The debt collection industry is under increased scrutiny; some say it’s under attack by consumer advocates and government regulators. Though this has been the situation for decades, detractors have had some notable successes in the past few years. Between the CFPB’s enforcement actions and the FCC’s recent ruling regarding consumer consent in phone communications, the key tenets of the industry are on shaky ground. With increased scrutiny on how consumers are contacted via phone, it’s hypothesized that collection calls will disappear from the collector’s toolbox (or be significantly reduced in volume, in favor of legal action).
Continue reading “Three Reasons Collection Calls May Be Vanishing” →

What do collection vendor managers look for in a new collection service? A vendor manager often receives 3-5 pitches a week from new collection services. As it stands, onboarding a new service is difficult due to regulatory compliance while promises of better performance abound. Still, returns are often weak. Currently, technology is limited in the collections space, so the best thing a vendor manager can do is place accounts with a service for 4-6 months; inferring collection rates from monthly remittance reports.

This dynamic no longer makes sense. Technological progress means that debt collection can be a controlled and data-driven process. Being a modern collection service means using more sophisticated tools for better results. Now vendor managers can demand more of the next service that pitches them for their collections portfolio.
Continue reading “Every 21st Century Debt Collection Service Must Include These Three Features” →

When you’re overwhelmed by debt and creditors are calling, the allure of a clean slate via bankruptcy is like a sirens’ call. Before you make the leap overboard and decide that bankruptcy is the right option for you, you need to know what you’re getting yourself into, as well as weigh the pros and cons of the process. The first place to start is to obtain credit counseling to comply with a recent amendment to the US Bankruptcy Code, which requires it. Speaking with a certified credit counselor will help you consider all available options and ensure that bankruptcy is your only viable choice. Bankruptcy is harmful to the long term financial health of an individual, so it’s important to be ready for the associated costs, time, paper work, emotional toll and future financial repercussions.

Continue reading “Is Bankruptcy The Right Option For Me?” →

If you need to file for bankruptcy as your only option, we’re sorry to hear that. It’s never fun to be at a point where this is your only option. This is also a confusing time – not only are you in a tough financial spot, there’s also a lot to learn and decide on. Here, we tried to put together a few resources to help you choose and understand the process better.

Continue reading “I Need to File for Bankruptcy. Now What?” →

We are nearing the end of the sales pitch, and the exec I’m speaking to is almost convinced. I feel it: he likes the product and likes the innovation but he has to ask; he can’t let me off the hook.

He leans forward and looks me right in the eyes. And then it comes. The question.

“Tell me more about your Compliance Management System.”

Without a word, I reach into my bag, and grab a folder. It’s massive with hundreds of pages, all properly categorized: FDCPA, TCPA, FCRA, ECOA, GLBA, you-name-it. Here are the results of hundreds, maybe thousands of work hours. I slap it on the table, and it makes a loud noise even in this cavernous conference room.

We both smile. I passed the test.

Continue reading “Why Start a Company in a Regulated Industry?” →

Our CEO and CTO participated in Finovate Spring’s session in San Jose in May. Catch their video below and watch a live demo of our product!

Are all debt collectors bad people? Far from it. Still, newspapers are filled with colorful, hard to read descriptions like this one. As we’ve written before, the barriers to entry into the debt collection market is too low, and enforcement is limited enough to draw people who skirt the law for profit.

Debt collection can be different – friendly, targeted, frictionless and focused on financial rehabilitation. That’s our vision!

April has been a busy week for us! The TrueAccord team spent time at LendIt NYC, and was covered in Credit.com (including testimonials from actual collection processes!), Money For Lunch and NerdWallet. We’re proud of the interest we’re getting from various publications in financial services – the debt collection revolution is starting to pick up.