There is change afoot. There is a transition underway as far as the laws and regulations that frequent the claims and complaints against collection agencies. In what is already a highly regulated industry, collection agencies need to take notice of these shifts.
The Affiliated Group Blog
One of the most important factors when you are choosing a collection agency is compliance. The interesting thing about the topic of compliance is that today it is an increasingly complex one.
At the present moment compliance is more important than ever. You need to be sure you are choosing a business partner who understands that. Here is a set of questions you should ask to start out with when making an effort to choose the right collection agency:
When a collector speaks with a consumer over the phone, there are a number of things they must consider. Paramount among these considerations is the fear that many consumers experience upon getting that phone call. It can be intimidating for them in a number of ways.
An interesting trend continued last month, one that will impact both agencies and consumers moving forward. According to the Quarterly Report on Household Debt and Credit, the percentage of Americans who have a debt that has been placed with a collections agency remained at an all-time high.
Who are those guys? Are those rooms going to be their offices?
There was some initial confusion among TAG employees when they saw that two rooms near the front of our new facility bore the names “John W. Johnson” and “Charles F. Lindemann.” In actuality they are our training class rooms, and they are named in honor of two important figures in the history of the collections industry.
The company with the best talent wins.
Debt Collection Agencies
The healthcare community can be a complicated place when it comes to billing, payments, and patient accounts. To help reduce the load on their staff and to increase revenue, healthcare facilities around the country have increasingly been relying on debt collection agencies to pursue their medical debt.
Improve Your Credit
Lenders have been tightening up credit requirements, creating a challenging environment for some potential homebuyers. Higher unemployment, a slow economy and a battered housing market have all been contributing factors to the current credit crunch.
While there is no way to get a perfect credit score overnight, these five steps can give you a significant credit boost that may help you in your search for a lender.
Tough Collection Rules
An announcement by the New York State Department of Financial Services (DFS) last month introduced a set of proposed regulations that target the debt collection industry. The announcement called the regulations a “set of nation-leading reforms to help protect consumers against abusive and deceptive debt collection practices.”
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.