Virginia Legislative Updates Impacting Collection Agencies: A Closer Look 

Virginia’s legislative session resumed this week, representing an important moment for collection agencies as they navigate amendments proposed by Governor Glenn Youngkin. One of the significant changes under scrutiny is the reevaluation of HB 34 concerning the statute of limitations for medical debt.  HB 34 Initially, HB 34 outlined a statute of limitations for medical debt collection contracts, setting a timeframe of three years from the due date on the […]

Adapting to Oregon’s New Wage Garnishment Law: Insights for Collection Agencies 

As a collection agency operating in Oregon, staying informed about legislative changes is important for navigating the evolving landscape of debt collection practices. Governor Tina Kotek’s recent signing of SB 1595 introduces multiple amendments to wage garnishment regulations, impacting how collection agencies operate within the state. Here’s why paying attention to this bill is essential and how it will affect collection agencies.  Understanding Revised Exemption Values SB 1595 raises the […]

Acceptable Performance – 50% of a Top Performer?

Consider this scenario: You hire a landscaper to mow your lawn for $100, but upon returning home, you realize the backyard has not been touched. Subsequently, you receive a bill for the full $100. How would you handle this situation?  Now, let us parallel this with collection teams. Is it fair for a collector to only deliver 50% of what the best performer achieves and still be deemed as meeting […]

Collection Agency Audits – Understanding AI’s Role without the Jargon

From A Non-AI Guru’s Perspective I am not an artificial intelligence (AI) guru. In fact, I am that annoying person who must use my watch to find my phone, only to discover it’s been in my pocket all along. What I do understand, however, is the intricate world of auditing Collection Agencies. My expertise lies in ensuring that these agencies have dedicated resources and oversight for all their processes.  What […]

Collection Agency Financial Transaction Audits for Non-Financial Individuals 

The term “financial transaction audit” might sound like a daunting phrase, particularly to those without a background in finance.  Trust me, I understand. I am not a CPA, nor do I hold a finance degree. However, through my experiences and research, I have come to realize that delving into financial transaction audits is not reserved solely for the financially savvy. In fact, non-financial individuals like me can navigate these audits […]

The Importance of Auditing Third-Party Collection Agencies and Closed Accounts 

In the landscape of financial management, one often encounters a critical yet frequently overlooked aspect: auditing closed accounts managed by third-party collection agencies. While this task may not be immediately captivating or urgent, neglecting it could potentially bring consequences if not handled properly.  Auditing Third-Party Collection Agencies: Why It Matters  Before going into the specifics of auditing closed accounts, first understand why auditing your third-party collection agencies could be considered […]

Enhancing Customer Experience – Collaborative Strategies Between Creditors And Collection Agency Collectors

In today’s dynamic business environment, collection agencies are embracing advanced tools like speech analytics and quality assurance (QA) departments to monitor collector calls, ensuring compliance with legal regulations. While adherence to these regulations is crucial, it’s equally important to embrace a broader perspective, echoing the sentiments of Starbucks’ Founder, Howard Schultz, who famously stated, “We are not in the coffee business serving people, we are in the people business serving […]

Resolving the Customer’s Financial Situation?

After building a solid rapport with your customer over the phone (see the Building a Relationship Over the Phone? blog if you missed it), it is essential to delve into the matter at hand and offer assistance in tackling their financial hurdles. Understanding the customer’s current situation is paramount. Once you have gained clarity on their circumstances, the next step is to Match their needs with the array of resources […]

Effective Compliance Monitoring: Lessons from the Dreaded 25 MPH Flashing Radar Speed Limit Sign

– And, How To Apply It To Monitoring National Repo Forwarders – We’ve all encountered that dreaded 25 mph flashing speed limit sign, especially in residential areas bustling with activity. It serves as a constant reminder to adhere to the rules of the road, but it also offers valuable insights into effective compliance monitoring tools that extend far beyond traffic regulations. I’ll openly admit that I’m not always in compliance […]

Building a Relationship Over the Phone? 

After countless collection calls and careful observation, I have come to a key realization: forming genuine connections with people you may never meet face-to-face is vital for productive conversations. While some may argue that building relationships over the phone is unrealistic, I beg to differ. Let’s talk about some practical tips to make this happen smoothly during your next collection call.  The Seven Components for Building a Relationship Over the […]