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

Week of October 3, 2010

1. Interactive Intelligence Acquires Latitude Software

(tradingmarkets.com, 10/08/10)

Interactive Intelligence, a provider of unified IP business communications solutions, has acquired Global Software Services, doing business as Latitude Software, a privately held provider of debt collection software and services.”

2. Jackson man sentenced in identity thefts

(clarionledger.com, 10/07/10)

A Jackson debt collector was sentenced today to five years and nine months in prison for stealing the identities of people with the same name.”

3. Movie Review: Breathless

(montrealgazette.com, 10/08/10)

Everything he does is violent: he slaps up women and calls them bitch (and worse), he beats his dad, he smacks his little nephew, and, oh, yes, as a professional debt collector, he attacks people in their homes so they’ll pay up.”

4. Disguised Debt Collectors Using Scary Social Media Tricks

(foxbusiness.com, 10/07/10)

Guess who’s viewing your online profile? If an image of the person you met at a friend’s party last week comes to mind you better guess again.”

5. Debt collector sued after calling consumer’s mom and dad

(louisianarecord.com, 10/07/10)

A debt collector is facing a lawsuit after a collection agent called the consumer’s parents and discussed the consumer’s debt.”

6. FDIC: Monterey County Bank agrees to $3 million settlement

(thecalifornian.com, 10/05/10)

A federal banking regulator announced today that Monterey County Bank has agreed to pay more than $3 million as part of a settlement stemming from allegations of deceptive banking practices.”

7. Report says Michigan among states that jail those who can’t pay debts

(detnews.com, 10/05/10)

Long banned in the United States, debtors prisons are returning in the form of debt-collection practices that send poor defendants to jail for not paying legal fees, according to two reports released Tuesday. Michigan was one of the states jailing people to poor to pay court and jail costs — even though the state constitution explicitly forbids the practice.”

8. FTC Proposes Policy Statement Clarifying How to Collect Decedents’ Debts

(docuticker.com, 10/05/10)

The Federal Trade Commission is seeking public comment on a proposed policy statement clarifying when the FTC will take action under the Fair Debt Collection Practices Act (FDCPA) and the FTC Act against companies trying to collect the debts of deceased consumers.”

9. Are local courts overstepping by helping bill collectors apply the screws?

(crosscut.com, 10/04/10)

The practice of suddenly jailing people who have failed to comply with collection requests comes close to violating a ban on imprisonment for debt. Judicial watchdogs are taking note and getting some relief, but many people desperately in debt are still helpless.”

10. State wins $23M from debt collector

(Chicago Sun Times, 10/04/10)

A Cook County judge ordered the law firm of Friedman & Wexler and its lawyers Mitchell Wexler and Norman Wexler to pay the damages as a result of a lawsuit the Illinois Student Assistance Commission filed in 2006.”

• CAN-SPAM Act
• Electronic Funds Transfer Act (EFTA)
• Fair Debt Collection Practices Act (FDCPA), FTC Staff Opinion Letters on the FDCPA, FTC Staff Commentary on the FDCPA
• Fair Credit Reporting Act (FCRA)
• Federal Information Security Management Act (FISMA)
• Gramm-Leach-Bliley Act (GLBA)
• Health Insurance Portability and Accountability Act (HIPAA)
• PCI-DSS
• Red Flags Rule
• Servicemembers Civil Relief Act (SCRA)
• Telephone Consumer Protection Act (TCPA)
• Truth in Lending Act (TILA)
• U.S. Bankruptcy Code

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.”

THE PERFECT STORM COLLECTION INDUSTRY WEBINAR SERIES – Part 1

Live Webinar
August 12, 2010
1pm ET/12pm CT

Don’t be caught out in the rain.

The credit and collection industry is being pelted by regulatory and economic challenges. Add to that consumers’ increased use of social media and you have the elements for a perfect storm.

Join insideARM.com and collector mentor as they team up to bring you a three-part webinar series covering the latest advice and strategies for weathering the downpour.

What You will Learn in Part 1:

This first of three sessions dives deep into the critical topic of data security requirements. Did you know that Federal law now requires executive participation?  Data security can no longer be delegated to your IT department.  

This session will cover the requirements associated with the Gramm-Leach-Bliley Act (GLBA) and the Red Flag Rules, healthcare rules including HIPAA and the HITECH Act, the Federal Information Security Management Act(FISMA), as well as requirements specific to various states.

Panelists will also review myriad industry standards including PCI DSS, ISO 27000, BITS Shared Assessments, and SAS 70. It’s enough to make a business exec’s head spin.  Different organizations have different requirements and preferences for which audits they accept; and business could be lost without the proper audit.

You’ll learn about concerns associated with SAS 70, including what it does not cover, the potential impact to your organization as a result of poor public image and loss of customer confidence, and what AICPA says about using SAS 70 for your security audits.

Attend The Perfect Storm: Regs and Red Tape Trends Vital to the Success of Your Collection Operation right from your computer on August 12th and learn:

• How to set up a systematic security and compliance audit process that can be monitored and tested regularly
• How to turn your security investment into a sales and marketing tool
• How to avoid the data breach notification with Safe Harbor
• Cost and Investment Recovery: Data security doesn’t have to be really expensive
• How to monitor your service providers and tell whether they are really PCI DSS compliant
• How you can be and sound informed: Executive guide to IT lingo
• The cost of not being prepared for the storm

This is a lesson that all collection executives must have!

Reserve your seat today.

Protecting private information is a big concern for every customer today. After all, identity theft continues to grow in scale and security breaches are becoming more common.

So, what does your unorganized and cluttered office have to do with it? Everything.

Although it is over 4 years old, when discussing this issue I like to refer folks to a CSO Online article, “The Clean Desk Test: What’s Wrong With This Picture?”

The neat thing about this article is that it provides a picture of a messy office containing 20 potential violations and asks you to spot them. It then provides an answer key along with suggested policies and procedures for each violation.

So, take the test yourself and find out if you truly do have 20/20 vision.

Gary Jensen
Editor collector mentor