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The Impact of Medical Collections on Seniors

Many older Americans are facing significant challenges when it comes to medical collections and debt. A recent study by the Consumer Financial Protection Bureau (CFPB) sheds light on this issue and reveals its impact on seniors’ financial well-being. The study, titled “Issue Spotlight: Medical Billing and Collections Among Older Americans,” examines the prevalence of medical debt among […]

Benefits of Buying Collection Software from a Single Source Provider

Efficient management and organization of data, streamlined communication channels, and robust analytics are crucial for successful collections. To enhance their collection processes, businesses often rely on collection software and associated solutions for workflow automation and improved efficiency. While there are various options available, obtaining these solutions from a single source consulting provider offers significant value. […]

Harnessing the Power of Live Chat in Debt Collections

Utilizing live chat in debt collections is not just a trend; it’s a game-changer that is redefining the way we approach debt recovery and one more way to utilize the digital space to enhance our industry. But what are the options and their associated benefits for both the collections industry and the consumer? Let’s first […]

Five Ways to be Prepared for the ACA International Convention

Ready for the ACA International Convention?

Conferences, like the ACA International Convention, can be an incredible opportunity to network, learn, and grow your business. However, to make the most of ACA International, it’s essential to come prepared. In this blog post, we’ll discuss five ways to ensure you are thoroughly ready to attend this year’s, leaving you with actionable items and […]

Innovative Collections Technology Solutions by TEC Services Group

Innovative Collections Technology Solutions

TEC Services Group is a leading provider of debt collection technology solutions that help businesses manage their accounts receivables and improve their financial performance. With a strong focus on innovation, we offer a wide range of cutting-edge products and services that cater to various industries, including healthcare. In this blog, we will explore our collections […]

New Rules Affect Visa Cards and Debt Collection

New rules that affect Visa cards and debt collection went into effect for collection agencies on April 15, 2023. In this article, we will take a closer look at what these new rules are and what they mean for consumers. The New Visa Rule In late 2022, Visa announced to its business network a series […]

Determining the Right SaaS-Based Debt Collections Software

As licensing comes to a slow halt within the industry, Software as a Service (SaaS) offers collections agencies a unique and convenient way to access different software services and programs. This includes debt collection software that can help simplify the process of managing debtors and accounts. Depending on their needs, organizations have various options regarding […]

Why to Test Your Data Vendors To Evaluate ROI

Data is crucial in the ARM space, as is buying data from multiple vendors. But what good is data if it isn’t resulting in right-party contacts and increased collections rates?  In this blog, our experts will cover why it is essential to test your data vendors to evaluate ROI.  It can be difficult to put […]

How We Simplify Adding Data from Multiple Vendors

No single vendor in the market has all the right data needed when considering the complexity that comes into play from adding different verticals, asset classes, and age of debt into the mix. This is why we believe and have seen first-hand, with our collective experience that spans more than two decades, that buying more […]

The Responsibility of Software Providers to Manage Compliance

The Responsibility of Software Providers to Manage Compliance

Compliance in the collections space is constantly evolving, with frequent changes in cybersecurity, technology, and legal policies. As you are aware, collection agencies rely on a network of software providers and technology vendors to manage their day-to-day operations. So, who is responsible for compliance—is it software providers, collections agencies themselves, or somebody else? Our experts […]

How Regulation F Opened The Doors For A Digital-First Debt Collection Strategy

How Regulation F Opened The Doors For A Digital-First Debt Collection Strategy

The Bureau of Consumer Financial Protection announced its final ruling on the Fair Debt Collections Practices Act (FDCPA), confirming that digital communication channels, like email and text, are allowed to be used in debt collections, officially putting Regulation F into practice in November 2021. Regulation F opened the doors for a digital-first debt collection strategy, […]

The Importance of Digital Collections in Debt Recovery

The Importance of Digital Collections in Debt Recovery

Digital collection is quickly becoming the most cost-effective and reliable method of debt recovery in a post-pandemic world. Even in the middle of the pandemic, the numbers were there.  A McKinney study published in early 2020 showed that the industry averaged just a 20% collection rate on delinquent debt, yet debt recoveries improved by up […]

Key Pitfalls to Avoid in Digital Collections

Debt collection is rapidly changing, and to keep up with current trends, financial institutions must adapt to altered consumer behaviors as well as other pitfalls in digital collections. With many consumers going digital, collections agencies must now follow suit. In an effort to reach more consumers as quickly and easily as possible, AI and machine […]

How Tax Season Affects Debt Collection

Debt collection during tax season is comparable to the holiday season in terms of retail—it’s the busiest time of the year. Per a study from the National Retail Federation, nearly two-thirds of consumers anticipate a tax return, and more than a third of the same group who will receive a tax return have plans on […]

Increasing Revenue By Buying Data From Multiple Vendors

Do you think you’ll get better collections rates if you spend more on data or less on data?  Most people will say that they want to spend less. However, TEC Service Group’s collective experience, spanning over two decades, shows convincing evidence for buying more data. Our clients see an incremental increase in right-party contact rates […]

How to Recover Consumer Debt After The Holiday Season

How to Recover Consumer Debt After The Holiday Season

In November 2022, United States credit card debt hit an all-time high of $930 billion, and over-spending has become concerning for lenders. With the holiday retail season wrapped up, creditors must deploy a focused yet empathetic collections strategy when engaging with consumers in debt. Read below for some of our best recommendations on how to […]

The Economic Impact Of COVID-19 And How It Has Affected Collections Agencies

The Economic Impact Of COVID-19 And How It Has Affected Collections Agencies

The economic impact of COVID-19 is apparent. After years of lockdowns and restrictions, a black hole was created in most finances, whether they be a business, consumer, or even a government. In this blog, TEC Services Group experts look at the impact of the coronavirus on the 2023 consumer as well as what collections agencies […]

How The FTC Safeguards Rule Affects Collections Agencies

How The FTC Safeguards Rule Affects Collections Agencies

The purpose of the Federal Trade Commission is to set standards for safeguarding customer information. The FTC’s Safeguards Rule originally took effect in 2003 but was revised in 2021 to ensure that the policy keeps in check with modern technology. The amended rule offers in-depth guidance for a specific class of financial institutions, like mortgage […]

A Guide To Regulation F And How It Impacts Debt Collection

A Guide To Regulation F And How It Impacts Debt Collection

Congress first passed the Fair Debt Collection Practices Act (FDCPA) back in 1977, governing the debt collection industry to this day. However, Regulation F is the first serious update to the FDCPA and will have a significant impact on debt collectors and creditors and how they conduct business. Are you aware of what Regulation F […]

PROUDLY FEATURING

Sedric is an innovative technology that is being deployed at the highest levels of our industry. When combined with leading omnichannel systems, Sedric can deliver real-time compliance management, voice analytics, and reporting on all forms of communication to guarantee your agency is doing everything possible to deliver amazing customer experiences.

PROUDLY FEATURING

Intelligent Contacts is one of the leading omnichannel solutions in the market today. By combining customer payment opportunities in line with your dialer and telephony platforms, they are changing the game when it comes to effective and efficient consumer engagement.

PROUDLY RESELLING

As a premier solution for enterprise organizations, C&R’s Debt Manager platform is designed to provide the most flexible and compliant solution on the market. Debt Manager is used by the world’s largest banks and governments, along with some of the ARM industry’s largest collection companies.

PROUDLY RESELLING

Latitude by Genesys is one of the leading technologies for mid-market and enterprise companies. With a long history in both first-party agency management and third-party collections, Latitude’s functionality is built for the end user. Administrative tasks become easy while remaining flexible for your changing business operations.

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