Carol Byrne

Did you know that almost half of all credit issuers – including banks, telecoms, government agencies, healthcare organizations and other credit issuers --- place delinquent debt with third-party collection agencies? It’s easy to see why. Creditors often don’t have the capacity or time to devote to recovery activities. Collection agencies focus on effective data use,…

I could start out today by telling you all about Cabot Credit Management. About how they’re a market leader in debt purchasing, contingency collections, process outsourcing and litigation, supporting 600 users over five sites in the UK and India. Or how recent mergers – with Cabot Financial, Apex Credit Management and Marlin Financial Services – created a long list o…

In a recent post, my colleague Martin Germanis talked about the importance of optimization in collections. Toyota Financial Services has put this into practice with dramatic results. Toyota’s Collections Treatment Optimization program integrates decision management, reporting and advanced analytics to provide a data-driven, scientific and customer-centric approach to…

As I noted in my last post, for the 23rd consecutive month, the CFPB handled more complaints about debt collection than any other type of complaint.  This represents 31% of complaints submitted in July of this year. Compliance is the single most influential component within collections, and organizations that continually question processes and create strategies that…

Last month, the CFPB issued the first in a new monthly report focusing on consumer complaints. The report covers complaints by product, state and company, and each issue includes a specific product spotlight and geographic focus. This first report showcases debt collection. Debt collection represents 32% of complaints submitted in June 2015, and this is the 22nd cons…

Use of external collection agencies can dramatically improve collection and recovery success, but only if organizations placing debt have deep visibility into, and control over, agency results. Collections staff overseeing debt placements often spend an inordinate amount of time chasing down issues versus completing analyses and making business improvements. And it’…

Declining revenues, customers who won’t pay, overworked collectors — government agencies face the same challenges as anyone else collecting debt.  One agency that found a good solution is Shelby County, Tennessee. As Debra Gates, chief administrative officer for Shelby County Trustee, explains in this video, the department decided to close a revenue shortfall not by…

Debt collection is at the intersection of two very popular news stories: the continuing shift of global wealth, and the rise of customer experience as the defining characteristic of successful companies. Here’s where debt collection comes in. While the world’s richest are getting richer, many consumers have not. Many formerly affluent and middle-class people are stru…

What was the most important debt collection issue for you in 2014? The most common answer to this question is compliance. It holds top-of-mind awareness for the majority of debt management professionals across all markets, from both first and third party organizations collecting debt. One of the most interesting conversations I heard on this topic took place on at t…

Let’s say you’ve sent a customer who is behind on their payments one or two reminders and have gotten no response. It seems the customer just isn’t getting the message. If the debt’s been charged off, this situation becomes more prolonged, expensive and serious. Whether it’s a collection or recovery effort, the fact remains: You’re being ignored. So what do you do? T…

Banks have a new competitive battleground: Debt collection. The same high level of attention is being given to debt collection as has long been given to the front end of the credit process: offering mortgages, HELOCs, personal and auto loans and payment cards. Why is debt collection being added to the list? Because there’s less money to go around and consumers are m…