LocateSmarter Selects Neustar for Consumer Identity Verification

September 13, 2014 By Leave a Comment

LocateSmarter, a cloud-based data delivery platform, today announced its partnership with Neustar. Through this relationship, LocateSmarter is offering Neustar’s Multi-Point Identity Confidence solution as part of its Priority Phone Scoring feature, which returns a numerical score reflecting the strength of a consumer’s association with any given phone number. This intelligence further enables users to identify the quality of their data, mitigate risk, significantly increase right party contact rates, and develop business strategies from the analytical platform.

President of LocateSmarter, Chad Benson stated, “LocateSmarter allows users to access the most innovative products and data providers for accounts receivable management. Our unique approach to data delivery positions us to partner with leading data intelligence providers like Neustar and together reach new markets.”

“The integration of Neustar’s consumer intelligence with LocateSmarter’s cloud-based BPaaS delivery platform offers a centralized location to drive smarter process decisions,” said Dorean Kass, Vice President of Sales, Neustar.  “We are confident that our partnership with LocateSmarter will provide the marketplace with increased operational efficiencies and higher contact rates all while mitigating compliance risk.”

In addition to the phone priority score that will be released later this month, LocateSmarter also features a dual-layer process that prevents duplication of phone numbers.  This process enables users to include all known information, including wrong numbers, and then uses the information as a filter. “We ensure that our clients only receive new data when using our skip trace application thus increasing compliance with regulations such as FDCPA (Fair Debt Collection Practices Act) and reducing the expenses incurred while skip tracing,” said LocateSmarter’s Operations Manager, Jessica Phelan.

“The addition of Neustar’s consumer verification solution will help our clients identify and better manage consumer phone data quality leading to increased value,” Phelan stated. “In the current environment, incorrect phone numbers are often times not known to be incorrect and continue to be pushed out to those in need of consumer data. Neustar’s authoritative intelligence helps our users identify this and change their strategies to ensure they are making educated decisions based on measurable, real-time results.”

According to the Consumer Financial Protection Bureau’s (CFPB) quarterly report, 24.1% of their complaints in quarter two of 2014 stemmed from continued attempts to collect on debts not owed, including wrong numbers.

Learn more about how LocateSmarter will help businesses become more productive and competitive by viewing a two-minute video at www.locatesmarter.com

About LocateSmarter™
LocateSmarter, LLC., a subsidiary of CBE Companies, was formed in 2012 as a Business-Process-as-a-Service (BPaaS) company with a mission to deliver next generation, cloud-based skip trace solutions for accounts receivable management and collection purposes. The company developed an application that delivers consumer information from multiple data providers in one centralized location.

Key features of LocateSmarter include:

  • Innovative file mapping
  • Intuitive workflow and account segmentation
  • Portfolio and account prioritization capabilities
  • Maximum cost control settings
  • Real-time analytics and reporting
  • Return on investment and performance metrics reporting
  • Multi-layer authentication and secure protocols

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RevSpring Supports Detroit Educational Charities

September 13, 2014 By Leave a Comment

In an effort to support educational charities in the Detroit area, RevSpring team members recently participated in the Color Run supporting Dollars for Scholars as well as the non-profit organization, Life Remodeled,  which transformed a Detroit Public School.

The Life Remodeled Cody-Rouge 6-Day Project included revitalizing Cody High School, two nearby elementary schools and beautifying the surrounding neighborhoods in order to create safe and inspirational pathways for kids traveling to and from school.

In addition to RevSpring being a sponsor, Rich Turner, RevSpring’s vice president of sales and marketing, volunteers with Life Remodeled. “Having been involved with Life Remodeled for over a year now, we’ve seen the rewards of creating a safe and inspirational environment for children and families in the community,” said Turner. “Life Remodeled does an amazing job of bringing thousands of volunteers, donors and community members together to pull up a neighborhood that possesses both the need and hope for a better tomorrow. We are grateful for the opportunity to contribute. Giving your time and talents is rewarding beyond belief and it makes us want to do it again.”

The Color Run race raised approximately $2000 for the Detroit Regional Chapter of Dollars for Scholars. The organization is dedicated to helping local students achieve the dream of higher education. The volunteer-run organization provides scholarships and academic support for students such as free ACT tutoring, reviewing student aid forms and organizing tours of local universities.

About RevSpring

RevSpring’s core service offerings include data hygiene and analytics, secure document creation and delivery, multi-channel communications, electronic billing and archival services and online payment tools, all while ensuring compliance with regulatory guidelines. RevSpring holds multiple security certifications including PCI DSS Level 1, HIPAA/HITECH and SSAE 16 SOC 2 and maintains rigorous legislative and regulatory compliance programs. It serves a large and diverse customer base across the healthcare, receivables management, financial services, insurance, home services and other end-markets.

About Life Remodeled

Life Remodeled is a Detroit-based non-profit organization that exists to remodel lives—one neighborhood at a time. Their strategy includes remodeling a Detroit Public School each summer in order to create academic and athletic improvements. Additionally, they partner with local residents to remove blight in the surrounding area and create safe and inspirational pathways to the school. The end result is to sustain and build up a neighborhood that radiates hope to the rest of the city. For more information, visit http://liferemodeled.com/

About Detroit Regional Dollars for Scholars

Detroit Regional Dollars for Scholars® is a locally-run volunteer-driven scholarship organization dedicated to helping local students achieve the dream of higher education. It is one of nearly 1,100 grassroots chapters throughout the nation helping students imagine and realize their full potential.

Since its founding in 1995, the Detroit chapter has awarded over 450 scholarships to local students. Nationally, Scholarship America is the nation’s largest provider of private scholarships. The 54-year-old organization has distributed over $2.9 billion to 1.9 million students throughout the nation. For more information visit: http://www.detroitregional.dollarsforscholars.org/.

 

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Circuit Court Rules Dispute in Writing Not Needed to Sue Under FDCPA

September 6, 2014 By Leave a Comment

The Fourth Circuit Court of Appeals recently upheld a lower court ruling that found a debt collection agency in violation of the FDCPA for continuing to call a debtor after the bill had been paid to the original creditor. The agency argued that it never received a dispute in writing after the debt was paid.

Russell v. Absolute Collection Services was decided on August 15 by a three-judge panel in the 4th Circuit. The opinion is precedential.

The particulars of the case stretch all the way back to late 2008 when Russell defaulted on a medical debt of $501. After being initially contacted by Absolute Collection Services in December 2008, the plaintiff promptly resolved the debt with the medical office that rendered services. Less than 30 days elapsed between the first contact and the debt being marked as paid in full by the medical office.

But a month later, Absolute again contacted Russell regarding the debt, this time by phone. She told the collector that the debt had been paid and the check had cleared. The collector noted the payment. Later that month, Absolute sent another letter demanding payment.

Upon returning the call, Russell was advised to send proof of payment to Absolute but did not do so. After another communication in which Absolute threatened to report the debt to credit bureaus, Russell filed a complaint with the BBB. Absolute, following up on the BBB complaint, contacted their client and confirmed that the debt had, in fact, been settled. The firm ceased collection efforts at that point.

Russell then sued Absolute under the FDCPA (1692e(8)) arguing that by threatening to report the debt to credit bureaus amounted to communicating “credit information which is known or which should be known to be false.”

But Absolute said that it couldn’t have known about the status of the debt because 1) Russell never communicated that it had been paid in writing, and 2) it never received an update from the client until it proactively contacted the medical office after the BBB complaint.

A district judge sided with Russell in her motion for judgment on a matter of law during a jury trial awarding her $1,000 under the FDCPA, $6,000 under the North Carolina Collection Agency Act, and $30,501 in actual damages. Absolute appealed to the Fourth Circuit.

The panel unanimously affirmed the lower court’s ruling in its entirety. The judges said that Russell effectively communicated the accurate status of the debt to Absolute and there was no need to dispute the debt in writing.

“Russell had no reason to challenge the validity of the debt within the first thirty days of receiving the initial collection letter because the debt was indeed valid,” the judges noted in their opinion. “Instead, she paid the bill and notified Absolute Collection of her payment. It would be inconsistent with the FDCPA’s remedial scheme to hold that a plaintiff’s ability to state a claim under the FDCPA is extinguished because the plaintiff failed to dispute the validity of the debt when he or she had no reason to seek validation in the first place.”

The case is somewhat similar to another recent Fourth Circuit decision also involving Absolute. While that case, Clark et al. v. Absolute Collection Service, involved language in a collection letter, it was the demand that any dispute be made in writing that turned the panel in favor of the plaintiffs.

In line with the Second and Ninth Circuits, the Fourth Circuit found that the FDCPA clearly defines communications between a debt collector and consumers. Sections 1692g(a)(4), 1692g(a)(5), and 1692g(b) explicitly require written communication, whereas section 1692g(a)(3) plainly does not.

 

 

Circuit Court Rules Dispute in Writing Not Needed to Sue Under FDCPA
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Stellar Recovery, Inc. Announces Organizational Changes and Promotions

September 6, 2014 By Leave a Comment

John Schanck, Chairman, announces executive changes at Stellar Recovery, Inc. that took effect on September 1.  Keith Jones has been named President and Chief Marketing Officer, and Bob Burnside has been named Chief Technology Officer.

Keith began his career with Stellar Recovery in 2011 and brings Sales, Operational, and Executive management experience from over 13 years in the accounts receivable management industry to his new role.  Keith and his team have been instrumental in the growth of the business over the past 3 years and plans to continue down the path that has lead Stellar Recovery to numerous awards including one of Jacksonville’s and Florida’s fastest growing companies in 2012 and 2013.  Keith will continue to be heavily involved in the Sales and Marketing aspect of the business and will also work closely with Garrett Schanck, CEO to make sure Stellar Recovery is positioned to continue its aggressive growth strategy while maintaining best in class performance for present and future clients.

Bob Burnside, as Chief Technology Officer will ensure Stellar Recovery continues to be on the leading edge of technology, systems hardware, software, security,  and supporting functions.  Bob has been with Stellar Recovery since 2011, and has received several commendations for how quickly and accurately Stellar Recovery has on-boarded new clients.   Garrett Schanck, CEO said “it’s not uncommon for new clients to refer other agencies to Stellar Recovery when they need help understanding and implementing client interfaces.”   Garrett added, “in today’s regulatory environment and profit margin pressures it is more important than ever to have a stable, fast, efficient, and high performance technology that works without headaches or issues that get in the way of running our business.”

Bob is also taking on the leading role in all debt purchasing activities for current and future purchased portfolios.  Bob has 8 years of experience in the debt buying arena and will lead Stellar Recovery in the ever changing debt buying market place.  Stellar Recovery was recently certified as a debt buyer by one of the most prestigious companies in the U.S. and plans to participate in multiple debt purchasing opportunities.

Stellar Recovery, Inc. Corporate Headquarters is located in Jacksonville, Florida with a satellite office in Kalispell, Montana.

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Resulv Launches Second Free Compliance Tool for Collection Vendors

September 6, 2014 By Leave a Comment

Resulv LLC has successfully launched its second free compliance tool to assist in the monitoring and oversight of collection vendors.

www.cfpbalerts.com allows users to monitor multiple companies for CFPB complaints.  Site users select which companies to monitor, and within 24 hours, daily email notifications arrive detailing CFPB complaints for chosen companies.

Resulv founder, Andrew Dunn, stated, “Whether it’s your company or all the companies in your network, we know that the daily management of compliance can be a struggle. We believe the entire ARM industry will benefit from the proper management of complaints. Because a rising tide lifts all ships, we released www.cfpbalerts.com  at no cost to users.”

This is the second free product Resulv LLC has brought to the marketplace.  Resulv’s flagship solution, Resulv.com, allows users to manage complaints, disputes, lawsuits and regulatory issues in one secure interface.  Resulv.com allows the end user the ability to no longer track their compliance issues on a spreadsheet.  With custom reporting and the ability to allow clients full transparency, resulv.com has become a go to compliance tool for many ARM industry users.

Resulv LLC was formed in 2013 by ARM industry peers.  Data is hosted in a SSAE16 Type 2 datacenter.  The company’s mission is to make compliance easy, streamlined and inexpensive.

Resulv LLC plans to release advanced functionalities and additional product lines in the near future.  For more information, email info@resulv.com.

 

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Accounts Receivable Management

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Is Auto Finance an ARM Sector on the Rise?

September 6, 2014 By Leave a Comment

Auto loans have long been an interesting market for the accounts receivable management industry. While total outstanding balances have always been quite high, historically in line with credit cards for example, the secured nature of the loans limit the work collection agencies could do for lenders.

But recent data show that auto loans are growing at a rate that mirrors student loans. And a lot of that growth is in the subprime market.

Auto loans represent the second-largest market of secured loans in the U.S. Underlying each loan is a physical asset that can be taken – repossessed – if the borrower defaults. The creditor can then sell the car and typically cover the outstanding balance due.

It doesn’t always work that way, however.  If a repossessed car fetches less than what is still owed, there is a deficiency balance remaining. This is typically what ARM firms have been working with regard to auto loans.

And it has been a meager market. In its most recent economic impact report, ACA International and Ernst & Young found that “auto loans” didn’t even register as a significant sector of the ARM industry. Only 2.8 percent of money recovered by collection agencies fell into an “Other financial services” category which included auto loans.

That might change soon, however.

Lenders are becoming increasingly willing to do business with consumers with lower credit scores, subprime customers. The Federal Reserve Bank of New York (FRBNY) recently released a study of subprime auto lending with the following takeaway:

Since the trough in Q4 2009, balances have risen across the board, but the growth has been most pronounced among the riskier groups, which also experienced the most severe contraction during the credit crunch of 2007-09. The dollar value of originations to people with credit scores below 660 has roughly doubled since 2009, while originations for the other credit score groups increased by only about half.

Auto loans to consumers with the best credit scores (760+) remain the largest single group. But the total balances of loans to consumers with the worst scores (below 620) is the second largest.

Delinquencies on auto loans remain historically low, with FRBNY reporting that the 90+ day late payment rate on auto loans in Q2 2014 was 3.3 percent, roughly the same rate as loans backed by real estate and far below the rates seen in credit cards (7.8 percent) and student loans (10.9 percent).

But the total pot of auto loans is growing. It’s now the second-largest non-mortgage consumer credit class in America.

account-balances-by-debt-type-FRBNY-Q1-2014

There is one other development that might drive the ARM industry’s participation rate in the auto finance sector: car repossessions are declining.

Experian reported that in the second quarter of last year, fewer vehicles were repossessed for non-payment of loans, 0.36 percent, than in any quarter since Experian began keeping such records in 2006. At the same time, the average charge-off amounts for defaulted auto loans were up by $450, from $6,768 in Q2 2012 to $7,218 in Q2 2013.

If the traditional method of recovering on bad loans is declining, surely creditors are exploring other avenues to make good on these loans.

It remains to be seen what utility traditional third party collection agencies can be in the auto finance market. But it is a sector that is growing and should be explored by firms looking for other markets.

Is Auto Finance an ARM Sector on the Rise?
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CFPB Warns Credit Card Companies on Marketing Interest Rate Promotions

September 6, 2014 By Leave a Comment

The Consumer Financial Protection Bureau (CFPB) Wednesday warned credit card companies against deceptively marketing interest-rate promotions. The Bureau is concerned that some companies are luring in consumers with offers of zero or lower interest for a specific purchase or balances transferred from another credit card, and then hitting them with surprise interest charges.

In the bulletin, the Bureau puts credit card issuers on notice about clearly disclosing the costs and risks of these promotional offers so consumers understand what they are signing up for.

“Credit card offers that lure in consumers and then hit them with surprise charges are against the law,” said CFPB Director Richard Cordray. “Before they sign up, consumers need to understand the true cost of these promotions.  Today, we are putting credit card companies on notice that we expect them to clearly disclose how these promotional offers apply to consumers so that they can make informed choices about their credit card use.”

The CFPB bulletin highlights concerns around the marketing of credit card interest-rate offers such as balance transfers, deferred-interest offers, and convenience checks. Under these promotions, consumers are often charged a fee to transfer a balance or make a purchase with their credit card in order to receive a promotional interest rate on that amount for a set period of time. While consumers pay no interest or a low interest rate for balances subject to the promotion, any additional purchases consumers make with the credit card may incur interest charges right away.

The Bureau believes some companies’ marketing materials do not clearly disclose that consumers must pay off the promotional balance by their due date to avoid racking up unexpected interest charges on routine purchases for which they were not charged interest previously. For some consumers, these surprise charges can make the cost of transferring a balance more expensive than revolving the same balance on their existing card.

These marketing tactics specifically impact consumers who enjoy an interest-free “grace period” on their credit card purchases. Consumers who pay off their total credit card balance each month receive a grace period during which they do not have to pay interest on purchases. When consumers carry their promotional credit card balance past their payment due date, they lose their grace period and are charged interest on all new purchases. The only way for these consumers to avoid interest charges on new purchases made with this credit card is to pay off their whole statement balance, including the promotional balance and the new purchases, by their monthly billing due date.

In the CFPB’s October 2013 CARD Act Report, the Bureau raised concerns about the level of consumer understanding  around credit card grace periods, how they work, and whether there are appropriate consumer disclosures. CFPB examinations of large banks and credit card issuers indicate that some companies may be failing to adequately explain the terms of certain interest rate promotional offers, leaving consumers confused about why they are incurring new interest charges on their purchases.

The Bureau’s bulletin explains that issuers whose marketing materials fail to convey that promotional interest rate offers may cause consumers to lose the interest-free grace period and rack up unexpected fees risk engaging in deceptive and abusive marketing practices. In the bulletin, the CFPB stresses that it expects credit card issuers to fulfill their legal obligations by clearly communicating costs, conditions, and limitations associated with promotional offers.

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Executive Change: Jeremy Katz Joins PRA Government Services Team

September 6, 2014 By Leave a Comment

Revenue Discovery Systems (RDS), a division of PRA Group’s government services (Nasdaq:PRAA) has announced that Jeremy Katz joined the company as vice president of state government solutions after 20 years at Xerox.

“We’re pleased to have Jeremy join our team as we strengthen our presence in the government sector and continue enhancing our business tax administration, discovery and audit services for state clients,” said Steve Roberts, president, business and government services at PRA Group. “His expertise, knowledge and unique perspective from previous positions will play a key role in the next phase of our success.”

To date, PRA’s government services companies have processed more than $10 billion in business taxes and recovered in excess of $2.4 billion in business tax revenue for 950 municipalities across the United States.

Prior to joining Xerox in 1995, Jeremy held a senior position in finance and administration for a privately-owned defense contractor in Alexandria, Virginia, and worked as an analyst in the Internal Revenue Service’s Office of Strategic Planning in Washington, D.C.

Jeremy is a graduate of the University of Maryland. He currently serves on the National Association of State Treasurers (NAST) Foundation Board and recently completed a three-year term on the NAST Corporate Affiliate Board.

PRA Group (Nasdaq:PRAA) is a world leader in acquiring non-performing consumer debt. The companies of PRA Group return capital to global banks and other creditors to help expand financial services for consumers in North America and Europe. PRA Group companies collaborate with customers to create affordable, realistic debt repayment plans in compliance with consumer protection laws and provide a broad range of additional revenue and recovery services to business and government clients.

PRA has been recognized as one of Fortune’s 100 Fastest-Growing Companies for the past three years. The company was also named one of Forbes’ Top 25 Best Small Companies in America in 2012 and 2013 and has been annually ranked on the Forbes list since 2007. PRA employs more than 4,000 people and is headquartered in Norfolk, Virginia. For more information, please visit www.pragroup.com.

PRA Group’s government services provides revenue enhancement support services to state and local government in the areas of tax administration, revenue discovery and recovery, and compliance audit examination. Its companies include Revenue Discovery Systems (RDS), MuniServices and Broussard Partners & Associates.

Executive Change: Jeremy Katz Joins PRA Government Services Team
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What will the relationship between the Department of Education and debt collectors look like in the future?

September 6, 2014 By Leave a Comment




Take Our Poll

The National Consumer Law Center released a pretty one-sided report about the role debt collectors play in collecting student loan debt for the Department of Education. But fear not: Student loan collection is a viable market, no matter how “icky” some might believe it to be. That’s why we created our new report, Student Loans – A Primer, which provides a snapshot of the student loan industry so that collectors can see where there is the greatest opportunity for growth in the market, and how compliance and “consumer first” thinking are mindsets that can ultimately boost ROI.

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NARCA President Among New Members of CFPB Consumer Protection Advisory Board

August 30, 2014 By Leave a Comment

The Consumer Financial Protection Bureau Thursday announced the latest additions to its three advisory boards, including seven new members of its Consumer Protection Advisory Board. Joann Needleman, VP at law firm Maurice & Needleman and current President of the National Association of Retail Collection Attorneys (NARCA), was named as one of the new members.

The purpose of the Consumer Protection Advisory Board as outlined in the Dodd-Frank Act, is to “advise and consult with the Bureau in the exercise of its functions under the Federal consumer financial laws” and “provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information.”

“To be selected to serve on the Consumer Advisory Board is a great honor and I believe it speaks volumes about NARCA’s strong working relationship with the CFPB, said Needleman. “For the last three years NARCA has helped to ensure that the protections in the courtroom afforded to consumers and creditors remain fair and balanced.”

New members of the Consumer Advisory Board serve three-year terms.

Needleman is the first member of the board to be directly involved in the ARM industry. But she noted that the board has members from a wide range of industries, including consumer finance, advocacy, and the legal profession.

“I have to give credit to the CFPB for selecting perspectives from across the spectrum,” she told insideARM.

The other members announced for the board are:

  • Ann Baddour, Senior Policy Analyst, Texas Appleseed, Austin, Texas
  • Julie Gugin, Executive Director, Minnesota Homeownership Center, St. Paul, Minn.
  • Brian Longe, Chief Executive Officer, Wolters Kluwer Financial & Compliance Services, Minneapolis, Minn.
  • J. Patrick O’Shaughnessy, President and Chief Executive Officer, Advance America Inc., Spartanburg, S.C.
  • Gene Spencer, Senior Vice President, Stakeholder Engagement, Policy and Research, Homeownership Preservation Foundation, Minneapolis, Minn.
  • James Van Dyke, Founder and Chief Executive Officer, Javelin Strategy & Research LLC, Pleasanton, Calif.

The Bureau also named new members to its Community Bank Advisory Council and Credit Union Advisory Council. New members of those groups serve two-year terms.

New Community Bank Advisory Council members:

  • Angela Beilke, Vice President, Mortgage Department, American Bank & Trust, Davenport, Iowa
  • Michael Gallagher, Senior Vice President, Risk Management Director, Enterprise Bank & Trust Company, Lowell, Mass.
  • Paul Mackin, President and Chief Executive Officer, Think Mutual Bank, Rochester, Minn.
  • Lynda Messick, President and Chief Executive Officer, Community Bank Delaware, Lewes, Del.
  • John Motley, President, Colonial Savings, Fort Worth, Texas
  • David Reiling, Chief Executive Officer, Sunrise Banks, Minneapolis, Minn.
  • Monica Thomas, Executive Vice President, Illinois Service Federal, Chicago, Ill.
  • Christopher Triplett, President, Chief Executive Officer and Chief Financial Officer, Newport Federal Bank, Newport, Tenn.
  • Kathryn Underwood, President and Chief Executive Officer, Ledyard National Bank, Hanover, N.H.

New Credit Union Advisory Council members:

  • Robert Falk, President and Chief Executive Officer, Purdue Federal Credit Union, West Lafayette, Ind.
  • Jason Lee, Executive Vice President and Chief Financial Officer, Orion Federal Credit Union, Memphis, Tenn.
  • Robin Loftus, Chief Operating Officer, Heartland Credit Union, Springfield, Ill.
  • James McDaniel, President and Chief Executive Officer, Heritage Trust Federal Credit Union, Charleston, S.C.
  • Robin Romano, Chief Executive Officer, MariSol Federal Credit Union, Phoenix, Ariz.
  • Ronald Scott, President and Chief Executive Officer, Appalachian Community FCU, Rogersville, Tenn.
  • David Seely, President and Chief Executive Officer, Kirtland Federal Credit Union, Albuquerque, N.M.
  • John Winne, President and Chief Executive Officer, Boston Firefighters Credit Union, Boston, Mass.

 

 

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