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Using Social Media in Collections
WHAT ARE ONLINE COLLECTION TECHNIQUES?
Online collection techniques are skills that collectors use to locate debtors on the Internet to try to collect on a debt.
In late 2007, the Federal Trade Commission held a public workshop to evaluate the need for changes in the debt collection system, including the FDCPA, in order to protect consumers better. The goal of this two-day workshop was to explore changes in the collection industry and examine their impact on consumers and businesses. Based on the results they found during those 48 hours, the FTC concluded that the debt collection legal system needs to be reformed and modernized to reflect changes in consumer debt, the debt collection industry, and technology, while protecting consumers and without unduly burdening the debt collection industry.
In my experience, technology continues to change the debt collection environment by solving problems, enhancing debt collection processes, and automating functions. Most new tools make processes more cost effective and efficient, since, the Internet has forced collectors to be educated and actively involved online. Some examples of types of online collection websites are skiptracing websites, such as searchamerica.com, Merlin data, court records, or anything online that can help a collector locate a debtor.
Consumer credit is a critical part of today’s economy, whether it is good or bad. Credit allows consumers to purchase goods and services for which ...
