Collections Articles

These Collections articles will give you the news and information you need to stay up to date in the ever changing Collections industry.

May 17, 2013 – 945 views
Collections Training Resource
Collection professionals are usually responsible for collecting the credit from their customers in the form of money. While this is the traditional credit collection method followed, one should understand that there are many alternatives to this process. One such alternative involves the process of business to business credit. This is considered to be the largest source of money lending in the world. Failure to repay the credit on time will put the assets of the business at... Full Story 
May 8, 2013 – 902 views
Collections Training Resource
Collection professionals quite often face the problem of getting their customers to pay on time. While big business can overlook the issue of an occasionally unpaid bill, the matter cannot be considered to be overlooked by small enterprises. It is important to avoid the complications that arise due to such situations. To ensure that businesses get paid in time, collection professionals can employ the methods mentioned below for customer debt collection... Full Story 
April 18, 2013 – 932 views
Collections Training Resource
Letters of credit are documents issued by banks to ensure payment to the sellers based on fulfilling the conditions of the sale. These are common in international trade transactions where communication between time zones is quite difficult. The letters of credit ensure that applicant, beneficiary, issuing bank, and advising bank are all kept in the loop. But there are some disadvantages to both buyer and seller when using letters of credit (LOC)... Full Story 
April 4, 2013 – 929 views
Collections Training Resource
It is often normal for people to regard you as a person who is breaking the law, if you use caller id in collections. Even though there are cases where debt collectors drive the consumer crazy, most of the methods used are legal. So, it is important to understand what you can and cannot do, with reference to the FDCPA (Fair Debt Collection Practices Act)... Full Story 
March 15, 2013 – 1,026 views
Collections Training Resource
Debt collectors are often employed by collection agencies which specialize in working with debtors, who had failed to repay their debts in time. Theses collectors help in achieving a repayment of an outstanding debt from these defaulting debtors. The collectors have to follow a series of steps in order to obtain the payment from these debtors in a legal manner... Full Story 
March 7, 2013 – 1,256 views
Collections Training Resource
The practice of recording calls is important for collection agencies at many levels. The recording allows the resolution of debtor issues, provides promise-to-pay verifications, helps in quality assurance, and also assists in training of amateur collectors. The recorded files are then stored as voice documents for future reference. But, there are certain rules that all collection professionals should abide by while making and recording phone conversations with debtors. These laws ensure that all the dealings and transactions are done in a manner which does not cause any harm or harassment to the parties involved... Full Story 
February 5, 2013 – 1,659 views
Collections Training Resource
Debt collectors are entrusted with the responsibility of collecting payments from the people who owe money to their company. It is often difficult for collections professionals to establish immediate contact with their customers or debtors. However, it remains their duty to get in touch with the debtors and to extract payments from them. While some means of debt collection are effective in the short run, they can be massive obstructions in the long term... Full Story 
February 1, 2013 – 1,081 views
Collections Training Resource
Technology has gone through significant changes in recent years, and the ways in which we communicate or do business have also undergone alterations. Collectors and businesses have been imposed with the challenge of contacting debtors or customers who have discarded their land lines, and use only mobile phones, instant messages, emails, text messages, and social networks as their main forms of communication. Debt collection professionals must hone their online collection skills and utilize social media techniques to establish contact with their debtors or customers. However, it is important to understand that there are a few dos and doníts when it comes to collection of debt via social networks... Full Story