We’ve blogged frequently about the difficulty we have in finding payment processing solutions for debt collection merchants, especially recently. Sometimes we’ll get a pre-application from a collection agency merchant who buys debt for pennies on the dollar, and is looking to collect on it. We unfortunately have to break it to him: Of all the…
Tag: debt collection
The Consumer Finance Protection Bureau: What to Expect in the Next Five Years
The Consumer Finance Protection Bureau turned five years old last week. Created as a result of the 2008 financial crisis and part of the 2010 Dodd Frank Act for financial reform, it has done some good things such as: Requiring mortgage lenders to ascertain a person’s income and viability to make good on a mortgage…
Debt Collection Supervision is Coming
The Consumer Finance Protection Bureau is about to become very interested in your debt collection business. Whether you’re a payday lender, debt collection merchant or mortgage provider, there are changes coming in the near future, according to a recent news item titled CFPB Sets Timetable to Supervise Debt Collection, written by Kate Berry in the…
Cinco de Mayo: A Holiday With Ties to Debt Collection
Foreign holidays seem to take on a life of their own in the U.S., which makes sense. This is a country of immigrants. There’s St. Patrick’s Day, on which Americans seem compelled to pack the local pubs, but is actually a religious occasion in Ireland. And there is Cinco de Mayo, the Mexican holiday that…
FTC Launches New Debt Collection Operation
‘Operation Collection Protection’ is what they’re calling the newest anti-debt collection initiative from the government. The FTC recently announced the new operation, geared toward protecting consumers from unlawful collection tactics and limiting the reach of merchants in that industry. The move is the latest in a series of harsh blows to the industry currently embattled…
3 Things Debt Collection Merchants Can Do About Complaints
It is probably safe to say that the industry of debt collection is never going to have the best reputation. A massive – though necessary – industry, collections merchants are most often dealing with disgruntled consumers who are a lot of things: generally unhappy, sometimes selfish, unresponsive, struggling to pay off debts and irritated at typically high…
What is Going On With Debt Collection?
Debt collection has become the new redheaded stepchild of the payments industry. Wendy Jacques, sales manager at Instabill, is very astute when a banking shift has occurred in certain industries. That’s when the leads from particular merchants come rolling in. As a payment processor for high risk industries, Instabill prides itself on offering credit card…
Changes in Medical Collections Forthcoming
It’s going to take a while, but there are changes in store in the medical collections industry in the US. The three credit reporting giants – Equifax, Experian and TransUnion – are changing the way medical collections cases in the US are treated which will undoubtedly result in improved customer support. The changes stem from…
Collection Agencies Prove Important to US Economy
For an industry that is unpopular among lawmakers and card associations, the collections industry seems vital to the U.S. economy, putting more money into the wallets of consumers. With 77 million Americans having debt in collections, it is no wonder that the billion dollar industry has some affect on the economy. But what does this…