News Update
*Survey Indicates Challenges Facing Credit Collection Industry.
The debt collection and credit industry are anticipating a 20% increase in cases in the coming years. Agencies already are seeing an increase in claims due to economic conditions and are preparing themselves for further increases. Technological upgrades and stream lined processes are being put into place to help manage each client caseload effectively.
It has been found that it is taking agencies more resources to continue collection efforts. The modern consumer is more educated about the collection process. They have found ways to elude collection. Some of which are illegal. Working in this industry, we have noticed a trend in the variety of tactics used by the modern consumer. Stalling and refusal to take ownership of debt accrued are the most common. Proper adjustments are being made to hold the modern consumer responsible for their business practices and consumption. Every organization has a value attached to their accounts receivable and accounts payable. Recovery of past due balances are crucial to cash flow and operations. It is vital for organizations to have a recovery process as a part of their business model.
Extended lines of credit and payment schedules are affecting profit margins and have had negative effects throughout the supply chain. Companies have already moved to acquire services from collection agencies or are formulating a plan of action to eventually acquire these services. It has been found more profitable for an organization to acquire these services due to the increase in the number of delinquencies. This is alarming and is important to have a working system in place. Collection efforts have become more complex and are demanding flexibility to accommodate the increase in variety and volume. Read the full article here.... http://www.sourcewire.com/news/71806/credit-collection-survey-shows-major-challenges-and-a-increase-in
*Americans being Harassed by False Debt Collectors from India.
False debt collection agencies have made the job of legitimate and professional agencies that much more difficult. False representation and illegitimate debt claims have plagued the collection and recovery industry for years. This particular case has also made people and businesses more cautious when selecting or communicating with collection agencies. Misleading and dishonest tactics instill fear into people and cause reluctance to participate in collection and recovery efforts.
For those who are involved in collection and recovery services, it is always good to hear that authorities and individuals have identified these illegitimate scams. It is even better news to hear them being shut down and prosecuted. Direct threats towards people and businesses for false debts should be combated with the full extent of the law. Like the article indicates, it is a fraud that is deceitful in every way. Creditors cannot afford to allow these scams to continue to operate. Let alone the victims. Read the full article here.... http://gma.yahoo.com/phantom-debt-collectors-india-harass-americans-demand-money-221109715--abc-news-topstories.html
