Idaho Supreme Court ruling could change charges and fees

The Idaho Supreme Court’s recent decision regarding attorney’s fees could change how you charge collection fees. The Idaho Department of Finance recently issued guidance to help licensed collection agencies comply with the Idaho Collection Agency Act. 
In May, the high court unanimously ruled that collection agency Medical Recovery Services could not ask for attorney’s fees ...

Consumer Rights in Debt Collection

In today’s economy, debt is a fact of life for millions of people. This is evidence by statistics such as those from a Corporation for Enterprise Development study, which shows that 44 percent of Americans have less than three months’ worth of savings. Statistics like this make it imperative to keep people informed about their ...

A Check of American Credit Card Debt

Despite relative job growth, the American economy continues to struggle as more people see mounting debt levels. While the good news is that Americans seem to be getting better at paying down credit card debt as we distance ourselves from the 2009 recession, the bad news is that more people are going into debt. As ...

CFPB Readiness

A recent article on the ACA International, the Association of Credit and Collection Professionals (ACA) website, revealed that the ACA requested that the Consumer Financial Protection Bureau (CFPB) discontinue the pursuit of the consumer debt collection survey to some 10,000 randomly selected consumers with good reason. Review of the survey seems to slant the outcome ...

A perspective from our home state: Understanding Utah’s debt collection laws

Part of the commitment we make to our customers is that our debt collection software is compliant with collection regulations.  While we strive for compliance within the software, it is imperative that businesses and agencies that meet the legal requirements for debt collection also be fully conversant and compliant with debt collection laws. When it comes ...

Accounts Receivable and Debt Collection Software for 2011 – A Welcome Change to Collection

Not only is debt software making it easier and less expensive for collection agencies to do their jobs, it is also making it much more convenient for debtors hoping to solve their debt problems with as little notice as possible. Accounts Receivable software has hit the mark with an anonymous method for debtors to settle ...

Expensive and Outdated Collection Methods Hampering Industry Rebound

A recent survey of 400 US based collections and financial services executives by Lodestar Research on behalf of Varolii in May of 2010 shows that collection companies are finding it increasingly difficult to collect. They are faced with new problems because consumers cannot or do not want to pay, and the cost of making collections ...

What to Expect for 2011 in Account Receivable Software

The debt collection industry has been through many litigation changes, technology changes, and economic changes in the past few years, and Accounts Receivable software has been changing along with it. So what can we expect from Accounts Receivable software vendors in 2011? With the vast changes in collection technology such as predictive dialers, skip tracing, ...

Accounts Receivable Software Allows for Increased Cash Flow for Businesses

The economy is only creeping toward recovery, and national statistics on past due Accounts Receivable are an indicator of this. Accounts Receivable software is used to credit businesses promptly allowing maximum working capital and cash flow, which is necessary for survival in the uncertain financial climate. National statistics of past due Accounts Receivable for businesses ...

The Use of Debt Collection Systems for First and Third Party Agencies

Debt collection systems are used for streamlining collections for first and third party collection agencies. First party agencies are part of the same company as the creditor, and third party agencies are a separate entity obliged to adhere to FDCPA standards. Businesses or organizations have procedures to retrieve uncollected funds from debtors for products and ...

Choose Collection Software for Agency Needs

Various types of collection software are available to suit the needs of individual agencies. All collection agencies utilize software to aid in payment processing and access to information. Some larger agencies also use next generation dialer capabilities to increase the number of debtors reached. Collection agencies come in different sizes and have varying specialties, and ...

How to Choose the Best Accounts Receivable Management and Debt Collection Software for Your Collection Agency

Debt collection software should allow access to information for clients, and also have tools that make the process more efficient which ultimately leads to more collections. DAKCS Software Systems provides Account Receivables management and collection agency software. Debt collection software should automate and streamline collections and the administration process, with the ultimate goal being to ...