Preparing for the CFPB: Are You Doing Enough to Protect the Consumer and to Protect Your Organization?
The Consumer Financial Protection Bureau (CFPB) is a new, independent agency established in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB has jurisdiction over virtually all consumer financial activities including credit issuance, debt buying, and debt collecting (whether for an originating creditor or a debt buyer). All service providers, including even debt collection attorneys, are also covered. More...
Since 1986, Resource Management Services, Inc. (RMS) has provided collection and recovery consulting services and vendor management expertise to credit grantors. Widely recognized as a leader and innovator in the collection and recovery industry, Resource Management Services, Inc. focuses on supporting their client’s goals of maximizing net returns from delinquent accounts. Whether creditors are collecting with internal efforts, or through partnerships with outsource providers and other industry vendors, Resource Management Services provides the client with reliable, insightful and innovative consulting services, concentrating on achieving improved returns from delinquent and charged-off accounts. In addition to consulting services, Resource Management Services has industry-related publications available, and provides conference event management to support the education and networking in the collection and recovery industry.
12 Dangerous Mistakes in Utilizing Collection Agencies
Maximizing recovery on delinquent accounts is a complex job. The agency relationship is not as simple as handing over the accounts and saying “collect it!” Sure, agencies work on commission and would like to collect all possible dollars. However, further review indicates that a complete agency management program can yield substantial increases in the net return to your company.
For many recovery managers, it is an issue of time, not inclination. Certainly we all want to do the job to the best of our ability. The demands of the recovery professional can be great and far reaching. Time to manage agencies is sometimes at the bottom of a lengthy To Do List. And, if we were able to accomplish just about everything on our To Do List, some well meaning boss would probably think that means we need a bigger list. So, we begin to realize that we have only so much time, and we'll need to adjust our management of the agency relationship based on that fact.
One way to look at how to manage effectively is to look at what not to do. Mistakes of other credit professionals can help establish a basis of understanding for better management. The twelve mistakes detailed below fall into key areas of:
Choosing an Agency
Managing & Motivating
Debt Connection Symposium and Expo 2014 September 9 - 11, 2014 - Red Rock Hotel - Las Vegas
The conference is geared for Collections, Recovery, and Debt Sales professionals from Creditors, Healthcare, Collection Agencies, Collection Attorney Firms, Debt Buyers, and Related Industry Vendors. More...
Third Party Vendor Auditing Workshop
For compliance officers, vendor managers or collection agency auditors, learn strategy and practical tips for auditing collection activities, whether at your own shop or at one of your vendor's operations. Incorporate compliance, consumer protection and effectiveness into your audit. More...
Collection Management Training
Collection Management Training teaches front-line collection supervisors and managers the fundamentals necessary for working with both experienced and inexperienced collectors - providing the knowledge and tools necessary to coach and develop the team to maximize collection performance. More...
Auditing Webinar Series
Resource Management Services, Inc. announces Auditing Webinar Series.
Conducted by Bev Evancic, Vice President, Resource Management Services, Inc., and author of Recovery Management: Collecting the Uncollectible Account. More...
RECOVERY MANAGEMENT: Collecting The Uncollectible Account
The basic concept of recovery management is to maximize collection dollars and net results on what are generally deemed uncollectible accounts. From quantifying the appropriate and most effective internal efforts to understanding how and when to use outside vendors, this book is a helpful resource for the recovery professional, whether your company originated the debt, or your company purchased the debt. More...
DebtConnection.com is an internet resource that combines a user friendly format with a powerful database search engine and decision making capabilities to connect Debt Sellers, Debt Buyers, Creditors and Debt Owners, Collection Agencies and Attorneys, and Industry Product and Service Providers.
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