Collection News

Credit Acceptance Announces Fourth Quarter and Full Year 2011 Earnings

Posted on 03. Feb, 2012 by Collections Recon.

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Credit Acceptance Corporation (Nasdaq:CACC) (referred to as the “Company”, “we”, “our”, or “us”) announced consolidated net income of $50.0 million, or $1.91 per diluted share, for the three months ended December 31, 2011 compared to consolidated net income of $47.0 million, or $1.69 per diluted share, for the same period in 2010. For the year ended December 31, 2011, consolidated net income was $188.0 million, or $7.07 per diluted share, compared to consolidated net income of $170.1 million, or $5.67 per diluted share, for the same period in 2010.

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Telecommunications, collections, broadband service companies top list of state consumer complaints filed in 2011

Posted on 03. Feb, 2012 by Collections Recon.

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Telecommunications companies, including phone companies, topped the list of complaints filed with Washington Attorney General’s Office last year with 1,581 complaints. Second is collection agencies, which ranked No. 1 in 2010, with 1,577 complaints. Broadband companies captures third place with 1,363 complaints.

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Collection Agency Picked On the Wrong Lou Correa

Posted on 03. Feb, 2012 by Collections Recon.

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Last year, California State Senator Lou Correa (D-Orange County) was sued for a $4,000 debt owed by an unrelated “Luis Correa,” and learned of the lawsuit only after his wages had been garnished. Sear’s billing department had handed the original debt off to LVNV Funding LLC, a debt-collection clearinghouse, which in turn hired the Brachfield Law Group to collect the actual debt. Brachfield sent numerous letters to Luis Correa that went unanswered.

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Arizona Lags Behind in Protections Against Debt Buyers

Posted on 03. Feb, 2012 by Collections Recon.

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In January the State Senate in California passed legislation aimed at debt buyers like Midland Funding, LVNV Funding, and Portfolio Recovery who sue people over debts without adequate documentation to prove that they own the debt or that they are even suing the right person.

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Bring Call Centers Back To U.S., Bill Proposes

Posted on 02. Feb, 2012 by Collections Recon.

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Offshore call centers have cost the country 500,000 “good paying jobs” says Rep. Tim Bishop, a New York Democrat, as he introduces a bill to reverse the trend.

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Equifax Reports Improvement in Commercial and Consumer Bankruptcies

Posted on 02. Feb, 2012 by Collections Recon.

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According to Equifax Commercial Information Solutions analysis, bankruptcy petition rates have nearly returned to pre-recession index levels. Commercial petitions for bankruptcy decreased 44% since their peak in Q2 2009 through Q4 2011; while consumer petitions peaked a year later in Q2 2010 and declined 26% through the end of 2011.

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Persolvo Data Systems Experiences Record Growth in 2011

Posted on 02. Feb, 2012 by Collections Recon.

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Persolvo Data Systems, a leading provider of web-based settlement software and analytics tools designed to locate, identify and settle accounts enrolled in debt settlement programs, announced today that the company achieved a number of record milestones in 2011. For the year ending December 31, 2011, Persolvo grew revenues by 278% over 2010 and increased the amount of debt settled by 237%. In addition to successfully deploying their first top 5 credit card issuer in 2011, the company more than doubled the number of debt buyers, collection agencies and legal recovery firms utilizing Persolvo’s technology.

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BillingTree Outlines 12 Bottom Line Improvement Ideas A Company’s Billing And Payment Channels Can Deliver in 2012

Posted on 31. Jan, 2012 by Collections Recon.

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BillingTree, one of the nation’s leading on-demand payment processors, today outlined 12 ideas that can help organizations improve their bottom line in 2012. The company believes all businesses should consider adopting one or more of these 12 payment and billing services to match more closely their customers’ changing needs, while generating more revenue from comparable business levels. In addition, many of these suggestions result in improved customer service.

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WebRecon to Transform, Begin Verifying Litigant IDs and Tracking Pre-Litigation Demands

Posted on 31. Jan, 2012 by Collections Recon.

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WebRecon LLC is about to change all of the rules.

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400% Greater Cell Phone Penetration at 89% Less Cost

Posted on 31. Jan, 2012 by Collections Recon.

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Radius Solutions, Inc. (Radius), a flexible, management-driven software and product provider based in Jacksonville, Florida, and founded in 2007, has announced the release of a new solution for every company seeking to comply with the Telephone Consumer Protection Act (TCPA) and its prohibition against using automatic telephone dialing systems and predictive dialers to call cell phone numbers in any mode.

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