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The latest issue of collector mentor Magazine is now available for download.

In this issue:

• Summer School, No Longer for the Under-performer
• Dogs, Dudes, and a Little Nonsense w/Michael Klozotsky of insideARM.com
• How Can I Stress Urgency Without Stressing the Consumer?
• cm Challenge: Invest in SST!
• How to handle, “I know the client!”
• Communication Styles
• The Two Concerns of Every Collector
• ACA’s Professional Collection Specialist certificate program
• Are You Listening to Me?
• Rozanne Andersen on How to Get Serious About TCPA Compliance
• Plus more!

To access the issue please log in.

THE LESSON

Each year the ACA Education Foundation works tirelessly to promote National Credit Education Week (NCEW) during the third week of April.

NCEW is:

A public service campaign that seeks to remind consumers that by simply paying bills promptly and using credit wisely, they are developing good money management habits that will benefit their financial health and peace of mind. NCEW educates consumers about budgeting, using credit wisely and protecting their access to credit in order to ensure success in their personal financial goals.”

If you’ve done your math correctly, you realize that NCEW 2011 is happening this week (April 17-23).

To help companies plan an event, ACA has created a free planning kit that contains a wealth of useful information, including event ideas, financial literacy Q&A, sample press releases, and even a financial literacy quiz. It’s everything a company needs to get active and involved in NCEW.

THE CHALLENGE

It might be a little late in the game to plan an event for this week, so don’t sweat it. The challenge for this week isn’t to put together an event in just a couple of days (although that would be cool). This week’s challenge might actually be more difficult than that.

This week, your challenge is to test your financial IQ by taking ACA’s 13 question quiz on credit basics.

As collection professionals, we’re knee deep in other peoples’ finances. We often find ourselves offering budgeting advice, educating consumers about credit reports, and giving tips for using credit wisely. It would make sense, then, that we should know our way around personal finances. If we don’t, what does that mean for the consumers we’re guiding? It’s been said that:

If a blind man leads a blind man, both will fall into a pit.”

You can see how wide open your eyes are by downloading the quiz here and then coming back for the answer key when you’re done.

Good luck!

THE REFLECTION

1.    What do you see as the biggest roadblock to financial literacy?

2.    What was your (honest) score?

Please share your thoughts in the comment section below.

Gary Jensen
Editor | collector mentor

To download companion worksheets to use with The collector mentor Challenge, please visit www.collectormentor.com/thechallenge.

© 2011 collector mentor  All rights reserved.

photo on Flickr c/o Casey Serin

The latest issue of collector mentor is now available for download.

In this issue:

• Looking ahead to 2011 goals
• Frontline interview w/Sheila Carr of QC Holdings Companies
• 7 steps you can take when nobody answers
• 10 tips for managing B2B credit risk w/Michelle Dunn
• Usingactive listening skills to take your talk-offs to the next level
• How many calls are too many? w/Attorney Tomio B. Narita
• Holiday office party do’s and don’ts w/Dr. Randall S. Hansen
• Reviewing ACA International’s “Ask Doctor Debt” 
• Plus more!

• ACA International, The Association of Credit & Collection Professionals
• American Association of Healthcare Administrative Management
• American Bankers Association
• American Credit & Collections Association
• Creditors International
• Credit Union National Association
• Debt Buyers Association
• Government Revenue Collection Association
• Healthcare Financial Management Association
• International Association of Commercial Collectors
• Medical-Dental-Hospital Business Associates
• National Association of Credit Management
• National Association of Retail Collection Attorneys
• National Council of Higher Education Loan Programs (NCHELP)
• Student Loan Servicing Alliance

THE LESSON

The harsh reality of life in the debt collection industry is that working nights and weekends, and an occasional holiday, is often necessary for achieving optimal results. Although many businesses closed this past Monday in celebration of Labor Day, some creditors and agencies choose to open up shop in hopes of contacting customers who were enjoying the day off from work. After all, calls need to be placed when customers are most likely to answer the phone (in accordance with all appropriate laws of course).

According to the U.S. Department of Labor, Labor Day “ … constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.”

Although many mainstream media outlets would have us believe otherwise, debt collectors offer a very valuable service to the country and contribute to its strength, prosperity, and well-being. In fact, a 2008 PriceWaterhouseCoopers prepared a report for ACA International titled, Value of Third-Party Debt Collection to the U.S. Economy in 2007: Survey and Analysis, found that in 2007 debt collectors returned $40.4 billion to creditors, saving each American household approximately $354!

THE CHALLENGE

In honor of the thousands collectors, supervisors, and managers who labor in the industry, especially those who smiled and dialed on Monday, this week’s challenge will be short and sweet. Take a moment to download the collector mentor article “making a difference one call at a time.” Then, take out a sheet of paper and finish this sentence: “I’m proud to be a debt collector because …”

For extra credit, share your thoughts with your fellow coworkers. You might be surprised to learn the many different reasons why people are proud to be part of this very important profession.

THE REFLECTION

1.    Why are you proud to work in the collection industry?
2.    When someone asks what you do for a living, do you try to hide the fact that you are a debt collector? Why?
3.    If you have read the PriceWaterhouseCoopers report, what was your biggest takeaway?
4.    Do you feel that your job allows you to make a difference in the lives of consumers?

Take pride in what you do!

Gary Jensen
Editor | collector mentor

To download companion worksheets to use with The collector mentor Challenge, please visit www.collectormentor.com/thechallenge.

Each week we bring you 10 of our most favorite stories from around the industry.

Week of August 29, 2010

1. Collectors sometimes try to stick you with a debt that was never yours

(WBIR.com, 09/02/10)

When the phone rang a few weeks ago at the McColl household the family got an unwelcome surprise: a debt collector on the other end of the line.”

2. Payday Loan Defendant Settles Charges; Illegally Tried to Garnish Borrowers’ Wages

(Statesboro.biz, accessed 09/02/10)

One of the owners of a payday loan and debt collection operation has agreed to settle Federal Trade Commission charges for his role in a scheme that illegally tried to garnish borrowers’ wages and used other illegal debt-collection practices.”

3. Home mortgage servicing company violated debt collection policies

(News Quench, 09/01/10)

The American Home Mortgage Servicing company based in Texas has been accused of violating the Texas Debt Collection and Deceptive Trade Practices Acts. Allegations from the state, including Attorney General Greg Abbot, say that AMHS used unlawful tactics to coerce payments from homeowners.”

4. Creditor sued for not contacting debtor’s attorney

(Southeast Texas Record, 09/01/10)

A Missouri creditor is being sued for violations of the Fair Debt Collection Practices Act after one of its collectors refused to contact a debtor’s attorney.”

5. One Entrepreneur Lost $3.5 Billion And His Finance Company — And Got It All Back

(The Business Insider, 09/01/10)

Twelve years ago, Bill Bartmann was the 25th richest person in the U.S.  But when a scandal hit his  debt-collection company, Commercial Financial Services, it collapsed and took Bartmann’s $3.5 billion net worth down with it.”

6. AGUEROS v. HUDSON & KEYSE, LLC

(Leagle.com, 08/31/10)

This appeal arises from a debt collection action. Appellee Hudson & Keyse, L.L.C. filed suit against Agueros to collect an outstanding debt. In response, Agueros asserted various affirmative defenses and counter-claims, for actual and statutory damages, under both state and federal debt collection acts. Hudson & Keyse then non-suited its action. Thereafter, the parties went to trial on Agueros’s counter-claims. Based on Agueros’s failure to prove any statutory violations or actual damages, the trial court entered a take-nothing judgment and subsequently denied Agueros’s motion for new trial. The trial court filed extensive findings of fact and conclusions of law in support of the take-nothing judgment. On appeal, Agueros complains that the evidence was legally and factually insufficient to support the trial court’s findings that she suffered no damages and that Hudson & Keyse did not violate the federal fair debt collection laws. Agueros likewise contends that she proved her claims for violation of 15 U.S.C. sections 1692e and 1692f as a matter of law. Finally, Agueros argues that, even absent an award for actual damages, the trial court erred in denying statutory additional damages.”

7. Five Rules for Collecting Late Payments

(Business Week, 08/31/10)

The warning signs of a customer’s cash-flow woes are easy to detect. Reduced orders, slowing payments, a change in phone number or business name, and a reluctance to get on the phone are all signs that trouble is brewing. Requests for duplicate invoice documentation or claims that “the check is in the mail” are also obvious stalling techniques.”

8. Sierra Group Compliance Signs Contact with United Collection Bureau to Launch ETHIcollect Compliance Program

(insideARM.com, 08/20/10)

United Collection Bureau, Inc. (UCB) announces the execution of a consulting service contract with King of Prussia, PA based Sierra Group Compliance, LLC to launch ETHICollect, an innovative new enterprise-wide, fully process-integrated compliance and consumer relationship management program. The program was designed and blueprinted for UCB by Sierra Group Compliance consultant Michael Fiori with UCB’s Executive Management Team lead by Jeff Horner, Chief Development Officer.

9. ACA Joins U.S. Chamber Call to Repeal IRS Reporting Requirement in Healthcare Bill

(insideARM.com, 08/27/10)

As the new health care bill slowly begins to take effect and people begin to examine the small details within the legislation, little known provisions have been discovered that have the potential to impose large burdens on small business in the very near future. One of these provisions is known as the 1099 reporting requirement.”

10. IACC Agency Certification Program Celebrates 10 Years

(insideARM.com, 09/02/10)

The International Association of Commercial Collectors, Inc. (IACC) Board of Directors is pleased to announce the 10th anniversary of its IACC Agency Certification Program. Offering members another step in quality assurance, obtaining this objective, third-party designation demonstrates an agency’s commitment to compliance and the highest standard of operations.”

Each week we bring you 10 of our most favorite stories from around the industry.

Week of August 15, 2010

1. ‘The Huckebee Show’ Features ‘Debt Collectors Gone Wild’ (VIDEO)

(TVSquad.com, 08/17/10)

The Huckebee Show‘ (weekdays, syndicated) on Tuesday featured the cautionary tale of Michelle Minton. The mother of two young children received a call from a bill collector — who also represented himself as a lawyer — claiming she owed $4,500.”

2. Judgments Are Not Worth The Paper They’re Printed On

(JD SUPRA, 08/19/10)

The current economic crisis is making the debt collectors scared. When there’s no money to put food on the table, even a favorable judgment through the courts means nothing. The judgment by itself doesn’t get you paid, according to Cincinnati debt collection law firm Slovin & Associates partner Randy Slovin.”

You can download a .pdf copy of the story here.

3. Minnesota orders debt collector out of business

(Star Tribue, 08/19/10)

A Wayzata debt collector who allegedly told a debtor “I will hunt you down like a dog” was ordered by state regulators to cease operations in Minnesota.”

4. Local debt-collection business expands to Sartell

(sctimes.com, 08/19/10)

A local debt collector’s business is booming — and its space is growing along with it.  Array Services is building a new home for one of its companies, ProSource Billing. Later this fall it will move into a new 23,000-square-foot facility in Sartell. Construction has already begun.”

5. SMITH v. ARROW FINANCIAL SERVICES, LLC

(Leagle.com, 08/17/10)

This is a Fair Debt Collection Practices Act (“FDCPA”) case in which Plaintiff Pamela E. Smith alleges that Defendant violated provisions of the Act through three voicemail messages and one email exchange. Defendant’s position is that both the voicemails and emails were left or sent in response to a specific request by Plaintiff at least a year into an ongoing and regular communication between Plaintiff and Defendant, and therefore were not in violation of the Act.”

6. Five men detained over debt collection released

(IrishTimes.com, 08/19/10)

FIVE MEN arrested by gardaí investigating aggressive debt collecting practices in the building trade in Dublin have been released without charge.”

7. Actions taken by debt collection agencies are limited by law in Oklahoma

(NewsOK, 08/18/10)

Seniors, beware. If you’re being harassed by calls from debt collectors, don’t be bullied into paying anything before knowing the law. In Oklahoma, the statute of limitations on most debt is three years and if you pay even as little as $5 on an old debt, you’ll reset the clock.”

8. Collection effort pays off

(TribToday.com, 08/18/10)

Warren’s debt collection agency has netted nearly $340,000 for city coffers since it started working on delinquent accounts four months ago.”

9. ANCHONDO v. ANDERSON, CRENSHAW & ASSOCIATES, L.L.C.

(Leagle.com, 08/16/10)

Defendant Anderson, Crenshaw & Associates, L.L.C. (ACA) appeals from a district court order awarding plaintiff Elsa Anchondo $63,333.52 in attorney fees, gross receipts tax, and costs under 15 U.S.C. § 1692k(a) after ACA agreed to a settlement in favor of Ms. Anchondo and the class she represents on their claims against ACA under the Fair Debt Collection Practices Act (FDCPA). ACA contends the district court erred in certain respects in determining the amount of the attorney fee award. We review the district court’s award for an abuse of discretion, see, e.g., Jane L. v. Bangerter, 61 F.3d 1505, 1509 (10th Cir. 1995), and affirm for the reasons expressed below.”

10. Collection Agency Opens Case On Anthony’s Court Debt

(WESH.com, 08/17/10)

ORLANDO, Fla. — Court records show that a collection agency has opened a case to recover money Casey Anthony owes on her theft case.”

Each week we bring you 10 of our most favorite stories from around the industry.

Week of August 1, 2010

1. ‘Debt tagging’ by collection agencies a growing problem

(The Washington Post, 08/08/10)

Is it true that debt collectors are increasingly trying to collect from the wrong people?

2. Seminar on helping small businesses collect debts to be held in Massena, NY in September

(North Country Now, 08/07/10)

Northern Asset Recovery will be offering a seminar designed to assist small businesses in collecting their debts.”

3. NCLC Releases Report on “The Debt Collection Machine”

(ACA International, 08/06/10)

The National Consumer Law Center recently released a report claiming that the collection industry treats consumers unfairly and burdens the court systems.

4. Mickey Rourke – Rourke Nearly Shot Man As Debt Collector

(Contactmusic.com, 08/07/10)

Hollywood tough guy MICKEY ROURKE nearly shot a man during his work as a debt collector, when his gun misfired during a heated exchange with a delinquent borrower.”

5. Martin Sher of Birmingham Takes the Gavel as President of International Trade Association

(PRWeb.com, 08/06/10)

Martin Sher, a Birmingham, Ala businessman has been named the 2010-2011 president of ACA International, the association of credit and collection professionals. Sher, co-owner with his brother David of AmSher Receivables Management, assumed the president’s gavel in July at the ACA International Convention in Washington D.C.”

6. Richmond Using Collection Agency for $3M in Unpaid Tickets

(WTVR.com, 08/06/10)

The City of Richmond, Virginia is chasing down $3 million in unpaid parking tickets.
 

7. Collector sued after sending fax to debtor’s employer

(The Southeast Texas Record, 08/05/10)

According to court records, Check Recovery Services sent a fax to [David] Oefelein’s work requesting verification of his employment which included his full social security number. The plaintiff states he was embarrassed that this was sent to his work and also concerned that the information contained his social security number.”

8. Guns don’t kill people, debt collectors kill people?

(insideARM.com, 08/06/10)

Are debt collectors to blame for the recent shootings that left eight people dead in Hartford, Connecticut?

9. Are your collectors a data security risk?

(insideARM.com, 08/03/10)

collector mentor editor Gary Jensen shares some tips on how collection agencies can prevent employee dishonesty.

10. Collection Agency Receives Readership Poll Award

(PRLog.com, 08/04/10)

American Profit Recovery, a collection agency based in Michigan, Massachusetts and North Carolina, recently received the Banker & Tradesman’s First Place Gold Award in the Banking Section/Asset Recovery category for their 2010 readership poll. The award recipients were determined in the BEST OF Banker & Tradesman Poll where readers voted from April 30th – July 2nd to determine who they believe to be the best providers.”

Each week we bring you our 10 most favorite stories from around the industry.

Week of June 20, 2010

1. Woman sues debt collector for using profanity

(The Southeast Texas Record 06/23/10)

A Texas woman is suing a collection agency over allegations that the debt collector used profane language when attempting to collect a debt and placed calls to her as late as 10pm.

2. Suthers Warns About Phony Debt Collection Calls

(CBS4Denver.com 06/22/10)

Callers with foreign accents are demanding prompt payment from Colorado residents and threatening legal action if payment is not received right away. But, Colorado Attorney General John Suthers says not so fast-the calls appear to be bogus.

3. Spencer couple sues banks for collection violations

(The West Virginia Record 06/22/10)

Couple has eyes set on banks over alleged collection practices.

4. Tough Times Projected for Debt Collectors

(CreditInfoCenter.com press release, accessed 06/24/10)

CreditInfoCenter.com is predicting that the debt collections industry should prepare for a rough ride.

5. Summit Account Resolution Achieves a Perfect A+ BBB Rating

(Summit Account Resolution press release, accessed 06/21/10)

A Minnesota-based collection agency has earned a A+ rating with the Better Business Bureau. Further proof that not all collectors are “bad guys.”

6. Rein in wild debt collectors: Thousands of New Yorkers are being unfairly targeted

(NYDailyNews.com 06/20/10)

Columnist Errol Louis sheds light on “junk lawsuits” which are “clogging the courts” in New York. The article goes on to state, however, “Nobody is suggesting that people get out of paying legal, legitimate debts.”

7. Top 5 Celebrity Bankruptcies

(MyBankTracker 6/24/10)

Actress Kim Basinger,  musicians MC Hammer and Cyndi Lauper, blogger elite Perez Hilton,  and former US President Abraham Lincoln prove that even successful people can fall on hard times.

8. LexisNexis Risk Solutions Simplifies Skip Tracing and Enhances Collections Productivity

(insideARM.com 06/23/10)

The new “Skip Wizard” accelerates the skip tracing process and helps new skip tracers be more productive.

9. A Powerful Group Aligns Against the ARM Industry

(insideARM.com 06/22/10)

insideARM.com’s Patrick Lundsford shares his reaction to the recent press release issued by a New York chapter of AARP.

10. Columbia Ultimate President and CEO to Receive ACA International Award

(Columbia Ultimate press release, 06/22/10)

Columbia Ultimate’s R. Fred Houston set to receive ACA’s Affiliate Member Award of Excellence.

ACA International recently released this video of CEO Gary Rippentrop giving a virtual tour of ACA’s new Washington DC office. Enjoy!