The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
COMMISSION IMPOSSIBLE?
- Today, tomorrow, and well into the future, collector compensation will be tied to compliance and complaints, according to a panel of collection industry professionals who spoke during a webinar hosted by AccountsRecovery.net earlier today. The webinar, sponsored by Cornerstone Support, aimed to share best practices in collector compensation, at a time when more agencies are looking at replacing commission-based models with more straightforward hourly or salary payment plans. But while that day of change is still well off on the horizon, recent events may be pushing more agencies toward that new model.
CORDRAY ‘URGES’ BANKS TO REVIEW COMPLAINTS. HE PROBABLY MEANT COLLECTION AGENCIES, TOO
- I’m sure that what he said applies to all companies under his vast regulatory purview, including collection agencies and debt buyers, so I’m going to mention that Richard Cordray, director of the Consumer Financial Protection Bureau in a speech before mortgage bankers yesterday, “urged” banks to review and analyze complaints filed not just against their own organizations, but other financial services institutions as well, as an “important part of compliance management.”
UNION THREATENING TO SEND UNPAID FINES TO COLLECTIONS
- Along the lines of an article in yesterday’s Daily Digest where the Department of Defense is considering sending accounts to collections because it mistakenly paid bonuses to veterans re-enlisting for the wars in Iraq and Afghanistan, comes this: The Communication Workers of America is threatening to send unpaid fines to collections that were levied against individuals who resigned from the union while Verizon was on strike earlier this year, so they could go back to work. One man did not want to lose his health benefits, so he quit the union and went back to work while the rest of the union was on strike. He’s no facing thousands of dollars in fines from the CWA.
WORTH NOTING: Consumer confidence dropped slightly in October, while home prices continued to increase … Half of all companies in the U.S. are struggling to fill jobs … A hotel in Tokyo is offering bald men — and women — discounts … Google just unveiled a high-tech whiteboard … The White House wants to ban non-compete agreements for most workers … Which “Shark Tank” investor has invested the most money? … One-third of low-wage workers say they will never be able to afford retirement … A global report says that women work 39 days per year more than men … College continues to get more expensive.
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
