collection letters

Monarch Recovery Management, Inc. retains BillingTree® to help meet growing demands for online web payments while ensuring compliance

Posted on

Monarch Recovery Management, Inc., an industry-leading accounts receivable management company and BillingTree®, one of the nation’s leading on-demand payment processors are working together to extend Monarch’s payment infrastructure by adding an advanced on-line payment processing portal. The new portal delivers value-added processing services to Monarch’s banking clients and caters to consumers’ need for self-service, while meeting debt repayment requirements and mitigating risk.

Monarch understands the importance of acquiring new technology to improve performance for clients and is proud to offer customers the industry’s most advanced processing capabilities.

Monarch takes a “Compliance first approach to collections”, and earned the “Best Compliant Agency” 2012 award from one of the largest banks in the country. BillingTree services are PCI and SSAE 16 compliant and the company was recently accredited with an ‘A+’ rating by the internationally respected independent Better Business Bureau (BBB).

What we learned at NAFCU

Posted on

It was great to meet many Directors of Credit Unions last week at the National Association of Federal Credit Unions (NAFCU) Conference in Boston, MA. Outsourcing collections was a key topic for a lot of the executives we spoke to. Credit Union leaders are realizing that outsourcing collections is just a good business decision. Outsourcing will save valuable resources that can be redirected to growing other critical aspects of their businesses while increasing performance and overall profitability.

Monarch can help, email us at sales@monarchrm.com so we can schedule a time to demonstrate how we will seamlessly facilitate the outsourcing of your collections.

Monarch Recovery Management Partners with Call Miner

Posted on

Monarch Recovery Management, Inc. improves efficiency, ensures continued compliance and reduced regulatory risk with speech analytics.

With the help of CallMiner Eureka, Monarch tracks every collections call for Mini Miranda language, Right Party Contact language, and FDCPA violations, in addition to highlighting best practices. By monitoring and scoring 100% of phone calls, we ensure compliance with all regulatory requirements while also improving agent performance and call center operations. Monarch Recovery Management, Inc. continues to deploy cutting edge technologies to lower costs and provide better service while protecting our clients’ brand and reputation.

Monarch Recovery Management is Attending NAFCU

Posted on

Monarch is on the Move. We are attending NAFCU, The National Association of Federal Credit Unions Annual Conference July 9-13th at Hynes Convention Center in Boston, MA. Visit booth 1024 for a chance to win a Kindle Fire.
Schedule a time to meet with us at NAFCU so we can demonstrate why some of the largest financial institutions in the country choose Monarch Recovery Management as their agency of choice.

 

Monarch Recovery Management Advances Operational Process with Experian’s FirstSweep℠

Posted on

Monarch Recovery Management, Inc., a Next Generation Collection Agency, is incorporating Experian’s FirstSweepSM, a comprehensive collections filtering product, to streamline workflow, reduce regulatory risk and deliver more value to clients.

Philadelphia, PA Monarch Recovery Management, Inc., an industry leading accounts receivable management company, announced they will be collaborating with Experian®, the leading global information services company, by using FirstSweepSM, an Experian tool, to improve efficiency and productivity and reduce regulatory risk.

“Experian’s clients have been asking for new tools to help them operate their business efficiently and safely,” said Paul DeSaulniers, Senior Director of Collections, Consumer Information Services, Experian. “FirstSweepSM delivers Monarch Recovery Management, Inc. an accurate, up to date program with a comprehensive view of the consumer in one place advancing Monarch’s operational process.”

“Maintaining our perfect compliance record, while regulatory requirements rise is a top priority at Monarch.  In today’s world, we must obtain a wide variety of information about consumers from numerous data sources and embrace new technologies to help us accomplish this. Leveraging FirstSweepSM enables us to be more productive and deliver greater returns to our clients,” said Anthony Mazzacano, Chief Strategy Officer.

For more information about Monarch Recovery Management, Inc. and Monarch’s Next Generation
Collection Strategies contact:

Anthony Mazzacano
Chief Strategy Officer
800.220.0605
amazzacano@monarchrm.com

About Monarch

Monarch’s mission is to deliver superior performance in the recovery of diverse asset classes through successful integration of processes, systems, personnel, and practices. For more information, visit https://monarchrm.com/

About Experian

Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.

Experian PLC is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2012 was US$4.5 billion. Experian employs approximately 17,000 people in 44 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

For more information, visit http://www.experianplc.com.

Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.

Monarch Cares Announces Companywide Biggest Loser = Biggest Winner Weight Loss Challenge

Posted on

Philadelphia, PA  In an effort promote worksite health in 2013 and team building Monarch Recovery Management, an industry leading, next generation, accounts receivable management company, announces the launch of  its Annual Biggest Loser = Biggest Winner Company Weight Loss Challenge. 

This year Monarch’s ownership team is matching the entrance fee and doubling the grand prize. 

“Promoting weight loss and having healthy employees enables us to serve our clients better and is just good business, stated Bill Fuller, Monarch’s COO.  According to the CDC, work site health promotion programs can significantly reduce absenteeism and health care costs.” 

One of the most challenging aspects of losing weight is the motivation to start and continue a healthy diet and exercise program.  Monarch’s Biggest Loser = Biggest Winner Weight Loss Challenge is a fun and motivating way to lose weight as a group. Participants offer each other support, motivation and friendly competition that turns a humdrum diet and exercise program into a fun team building exercise. 

For more information about Monarch Recovery Management, Inc., Monarch’s Biggest Loser = Biggest Winner Weight Loss Challenge and Monarch Cares contact: 

Bill Fuller

Chief Operating Officer

866.227.0605

bfuller@monarchrm.com

 

A Cautious Win for Creditors and Debt Collectors

Posted on

insideARM.com ran a story recently about an FDCPA case that wasn’t decided in favor of the consumer.

The meat of this story is about how, exactly, the words if and unlessfunction in a collection letter.

In one case, Camacho v. Bridgeport Fin., Inc., Bridgeport Financial did not prevail in the FDCPA lawsuit brought against it by a consumer because the language in its initial contact made it sound like the consumer must dispute the debt in writing: “Unless you notify this office in writing within 30 days after receiving this notice that you dispute the validity of this debt or any portion thereof, this office will assume this debt is valid.”

In another case, Riggs v. Prober & Raphael, Prober & Raphael may have gotten lucky. The language they use isn’t quite so definitive:

“Please be advised that if you notify my office in writing within 30 days that all or a part of your obligation or judgment to FIRESIDE BANK is disputed, then I will mail to you written verification of the obligation or judgment and the amounts owed to FIRESIDE BANK. In addition, upon your written request within 30 days of receipt of this letter, I will provide you with the name and address of the original creditor, if different from the current creditor.

If I do not hear from you within 30 days, I will assume that your debt to FIRESIDE BANK is valid.”

That unless in Bridgeport’s letter sounded, at least to the Ninth Circuit Court, like it was a requirement – something that the Fair Debt Collection Practices Act actually doesn’t intend. The FDCPA does not make written communication the only communication a consumer can use to dispute a debt. Look at section 1692g(a)(3-4):

§ 809. Validation of debts

(a) Within five days after the initial communication with a consumer in connection with the collection of any debt, a debt collector shall, unless the following information is contained in the initial communication or the consumer has paid the debt, send the consumer a written notice containing—

…

(3) a statement that unless the consumer, within thirty days after receipt of the notice, disputes the validity of the debt, or any portion thereof, the debt will be assumed to be valid by the debt collector

(4) a statement that if the consumer notifies the debt collector in writing within the thirty-day period that the debt, or any portion thereof, is disputed, the debt collector will obtain verification of the debt or a copy of a judgment against the consumer and a copy of such verification or judgment will be mailed to the consumer by the debt collector

Pay particular attention to that if in (4). And for the Ninth Circuit Court, that’s where Prober & Raphael got it right and stayed on the right side of the FDCPA. The word if doesn’t sound like it’s dictating the terms of the communication to the consumer.

As much as possible, our communications to debtors should adhere to the FDCPA, especially when the FDCPA’s language can protect an agency. We can still be sued for following the FDCPA – being compliant isn’t a shield against lawsuits. But adhering to the FDCPA can protect us in court.

In this specific case, though… It’s too soon to tell. Basing an argument off of something as slippery as the difference between if and unlessmakes us a little anxious. What thoughts do you have?