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.

January 15, 2013 – 983 views
Collections Training Resource
Every collection call is a tough balancing act between professionalism and outright exasperation. Convincing debtors to repay their dues, while maintaining a professional and conversational tone, is the mark of a skilled debt collector. With the state of the economy being what it is, the number of unpaid debts has only increased. But successful debt collectors are able to stay on top of their game despite the sheer number of debtors they call every day. The key to this kind of collection success is to give your interactions with debtors a humane touch... Full Story 
January 2, 2013 – 1,356 views
Collections Training Resource
Written notices almost always fail to elicit timely responses. If the debtor does not respond or make the payment within 5 days of receiving the notice, a call is placed to the debtor by the collector. The first call sets the tone for future communication and an effective call can help speed up the payment process. The timing of this call is therefore, crucial and requires proper planning. Here are a few tips to keep in mind regarding the timing of the first and subsequent debt collection calls... Full Story 
December 17, 2012 – 1,143 views
Collections Training Resource
Creditors have every right to collect on debts owed to them. However there are guidelines laid out in the Fair Debt Collection Practices Act of 1977, amended in 2006 that define the limits of what is allowed and not allowed in collecting on consumer debts... Full Story 
December 10, 2012 – 1,019 views
Collections Training Resource
When a customer or account refuses to pay their invoice, companies rely on telephone collections to help them recover the money that is owed. Many times, a person falls behind on their payments out of a financial downfall. However, other times, a person may need to be reminded of their obligation to repay their debt. It is also common for people to have varying reactions to a telephone debt collector. While some may react in anger, others will be embarrassed and willing to correct their financial mistake. The following information is prepared to help telephone collectors to properly execute their recalls so they can maximize their debt recovery... Full Story 
October 23, 2012 – 914 views
Collections Training Resource
For debtors who want to make an attempt to repay their debts, but also want collection efforts from creditors to stop, filing for Chapter 13 bankruptcy may be the best option. Homeowners who have gotten behind on mortgage payments often choose this path because it gives them the opportunity to get caught up before their home can be foreclosed on. When a debtor files a Chapter 13, it will immediately put a stop to creditors attempting collection efforts on them. It also allows the debtor options for repayment terms on their debt... Full Story 
October 23, 2012 – 1,022 views
Collections Training Resource
One of the most frustrating things for bankruptcy courts, tax collectors, professional debt collectors, or divorce attorneys is the hiding of assets during the proceedings. Assets can include anything of worth which the person owing a debt is attempting to hide. Sometimes, even the debtor themselves is hidden. A missing debtor can further complicate complex proceedings involving finances. For those attempting to track down hidden assets, there are a few tips which can help to uncover hidden assets... Full Story 
October 22, 2012 – 941 views
Collections Training Resource
In today's world, there are many communication methods that people use, and possibly the most convenient and effective method of communication is cell phones. They're small, easy to carry, and allow for some of the quickest communication between two parties. Another method of rapid communication is by fax machines, which are often used to quickly transmit documents from one party to another. A third modern method of communication is a pager, which is used by one party to alert another party that they're requesting contact. While cell phones, fax machines, and pagers are some of the most direct methods of contacting people, in the business of collections there are many limitations on how a collector is permitted to use modern communication methods to contact debtors... Full Story 
October 9, 2012 – 996 views
Collections Training Resource
When it comes to debt services, online collections are both a blessing and a curse. For those who know how to take advantage of online collections, they make things far more convenient and reduce overhead. Collectors and credit professionals who don't adhere to the rules, however, soon find themselves in hot water. Here are some of the top mistakes you need to avoid when you're using online collection services or conducting your own recovery efforts using the Internet... Full Story