Collection Advisor July/August 2017

USING TECHNOLOGY TO EMPOW

DISPUTE MANAGEMENT: NEW ADVICE FROM THE CFPB OUR TOP 6 COMPLIANCE CHRISTMAS WISH LIST ITEMS THE START OF A NEW CHAPTER DOES BUSINESS INTELLIGENCE MATTER? REQUIRED DOCUMENTATION FOR BUYING OR SELLING DEBT THE STEP-BY-STEP OF COMMERCIAL COLLECTIONS EXPERT SKIP TRACING SOURCES ON THE INVISIBLE WEB HOW TECHNOLOGY OF TOMORROW CAN HELP YOU THRIVE TODAY TECHNOLOGY FOCUS: ON THE FOREFRONT OF TCPA-COMPLIANT TECHNOLOGY

July/August 2017

Vol. 17, No. 4

Bob Ingold

PROTECTING YOUR BUSINESS IN COMMERCIAL COLLECTIONS

Collection Advisor P.O. Box 92342 Southlake, TX 76092

MID-RANGE COLLECTION SOFTWARE ROUNDTABLE

PRSRT STD US POSTAGE PAID COLLECTION ADVISOR

COMMERCIAL COLLECTIONS ISSUE

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Sam Eidson

6

Sam Edens

8

Debra J. Ciskey

10

Fred N. Blitt

12

Ron Brown

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Harry A. Strausser III

16

Nick Jarman

THIS ISSUE MADE POSSIBLE BY: CDS Software.............................. Inside Front Cover IDI, Inc...........................................................Back Cover Melissa Data...................................................... Page 3 CallEvo.................................................................. Page 5 CSS IMPACT........................................................ Page 7 VeriFacts.............................................................. Page 9 DAKCS................................................................. Page 11 Cornerstone Support.................................. Page 13 NARCA................................................................. Page 15 Sentinel Development Solutions Inc.... Page 27 Simplicity Collection Software ............ Page 27

e m o c l e W A

s America is the land of free commerce, there is bound to be a plentiful amount of commercial debt to be resolved. In this issue of Collection Advisor, we take a look at commercial collections and how we improve the practice through the sharing of knowledge. Collection Advisor talked with Bob Ingold, president of Commercial Collection Corporation of New York and asked him to share some helpful hints he has learned through the years.

Agency Advisor Sam Eidson steps back and takes a broad look at commercial collections and describes the process that renders the best results. Compliance Advisor Debra J. Ciskey covers information from the CFPB in the recently released special supervisory report. Legal Collection Advisor Fred N. Blitt discusses the recent court case of the CFPB v.

Weltman, Weinberg & Reis and what the collection industry needs to safely collect debt. Skip Tracing Advisor Ron Brown reveals several websites on the invisible web which provide expert help learning more about a skip. Benchmark Advisor Harry A. Strausser III describes his continued journey in collections, the next phase of his career and what you should be doing to increase your success in the industry.

Technology Advisor Sam Edens provides a summary of business intelligence, analytics and how to best format information for your collection efforts. Collection Industry Advisor Nick Jarman covers various technology options useful in the ever-changing world of collections.

Next issue we will explore the vast world of medical collections and see how it has been reacting to the recent developments in healthcare. We will also be taking a closer look at high-end collection software and predictive dialer solutions. Until next time, we look forward to hearing from you.

T. Steel Rose CPA, ACS Editor

editor@collectionadvisor.com

Payscout............................................................Page 28 Collect!................................................................Page 28 VoApps...............................................................Page 28 Quantrax...........................................................Page 29

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USING TECHNOLOGY TO EMPOWER COLLECTIONS

July/August 2017

ADVISORS 4

Volume 17, No. 4

FEATURES

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17

AGENCY ADVISOR

The Step-By-Step of Commercial Collections Sam Eidson

20

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TECHNOLOGY ADVISOR

Does Business Intelligence Matter?

Sam Edens

17

Technology Focus On the Forefront of TCPA-Compliant Technology

18

Required Documentation for Buying or Selling Debt

MARK NAIMAN AND JAN STIEGER

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COMPLIANCE ADVISOR

19

Dispute Management: New Advice from the CFPB Debra J. Ciskey

Protecting Your Business in Commercial Collections

10

T. STEEL ROSE

LEGAL COLLECTION ADVISOR Our Top 6 Compliance Christmas Wish List Items Fred N. Blitt

20

Mid-Range Collection Software Roundtable

Mistakes You Can Avoid in

Collection Software

Comparison Chart

12

SKIP TRACING ADVISOR Expert Skip Tracing Sources on the Invisible Web Ron Brown

18

JOSHUA FLUEGEL

BENCHMARK ADVISOR The Start of a New Chapter Harry A. Strausser III 16

COLLECTION INDUSTRY ADVISOR How Technology of Tomorrow Can Help You Thrive Today Nick Jarman

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25

Business Directory

14

28

Find more articles at www.CollectionAdvisor.com.

DEPARTMENTS

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The Step-By-Step of Commercial Collections ROUTING SLIP

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Almost ten years into my collection career I was introduced to commercial collections. I was given the opportunity to collect for a postage meter provider and heavy equipment leasing company. The two clients were dedicated to me and I was provided an assistant to help with skip tracing and outbound calls. What I learned from this experience became invaluable. I quickly learned how you approach commercial debt is far different than consumer debt.

Although the FDCPA doesn’t apply to commercial collections, that doesn’t mean you can do whatever you want. In fact it’s the exact opposite. Whether you contact accounts payable, the office manager or owner, each require a unique approach.

For example when you make contact with accounts payable you must remember they are not responsible for the debt, in some cases aren’t concerned about potential consequences and may have been directed not to pay the debt for various reasons such as financial hardship or a dispute of charges. When talking to an office manager they may not have the authority to cut a check and would have to communicate with the owner in order to get the invoice paid. Once you’ve determined they are not a decision maker, I recommend focusing your attempts toward the person who can make decisions. Often that person is the owner of the company. If you are able to make contact with the owner, you have to keep in mind they are used to giving orders, not taking them. They need to be treated with the same level of respect you would give to the owner of your company. There may be various reasons why an invoice went unpaid, sometimes the accounts payable department is unorganized and misses due dates or they have been advised to only pay the necessities until receivables come in.

I always went in to the call expecting to get paid. However, getting a first talk off payment can be challenging. Most of the time the company wants an updated invoice prior to releasing payment. Other times you may discuss the debt with someone who doesn’t have the autonomy to make the decision to release payment. I always took the chain of command approach. After sending our initial dunning letter I would call and ask to speak with accounts payable. So long as I’m making contact and talking money, I would allow them to do their job.

If I started to get the runaround I would then approach the personal guarantor or owner. Unfortunately calling the place of business in an attempt to reach the owner is nearly impossible.

Employees in almost every company have been trained to screen

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Agency Advisor Sam Eidson

calls so the owner isn’t caught off guard with unsolicited sales calls. That is where I became creative by using skip tracing tools to find the owners home or cell number. One tool I used was the Accurint People at Work feature which would provide the name and title of each employee within the company. You can search by company name, phone number or Federal Employer Identification Number. Once you find the company you are looking for you can drill down to the President, Owner or C-level associate by name or social (if provided).

As you can imagine, the last place an owner wants to take a business call is from the comfort of their own home. You quickly become top priority and find out why the invoice went unpaid.

Some owners don’t even know the bills aren’t being paid. Others explain they are going through financial difficulty and need assistance. If they have personally guaranteed the loan they are legally obligated to pay and their credit can be affected. If the business is affiliated with Dun & Bradstreet, their business credit rating could also be affected.

In some cases the business has dissolved or been acquired. If the business has been dissolved but there isn’t a personal guarantor, the chances of getting payment are slim to none. If the business has been acquired you will need to discuss the details of the sale with ownership. Ask if new ownership purchased assets and liabilities or just assets. If there is collateral involved your client may have rights to the asset. If the collateral holds value find out if there is a Uniform Commercial Code (UCC) lien and try to arrange voluntary repossession.

Commercial collections can be very rewarding with the right approach.

Sam Eidson is the Director of Compliance for Delta Outsource Group, Inc. He also serves on the Board of Directors for the Missouri Collectors Association.

July/August 2017

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Does Business Intelligence Matter?

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Most agencies have data scattered amid many different systems.

The standard setup likely includes some combination of the collection software, a sales or CRM system, an accounting system, a payment portal, a client access website and a reporting factory.

The technology for accessing data across many systems has grown tremendously in recent years. Business intelligence (BI) is everywhere right now, yet many agencies are not interested or they are somewhat interested but not enough to jump in. I have witnessed agencies lose clients solely due to lacking BI. I have also witnessed agencies win clients, they had no business signing, only because they displayed top-tier BI with excellent reporting and dashboarding.

It is not difficult to get started with BI and if your company is not doing anything, you are missing out on some quick productivity gains. Top performing companies are 5% more productive and 6% more profitable with data-driven business intelligence.

It is imperative to note that I am specifically referencing datadriven BI. This is where you want to be as a company because self-reliance is achieved and insight into the real business performance and trends is quickly accessible. The truth is only 8% of companies are benefiting from data-driven BI. The rest are making critical business decisions using opinion-based BI. This is the traditional method of BI where the same critical business decisions are made using outdated data, uncompromising reports, or nothing other than how you believe the business is performing.

Great, so how can the regular credit card collection agency move from opinion-based BI to data-driven BI? The excellent news is that you already have the data! The rest is primarily intangible. The one tangible piece includes the introduction of BI technology and data standardization. There are hundreds of BI tools available. For many of them, it is merely a matter of due diligence in selecting a tool to move forward with because a hosted or cloud instance is almost always an option. Some BI tools I like and have seen a lot of are Tableau, Microsoft Power BI and IBM Cognos.

Obtaining a new BI tool does not have to, and probably should not, include standing up a new environment with servers, firewalls, switches, and so on. During the BI technology due diligence process, you should be thinking about data standardization as well. Data standardization is the art of getting all your data, regardless of systems or where the data originates, into an accessible and workable format. In the case of BI, it usually means achieving integration with all data sources and capturing all or most of the business critical data in a central repository, such as a data warehouse.

The intangibles for adopting BI are arguably more important than the tangibles. Even with the best BI technology and data standards in place, a successful adoption of BI must include a change in people and the way people think about data. The conventional experience involves a request for a report, usually a ticket is created, the ticket is assigned to IT, and IT builds the

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Technology Advisor Sam Edens

report. This takes both time and resources. Even when the report gets in the hands of the requestor, there is often a question about the data or a change to the way the data is presented. The request, ticketing and IT process repeats.

This experience is unpleasant for all involved because the business is not getting what they need, IT does not understand what the business wants and the speed for delivery on each iteration is too slow. The experience improves with a greater collaboration between business and IT. This naturally occurs when the two groups spend more time together going over requirements and presentation options. But what if the two groups were both working in the BI toolset? Let’s advance to BI and analytics that may be significant for agencies. Ask yourself the following sample questions to direct your thought process.

• In which state or geographic region is my agency the most successful?

• How much better am I compared to the next most successful state or region?

• Based on my historical numbers, can I forecast the next three months? Six months? Year?

• What is my level of certainty with those forecast numbers?

Now consider your staff, clients, and partners.

• Does my staff have the tools they need to answer the same four questions above?

• If my clients or partners saw my current BI and reporting process, they would think ________.

There are endless thought processes that can help you introduce a better BI practice at your agency. You must break through traditional thinking to be successful. Agencies that promote self-reliance and empower users at all levels by giving them access to work with the data will be successful moving from an opinion-based organization to a data-driven organization.

Sam Edens has been with Emprise Technologies since 2006 and is currently serving as Vice President. Prior to his time with Emprise, Sam designed and developed performance and flow management software for UPS. July/August 2017

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Dispute Management: New Advice from the CFPB

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Handling disputes is a necessary function in any collection agency. Those of us who are data furnishers to credit reporting agencies have additional responsibilities related to dispute handling. Let’s look at how the Fair Debt Collection Practices Act (FDCPA) defines a dispute differently than the Fair Credit Reporting Act (FCR) and how the provisions of these statutes drive our responsibilities to respond. The Consumer Financial Protection Bureau (CFPB) has provided recent observations worth serious consideration in a Special Supervisory report issued in March 2017. We will look at the application of those observations as well.

The FDCPA does not specifically define a dispute, but does permit consumers to dispute the debt or a portion of a debt. Provided that the consumer disputes in writing within 30 days of the receipt of the validation notice, the written dispute triggers the collection agency’s duty to provide validation (also not defined) of the debt and provide the name and address of the original creditor, if requested by the consumer. Debt collectors who receive a written dispute within the validation period must cease attempts to collect a debt until validation has been sent to the consumer. The law provides no deadline in which validation must be sent, however, collection attempts must be stayed until it is sent. Alternatively, the agency may decide not to send validation, but in that case collection attempts must not resume. There is no provision to notify consumers if the debt collector decides to forgo sending validation but instead to cease collection attempts. (Jang v. A.M Miller & Assocs., 122 F.3d 480 (7th Cir. 1997).

Oral disputes under FDCPA erase the debt collector’s ability to assume the debt is valid. (Brady v. Credit Recovery Co., Inc., 160 F3d 64 (1st Cir. 1998)). Oral disputes trigger the responsibility to provide a disputed status to credit reporting agencies, if the debt collector is a data furnisher. Any other potential responsibilities triggered by an oral dispute are discussed below.

The definition of a dispute under the Fair Credit Reporting Act, and its implementing rule, Regulation V, also known as the Data Furnishers Rule (CFR Title 16, Part 660), is more concrete. Under Regulation V, a direct dispute means “a dispute submitted directly to a furnisher (including a furnisher that is a debt collector) by a consumer concerning the accuracy of any information contained in a consumer report and pertaining to an account or other relationship that the furnisher has or had with the consumer.” The rule defines the necessary components of a direct dispute: A direct dispute is a dispute that contains: 1. Sufficient information to identify the account or other relationship that is in dispute, such as an account number

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Compliance Advisor Debra J. Ciskey

and the name, address, and telephone number of the consumer, if applicable; 2. The specific information that the consumer is disputing and an explanation of the basis for the dispute; and 3.

All supporting documentation or other information reasonably required by the furnisher to substantiate the basis of the dispute. This documentation may include, for example: a copy of the relevant portion of the consumer report that contains the allegedly inaccurate information; a police report; a fraud or identity theft affidavit; a court order; or account statements. 660.4(3)(d) This information, submitted to an address provided by the data furnisher, triggers the duty of the data furnisher to initiate a reasonable investigation related to the consumer’s dispute and to respond to the consumer related to the results of the investigation within 30 days, or remove the disputed item from the consumer’s credit report.

Whether or not an oral dispute triggers the data furnisher’s duty to conduct a reasonable investigation is open for debate.

The data furnisher’s rule repeats the language found in Fair Credit Reporting Act at §1681s-2(8)(D), which provides that a consumer “shall provide a dispute notice directly to such person at the address specified by the person for such notices…” In an FTC advisory opinion issued on June 24, 1999, written by staff attorney Clarke W. Brinckerhoff, the attorney states “[the FCRA] forbids furnishers from continuing to report inaccurate information that is disputed by consumers in writing to the address. . .” (https:// www.ftc.gov/policy/advisory-opinions/advisory-opinionwatkins-6-24-99 . Last accessed by the author, 3/26/2017).

While “submit” and “provide” do not inherently mean “in writing,” Brinckerhoff’s interpretation is useful to data furnishers. Responsibility for enforcement of the FCRA is now shared between the FTC and the CFPB. July/August 2017

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In late March 2017, the CFPB issued its Supervisory Highlights Consumer Reporting Special Edition. Supervisory Highlights publications provide insight related to observations reported in supervisory examinations. This publication provides readers with particularly insightful information about the position of the CFPB examiners. In summary, the report said the following, with my commentary following in italics: • Examiners found that one or more furnisher’s policies and procedures failed to promote reasonable investigations of disputes. (Reg. V requires data furnishers to have policies governing the reasonable investigation of disputes.)

• Furnishers fail to provide proper notice to consumers of a determination that a dispute was frivolous or irrelevant.

(Also required by Reg. V.) • Dispute investigation defects were found. (The report is not extremely specific about the nature of the defects.)

• Furnishers did not adequately address the actual substance of the disputes in letters sent to consumers after investigation of direct disputes. (While the report is not specific, most likely data furnishers were responding with general form letters.)

• Furnishers failed to complete direct dispute investigations within the time periods required under FCRA. (Data furnishers know there is an either/or duty here—either you

investigate and respond, or you remove the disputed item from a consumer’s credit report. Due to the volume of complaints they receive, many data furnishers choose to delete rather than investigate and respond.)

• Furnishers failed to conduct an investigation of indirect disputes. (Indirect disputes are those received by the data furnisher via the credit reporting agencies, commonly known as eOscar disputes.)

• Furnishers responded to notice of disputes from credit reporting agencies by verifying the information when the furnishers had not completed the investigations and had not determined the accuracy of the information disputed by the consumer.

By issuing this special Supervisory Highlights report, the CFPB demonstrates that credit reporting and the activities of data furnishers continue to be a special concern and emphasis for the Bureau. Data furnishers should review their policies and procedures related to dispute handling, investigation, and response to ensure full compliance in accordance with the requirements of Reg. V and the FCRA. Debra Ciskey is the Compliance Officer at Wakefield & Associates.

Inc. She is a member of the board of directors and a certified instructor for ACA International.

Our Top 6 Compliance Christmas Wish List Items

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Over the past five years there has been much negative publicity and regulation in the debt collection space regarding credit cards (and other consumer debts). Frankly, it seems there is so much going on that all of us (whether law firms, clients, or regulators) seem to be chasing our tails. We are all trying to do the “right” thing but do we know what the right thing is?

The recent lawsuit by the CFPB against Weltman, Weinberg & Reis highlights the disconnect between the ethical requirements imposed by our respective states’ regulatory bodies and what the CFPB evidently deems mandatory conduct for attorneys engaged Fred N. Blitt in collections. This got me to thinking: What if I reached out to some collection industry experts and told them they could have “Christmas in July” and be granted the power to make changes the CFPB event existed. How reasonable is it to expect collecto the FDCPA. What would the wish list look like, assuming we tion firms follow rules that did not exist at the time? Hence, were being fair to all parties, and our rather than using their role to cregoal was to bridge the gap? I think ate violations from actions that took these would be the top contenders: place years in the past, let’s work “The consumer ‘allegedly’ collaboratively to make the market1. Clear Rules and Regulations place fair going forward. being protected gets $1,000 Without fail, this was the common while their attorney theme echoed by everyone to whom 3. Communication Can any of you I posed this question. All collection think of one reason why someone begets 10 times that sum.” attorneys simply want a roadmap tween the ages of 18-35 would even they can follow. For example, what consider talking to a collection represhould be included in a demand letsentative by phone? This generation ter or complaint that is reasonable and provides a safe harbor? Or (and frankly most people in general) are on their smartphone all consider the issue of “meaningful involvement” which was the pri- day long. It makes no sense in today’s world we have no rules for mary allegation against Weltman and is now a common theory in contacting consumers via text, chat, and email. This method of consumer lawsuits nationally. While, in my opinion, this clearly communication is more efficient, you can easily keep a record of falls in the category of regulating the practice of law and should the conversation, you can do it on your own time and consumers not be a federal issue. How about regulators provide a reasonable can communicate the times for communication or whether they definition of what they expect? want no communication at all.

Legal Collection Advisor

2. Collaborative Rulemaking In the same vein, the Welt- 4. FDCPA Claims Too often, collection firms are not settling man case is merely the most recent example of rulemaking by lawsuit. Collection firms and their clients are forced to sort through the recent consent decrees directed only to third parties and determine from those orders what they should do. If the goal of the CFPB is truly to assist consumers, then it is clear a consumer would be vastly aided by uniform rules that are arrived at to protect all consumers. In Weltman and other recent matters brought by the CFPB, there seemed to be focus on conduct undertaken on collection cases brought even before

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FDCPA cases because they did something wrong. Instead, we are settling cases because the cost of defending a matter, even to a successful conclusion, is far more expensive than settling. And if you lose, then you are paying legal fees for yourself and the consumer’s lawyers. Consumer lawyers know it is cost-effective to draft a boilerplate complaint and then make a demand which is always inclusive of fees. In fact, if you review certain settlement agreements, the consumer “allegedly” being protected gets $1,000 while their attorney gets 10 times that sum. Meanwhile, the consumer July/August 2017

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“All collection attorneys simply want a roadmap they can follow. “

attorney has no responsibility and many times does nothing on the underlying state court action, leaving the consumer to fend for themselves. This scenario is certainly not intended to protect consumers. Every person with whom I have spoken has told me fundamental reform of damages is critical. Perhaps limiting fees to a percentage of the consumer’s recovery, or capping fees at a certain level depending on the value of the recovery would be workable.

At minimum, a courtroom exception for pleadings and notice of pleadings should be considered.

5. Media With a firm practicing in different states, I find the

variance between the states regarding necessities to prove up a case a major hurdle. In one state, a debt buyer can testify as to the business records of the original creditor whereas you cross the state line and suddenly, your client needs to fly out both their in-house witness and a witness from the original creditor. In the next state, no witness is required at all, but a business records affidavit from the seller will do. Harmonizing the requirements to make clear that debt buyers who integrate the data and documents of the original creditor without alteration may testify and present evidence from

the original creditor would make trial practice more efficient.

6. Costs, Fees and Interest

In every state in which we practice, the state law allows for pre and post-judgment interest as well as the recovery of costs. Yet, nearly every one of our clients disallows all interest and some will not collect costs. In addition, the case law regarding how one describes court costs pre-judgment actually makes discussions with the consumer more complicated and leads to more mistakes than it solves. Creating safe-harbor language for us would allow proper costs to be assessed without exposing the consumer to any harm would create transparency without harming the consumer.

As you can see, we are all so busy trying to do the right thing that we somehow have lost sight of the goal which, in my opinion, is to allow legal and ethical debt collections in a manner that protects the rights of consumers..

Fred N. Blitt, Esq., is a partner with Blitt and Gaines, PC in Illinois and Couch, Conville and Blitt in Louisiana. He is past president of NARCA.

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July/August 2017

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Expert Skip Tracing Sources on the Invisible Web

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This will be our fifth series related to what is commonly referred to as the “invisible web.” As I previously stated and emphasize, these sites are certainly not your beginner or skip guesser sites Most of them require certain advanced skills to manipulate, massage and extract the data. For the professional tracer to obtain the desired information needed to complete their searches, it is imperative that they possess the required skills and a thorough understanding of exact data extraction techniques. I have visited and conducted searches on each of these sites to insure they are working and functional as of April 15, 2017.

www.sec.gov/edgar/ The first data site we will look at is known

in tracing circles as “EDGAR” which is the acronym for electronic data gathering, analysis and retrieval system. This site performs automated collection, validation, indexing, acceptance and forwarding of submissions by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission (SEC). Its primary purpose is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations and the economy by accelerating the receipt, acceptance, dissemination and analysis of time-sensitive corporate information filed with the agency.

This is an invaluable site when you are seeking information related to company officers, assets, national and international locations and high level employees. Some of the documents you will be able to locate and examine are documents that may be filed on EDGAR voluntarily. For example: • Form 144 (notice of proposed sale of securities) may be filed on EDGAR at the option of the filer.

• Forms 3, 4 and 5 (security ownership and transaction reports filed by corporate insiders) filed before June 30, 2003 may be filed on EDGAR at the option of the filer, but those filed on or after that date must be filed on EDGAR. • Filings by foreign companies and foreign governments before November 4, 2002 either could be made on EDGAR at the option of the filer or were not permitted to be filed electronically. But from that date on, these filings must be made on EDGAR. • The annual report on Form 10-K or 10-KSB, is required to be filed on EDGAR. It should also be noted that the actual annual report to shareholders (except in the case of investment companies) need not be submitted on EDGAR, although some companies do so voluntarily.

By viewing and analyzing the information found on this site, a professional tracer may be able to gather data on a company

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which will aide them in their search to locate employees of a company and locations where those employees may be assigned.

It is also utilized to locate men and women who are licensed as brokers or financial advisors. The “NEWS” section has also proved to be an excellent tool for tracers.

www.hoovers.com Hoover’s, a subsidiary of Dun and Brad-

street, is one of the most recognized databases of American and International business. A complete source of company and industry information that is especially useful for tracers and cyber trackers.

At this data site the tracer will be able to find comprehensive company, industry and market intelligence. The data located here will provide in-depth coverage of the world’s top business enterprises. The data available includes overview, history, competitors and financials on the most important public and private companies worldwide. Over 85 million companies can be found in this database.

Another very important section of this database is the “People Information.” Among the information that can be found are titles, biographies, job history and contact information for the officers of the most important public and private companies worldwide. Over 100 million contacts in this database enable the tracer to locate the subject of their search in a timely manner.

One of the main criterion for making this a very valuable data site for tracers is Hoover’s in-house editorial staff that compiles, analyzes and transforms business data into business insight.

This human component sets this data apart from other business information companies. Specifically, the staff will conduct comprehensive updates of the most popular records on an annual basis, synthesizing industry content from hundreds of sources into an easy-to-digest format. In a world where data mining has become the norm, these actions that add a human element to July/August 2017

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“...will aide them in their search to locate employees of a company and locations where those employees may be assigned. “ Hoover’s content give the professional tracer an advantage not found in a lot of other data sites.

Now let’s look at a couple of little known law enforcement data sites where professional tracers can gather a wealth of information. I would offer this bit of cautionary advice, do not attempt to hack into any regions of these sites indicated to be RESTRICTED.

www.justice.gov/jmd/hr/ The U.S. De-

partment of Justice Resources is a comprehensive database for the Department of Justice, including archives, initiatives, news, publications and resources. The Justice Management Division (JMD), under the direction of the Assistant Attorney General for Administration, provides advice and assistance to senior management officials relating to basic department policy for budget and financial management, personnel management and training, facilities, procurement, equal employment opportunity, information processing, records management, security, and all other matters pertaining to organization, management and administration. If your search requires any information related to locating a federal prison or detention sight, an inmate of a federal prison or detention sight (records back to 1982) or a person who may be listed on any sex offender database, this is the data site to use. Pay particular attention to the links available under RESOURCES and NEWS. Also, you will find links at this site to all Department of Justice websites.

www.hsdl.org This short and nonde-

script net address will direct the tracer to the Homeland Security Digital Library (HSDL) which maintains databases, policy and strategy statements, special collections and research tools. The HSDL is the nation’s premier collection of documents related to homeland security policy, strategy and organizational management. The HSDL is sponsored by the U.S. Department of Homeland .com

July/August 2017

Security’s National Preparedness Directorate, FEMA and the Naval Postgraduate School Center for Homeland Defense and Security.

Resources in the HSDL cover a wide range of homeland security topics and are carefully selected and evaluated by a team of librarians and content specialists.

Sources include, but are not limited to: federal, state and local governments, international governments and institutions, nonprofit organizations and private sector entities as well as think tanks, research centers, colleges and universities A little over half of the items in the HSDL collection are openly searchable and available to the public, with no account or authorization necessary. This public collection includes items such as: U.S. Policy and Strategy Documents

related to homeland security: General U.S. Policy Documents, National Strategies, Executive Orders and Presidential Directives, and Key Legislation, Congressional Hearings and Legislation, CRS Reports & Issue Briefs, GAO Reports & Testimony as well as Theses & Research Reports from U.S. federal academic institutions, particularly the Naval Postgraduate School and thousands of additional resources released by U.S. federal government agencies and organizations.

Hope this will keep you busy until the next addition…good luck and good hunting!

Ron Brown is a member of the National Association of Fraud Investigators and the author of “MANHUNT: The Book.” Contact him at rbrown2150@aol.com.

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State Licensing & Insurance for Nearly 20 Years Get a free coverage analysis by calling 770-626-7121 or www.cornerstonesupport.com/collectionadvisor

13

The Start of a New Chapter ROUTING SLIP

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Initials

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Sometimes it seems like just yesterday I was licking stamps and stuffing envelopes with collection notices in my family’s firm as a kid. I would work at a corner desk of our small office, barely able to see across the room as collectors blew large puffs of smoke between collection calls. Sometimes their cigarettes would burn to the filter if they were on an extended call and fall off the ashtray and place burn marks on the old wooden desks. There was the steady cadence of rotary phones as they Harry A. Strausser III dialed consumer phone numbers during a time when people actually answered their phones. Client service representatives would flip through their large Rolodexes to find the contact small to medium sized firms in the collection space with stratenumbers of clients when their fingers weren’t depressing man- gic thinking and sales strategies. I look forward to continuing ual typewriter keys in a click, click, click rhythm. When staff the Benchmark Advisor column and sharing my ideas with our members were away from their desks, or out of the office, pink readers for years to come. phone message slips would accumulate on a stack waiting to No matter what challenges your organization might exbe reviewed. Those were the days. periencing, keeping abreast of reguOne day you are looking tolatory, compliance and general in“No matter how small your operation, ward the future with great anticidustry changes is very important to pation of what you might develop the continued life of any company. there is a value to your client base. your firm into and the next day Continue to read publications like If you have a unique niche within the you are looking back from where Collection Advisor, attend webinars market, the value increases as buyers you have come over 35 years and and seminars offered by trade orgaall in the blink of an eye. I’ve denizations like ACA International, look to participate in new verticals.” fined myself as a collection agency the Receivables Management Assoowner for my entire life, but in 14 ciation and InsideARM. Re-engage days, 4 hours and 30 minutes that title will change for me. with local/regional associations that are industry specific or We will orchestrate our last month-end close out, clean off the state units of ACA International. desks, empty the trash one last time, turn off the lights and Despite the frustrations of our industry in recent years, in a “Cheers”-like finale, I’ll close the door and turn the key there will be a need for the varied services of the debt collecas I start a new chapter of my life in this industry. It will be tion industry perpetually. Those who will survive, succeed and bittersweet. It will be exciting. Several months ago, I did the remain profitable are those who are willing to change. That unimaginable and signed a contract to sell my firm to a good change might entail rethinking what you do or possibly mergfriend in the industry. By the time our readers see this column ing with a stronger organization possessing enhanced resources.

I’ll be the Corporate Vanguard for Eastern Revenue Inc, in It was Socrates that said, “The secret of change is to focus Wayne, Pennsylvania. I will transfer from ownership to strate- all of your energy, not on fighting the old, but on building the gic development and I couldn’t be happier! new.” As I engage on building this new chapter of my profesThere has been a pretty dramatic condensing of our in- sional life I look forward to meeting many of our readers at dustry over the past five to seven years. Many owners of family industry events and together we can forge into the future of firms are reaching retirement age and deciding to either sell this ever changing and dynamic industry! or simply close their doors due to the increasing challenges in We encourage our readers to submit a “best practice” idea our market. Selling an organization offers new opportunities for inclusion in this column. Until next time, I’m in a collecto both seller and buyer. No matter how small your operation, tion office near you! there is a value to your client base. If you have a unique niche within the market, the value increases as buyers look to partici- Harry A. Strausser III is president of Remit Corporation/ pate in new verticals. Moving forward I plan to continue my Interact Training & Development. Contact him at harry@ speaking, consulting and writing and will focus on assisting the remitcorp.com.

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Benchmark Advisor

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COLLECTION INDUSTRY EVENTS International Association of Commercial Collectors Mid-Year Collection Conference July 14 - 16 | Seattle ACA International 2017 Convention & Expo July 16 - 18 | Seattle Commercial Law League of America Eastern Region Conference September 13 - 15 | Atlantic City, NJ

The National Creditors Bar Association invites you to attend the creditors rights industry’s premier conference A great opportunity to network, earn CLE credits, meet exhibitors and stay current with cutting edge educational content.

Who Should Attend: Creditors Rights Attorneys Credit Grantors Collection/Operations Managers Buyers/Sellers of Consumer Debt

2017 Fall Conference Marriott Marquis Washington Washington, DC October 11 - 14

NARCA 2017 Fall Conference October 11-14 | Washington, DC MDHBA 2017 Annual Conference October 12 - 13 | New Orleans Commercial Collection Agencies of America Annual Meeting 2017 October 26 - 28 | Delray Beach, FL ACA International 2017 Fall Forum & Expo November 1 - 3 | Chicago

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July/August 2017

REGISTER NOW!

Early bird savings through August 29 - visit www.narca.org to register.

Questions or interested in joining? Contact membership@narca.org or (202) 861-0706

15

How Technology of Tomorrow Can Help You Thrive Today ROUTING SLIP

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Each day it gets tougher than the next to get a consumer on the phone, establish a right-party contact and ultimately collect their outstanding debt. We currently live in a society where a large portion of consumers have changed the way they communicate by utilizing text messages, Facebook, Twitter, Snapchat and others. We haven’t seen a pendulum shift in communications like this since Caller ID started to take off in the ‘90s. Caller ID allowed consumers to screen the calls they want or didn’t want to take. In many cases today, a consumer’s phone ringing is a notification that a person trying to reach them isn’t a known commodity because if they were they would use the consumer’s preferred method of communication to reach them, whatever that may be. Therein lies the question, how do you collect from a consumer without ever verbally talking to them.

The answer is you have to get smart, be creative and leverage technology. One method to getting smart is to know your payers. Analyze who is paying you versus who is not. Set up a model to determine those accounts that have a higher likelihood of paying compared to those who don’t. What are the commonalities of the accounts paying? When taking larger payments or payment arrangements, analyze your data points to help ascertain some common themes to develop a work strategy that will help identify those more likely to pay.

Get creative with your workflow strategy and processes.

Gone are the days of doing the same thing over and over again hoping for a different result; that is the definition of insanity.

Evaluate your cradle-to-grave strategy with your accounts and layout what is happening to each account scenario, when and why. Doing this will allow you to gain a deeper understanding and perspective about the flow of an account and what if anything should be done differently. How many calls should you make to each phone number on an account? How often should you call the place of employment? Which accounts should be sent for skip tracing and which shouldn’t? These are just a few of the many questions that should be asked and answered when evaluating your workflow strategy and processes.

The biggest differentiator from those seeing success these days compared to those who are not is coming down to who is leveraging technology best. There is an abundance of technology geared to helping first and third-party debt collectors become more efficient, profitable and compliant. There are new products and services entering the marketplace on a regular basis. From consumer-friendly communication options to virtual agents to compliance tools, there is no shortage of technology to assist your

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Collection Industry Advisor Nick Jarman

operation in collecting more money and being more compliant.

Two of the consumer-friendly communication options that are the most intriguing are: VoApps, which sends a patented signal that delivers a voice message directly to a consumers mobile voicemail box without making a call or the consumer incurring a charge; and Solutions by Text who provides first and third-party collectors with the ability to offer a full suite of text messaging options that allows the consumers an end-to-end option of dealing with their debt through text messaging only.

Interactive web payment portals are another great mechanism to have available to consumers. The most common web payment portals offer the ability for consumers to make a payment or also negotiate a payment arrangement or settlement.

One collection software company, Interprose, has the most sophisticated virtual agent on the market and it interacts with consumers just like a live face-to-face conversation except the consumer can do everything on their own time and, in most cases, their own way.

What we know is that as time goes on, fewer consumers are going to engage in the collection process utilizing a traditional phone conversation. The winners of today and tomorrow will be those first and third-party debt collectors who accept and understand this while looking forward to what can help them increase right-party contacts without having to actually talk to the consumer on the telephone. Sure, there will always be a time and place for telephone communications, it’s just going to be less prevalent tomorrow, the next day and the day after that. If you want to win, you have to get smart, be creative and leverage technology to the best of your ability.

Nick Jarman is the owner of RightAway Consulting & Coaching. Jarman served the last three years on the Board of Directors for ACA International and is the past President of the Missouri Collectors Association.

July/August 2017

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TECHNOLOGY FOCUS

ON THE FOREFRONT OF TCPA-COMPLIANT TECHNOLOGY

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n its ongoing effort to stay on the forefront of developments in debt collection technology, Collection Advisor talks to Rick Morris, president of CallEvo. Rick Morris Morris discusses the challenges of today’s compliance standards and makes recommendations on how to remain TCPA compliant while maintaining productivity.

Where have you recently seen significant progress in collection practice or technology? As a technology vendor, the landscape of technology vendors is more diverse than I can ever remember. The result is new companies like CallEvo who are creating replacement products for industry standard technology that offer superior technology at affordable prices. Taking advantage of new platforms and churning outdated vendors is a huge opportunity for collection practices.

What is a current challenge in debt collection industry? In recent months, we have seen a consistent question that to many, is their single most challenge, “How can I maintain my call volume and while remaining TCPA compliant?”

What do you see as a mistake collection professionals make? Having been around the industry for 20 years, I have noticed there is some reluctance to really embrace new technology as a key contributor to the overall strategy of a collections operation. New software companies are an integral part of the collections ecosystem pushing incumbent providers to enhance their technology and keep up with evolving standards.

Larger software companies struggle once they reach substantial size as existing employees and customer bases are a large part of their focus. They can struggle building new products on new technologies as their developers, support teams, and exiting customers adapt to new technology. Much like a large ship in water, changes have to be made carefully and slowly so the passengers on board don’t end up falling off the boat. On the other hand, newer companies have the freedom to adopt and innovate quickly to give their customers a competitive advantage.

What do you see as a solution to this challenge?

We believe there are always options to address any regulatory challenge. The most effective option is the one that solves it without interrupting the business process and affecting operating costs while employing new software to resolve the regulatory change. We have seen the industry adopt business process changes, such as mobile number management and scrubbing. We have also seen the separation of mobile and home phone numbers for calling purposes; and the industry deploy multiple calling platforms expanding costs, slowing productivity, and increasing the risk of other compliance violations for recording management and time zone violations. In the end, the right place to solve TCPA is at the source of the regulation – predictive dialing. Our technology replaces predictive dialing with the only platform that eliminates the capacity to make automated calls while growing the overall outbound call volume of even the largest agencies. .com

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What do you suggest collection professionals do to avoid this mistake? Companies should take the time to evaluate their keystone technologies on a regular basis. Any company or technology platform that is over three years old should be critically

BY T. STEEL ROSE evaluated as it may be outdated. It may not be necessary to perform wholesale changes but rather augment existing technology to enhance the overall performance of the operation. Keep in mind, the goal of every software company is to keep their customer base and entice them to renew support.

You should remain skeptical of on-going promises of “next generation” technology they may claim to be developing. As the rate of technology changes year after year, collections professionals can quickly find their processes and infrastructure outdated waiting for current vendors to resolve their software development issues. There is no doubt that change can sometimes result in pain but it is the greatest opportunity for increased productivity and lower costs.

What are some recent developments with CallEvo? Replacing predictive dialers and eliminating TCPA violations is our only focus. In our opinion, every collections industry professional has the right and the desire to be compliant. We also understand they have basic needs for production and call volume. You cannot have compliance without adequate production. We understand the needs of our collections partners better than anyone and our product solves their most significant concerns around compliance and production.

What do you see occurring in the future? At the rate TCPA violations are occurring and the rate at which lawsuits are being filed, we see TCPA suits being the single largest suit category in less than three years.

At this point, there is no question that the law is not going away and the time to solve TCPA is now. We see our software as the most impactful calling platform in the collections industry since the introduction of the predictive dialer.

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REQUIRED DOCUMENTATION FOR BUYING OR SELLING DEBT

BY MARK NAIMAN AND JAN STIEGER

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ue to the lack of formal proposed rules from the CFPB, which would provide much-needed clarity in the receivables management industry, the Receivables Management Association (formerly DBA International) is forced to look for guidance elsewhere. This must be done to provide industry participants with guidance to ensure compliance with regulators and policymakers at both the state and federal level. It is the philosophy and guiding principle of RMA to work with the entities that oversee the industry to achieve appropriate consumer protection without putting up artificial barriers to the collection of legitimate contractual obligations (debt).

This article provides guidance on documentation. At the most basic level, the purpose of documentation is to ensure that one is collecting a debt from the right consumer and for the correct amount. While there are many ways to ensure these two items, standards are both needed and desired.

To this end, developing the documentation standard for the RMA certification program included scouring state laws and regulations, CFPB consent orders, as well as guidelines from the Office of the Comptroller of the Currency (OCC) and the Federal Trade Commission (FTC) to glean their expectations.

The current standard includes items that must be obtained as well as items that are desirable. The standard has gone through many changes, but today, in version 5.0, it requires:

Required Data & Documents for Receivable When purchasing or sell-

ing receivables, a Certified Company shall obtain or provide at the time of the transaction the following account-related information: 1. The consumer’s first and last name.

2. The consumer’s Social Security number or other government issued

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identification number, if obtained by the creditor.

3. Consumer’s address at Charge-Off. 4. The creditor’s name at Charge-Off. 5. The creditor’s address at Charge-Off. 6. A copy of the signed contract or other account level document(s) that were transmitted to the consumer while the account was active that provides evidence of the relevant consumer’s liability for the debt in question. Other documents may include, but are not limited to, a copy of the most recent terms and conditions or a copy of the last activity statement showing a purchase transaction, service billed, payment, or balance transfer.

7. The account number at Charge-Off. 8. The unpaid balance due on the account, with a breakdown of the postCharge-Off Balance, interest, fees, payments, and creditor/owner authorized credits or adjustments.

9. The date and amount of the consumer’s last payment, provided a payment was made.

10.

Sufficient information to calculate the dates of account delinquency and Default.

11. The date of Charge-Off. 12. The balance at Charge-Off. 13. A copy of a statement that reflects the Charge-Off Balance.

14. A copy of each bill of sale or other document evidencing the transfer of ownership of the debt from the initial sale by the Charge-Off creditor to each successive owner that when reviewed in its totality provides a complete and unbroken chain of title documenting the name, address, and dates of ownership of the creditor and each subsequent owner up to and including the Certified Company.

In addition to the aforementioned required items, purchasers should use

commercially reasonable efforts to obtain, if available: 1. If there was a legal change in the consumer’s name during the life of the account, the prior name(s) used on the account.

2. The consumer’s date of birth.

3. The consumer’s last known telephone number.

4. Consumer’s last known email address.

5. The store or brand name associated with the account at Charge-Off. 6. The opening date of the account.

7.

Pre-Charge-Off account number(s) used by the creditor (and, if appropriate, its predecessors) to identify the consumer’s account if different than the Charge-Off account number.

8. Such other information it deems necessary to substantiate in a court of law the legal obligation, the identity of the person owing the legal obligation, and an accurate balance owed on the legal obligation.

While the standard is written for the purchase and sale of debt, it should be noted that anyone collecting on behalf of a Certified Debt Buyer needs to either be Certified or meet the standards of Certification (Vendor Management Standard) and quite frankly, it is best practice. Therefore, it is truly an industry standard that, when universally adopted, will undoubtedly go a long way to clean up the industry and provide necessary consumer protection.

Mark Naiman is President/CEO of Absolute Resolutions Corp., an active debt-buying company, and currently serves as President on the Board of Directors for Receivables Management Association.

Jan Stieger, CAE, serves as Executive Director of Receivables Management Association the trade association representing nearly 550 member organizations in the accounts receivable industry.

July/August 2017

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PROTECTING YOUR BUSINESS IN COMMERCIAL COLLECTIONS

BY T. STEEL ROSE

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ollecting and taking legal action against a business in commercial collections is best done when numerous steps have been taken prior. These Bob Ingold steps include sound contracts, terms and clear expectations. Proceedings can be costly if one of these steps was neglected. Collection Advisor talked to Bob Ingold, president of Commercial Collection Corporation of New York, about what commercial collection agencies should be doing to protect themselves and their clients.

What does an account need to be bullet proof collectable from the agreement to the invoice to the late payment penalty to the interest charged? If only credit extension was bullet proof. The best laid decisions today can go haywire tomorrow. Circumstances beyond your customer’s control affect the best-laid plans: health, loss of key customer or weather (think Hurricane Katrina). Certainly there are conditions that can be created to aid the decision: check credit, obtaining a good credit application, being specific as to terms or obtaining a personal guarantee if possible. Some companies use discounts for prompt payment and certainly enforce late charges and collection fees. These add-ons must be spelled out before the transaction takes place to be enforceable. Early and frequent collections will go a long way towards a satisfactory payment.

What are the steps necessary to properly invoice and proceed when the account becomes one day late according to the terms? Early warning and early action will help bring about a good payment result. Before the sale, be sure to spell out your terms. Reinforce those terms when invoicing the transaction and when default occurs make imme.com

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diate contact advising of your company’s expectation of payment. The Commercial Law League of America has published a chart of collection results and the earlier the collection activity, the higher probability of collection. It just takes good common sense and early follow-up.

What are the best procedures to require the account pays for the collection charge? Again, there is no magic bullet to insure collection of any collection fees but clear understanding of your terms enable the customer to understand your expectations early on. We suggest a clear credit application that spells out collection fee enforcement. Upon first sale, send a letter to the buyer spelling out your terms. Having terms and conditions on your invoices as well as statements help to define your expectations and finally enlisting the help of sales to explain what corporate credit requirements are adds to the certainty of your terms. Collection agencies and attorneys will insist on collecting fees when there is a signed agreement prior to the transaction.

What states have limitations on the collection of commercial debt? All states allow the collection of commercial debt. Some states require a collection agency to be licensed in that state (21 to be exact) if they attempt collection but they are not limited to collection as long as they adhere to the rules of good conduct expected of all debt collectors.

How do you proceed if a small corporation officer guaranteed the debt considering the consumer debt collection compliance rules? The presence of a personal guarantee of a commercial debt does not shift the debt under the FDCPA. It is still a commercial transaction and treated as such. All our communications are careful to include mini Miranda wording however as we sometimes back into a consumer transaction without knowledge.

If the account says, “Sue me!”, what is the next step? Often times in the heat of the discussion the debtor will say, “Sue me,” but that doesn’t always ring true. We try to present them with a different collector, different scenario, change the tenor of the discussion so it is less confrontational and see if there is a solution. If the debtor really means it, we make our recommendations to the client based on balance, our assessment of collectability and cost. It is always the creditor’s decision to proceed.

What steps and financial expense can be expected when a lawsuit is filed? Filing a lawsuit is never cheap or quick. Every jurisdiction is different but the court costs can be from $250 - $800 depending on the location.

Once a file is approved for suit the costs go up dramatically and contingent fees can be from 35 - 40% of the balance. The legal complaints need to be filed, affidavits completed, service perfected and time to appear adds to the delay. If a countersuit is filed, attorneys consider it a separate lawsuit and charge hourly for defense. The best settlement is prior to suit.

What are settlement possibilities at the various stages of a lawsuit from depositions to arriving for trial? Settlement is always possible. As the debtor gets closer to trial they may be more motivated to settle but clients motivation may be less. Many years ago at Chase Manhattan I learned the best settlement is usually the first and earliest. A lot of time and money go into the collection process that could be reduced if both parties are motivated to make the suit go away. Principles come with a cost!

What is the success rate of various procedures in different states based on creditor versus consumer-friendly rules for commercial debt?

Again, collection is greater the earlier the action is started. Once a judgment is obtained the attorney may file bank attachments (back to the credit information, source of information), seizure of unsecured property and liens against property which are a few of the more successful forms of execution to collect. Collection occurs when the creditor is in the front of claims, not at the end. Early placement and early legal action bring about successful collection.

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Mid-Range Collection Software Roundtable

MISTAKES YOU CAN AVOID IN COLLECTION SOFTWARE

BY JOSHUA FLUEGEL

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ave you ever seen someone conducting business you know is a mistake? Better yet, have you ever made a costly mistake from which you wish someone had steered you away? It’s safe to assume everyone could say yes to both of these situations. Unfortunately, mid-range (101 to 999 seats) collection professionals have made mistakes when selecting software. The software either didn’t suit the needs of the agency or these needs of the agency were never fully realized. Collection Advisor gathered the thoughts of collection software experts who have seen bad choices made by collection professionals to help prevent these costly mistakes. Also provided is what the experts see as a valuable feature in midrange collection software.

Thomas Mohr CEO of Beam Software What is a particular mistake you have seen a collection professional make when selecting mid-range collection software? Many collection software buyers focus on the number of features a product has and yet don’t place enough emphasis on researching the support component. They should talk to the provider’s customers, review its service agreement and even ask to read the company’s software release notes. These can provide insight and understanding and help set expectations when it comes to dealing with potential software issues and receiving service and support.

What is one feature a collection professional should require from mid-range collection software? The single-most important feature in software is its ability to provide multi-channel communication with today’s consumers. Let’s face it, each new generation of consumers is becoming more device-oriented and less likely to talk on the telephone. Mediums like email, text and web portals make communication easier and can even help reduce a collection agency’s overhead.

Brett Menzie Director of Sales of CDS Software What is a particular mistake you have seen a collection professional make when selecting mid-range collection software? When selecting a midrange collection software, at times, we have seen collection professionals make the unfortunate mistake of choosing software lacking key functionality in the name of saving a few bucks.

Make sure you are not making the mistake of putting your business in a disadvantaged position by skimping on necessary features.

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What is one feature a collection professional should require from mid-range collection software? Collection professionals absolutely need a software that will allow them to easily access and handle their own data without being handcuffed by a gatekeeper who prevents the ability to export, backup or archive their information.

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Billy Quinn Managing Director of CODIX What is a particular mistake you have seen a collection professional make when selecting mid-range collection software?

Not considering having all products (pre-collection/ preventive, early collection, late collection, legal in one only system, as well as the client web access).

What is one feature a collection professional should require from mid-range collection software? The champion-challenger feature which allows simulations and checking of costs/results of different collection strategies.

Fritz Schulze Founder and Owner of Comtech Systems What is a particular mistake you have seen a collection professional make when selecting mid-range collection software? A particular mistake we see is agencies not properly evaluating a product. We highly recommend the agency download the trial software, enter some accounts, and work through their usual workflow to get a feel for how the system would work for their business. During a demonstration the vendor can work through their scenarios and show how the software will execute not only the functions they are used to, but also demonstrate some additional functions, flexibility

and automations that the new software would provide. It is also useful for collection professionals to see what current users of the software have to say on software review sites, such as Capterra.

What is one feature a collection professional should require from mid-range collection software? We think flexibility is the essential characteristic collection professionals should require of their collection software. Flexibility can range from the ability to customize the look of the software, to the ability to create your own reports, select from a wide range of add-on modules, select from a range of integrations and program automations to save operator time.

Jeff Dantzler President of Comtronic Systems What is a particular mistake you have seen a collection professional make when selecting mid-range collection software?

One huge mistake I frequently see is when a company decides the most affordable solution is the best solution.

You’re not going to go to three doctors and get quotes from them for surgery and go with the cheapest option.

You’re going to go with the best option even if that option might cost you more. Your collection software is the driving horse of your agency and having great collection software will make it that much easier for your agency to succeed.

What is one feature a collection professional should require from mid-range collection software? A hosting option: A collection software solution that can only be used in the office is no solution at all. Now you must have access to the collection software from a number of locations and have the option for having remote agents. Also, with most agencies not having any kind of disaster recovery option in place having a hosting option takes care of that.

With this kind of redundancy you can rest assured that your infrastructure is maintained so you can focus on your core business of debt collection.

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Continued from page 21

Carl A. Briganti President and Founder of CSS Impact What is a particular mistake you have seen a collection professional make when selecting mid-range collection software?

Typically collection professionals fail to see the difference between price and cost. The price is just an amount of money expected for a product whereas cost is a factor of ROI. There is a big difference between these two concepts, which is often overlooked.

What is one feature a collection professional should require from mid-range collection software? Collection professionals should demand that collection software offer a turnkey financial ecosystem platform that includes a fully integrated toolset of customizable, real-time, cloud-based, user friendly solutions such as compliance management, disaster recovery, dialer and others.

Lex Patterson President of DAKCS Software Systems What is a particular mistake you have seen a collection professional make when selecting mid-range collection software? Some challenges that companies within the mid-range size face when considering changing software platforms revolve around integration and workflow processes. From experience we have found that most companies in this range are long standing businesses with deep roots and processes that have been built over many years.

When they are facing a change in software delivery, or hold the feeling of uncertainty surrounding Mergers and Acquisitions activity in the software space, they want to do business with a company who, like them, has deep roots in the industry and vast collections acumen. Having a team of problem solvers who listen and respond

quickly is a key element of success.

Once this has been established, they need a platform that is flexible enough to adapt to their business processes while integrating with other systems.

What is one feature a collection professional should require from mid-range collection software? Configurability. From workflow to database flexibility, the system needs to be configurable to allow your business to adapt to opportunity. Having a solid integrated ecosystem that provides quick and easy connectivity to the many tools available, such as payment portals and self-service channels, doesn’t hurt either.

James Dunlap CEO of Lariat Software What is a particular mistake you have seen a collection professional make when selecting mid-range collection software? Tunnel vision: we’ve all done it. Focusing of features that enable you to do what you have been doing rather than focusing on whether or not a platform will enable you to improve for years to come.

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What is one feature a collection professional should require from mid-range collection software? That it be cloud based. Compliance and the growing cost of physical security are quickly rendering self-host deployments impractical.

July/August 2017

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Ranjan Dharmaraja CEO of Quantrax What is a particular mistake you have seen a collection professional make when selecting mid-range collection software? We often tend to try to duplicate our old system that we wanted to get away from! We do not ask the right questions, and almost always end up taking a very long time to “convert.” For many reasons, what you saw is not what you got, and this is only avoided by a more modern and practical RFP process with vendor compensation tied to performance and on-time delivery of a data conversion and working system.

What is one feature a collection professional should require from mid-range collection software? Out of the box, the software must do 95% of what you need, without any custom code. This means you will not need the high costs, resources and challenges of maintaining a large IT department to do what you expected from your new mid-range collection software!

Chris Campbell CEO of Simplicity Collection Software What is a particular mistake you have seen a collection professional make when selecting mid-range collection software? The biggest mistake generally made by collection professionals is selecting collection software that charges an extravagant amount of money for their software and services and then holds the company’s data hostage (i.e. no easy or inexpensive way to export or convert their data). If you think about your long-term business game, your collection software should provide the flexibility to easily import/export data as needed without having to pay extra fees or involve development staff in the export process.

What is one feature a collection professional should require from mid-range collection software? The answer to this question is difficult as there are lots of features that we believe are important and necessary features for collection software. If we had to narrow it down to one however, we believe adaptability would be the most important feature. Be sure the software you have selected and the support staff they employ is flexible enough to adapt to your individual business needs as well as software that is continually updating and adapting with the changing rules, regulations and collection landscape.

Tony LaMagna Partner at The Computer Manager What is a particular mistake you have seen a collection professional make when selecting mid-range collection software? Selecting or changing collection software is a major business decision that requires all players to be involved. If not all the principals of the company are on the same page, onboarding a new production system can come up against internal conflicts that can impede the success of a new platform.

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July/August 2017

What is one feature a collection professional should require from mid-range collection software? All collections professionals should require collection software to include automatic audit logging.

23

MID-RANGE COLLECTION COMPARISON CHART COMPANY NAME

Beam Software

CDS Software

CODIX

Comtech Comtronic Systems Systems

CSS Impact

DAKCS Software

Lariat Software

Corporation

Quantrax

Simplicity Collection Software

The Computer Manager

GENERAL FUNCTIONALITY

Beam Software CollectOne

CODIX

IXP/ Collect! DebtMaster HD2.0

Beyond ARM

Lariat

RMEx

Simplicity Collect

Debt$Net Prestige

Automated workflow strategy tools

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Recommends goals and scripts for collection calls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No

Yes

Yes

Yes

Collection tasks recorded automatically

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No

Yes

Yes

Yes

Generates customizable correspondence on demand

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Automated letters by client w/ flexible triggers

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Offers automated faxing

No

Yes

Yes

Yes

No

No

No

No

Yes

No

No

Integrates with email

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Offers automated phone dialing

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Monitors individual collector performance

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Import debtor data w/out custom programming

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Designs custom reports on operator level

No

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No

Yes

Yes

Online, real-time coaching

No

Yes

Yes

Yes

Yes

Yes

Yes

No

Yes

Yes

No

Access vendor services automatically

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Multiple location and database functionality

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Goals feedback in real-time

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

GUI environment

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Secure/customizable remote Web access for collectors

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Secure/customizable remote Web access for debtors

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No

Yes

Yes

Yes

Secure/customizable remote Web access for clients

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Generate individual status reports for linked accounts

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Application development studio

Yes

No

Yes

Yes

No

Yes

Yes

Yes

No

Yes

No

Integration with Crystal Reports

Yes

Yes

Yes

Yes

Yes

No

No

No

Yes

No

Yes

Beyond ARM

Lariat

RMEx

Simplicity Collect

Debt$Net Prestige

RECOVERY FUNCTIONALITY

Beam Software CollectOne

CODIX

IXP/ Collect! DebtMaster HD2.0

Pre charge-off collections

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Post charge-off recovery

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Agency/Attorney management

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Asset sales

Yes

Yes

Yes

Yes

Yes

Yes

No

Yes

Yes

Yes

Yes

Metro2 reporting on post charge-off

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Standard agency/attorney/buyer formats

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Recovery management statistics and reports

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Automated file processing

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Repossession tracking

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No

Yes

No

Bankruptcy/Deceased management

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Work by account centric

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Work by person centric

No

No

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes Debt$Net Prestige

PRE-CHARGE OFF FUNCTIONALITY

Beam Software CollectOne

CODIX

IXP/ Collect! DebtMaster HD2.0

Beyond ARM

Lariat

RMEx

Simplicity Collect

Disputes/Deduction codes can be assigned

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Identifies and tracks problem invoices

No

Yes

Yes

Yes

Yes

Yes

No

Yes

Yes

Yes

Yes

Coded problems separate from receivables

Yes

Yes

Yes

Yes

Yes

Yes

No

Yes

Yes

Yes

Yes

Offers customer-level notes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Offers invoice-level notes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No

Yes

Electronically reproduces/transmits invoices

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

All systems permit related accounts viewed simultaneously, customized formatting of statements, set up clients as either gross or net remittance, statements can be regenerated for a specific period, tracks multiple internal and external contact names/numbers, collector alerts, user-definable collector/user interface, user-defined account matching criteria,user-defined balance buckets, user-defined payment types, configurable account flow, ability to extend the account and related tables, prioritized work queues, work grouped by time zone and collection stage, sub-clients for a master client/consolidated statement, relate accounts across clients or sub-clients and user-definable client access interfaces.

Information on this table is derived from information posted on the Internet and direct questions. The company is the ultimate source and should be contacted directly.

24

July/August 2017

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‘

Business Directory

Analytics & Data Noble Systems Corporation Contact Center Technology noblesystems.com info@noblesystems.com 404-851-1331

The Computer Manager, Inc. Debt$Net Collection Software debtnet5.com sales@debtnet5.com 800-552-8397 Since 1987, Debt$Net collection software has provided collection agencies, law firms and in-house collection departments with one of the most comprehensive collection systems in the industry.

Simplicity Collection Software SimplicityCollect simplicitycollectionsoftware.com sales@simplicitycollect.com 866-791-0224 As an industry leader, Simplicity is the only software provider to offer a web solution with unlimited users, clients, accounts, and custom fields at an affordable price!

Sentinel Development Solutions, Inc.

eCollections ecollections.com sales@ecollections.com Noble Systems Corporation is a global leader in customer 515-564-0585 communications, providing innovative premise and cloud Comtech Systems The result of 20 years of industry-leading collections/resolutions for Contact Center, Workforce Management and Collect! covery platform development, eCollections is a comprehenInteraction Analytics technologies.

Credit and Debt sive enterprise collection system with flexible configuraCollection Software tion, ease-of-use, powerful payment features, workflow Collection Agencies collect.org automation, and unparalleled reporting and tracking. info@collect.org United Collection Bureau, Inc. 800-661-6722 Collection Support Services 1st and 3rd Party Collection Services Collect! combines ease of use with total integration of functions. Accounts are efficiently tracked from Corporate Advisory the time you receive them until activity is concluded Collection Software Solutions and they are closed. Collect! keeps track of critical

M&A Advisory Services, information automatically.

Total integration provides Beam Software Valuations, Market Intelligence for seamless and accurate month end invoices and BEAM Accounts Receivable Management statements with full account histories. corpadvisorysolutions.com Software, Beam Cell Phone Identification mlamm@corpadvisorysolutions.com Software Comtronic 215-717-8719 Debtmaster Corporate Advisory Solutions, LLC is a boutique investCDS Software debtmaster.com ment bank and we specialize in M&A Advisory Services CollectOne 800-414-2814 for the Outsourced Business Services (OBS) sector; our collectone.com The Debtmaster® Software along with our industry core focuses are in Accounts Receivable Management info@collectone.com leading Cloud-Hosted environment gives you a reliable, (ARM), Customer Relationship Management (CRM), 888-816-3333 powerful, cost-effective collection solution right at your and Revenue Cycle Management (RCM).

CollectOne is an award winning suite of debt colfingertips. lection solutions that provides a feature-rich set of Cornerstone automated business processes designed to minimize DAKCS Software Support costs and maximize results.

Systems State Licensing Beyond.Net and E&O Insurance CODIX dakcs.com cornerstonesupport.com iMX Collection, sales@dakcs.com info@cornerstonesupport.com Legal and Recovery Solution 800-873-2527 888-445-8660 codix.us/debt_collection DAKCS Software Systems has been an industry leader Cornerstone Support is the premier licensing and insurbquinn@codix.us for over thirty years. Headquartered in Ogden, Utah, ance provider to the collection industry; professionally 404-790-0998 DAKCS provides a one stop shopping solution for a trained to assist you with all of your state licensing iMX is a complete centralized debt collection and diverse client base.

DAKCS is committed to providing needs. recovery software solution. Based on the latest technolotheir customer community with all the tools they need gies, iMX Debt Collection includes all the most advanced to succeed in the ever changing VoApps business functionalities supported by native tools.

ARM business, today and in the future.

DirectDrop Voicemail voapps.com Collection Solutions Quantrax sales@voapps.com Software, Inc. Corporation Inc. 855-737-1596

CSS IMPACT! HD™ 2.0 RMEx VoApp’s patented DirectDrop Voicemail service delivers a cssimpact.com quantrax.com voice message directly to a consumer’s voicemail server carlb@cssimpact.com marketing@quantrax.com – without calling the phone in question.

818-593-4830 301-657-2084 CSS IMPACT! HD™ 2.0 (Enterprise), the industry’s leading ARM | Collections & Compliance Platform delivering decades Quantrax is a high-end collection technology company that has marketed and supported an intelligent collecof deep rooted industry acumen for the ARM, Collections & tion software platform for over 25 years.

Compliance sectors. IXP (Lite) also available.

25

‘

Business Directory Compliance

LexisNexis® Risk Solutions LexisNexis ® Accurint ® for Collections lexisnexis.com/risk/receivables-management 800-869-0751 LexisNexis Risk Solutions assist debt recovery professionals with increasing workflow efficiencies, gaining greater insight into debt portfolios, collecting more in less time and achieving greater profitability.

Compliance Calling CallEvo CallEvo callevo.com sales@callevo.com 800-478-1084 CallEvo is the only fully compliant TCPA calling platform designed and engineered specifically to address EVERY item in the TCPA. Stop Scrubbing and Start Calling!

Conferences NARCA The National Creditors Bar Association narca.org | narca@narca.org 202-861-0706 NARCA - The National Creditors Bar Association is a bar association dedicated to serving law firms engaged in the practice of creditors rights law.

Electronic Payments

Payscout ns of Dollars Credit Card & Check Processing ACCOUNTS RECEIVABLE MANAGEMENT Merchant Services payscout.com | jennifer@apsofga.com 800-482-4561 Payscout provides a full range of electronic payment solutions, including credit, debit & HSA cards, check, and ACH transactions, along with multiple software integration options, web payment portals, and the IKEYgreat Product Suite with the attorney endorsed Reg E from one payments brand. compliance solution.

pport, and more:

M software support compliance advocates

Let us help your ARM company grow.

Contact us at:

sales@payscout.com Mail Services

888.689.6088

PCI Group Printing/Direct Email/E-Delivery

egistered ISO/MSP of Deutsche Bank Trust Company Americas, New York, New York. Payscout Brazil is nPay. Payscout is a registered ISO with VISA EU and Mastercard Intl. Payscout is a registered PF in LAC. arate approval. Copyright © 2016 Payscout, Inc. All rights reserved.

Skip Tracing IDI Inc. idiCORE ididata.com sales@ididata.com 855-842-1410 Trusted for over a decade by collection agencies and collection attorneys. IDI provides fast, accurate and cost-effective consumer verification and skip-tracing solutions via online, API, and batch processing.

Reduce Cost, Not Quality.

Innovis RPC innovis.com 855-601-1915 Innovis is a leading provider of consumer identity information. The company’s RPC solution provides collection agencies with tools to improve contact and recovery rates.

LexisNexis® Risk Solutions LexisNexis ® Accurint ® for Collections lexisnexis.com/risk/receivables-management 800-869-0751 LexisNexis Risk Solutions assist debt recovery professionals with increasing workflow efficiencies, gaining greater insight into debt portfolios, collecting more in less time and achieving greater profitability.

LocateSmarter Batch & Online Skip Tracing Platform www.locatesmarter.com info@locatesmarter.com 888-254-5501 LocateSmarter is a data provider focused on innovation and data quality. LocateSmarter offers skip tracing products such as phone append, bankruptcy, deceased, cell phone scrubs and more.

Melissa Data Listware melissa.com greg@melissadata.com 800-542-7434 Melissa offers solutions that empower collection professionals with the right-party contact information for successful collections and account management efforts.

VeriFacts Payroll Promise verifactsinc.com sclark@verifactsinc.com 800-542-7434 Payroll Promise is designed to support a legal strategy by locating verified full time places of employment. The information returned is 100% guaranteed to be accurate.

July/August 2017 Volume 17, No. 4 Editor T. Steel Rose, CPA, ACG editor@collectionadvisor.com Managing Editor Joshua Fluegel josh@collectionadvisor.com Copy Editor Myrna Nelson Advisory Board/Columnists Fred N. Blitt Ron Brown Debra Ciskey Sam Edens Sam Eidson Nick Jarman Harry A. Strausser III Publisher Angie Rose angie@collectionadvisor.com Production Andrea Bergeron Paul andrea@collectionadvisor.com Subscription Changes Joshua Fluegel josh@collectionadvisor.com The opinions given by contributing authors are their own and not necessarily the opinion of our staff and ownership. All trademarks used are the property of their respective owner.

Collection Advisor (ISSN# 1556-0813) is produced six times a year by Abide Media, P.O. Box 92342, Southlake, TX 76092, 888-610-1144. Standard Mail postage paid at Sussex, WI 53089. ©2017 All Rights Reserved Magazine Publishing Group, Inc. Printed in the U.S.A.

repreneurial Dream One Transaction at a Time.”

New Jersey • São Paulo • Malta • Shanghai payscout.com

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Payscout is a Registered ISO/MSP of Synovus Bank. Payscout, Inc. is a registered ISO/MSP of Deutsche Bank Trust Company Americas, New York, New York. Payscout Brazil is a registered PSP in Brazil. Payscout is a registered PSP with China UnionPay. Payscout is a registered ISO with VISA EU and Mastercard Intl. Payscout is a registered PF in LAC. American Express may require separate approval. Copyright © 2016 Payscout, Inc. All rights reserved.

“Payscout Supports the Entrepreneurial Dream One Transaction at a Time.”

Los Angeles • Atlanta • New Jersey • São Paulo • Malta • Shanghai payscout.com

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RMEx

Mobile Suite

Quantrax

WHY IS THE ONLY COLLECTION PLATFORM THAT HAS USED ARTIFICIAL INTELLIGENCE WITH SPECTACULAR RESULTS, THE INDUSTRY'S BEST KEPT SECRET AFTER 25 YEARS? The collection industry spends millions of dollars a year maintaining and enhancing core collection platforms. Software companies that failed to evolve, can not meet today's demanding requirements.

Against great odds and without a great deal of support from the industry, one company has quietly persevered.

Their innovative, intelligent technology has given small and large companies stunning gains in productivity, automation and powerful machine thinking that this industry has never seen.

In a modern era, the call for pioneering solutions to old problems has never been greater. Are you tired of hearing and reading about dated technology that has overstayed its welcome? Call us if you want to be amazed.

(301) 657-2084 | www.quantrax.com | marketing@quantrax.com

CORPORATION

Receivables Management Expert