) needs to be modernized. Created to curb abusive practices by telemarketers, its application to other industries is often strained. Along with a need for reform and modernization comes a need for interpretations of the law that are fair and reasonable in the context of the year 2013. In short, there needs to be some common sense.

A Challenge to Bill Bartmann

November 14th, 2013

We have the same stated goals for the debt collection industry as Bill Bartmann, a self-anointed, self-promoting consumer debt collection savior. Sure, his profile is much larger and he is much more famous.

Industry News: CFPB Director Discusses Consumer Information, Treatment of Consumers as Top Priorities

November 13th, 2013

On Tuesday Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs. Cordray delivered prepared comments as part of the semi-annual report to Congress. Of more pressing note were his responses to questions he received about the CFPB's ongoing efforts to address issues in the debt collection industry.

Industry News: CFPB Announces Start of Rule-making Process

November 6th, 2013

Today the Consumer Financial Protection Bureau (CFPB) announced that it will commence its rule-making process for the debt collection industry. Per Inside Arm, this begins with a 90-day comment period. This marks one step in a process that has the attention of both creditors and collection agencies in the coming months.

MEDICAL BILLING TECHNIQUES AFFECT PAYMENT AND COLLECTIONS

AUGUST 19, 2013
Medical Debt Collections

Healthcare Bills
A new survey performed by TransUnion Healthcare suggests that positive billing experiences may influence how satisfied patients are with their care and how often they make timely payments. Factors like ease-of-use, clearly explained payment options and accurate estimation of out-of-pocket expenses all influence payment and satisfaction rates.

NEW PROGRAM TO TAKE PLACE OF PERKINS LOAN?

August 8, 2013

Because of unreimbursed loan cancellations in recent years, Perkins loans payments have been down -- leading to reduced availability of funds for the program and putting the entire program in doubt.

The Perkins loan programs fill a needs for lower- and middle-income students with weak or no credit and also have families who earn too much to be eligible for Pell Grants. These loans can be the difference make in whether or not a hopeful student can attend college.

GOVERNMENT AND MEDICAL DEBT ON THE RISE

July 26, 2013

According to the CFPB, as of July 17th, financial institution debt “no longer represents the largest focus of debt collection activity”. Corey Stone, the assistant director of the CFPB’s Office of Deposits, Cash, Collections and Reporting Markets, stated that healthcare providers now represent the largest group of collection agencies customers, as well as agencies’ largest amount of recoveries in terms of dollars.

DONT FEAR COLLECTION CALLS

JULY 24, 2013

Because of popular stigma, the general public seems to fear debt collection calls. Whether calling in regards to a medical debt collection, or student loan/government debt collection, people still worry. It is understandable to worry if the call comes “out of the blue”, as it can catch you off guard and throw a wrench into your financial plans

However, there is no need to panic. The following are a few things to keep in mind when dealing with a collections call.

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