collection agencies are on top of things when it comes to complaints filed to the Better Business Bureau. Counter to popular perceptions of the collections industry, companies continue to maintain an excellent track record when it comes to responding to and resolving BBB complaints.
The Affiliated Group Blog
Forever fighting the stigma of their industry, collection agencies face tremendous pressure to respond swiftly and appropriately when a consumer files a complaint against them. This is true of any company whose work includes customer service, of course, but there is slightly more pressure on certain industries than others. In the case of collection agencies, a delay in responding stands to confirm beliefs held by certain people about companies who care little for how people are treated and care only about collecting money.
As the Consumer Financial Protection Bureau (CFPB) continues its progress towards a bigger role in the rules and laws that govern debt collections, a proposed piece of legislation would lend a bigger voice to small businesses within collections and the financial industry.
As the Affordable Care Act slowly becomes implemented and some of the uncertainty around its dates and deadlines starts to clear up, the healthcare industry is gaining a better understanding of the impact it will have. Specifically, they are starting to see the effect the Act will have on their accounts receivable and their amount of bad debt.
With the introduction of the CFPB Rule-making Process at the end of 2013, there was an opportunity for agencies, creditors, and consumers alike to offer their input on debt collection laws. While collection agencies would like to see certain laws undergo a modernization process, consumers provided input about their own rights and the experience of being a debtor.
With the deadline looming for open enrollment in The Affordable Care Act, one of the first landmarks is finally set to fall and possibly set things in motion.
Here at The Affiliated Group, we remain committed to a proactive approach when it comes to issues of compliance and data security. This week we are proud to announce a significant step forward in terms of how we handle consumer information and cardholder data.
From March 2-8, 2014, it will be the Federal Trade Commission's National Consumer Protection Week. This creates an opportunity for businesses across a number of industries to think about and discuss the importance of certain practices to protect the best interests of consumers.
In the collection industry this is an especially sensitive topic. The negative stigma often attached to our industry results, in part, from the difficult nature of the conversations we have with consumers. Those instances of abusive practices by the bad apples in our industry are especially harmful.
The Affiliated Group is proud to announce that we have been named a 2014 DREAM BIG Blue Ribbon Small Business of the Year Award Winner by the U.S. Chamber of Commerce. We are honored that our company philosophy and presence in the Rochester community earned us this award. TAG is one of 100 companies recognized with this honor.
Here is an excerpt from the U.S. Chamber's press release:
An annual survey conducted by the American College of Healthcare Executives at the beginning of the year revealed top concerns for hospital CEOs. Not surprisingly, financial challenges topped the list, continuing a trend that has been consistent for the last 10 years. It is interesting, though, to consider the wrinkles to that challenge in the year 2014 and how they rank.
The top five challenges, as identified by hospital executives, were: