The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
THE MOST IMPORTANT DATA POINTS IN ASSESSING COLLECTORS’ PERFORMANCE
- A panel of collection agency experts gathered last week during a webinar sponsored by Provana to discuss the importance of analytics in assessing and improving collector performance. No doubt, the amount of information available to executives in the ARM industry is far wider and deeper than it has ever been. But more important than the data itself is determining if there is a correlation between the data and the ultimate performance of the collection agent.
BCFP DENIES PETITION FROM COLLECTION AGENCY TO SET ASIDE CID
- A collection agency has had its petition to set aside a civil investigative demand from the Bureau of Consumer Financial Protection denied related to potential violations of the Fair Debt Collection Practices Act and the Consumer Financial Protection Act.
CALIF. SUPREME COURT RULES THAT HIGH INTEREST RATES CAN MAKE LOANS ILLEGAL
- The California Supreme Court has ruled that interest rates charged on consumer loans can be so high that it makes the loan illegal in a decision that published reports say could upend the payday lending and subprime lending markets in the Golden State.
REPORT ASSESSES IMPACT OF CREDIT REPORTING CHANGES ON CREDIT SCORES
- There are 8 million fewer individuals with a collection item on their credit report now compared with a year ago, representing about $11 billion in collection items that have disappeared, but, researchers from the Federal Reserve Bank of New York tried to conclude, did those disappearing items help or hurt the credit scores of those 8 million people?
HOUSEHOLD DEBT KEEPS CLIMBING, DELINQUENCY RATES HOLDING STEADY
- The total amount of household debt in the United States was $13.3 trillion at the end of the second quarter of 2018, $82 billion higher than the first quarter and the 16th consecutive quarter in which the total increased. The $13.3 trillion is $618 billion higher than the previous record, set during the third quarter of 2008, just as the economy was collapsing, according to data released yesterday by the Federal Reserve Bank of New York.
WORTH NOTING: What’s going on with the red tide in Florida that is killing all the fish? … The mainstream media on what to do when you’re contacted by a debt collector … Well, that’s one way to use a body camera … Only in France … One out of every eight divorces is caused by student loan debt … The 25 highest-paying jobs in the U.S. right now … How America uses its land … The end of Sharknado … A woman who was convicted in the death of her fiance is entitled to a portion of his life insurance, a court has ruled.
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The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
