The Twelfth Man of Debt Collection

The Twelfth Man in Debt Collections By Jared Kirby October 31, 2017   Listening to the noise of the Auto Finance industry could leave you stumbling in a few different directions on where your focus should be for Q1 2018.  Everyone says they’re an advocate of stats and metrics, but most tend to stay away from the daunting task of organizing and sorting spreadsheets as they lack the tools to make this a simple process.  At the end of the day, every company has one common goal; to beat last year’s numbers.   With technology constantly evolving and everybody chiming […]

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How Technology can change the Auto Finance Industry

How Technology can change the Auto Finance Industry By John Lewis October 16, 2017   The ability to utilize technology to increase your view into how people behave has never been more opportunistic. As we move into 2018, the auto finance industry is finally catching up to the need, and desire, to use Artificial Intelligence. They still face challenges similar to what we saw when we launched masterQueue in 2011, but the times are changing.   Many companies still manually gather data versus using automated big data gathering strategies, and many companies are still using collector and skip tracer intuition […]

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Big Government Moves into Debt Collection – Part III

Today the CFPB once again showed they do not mess around. They fined Wells Fargo $185m for creating a half a million credit card accounts without customer authorization. Wells and the Regulators have known about this for years, and over the past couple years Wells fired over 5000 employees as a result. The $185m was the largest CFPB fine to date, and while this was not related to debt collection, it’s clear they may have just fired a shot over the bow of the debt collection industry when it comes to generating fines for bad behavior, or what they will […]

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Big Government Moves into Debt Collection – Part II

The proposed new debt collection laws released last month by the CFPB clearly states Dodd-Frank empowers the CFPB. They have “decided to consider issuing debt collection regulations that implement the FDCPA and other statutory authorities and that cover the activities of debt collectors and debt buyers. THEY’RE CHANGING THE RULES AND IT WILL IMPACT US, AGAIN. How? Significantly, Financially, Operationally, and it will once again shake up how we all do business by forcing us to invest in new technology to implement and track these complex rules. We’ll also be forced to retrain or hire new staff qualified to handle […]

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Big Government moving into Debt Collection – Part I

We thought the CFPB would be rewriting the FDCPA, but with the release of the 117 page “SMALL BUSINESS REVIEW PANEL FOR DEBT COLLECTOR AND DEBT BUYER RULEMAKING OUTLINE OF PROPOSAL UNDER CONSIDERATION AND ALTERNATIVES CONSIDERED” document on July 28th, it’s now clear they are just adding new language and new rules, still without an ultimate, final and specific roadmap. Seems like they’re also planning to keep the 1977 FDCPA document in tact. Its kind of like dating before marriage, they’re keeping their options open to do what they want and they’re reserving the right to change rules and change […]

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2016 Compliance Must Have: Tracking via Technology

In September 1963, a young singer-songwriter-poet named Bob Dylan wrote an anthem for change. The last verse gave warning those who don’t keep up with the times and changes taking place: “The line it is drawn the curse it is cast The slow one now will later be fast As the present now will later be past The order is rapidly fadin’ And the first one now will later be last For the times they are a’ changin’!” Today, fifty plus years later, those words ring true for the auto finance industry, especially as it relates to their collection activity […]

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A senseless tragedy and a call for continuing education to our industry – Lenders and Vendors

Who’s responsible for this tragedy? It’s easy to blame the repo company, but what if they had an good employee who simply didn’t have enough training on how to handle these situations and he made a horrible mistake? What if he’d been working contingent assignments for a week with no income and he got to a point of desperation and he had the car and then she jumped in and took off, and his adrenaline got the best of him, and he didn’t have the training or incentive to “just say no” to following her? Anyone who has repossessed a […]

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They Want Your Name…Why This New Law May Keep You Up at Night

When I started working for Chrysler Credit Thirty-Four years ago today, there were no rules centered around the acquisition of public record data, or how it was used.  The FDCPA was released in 1977, but I don’t recall hearing that term until at least the mid 80s.  The word compliance was not a part of my training, and frankly, we pretty much did what we wanted to find people and get our cars back. SB34 was passed by California Legislature and signed into law by Governor Jerry Brown in Oct, 2015 and it went into effect Jan 1, 2016. https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160SB34 […]

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California SB-34

At masterQueue we take Privacy, Security and Compliance very seriously.   The new California SB 34 legislation is complex and detailed with regard to any/all State of California related ALPR data that may be applied throughout the US.   We felt the topic was important enough that we proactively built security measures into our system so that any account that has ALPR data attached to it has the added protection of the Permissible Purpose screen and associated tracking and reporting to assist our clients’ in staying compliant to all laws and regulations. Towards that, below is the new feature announcement email I [...] Read more »