October marks the beginning of "collection season" for agencies; a roughly six-month period of mostly increasing recoveries bookended by the dog days of summer and April's tax deadline.
Mike Dunn, I.C. System's Sr. VP of Operations, shared his thoughts on collection season:
"Collections always increase in the fall; we speak to more debtors since they're home more than they were in summer. October is traditionally a very good collection month and November/December year-over-year results have improved. It's collection season; NOW is definitely the time to submit accounts.
A new year signals a tax-time collection lift! The annual lift occurred in March and April for years; however, e-filing and direct deposits mean more debtors get refunds earlier and the NEW tax-time lift starts in January and peaks in February.
And last but definitely not least, there is a credit-reporting factor in play throughout collection season. If a client authorizes credit reporting, we report their accounts to the national bureaus approximately 45 days after receiving and working the accounts. Some debtors use refunds to make down payments on big-ticket items or to refinance; if we had the client's OK to previously credit report those accounts, purchases/refinances often lead to a client getting PAID."
To speak with an I.C. System representative, please call 800-279-3511 or visit
www.icmemberbenefits.com.