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General News

Paul G. Smith joins Priority Recovery Solutions as Managing Partner

Chicago, IL – April 9, 2019 Priority Recovery Solutions (PRS), a payment processing leader in the Accounts Receivable Management (ARM) industry, announces the addition of Paul G. Smith as managing partner, bringing 25 years of experience to PRS’s payment processing solutions. Smith’s work history with both Ontario Systems and RevSource Solutions …

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Loan Servicer Launches Third-Party Collection Agency

First Associates, a loan servicer, has announced the launch of its own third-party collection agency, Activate Financial. The company will specialize in collecting automotive, credit card, installment and personal loan, student loan and healthcare debt, but “is standing by to offer support across all asset classes,” according to a press …

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Conversational Intelligence in Debt Collection

Editor’s Note: This article originally appeared on pdcflow.com. It was written by Hannah Huerta.Want to share this information with your staff? Download the Conversational Intelligence in Debt Collection Guide. “Privacy works flexibly. It’s scalable. And it’s unique to every situation we’re in.” This is a recent quote from Leslie Bender, Chief Strategy …

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CFPB Releases Annual Complaint Report

CFPB Logo

The number of debt collection complaints filed by consumers with the Consumer Financial Protection Bureau dropped 3% in 2018, to 81,500, and debt collection complaints accounted for 25% of all complaints filed with the agency last year, well behind credit reporting, which accounted for 38%. The data was released by …

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Transworld Buys Financial Services Arm of Altisource, Including Nationwide Credit

Transworld Systems has agreed to purchase the financial services business of Altisource Portfolio Solutions for $44 million. The transaction includes Nationwide Credit, Inc., a collection agency with more than 2,300 employees nationwide. It provides collections, customer relationship management, and call center outsourcing for companies in the financial, retail credit, mortgage …

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How Debt Hampers Recovery For the Homeless

Everybody — including those in the credit and collection industry — know that bad things often happen to good people. Not everyone is in debt because they choose not to pay their bills. Many people are victims of circumstance. And those stories can be heartbreaking. This is definitely one of …

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CFPB Has Scheduled Exams of Companies, Including Collectors, Outside its Jurisdiction: IG Report

The Consumer Financial Protection Bureau’s Division of Supervision, Enforcement and Fair Lending (SEFL) has “inadvertently” scheduled examinations at companies that are outside of its jurisdiction, because it did not have enough information about those companies, according to a report released last week from the agency’s Office of Inspector General. The …

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