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 […]
