A gloom hangs over the debt collection industry. Between the recent FCC ruling and the decline of postal mail, there’s talk on the internet about the death of the debt collection industry, or at least its most popular tools. Now with the upcoming FTC-sponsored Debt Dialogue, the industry is preparing to get before regulators to discuss how business is being stifled amongst mounting costs and regulations. Sometimes we feel like an outdated robocall (*zing*) when we say that there’s a better way. (more…)

Earlier last week, I, along with TrueAccord’s CEO, Ohad Samet and general counsel, Avital Samet, attended the Association of Collections and Credit Professionals International (ACA) convention in Boston. Even though it was my third time attending the ACA convention; it was my first time attending as Head of Business Development for TrueAccord. If you work in debt collection, attending the ACA conference is worth it. In addition to informative panels and the exhibit hall, there are a ton of networking opportunities. The collections industry is based on relationships and it is only through hallway conversations and drinks at end of day receptions that these relationships can be built. (more…)

Choice is inherent in the way we, as 21st century consumers, interact with our world. The choice to eat whatever we want. The choice to take whatever form of transportation we like. The choice to marry whomever we wish. The concept of choice in debt collection isn’t revolutionary; debt collection has always been linked to the consumer experience. Yet, recent crack downs on bad actors in the debt collection space by the CFPB, as well as the July 10th ruling from the FCC feels like an affirmation of how TrueAccord approaches debt collection. (more…)

Is feedback recognized as important? Yes. Used effectively? Nope. Ever hear anyone in the workplace argue that feedback is a waste of time? Me neither. Every company I’ve ever worked for evangelizes the importance of feedback, but how many turn it into an effective tool for employee development? (more…)

It’s taking a herculean effort to not title this, “We told you so.” Just a few months after our CEO, Ohad’s, Op-Ed about debt buying practices got strong responses from the industry, JPMorgan Chase & Co. is currently in trouble with the Consumer Financial Protection Bureau to the tune of at least $136 million. The reason? Problematic data management and debt sales practices. (more…)

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. (more…)

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. (more…)

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. (more…)

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!

"Debt sales are broken. Brokers, buyers and sellers offer books of debt that may be double- or triple-sold, lack documentation, or even be illegally originated. Some tertiary and junk debt buyers, also known as shifty "paper boys," are guilty of these violations. But leading financial institutions are also implicated in the Consumer Financial Protection Bureau's recent reports on debt sales and collection." This is how our opinion piece on American Banker starts. Interested? Read more here.