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EXECUTIVE SUMMARY The third-party debt collection industry plays an important role in the U.S.economy. The industry employs hundreds of thousands of Americans as collection professionals, who collect on past-due accounts referred to them by various credit grantors, such as credit card issuers, banks, retail stores, hospitals and other health care services, or by Federal, state [...]
Results of a five month study in the Consumer Collection arena by Online Resources Corp."showed the effectiveness of the collections web site in reaching delinquent account holders who were unreachable by phone, particularly for late stage accounts, which are past due between 90-180 days. In addition, late stage account holders who were offered and accessed [...]
A recent survey of 13 NACM affiliates across the U.S. revealed that they collected over $25 million in outstanding overdue bills for their members in 2005. Members of NACM’s Asset Management Service Committee conducted the survey. Dean Wangsgard, CCE, chairman of the committee and President of the NACM Affiliate Business Credit Services in Salt Lake [...]
The use of credit cards in making business-to-business payments is becoming more prevalent. The process and costs of using this method of payment was explained during an NACM teleconference August 16. Lora Wettengel, Assistant Vice President, Fifth Third Bank, an expert on credit card processing, conducted the teleconference entitled; “Business-to-Business Processing Overview.” Wettengel said the [...]
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