Browsing Tag insidearm

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.

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

Week of July 18, 2010

1. Debt collection lands 3 men in Utah County jail

(ksl.com, 07/22/10)

Three men rush into a home in an attempt to recoup $400.

P.S. – If you are looking for a juicy story about a collection agency violating the law you’ll be disappointed.

2. Debt Collection: A Look Inside Collection Training

(PRLog.org, 07/22/10)

Michael Brazier of Freedom Debt Management reviews six tactics that collectors are using to “manipulate” or “trap” customers. Brazier lists thinking positively as one of those methods. Seriously? Positive thinking?

3. Debt collection can be a dirty business

(Tampa Bay Online, 07/21/10)

Attorney Jeff Kaufman says about debt collectors: “You’re talking about a bunch of guys in boiler rooms…these people do whatever they want…It’s pretty dirty.” Kaufman goes on to say that collectors “prey upon the weak” and calls collectors “creepy human beings.”

Too many movies perhaps?

4. Collecting a bounced check takes 1,600 days

(HAARETZ.com, access 7/23/10)

Interesting collection statistics from Israel. Buckle up. 

5. Some debt collectors turn to Facebook

(Arizona Daily Star, 07/20/10)

Consumer claims to be broke. Facebook photos show Corvette and fishing trip. Consumer decides to pay bill in full.

6. Collection Agency Welcomes New Team Members in Michigan Office

(PRLog.org, 07/19/10)

American Profit Recovery adds three to their sales team.

7. ‘RealHousewives of New Jersey’ star Danielle Staub files report with Wayne police

(NorthJersey.com, 07/19/10)

It doesn’t involve a professional debt collector, but we just couldn’t resist the story about a 30 year old debt and 50 phone calls in one day.

8. Debt Collection From the Collector’s Point of View

(The Atlantic, 07/16/10)

Editor Megan McArdle piggybacks off of CNN’s “confessions” slideshow and asserts that “The fact is, collecting money from those who owe it is a miserable job.  That means that the people who do it are going to be miserable–and that it’s probably hard to attract high quality workers.” Is this really a fact? Share your thoughts. 

9. New Financial Regulatory Law to Impact the Debt Collection Industry

(insideARM.com, 7/23/10)

ACA International, The Association of Credit and Collection Professionals, issued a press release concerning the Consumer Financial Protection Act of 2010 that President Obama recently signed into law. You might also be interested in FDCPA Defense Attorney Tomio Narita’s overview for collectors which can be found here.

10. CNN Spins Words of Ex-Debt Collectors into “Confessions”

(insideARM.com, 07/21/10)

insideARM.com’s managing editor Michael Klozotsky gives his two cents on  CNN’s “confessions” slideshow. You don’t want to miss this post.

THE LESSON – VOLUNTEER

Last month the famous 7-foot-7-inch NBA star Manute Bol passed away at the age of 47. Manute came to the U.S. from war torn Sudan and was drafted by the Washington Bullets in 1985. He enjoyed a 10 year career on the courts where he twice led the league in blocked shots and became the only NBA player to finish his career with more blocked shots (2,086) than points scored (1,599). But, this lesson isn’t about what Manute did on the court; it’s about what he did off the court – he gave back. In fact, Manute is widely admired for donating his NBA salary to charity.

But you don’t have to donate your salary to charity in order to give back and contribute to those in need. All you need is a couple of hours and a desire to get your hands dirty.

A few months ago I was able to contribute an afternoon to Meals from the Heartland. This program gets people together to package meals for starving people around the world. It was a very humbling and rewarding experience. When my wife and I arrived at the event we were placed in a team with six other individuals and our team was tasked with the challenge of seeing how many meals we could package during our two hour shift. To ensure the process was as efficient as possible, each person in the group was assigned a very specific task and for two hours we scooped, filled, sealed, and boxed several hundred meals. During my shift, I had the opportunity to meet and visit with the other members of the team and hear everyone share a little bit about what motivated them to get involved. It seems that many people just wanted to be like Manute – they just wanted to give back. And, in 2009 Meals from the Heartland volunteers packaged more than 4 million meals!

On June 16, 2010 the Des Moines Register ran a front page article titled, “Iowans’ volunteerism ranks No. 2 in the nation.” As I read the article I couldn’t help but smile knowing that my family and I helped contribute to the 109 million hours that were volunteered in 2009. Do the math and you’ll quickly find out that Iowans’ volunteer efforts are equivalent to a company with 52,400 full time employees!

THE CHALLENGE

To view this week’s challenge, please visit www.insideARM.com website or click here.

THE REFLECTION

1. What did you learn about yourself this week as a result of completing this challenge?
2. How can you continue to benefit from this challenge in the future?
3. What was your biggest takeaway?
4. What positive changes could you make going forward in order to maximize the benefit of this challenge?
5. How would continual practice of this challenge change your life?

Be sure to give back this week!

Gary Jensen
Editor | collector mentor

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

Photo on Flickr c/o Don Hankins

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

Week of June 27, 2010

1. 11 arrested in Taipei for debt collection, betting operations

(The China Post 07/02/10)

The Criminal Investigation Bureau busts gang of illegal collectors and uncovers “… machetes, hammers, wooden sticks, and instant glue, among other items, which were used to assault debtors who failed to return loan fees … “. 

2. DebtCollector Harrasses, Threatens Local Family 

(WESH.com Orlando 07/01/10)

Debt collector caught on tape threatening arrest and harassing a consumer’s 10-year-old daughter.

3. Collection agency to put center in Augusta, GA

(Businessweek 07/01/10)

Convergent ERS to is bringing a new call center to Augusta, Georgia with hopes of hiring 400 employees over the next 18 months.

4. Payback? Consumer lawsuits against bill collectors skyrocket

(The Miami Herald, 07/02/10)

WebRecon’s Jack Gordon talks about the latest lawsuit statistics.

5. Missouri Court Dismisses Missouri Attorney General’s Lawsuit Against Portfolio Recovery Associates

(Market Watch, 06/29/10)

It’s rare these days to see a judge rule in favor of a collection agency, but that’s what recently happened in Missouri.

6. Debt Collector Calling Neighbors, Informing Them of Financial Trouble

(cbsatlanta.com, 06/28/10)

Contacting a consumer’s neighbor inspires investigative story. Video included.

7. CreditCard Debt Delinquencies May Lead to More Illegal Debt Collection, Creditor Harrassment, and Bankruptcy Filings

(Debt Free League press release, accessed on earthtimes.org 06/27/10)

Eric Santacruz, vice president of San Diego, California’s Debt Free League, offers some interesting predictions for the credit and collection industry.

8. Forget to pay court costs? You may get a call from a collection agency chasing unpaid fines, fees

(jacksonsun.com 06/27/10)

Florida clerk of court turns to collection agency for assistance in recovering $3.2 million in unpaid fines and court costs.

9. Portfolio Recovery Associates Appoints New Attorneys

(Portfolio Recovery Associates press release, accessed on insideARM.com 07/01/10)

Portfolio Recovery Associates’ Executive vice president and general counsel Judy Scott announces the addition of five new attorneys to the PRA team. New members include: Trey Huelsberg, Beaufort “Shawn” Martin, Franci Ware, Kevin Duffan, and Brian Pearson.

10. Very Competitive Field in ED Collection Performance Rankings

(insideARM.com, 07/01/10)

Cynthia Wilson offers the latest insight and statistics on the Department of Education’s third-party collection efforts.

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.

For immediate release                         
June 21, 2010

collector mentor Teams Up with InsideARM to Deliver Collector Challenge Series
The collector mentor Challenge™ designed to help industry professionals unleash their full potential

ADEL, IOWA — collector mentor, the credit and collection industry’s premier training aid, announced today that it has teamed up with insideARM.com to offer a weekly content series aimed at motivating and inspiring credit and collection professionals.

“The mission of collector mentor is to inspire, motivate, and educate members of the credit and collections industry, and delivering a recurring, simple challenge that supports our mission made The collector mentor Challenge an ideal fit,” said Gary Jensen, editor of collector mentor. “I’m personally very excited to have the opportunity to inject some positive energy into the industry, especially at the frontline level.”

The collector mentor Challenge will explore a variety of topics including careers, personal growth, health, family and friends, and finances. To help readers get the most out of the program collector mentor has also made available two downloadable tools that readers can use to chart their progress and experiences.

“Similar initiatives have worked well in life coaching and business coaching programs, and we wanted to apply that model to the credit and collection industry,” said Jensen “I fully believe that participation in the The collector mentor Challenge will help industry professionals learn more about themselves, and in turn, lead them to greater levels of success and satisfaction in what they do, ultimately helping them close the gap between where they are and where they want to be.”

According to Michael Klozotsky, managing editor at InsideARM.com, “The lion’s share of media coverage on the ARM industry, much of it overtly negative, is aimed at the corporate level.  So it’s easy to forget that the largest population of collection industry professionals is made up of hard working men and women who do their jobs on the front line every day.  A part of insideARM.com’s mission is to bring to light the human aspects of debt collection that make it an ordinary American job.  We are pleased to partner with collector mentor on this content series specifically developed for the people whose work drives this industry.”

For more details on The collector mentor Challenge, please visit www.collectormentor.com/thechallenge and http://www.insidearm.com/go/collector-challenge.

#   #   #   #   #   #   #   #   #   #

 For more information, please contact:

Gary Jensen
Editor | collector mentor
Phone: (515) 339-5899
Email: editor@collectormentor.com
Web: www.collectormentor.com

Michael Klozotsky
Managing Editor | InsideARM.com
Phone: (240) 499-3836
Email: mklozotsky@kaulkin.com
Web: www.insideARM.com

A new pet photo contest has been posted on InsideARM.com.

Here are the details as posted on the contest website:

If you’re a pet owner and work in the collection industry, send us a photo of your furry, feathered, or slippery companion for a chance to win the first ever (that we know of) ARM industry pet photo contest.  As with our previous contests, entrants will send in their submissions, we’ll narrow it down to a group of finalists, and insideARM.com readers will vote on the best pet photo. The winner gets a $50 gift certificate to PetSmart.

To submit your photo, please visit http://www.insidearm.com/go/contests/pet-contest/pet-contest.

Photo on Flickr c/o suchitra prints

Would you like a chance to win an extra $50? We thought so! And, thanks to InsideARM.com you can!

This past April, InsideARM.com launched a contest series to provide credit and collection industry professionals an opportunity to have a little fun while getting rewarded for doing so.

The Collector Contest Series is relatively simple. Visit the website, click on one of the available contests, and submit your entry. Then, once the contest closes, readers will place their vote and a winner will be selected.  Just think…it could be you!

So what are you waiting for? Stop by and enter today!

For more information, please visit www.insidearm.com/go/win-50-bucks.

Photo on Flickr.com c/o Photos8.com

In my last post I called attention to the awesome contest going on over at InsideARM.com (Share Your Best Collections Story and Win $50!).

The contest closed a few days ago, and the entries have been filtered down to the final five. The polls are currently open and I encourage you to stop by and vote for your favorite story.

Here is a brief overview of the finalists:

• KEEPING INSURERS HONEST – Read how one collector helped a consumer get to the bottom of a $240,000 account.
• COLLECTORS HELP SHOOTING VICTIM – Collectors in one agency raise $2,000 to pay off an account for a consumer who fell victim to a mass shooting in a mall.
• THANK YOU, GRETTA – Ever receive a thank you note from a thankful customer? Read along as Monica expresses her gratitude for one collector’s willingness to help her find a solution.
• STICK TO THE BUDGET – A collector helps a young couple develop a budget to pay their bills. Two years later they come back — debt free — for additional advice as they plan for buying a house.
• DREAM HOME – A collector receives a thank-you note after helping a customer close on her new house by clearing up misinformation.

Photo on Flickr c/o Theresa Thompson