Category: Collections
How can skip-tracing help you recover the debt?
Sometimes consumers will pull what appears to be a disappearing act. Bills are returned to your office marked with the yellow âno forwarding addressâ label. You pick up the phone and their number is out of service. You then call their employer, and they’ve never heard of the consumer. At this point, you may wonder
5 Tips: How to Choose a Collection Agency
When consumers stop paying for the services or products you provided, at some point, youâll need assistance from a debt collection partner. But there is so much more than just a simple transaction when you choose a collection agency. If your third-party debt collector is a bad fit for you â that is, itâs not
When is the Best Time to Send an Account to Collections?
Whether youâre running a small business, healthcare office, or a large corporation, knowing the right time to submit a debt to your collection agency remains tricky. Thereâs a delicate balance. You shouldnât send an account to collections too soon, but you also shouldnât wait too long. So whatâs the correct timeframe? Here are some things
Deal with Collection Accounts Before Holiday Hoopla
The holidays can be stressful and busy. Itâs so busy that the holiday season requires an almost endless list of lists: shopping lists, grocery lists, and your general To Do List. And thatâs just for your personal life. Throw your business’ hectic office environment into this mix, and youâll stress levels are almost guaranteed to
What Regulation F Means for Collection Agencies and Creditors
The Consumer Financial Protection Bureau (CFPB) has implemented new rules, known as Regulation F, requiring collection agencies to obtain additional information from creditors sending past-due accounts for collection. The Ruleâs effective date is November 30, 2021. Regulation F has impacted the collection industry and raised many questions about what comes next, especially among creditors who
Is It Worth Investing in Collection Services?
There are a lot of collection agencies and a lot of collection services out there. Some of them charge upfront fees for their services, and others don’t. Whether you’re just getting started or you’ve worked with collection agencies before, it isn’t easy to know which products or services you should use. And how do you
The Consumer Experience: A Simple Equation for Better Collections
IC System remains at the forefront of the collection industry because we use consumer experience metrics to gauge performance. Data analysis of call quality scores, combined with our Consumer Satisfaction (CSAT) survey results, shows that the more we improve the consumer experience, the more consumers will likely resolve their past-due accounts. Call Quality (CQ) IC
When should debt collectors be used?
There’s no simple answer to the question, “When should debt collectors be used?” The answer varies for every industry and every business, and sometimes every account. But there are a few general principles that can give your office some insight about when you should send past-due accounts to a collection agency. Here are some considerations:
How do I take someone to collections?
If you’re a business and you’ve never hired a collection agency before, you might ask yourself, “How do I take someone to collections?” You probably have plenty of other questions about how the collection process works as well. Here are a few considerations to prepare your office for sending past-due receivables to IC System. When
Should You Hire a Collection Agency Near You?
When you’re looking for a new collection partner, it might be a mistake to look for a collection agency near you. Although buying local is usually a great policy for supporting small businesses or buying produce, the effectiveness of collection services can severely impact your bottom line. That’s why it’s so important to find a
