Many businesses sabotage their own collections by making common mistakes—like being too aggressive or failing to document communication. Learn how to recover what you’re owed more effectively.
Author Archive: Chris Mihoulides
The Importance of Compliance in Debt Collection: What Businesses Should Know
Understanding and complying with debt collection laws like FDCPA, Reg F, TCPA, and CFPB regulations is essential for protecting both consumers and your business. Learn what every business should know about compliance—and the risks of getting it wrong.
How Small Businesses Can Effectively Manage Late Payments
Managing late payments is crucial for small business success. Learn practical steps to prevent delinquencies and when to bring in expert help.
Debt Collection Technology: Tools Revolutionizing the Industry
Explore how technology is transforming debt collection. From predictive dialing to debtor analytics, learn how these tools are making recovery smarter and more efficient.
The Benefits of Hiring a Professional Debt Collector Versus In-House Collection
Deciding between in-house debt collection and outsourcing to a professional agency? Learn the pros and cons of each approach to maximize recovery while maintaining customer relationships.
Why Hiring a Collection Agency Can Improve Your Business Cash Flow
Maintaining a healthy cash flow is essential for business success, but unpaid invoices can pose significant challenges. Partnering with a professional collection agency ensures efficient debt recovery, saves time and resources, and minimizes financial risks. Learn how outsourcing debt collection can improve cash flow, protect client relationships, and support your business growth.
Industry Trends and Insights: Staying Ahead in the Evolving Debt Collection Landscape
The debt collection industry is undergoing rapid changes, driven by new regulations, technology, and consumer expectations. In this blog, we explore key trends shaping the future of collections, including increased regulatory scrutiny, the rise of digital collection tools, consumer-centric strategies, data-driven decision-making, and a focus on mental health and financial wellness. At Credit Counsel, Inc., we stay ahead of these trends to ensure ethical, compliant, and effective collection practices that benefit both our clients and consumers. Stay informed and discover how we adapt to the evolving landscape.
Debunking Common Myths About Debt Collection
Debt collection often carries a negative reputation, largely due to widespread misconceptions. Many people believe that debt collectors can harass them or that unpaid debts will always damage their credit. The reality is far more nuanced, with laws like the Fair Debt Collection Practices Act (FDCPA) offering strong protections for consumers. For example, debt collectors cannot threaten or use abusive language, and not all debts in collections have the same impact on your credit score. In this blog, we debunk some of the most common myths surrounding debt collection, helping you understand your rights and how to navigate the process with confidence.
Financial Literacy and Debt Management: Tips and Resources for Success
In an age where financial stability is paramount, understanding the basics of financial literacy and debt management is essential for both individuals and businesses. By educating ourselves about budgeting, credit, and investment strategies, we can make informed decisions that pave the way for a secure financial future. This blog post offers valuable resources and actionable tips to help you manage your finances effectively, build an emergency fund, limit high-interest debt, and seek professional guidance when necessary. Join us as we explore the vital steps you can take to avoid falling into debt and achieve financial empowerment.
Dealing with Difficult Debtors: Strategies for Overcoming Common Objections
Dealing with difficult debtors can be one of the most challenging aspects of collections. From unreturned calls to repeated excuses, it’s easy to feel frustrated. However, maintaining professionalism and using effective strategies can turn these obstacles into opportunities. By staying calm, empathizing with the debtor’s situation, and offering flexible payment solutions, collectors can steer conversations toward resolution. Additionally, being prepared with responses to common excuses—like “I didn’t receive the bill” or “I can’t pay right now”—can help you stay in control of the situation and achieve positive outcomes.