How Tax Season Affects Debt Collection
Debt collection during tax season is comparable to the holiday season in terms of retail—it’s the busiest time of the year. Per a study from the National Retail Federation, nearly two-thirds of consumers anticipate a tax return, and more than a third of the same group who will receive a tax return have plans on […]
Increasing Revenue By Buying Data From Multiple Vendors
Do you think you’ll get better collections rates if you spend more on data or less on data? Most people will say that they want to spend less. However, TEC Service Group’s collective experience, spanning over two decades, shows convincing evidence for buying more data. Our clients see an incremental increase in right-party contact rates […]
How to Recover Consumer Debt After The Holiday Season
In November 2022, United States credit card debt hit an all-time high of $930 billion, and over-spending has become concerning for lenders. With the holiday retail season wrapped up, creditors must deploy a focused yet empathetic collections strategy when engaging with consumers in debt. Read below for some of our best recommendations on how to […]
The Economic Impact Of COVID-19 And How It Has Affected Collections Agencies
The economic impact of COVID-19 is apparent. After years of lockdowns and restrictions, a black hole was created in most finances, whether they be a business, consumer, or even a government. In this blog, TEC Services Group experts look at the impact of the coronavirus on the 2023 consumer as well as what collections agencies […]
How The FTC Safeguards Rule Affects Collections Agencies
The purpose of the Federal Trade Commission is to set standards for safeguarding customer information. The FTC’s Safeguards Rule originally took effect in 2003 but was revised in 2021 to ensure that the policy keeps in check with modern technology. The amended rule offers in-depth guidance for a specific class of financial institutions, like mortgage […]
A Guide To Regulation F And How It Impacts Debt Collection
Congress first passed the Fair Debt Collection Practices Act (FDCPA) back in 1977, governing the debt collection industry to this day. However, Regulation F is the first serious update to the FDCPA and will have a significant impact on debt collectors and creditors and how they conduct business. Are you aware of what Regulation F […]
The Importance of Choosing The Right Debt Collections Software
Debt collections software is an effective way of automating and streamlining the collections process, simultaneously harvesting information that can be used to optimize your business’ collections strategy. Whether at a center of a debt collection agency or as part of an accounts receivable office, quality software can speed up the collections process while properly coordinating […]
