Commercial Collection Agencies of America recently released its year-end report and analysis of delinquent account placement with its agency membership. Annette M. Waggoner, Executive Director reports the number of commercial (business to business) accounts placed with agency members rose by 10.82% in 2016 when compared to 2015.
The dollar amount of accounts placed increased by 10.58%. Ms. Waggoner noted that the second quarter of 2016 registered the largest dollar amount of placements in the eight quarter history studied while the fourth quarter registered the second largest dollar amount of placements.
The association also studied the average-sized account placed with agency members, which ranged from just above $2,400 to slightly above $3,100 in both 2015 and 2016. The average-sized account in the fourth quarter of 2016 was 16.64% higher than in the fourth quarter of 2015.
An expanded study also provided an analysis for the pre-recession period through current day. Regarding the number of accounts placed, at the outset of the recessionary period, 2007-2009, agencies reported an increase, followed by a sharp decline from 2010-2013. In 2014 and 2015, there were numerous fluctuations between quarters, while a steady increase was exhibited in 2016.
The same study examined the dollar amount of increases. Between 2007 and 2009, there was a consistent increase in the dollar amount of commercial accounts placed with third party agencies. Between 2010 and 2013, there was a consistent decline. As seen in the number of accounts placed, the index fluctuated between quarters in 2014. In 2015 and 2016, the highest levels in the dollar amount of accounts placed were reported.
The increases in number of accounts placed and dollar amount of accounts placed are encouraging to the seasoned professionals, which make up the membership. While manufacturing output is increasing and according to the economists, industrial sector output growth has been improving over the past months, members note that significant gains in their clients’ sales will have to occur before a notable uptick in account placement will be realized.
Commercial Collection Agencies of America is the premier association for commercial collection agencies, elevating the standards of the collection industry by providing the superior certification program in the industry. The association requires adherence to a strict code of ethics in addition to fulfillment of continuing education of its members. The rigorous certification requirements, set by an Independent Standards Board, ensure that member agencies provide the highest level of professional service while they collect billions of dollars on behalf of creditors worldwide.
A director of certified agencies and affiliate members can be found by clicking "Members" above.
Commercial Collection Agencies of America recently announced that through its initiative, Commercial Collection Agencies of America Gives Back, a portion of the proceeds of its recently held meeting in Atlanta, Georgia will be given to the Atlanta Ronald McDonald Houses.
At the general membership meeting, attendees offered overwhelming support to this worthy initiative and enthusiastically suggested charitable organizations to which the association should donate.
Since 1979 the Atlanta Ronald McDonald Houses have been called “home” by more than 46,000 families with ill and injured children receiving medical care nearby. The Houses are built on the simple idea that nothing else should matter when a family is focused on the health of their child – not where they can afford to stay, where they will get their next meal or where they will lay their head at night to rest. They believe that when a child is hospitalized, the love and support of family is as powerful as the strongest medicine prescribed.
"We are humbled to be able to support the endeavors of the Atlanta Ronald McDonald Houses in our own small way. Commercial Collection Agencies of America Gives Back was uniquely created by the Board of Directors in order for the Association to offer assistance to those in need," commented Executive Director, Annette M. Waggoner. She continued, "Commercial Collection Agencies of America has also been fortunate enough to donate a portion of the profits from previous meetings to The Cystic Fibrosis Foundation, Wounded Warrior Project, Blessings in a Backpack and The ALS Association-Greater Chicago Chapter."
For more information regarding the Atlanta Ronald McDonald Houses, please visit www.armhc.org.
Commercial Collection Agencies of America recently participated at the October meeting of the Credit Research Foundation held in Fort Lauderdale, Florida.
The association addressed the membership of Credit Research Foundation, a nonprofit, research and educational organization, which advances the understanding, practice and development of technique and trends in business credit for the benefit of businesses worldwide by communicating the value of credit and receivables management. The membership consists of senior leaders/department heads from Fortune 1500 organizations.
The session, presented by Commercial Collection Agencies of America Executive Director, Annette M. Waggoner, stressed the relevance of the certification process of commercial collection agencies, as well as detailed operational standards and requirements which are paramount to protect the credit industry.
Waggoner illustrated what credit grantors should look for when enlisting the services of a commercial collection agency, outlining effective attributes of an agency. In addition, attendees learned about the history of certification and why now, more than ever before, codification of requirements is necessary.
She continued with an explanation of the five main sectors of the certification program of Commercial Collection Agencies of America which create the unparalleled program that the organization offers to elevate the standards in the collection industry.
“The certification requirements process and resulting Certificate of Accreditation and Compliance serve as the prototype and standard for third party commercial agency membership within the Credit Research Foundation,” added Bill Balduino, President of CRF.
“As a Platinum Partner of CRF, we were proud to present a relevant session which spotlighted the criticality of the implementation of effective requirements and stress why it is crucial to credit risk professionals, as well as the C levels and audit teams at their firms, to choose a collection agency that has qualified for certification,” stated Waggoner.
The session also addressed collection statistics and the impact that bad debt write-offs have on sales and provided attendees with useful industry reports.
When queried about the difference between certification programs, Waggoner offered that there are fundamental differences in the programs. She stressed that the promulgation of certification requirements must be done by a knowledgeable governing body and the implementation of those requirements must be dedicated, consistent and properly monitored-attributes which make the accredited program of Commercial Collection Agencies of America superior to others.
Commercial Collection Agencies of America is an organization of commercial collection agencies, creditors’ rights attorneys and law list publishers many of whom have been certified for over four decades. It is the only certifying body in which all agency members are certified.
For a copy of the program presented at Credit Research Foundation or to learn more, please contact Commercial Collection Agencies of America by emailing Executive Director, Annette M. Waggoner at firstname.lastname@example.org.
Commercial Collection Agencies of America recently held its third annual meeting in Delray Beach, Florida. The meeting was a smashing success, broke attendance records and effectively combined education and networking for all members. Agency members earned credits to comply with the educational component of the unparalleled certification program while attorneys earned continuing legal education to satisfy state requirements.
The meeting opened with a packed room for the Welcome Reception and Dinner. At the dinner, colleagues were reacquainted and new business relationships were formed. The association announced that through its recurring initiative, Commercial Collection Agencies of America Gives Back, a portion of the proceeds from the meeting will be given to Blessings in a Backpack, a program that provides weekend food for elementary school children run by Affiliate member and Standards Board member, Christine Hayes Hickey.
On Friday, the association hosted thirteen (13) speakers who spoke on a spectrum of vetted topics-its largest slate to date, exhibiting the association’s commitment to stellar education.
Regulator Roundtables which facilitated small group discussions between agencies, attorneys and state regulators. The group welcomed past presidents and member regulators of NACARA-North American Collection Agency Regulatory Association to address all types of licensing and compliance issues. Regulators: Anthony Polidori, Sheryl Sailer and Steven McElwain
The association welcomed an esteemed panel of credit professionals during “Best Practices of a Collection Agency as Viewed by a Credit Practitioner”. Members learned what credit managers are looking for when employing an agency....excellent takeaways! Panelists: William Balduino, Virginia Soderman and Martin Scaminaci
“So You Think You Know Everything about Negotiating” featuring America’s Business Coach, Barry Elms when there was not an empty seat in the house. Barry later signed a complimentary copy of his book for all attendees.
“Enforcement of Foreign Judgments and the Implementation of the Uniform Enforcement of Foreign Judgment Act” when attorneys Barbara Muller-Wilson, Peter Ramsey Helt and Bryan Kaplan showcased their extensive research on the subject and welcomed their colleagues’ input in this interactive session.
Mike Ginsberg of Kaulkin Ginsberg educated the group on “Selling and Purchasing an Agency-Looking at It from Both Sides of the Table.” Ginsberg taught members how to navigate through a change of ownership scenario.
The group learned about the “Ramifications of Filing a Bad Proof of Claim in Bankruptcy” from attorneys Barbara Barron and Steve Sather from Barron and Newburger P.C. An insightful study for all of our members!
One of the associations’ missions is to offer advanced, pertinent education to benefit each member. The meeting in Delray Beach exceeded the goal to offer advanced, pertinent education to benefit each member. The association is grateful to all speakers and panelists in assisting in fulfilling that mission!.
Coupled with the top-notch education were frequent opportunities for the members to network. The Forwarders and Receivers session offered a unique session where all attendees met one another while addressing case scenarios and topics which face practitioners in their everyday work life.
The ever-popular Open Forum session focused on the rising costs of running a firm. The interactive dialogue highlighted the collegiality amongst the members while offering real world answers to questions posed by members.
The meeting’s social activities added a fun and festive vibe to the event! After the sessions on Friday, members teamed up in this year’s Triadic Tournament, “Martini Mixer”.
Triadic teams worked together to concoct unique, delicious martinis while getting to know new colleagues and renewing friendships with others….all while enjoying the Florida sunshine. Congratulations to the Green Team whose martini knocked the judges’ flip flops off! Literally!
On Friday evening, the association welcomed Miami Dolphin alumni players at the annual cocktail reception on the beautiful Pool Terrace. Hall of Famer, Dwight Stephenson joined by Roy Porter, Jeff Cross, Mark Higgs and others signed autographs and socialized with our members!
The Beach Bash at The Sand Bar, hosted by the Delray Beach Marriott, was the place to be for late night cocktails, conversation and fun and an exciting drawing! Dolphins’ players and members danced to awesome tunes (who knew we had so much rhythm in this group!) and enjoyed the lively tropical setting which has become a member favorite! Who has ticket number #3000039, anyway!?!
After the meeting concluded on Saturday, members played golf, tennis and headed to the pool and beach with their colleagues and friends for an afternoon of rest and relaxation. An impressive contingent of members braved the Atlantic Ocean to participate in the First Annual Fishing Charter. One of the members even caught a dolphinfish! And who could forget those fearless members who traveled to the Everglades for the Alligator Tour. We are glad to report…all members returned….limbs intact!
Thank you to our valued vendors: Datamatx, Buchbinder and First American-Data Tree. Please visit our website, under the Special Partners tab, to visit the vendors’ websites and learn more about their useful services.
Thank you to our generous sponsors with whose support, our meeting was spectacular! They are:
|The Association of Law List Publishers||Miller, Cohen Peterson & Young|
|Barnett & Garcia PLLC||ABC-Amega|
|Gaba Law Corporation||Kitchens Kelley Gaynes PC|
|Lyon Collection Services||Brennan & Clark Ltd.|
|Mendelson, Goldman & Schwarz||Todd Associates Inc.|
|Sweet & Walker PC||Law Offices of Timothy M. Sullivan|
|Rinehart, Scaffidi & Rinehart LLC||The Guerrini Law Firm|
Click here to visit our gallery of great pictures of the meeting and social activities!
Commercial Collection Agencies of America is grateful to all attendees for making this year’s annual meeting another wonderful experience. Association members look forward to meeting again March 9-12, 2017. Details regarding the location will be announced soon.