This article looks into the key components of debt collection automation, the tangible benefits it offers, and future trends and opportunities.

The CFPB has proposed new rules for the debt collection industry providing clarity and guidance for consumer communications and data handling.

Data security is a hot topic in 2019 after a large medical debt collection agency went bankrupt after their proprietary software platform was breached.

The debt collection industry performs valuable services and should receive the respect they are due. Encourage happy consumer testimonials!

Tax season for the debt collection industry is traditionally a boost to the bottom line. Keep communicating with consumers and keep that train rolling!

Consumers need to express grievances- collection agencies should provide those channels. If they aren't complaining to you, they may call the CFPB or BBB.

The credit and collection industry is learning how to adapt to this technological era, but is still far behind where it could be. Many consumers would choose email, texts, or online chat as their preferred form of communication, and agencies need to be able to adapt and meet those preferences.

Vendors are there to help and support collection agencies, but they are frequently not utilized at their full potential. Vendors have experience in the business that can be helpful to collection agencies and solving their issues, and not taking advantage of that is a lost opportunity.

Compliance has become the competitive differentiator in today's collection industry. Clients want companies which can collect as much money as possible, while staying well within the bounds of collection litigation. Collecting the right way leads to collecting more clients.

Who doesn't love a good play on words? While we are just about through the holiday season, TAX SEASON is quickly approaching and it is a magical time for the debt collection industry. Make sure you are prepared for this wonderful time of year by making your preparations!