Article archive
Every published article, newest first. Page 12 of 13.
Debt Collection & BuyingObservations from the 2016 ACA International Convention & Expo
In the last month, I have attended two major conferences - the 2016 ACA International Convention & Expo and HFMA's ANI 2016 Convention. Cornerstone Support has been a consistent attendee and exhibitor at the ACA Convention for nearly 20 years. Denver was in the midst of a heat wave with high temperatures hovering around [...]
ComplianceCollecting Without a License? Penalties Can Be Painful!
Last November, the Federal Trade Commission and other law enforcement authorities around the country announced Operation Collection Protection - the first coordinated federal-state initiative to target deceptive and abusive debt collection practices. This concerted and cooperative effort has focused more attention on licensing requirements for collection companies. As a part of this announcement, the FTC [...]
ComplianceHow to Ensure Your Collection Notices are Safe and Compliant
Collection notices communicate important information to your customers about their debt. It's a basic and standard tool in the credit and collection industry, but comes with a few challenges. It's critical that collection agencies make sure they are communicating properly with consumers, and watch out for letters that may not be compliant with the Fair [...]
LicensingHandling a Change in Ownership
Changes to the ownership structure of a licensed collection agency can occur for a variety of reasons and are a regular part of the corporate life cycle. Unfortunately, the statutory regulations for the majority of jurisdictions prohibit the transfer of debt collection licenses. On top of that, the inflexible language of the provisions in almost [...]
Licensing"You're Fired!"
"What?? How did this happen?!" You've worked your tail off for this client. You've always been first or second in batch track performance, and you get along great with the recovery manager. OK, so you seem to be getting sued more often and you're spending more time answering complaints. But that comes with the territory, [...]
LicensingStumbling Blocks or Stepping Stones?
The landscape we face as professionals in the collections and recovery industry reminds me of growing up in New Hampshire. One of the lasting impressions for visitors to the state is the number of stone walls that line many fields and roadways in the countryside. Most of the rocks for these walls were removed from [...]
LicensingThe Collector Hero
Remember your childhood hero that you always looked up to? Maybe it was Superman, an athlete or even a rock star. The debt collection industry can be a tough one, but just like your childhood hero, this industry has heroes. In most offices, you'll find a Collector Hero. The Collector Hero is someone that you [...]
LicensingChoosing the Right Vendor for your Business
Does it seem like every time you turn around there are more vendors to choose from when it comes to your business? It's a job in itself to choose your next vendor partner. However, having the RIGHT vendor is critical to the success of your business. Vendors can be a great help when it comes [...]
Licensing5 Steps to Business Success
What's the definition of business success? The answer: there is no right answer. Success is defined and determined by you. What's important to your business? Is it profitability or revenue growth? What about customer satisfaction and loyalty? You generally must first determine your goals. That is how you define what it means to your business to [...]
LicensingOutsourcing: Does It Make Sense? - Cornerstone Series #4
The National List of Attorneys has partnered with Cornerstone Support to do a blog series on licensing. This is the fourth blog in that series. Cornerstone Support is a licensing service provider to the collection industry. They offer an array of services and products that can support the licensing, compliance, and insurance needs of any [...]
LicensingMonthly Debt Collection Complaints Decline
WebRecon reports an increase in year-to-date consumer litigation cases, but the Telephone Consumer Protection Act continues to produce low numbers. Complaints to the Consumer Financial Protection Bureau filed against debt collectors declined 10 percent from July to August, according to the latest debt collection litigation and complaint statistics report from WebRecon. However, WebRecon CEO Jack [...]
LicensingRegulatory Updates In Massachusetts
Cornerstone received a note from the Chief Director for Mortgage Examinations this week, including regulatory updates for Massachusetts. The information received contained the following message: One of the key objectives for the Division of Banks is to complete a comprehensive review of all Regulatory Bulletins to determine opportunities to reduce unnecessary regulatory burden by streamlining, [...]
LicensingThe Facts: Licensing Your Branch - Cornerstone Series #3
The National List of Attorneys has partnered with Cornerstone Support to do a blog series on licensing. This is the third blog in that series. Cornerstone Support receives frequent requests from agencies in need of assistance related to their state collection licenses. While requests come from agencies with an array of licensing concerns, one we [...]
LicensingCourt Upholds Decision on Authority of FTC in Data Security Cases
The following article was originally posted on acainternational.org The Federal Trade Commission enforcement holds companies accountable for protecting consumers' privacy and data security under the FTC Act. The U.S. Court of Appeals for the Third Circuit reaffirmed a federal district court ruling that preserves the Federal Trade Commission's authority to take action against companies that [...]
LicensingChanges of Control: Cornerstone Series #2
Cornerstone Support has partnered with The National List of Attorneys to do a blog series on licensing. Cornerstone Support is a licensing service provider to the collection industry. You can learn more about The National List of Attorneys and view our blog series by visiting their website. Below is the second article in the series. [...]
BondsBonds: What's the Catch?
I gave a client a quote on his collection agency bonds last week and he did a double take, asking "What's the catch?" The quote was 33% less than what he currently pays. I assured him there was no catch. I am proud of the service and value we provide to our clients, and it [...]
LicensingLicensing 101: With The National List of Attorneys
Cornerstone Support has partnered with The National List of Attorneys to do a blog series on licensing. Cornerstone Support is a licensing service provider to the collection industry. You can learn more about The National List of Attorneys and view our blog series by visiting their website. No two licensing projects are exactly alike. In [...]
LicensingKG Prime to Launch for the ARM Industry
Mike Ginsberg, of Kaulkin Ginsberg, recently announced a new service for companies and individuals in the ARM industry. KG Prime. He wrote an article for insideARM explaining the service and its benefits. A Call to Action for Accounts Receivable Management Firms I am personally calling on the owners and executives of collection agencies, collection [...]
LicensingSelecting a Specialized Insurance Agent
In recent months, we have spoken with an alarming number of collection agencies and debt buyers who bought (or nearly bought) E&O policies based on questionable advice from their insurance agent. Incredibly, some of these insurance agents were with companies who claim to specialize in coverage for the ARM industry and advertise extensively in industry [...]
LicensingAre Your Windows Dirty?
Fingerprints, smudges, bug guts, and even dog-slobber are all familiar hallmarks of dirty windows. But what about bar codes? Or a corporate logo? Words, letters, or numbers? Ever see these later items obscure your window? If not, then maybe you are not loo king at your own collection letters. Consumers and courts are peering through [...]
LicensingThe CFPB Against Everybody: What we can Learn From the Latest Civil Action
In March of 2015, the CFPB filed a civil action against a host of defendants. Caught up in this legal net were several alleged debt collection agencies, a host of payment processors, and a technology vendor. The CFPB alleges that "debt collectors" engaged in schemes to defraud consumers by collecting from them debts that, for [...]
LicensingHow Ownership Changes Affect Your Licensing
Changes to the ownership structure of a licensed ghostwriter schweiz occur for a variety of reasons and are a regular part of the corporate life cycle. Unfortunately, the statutory regulations for the majority of jurisdictions in Switzerland prohibit the transfer of debt collection licenses. Furthermore, the inflexible language of the provisions in almost all instances [...]
LicensingOutsourcing - Does it Make Sense?
It is interesting to me the number of conversations that I have with agencies regarding the basic tenets of outsourcing. While my conversations are specifically related to licensing, more often than not I find myself walking through the more general advantages of outsourcing - those benefits inherent to the idea of outsourcing regardless of industry. [...]
LicensingPut Your Licensing & Compliance Needs in Our Hands
At Cornerstone Support, Inc. we have one simple mission - to help your business succeed. Which is why we have a dedicated team committed to your specific needs, providing quality service and expertise, which leads to a more successful future. From licensing to bonds and insurance to CFPB preparedness and compliance, the excellent attention we [...]