07. 03. 17

(The following article was published in Credit Research Foundation's 2Q 2017 News.  Commercial Collection Agencies of America is a proud Platinum member of Credit Research Foundation!)

By Annette M. Waggoner, Executive Director
Commercial Collection Agencies of America

When a creditor places a delinquent receivable with a certified commercial collection agency for collection, the creditor may authorize the agency, when necessary, to retain an attorney in the area where the debtor is located. The attorney is selected by the creditor and/or the agency with a specific provision that a lawsuit will not be filed without the creditor’s prior authorization. It is incumbent on the creditor to determine whether the likelihood of recovery on the claim, and the probable amount of recovery, will justify the time and expense of litigation. Consultation by an agency and attorney can assist in that task.When a creditor places a delinquent receivable with a certified commercial collection agency for collection, the creditor may authorize the agency, when necessary, to retain an attorney in the area where the debtor is located. The attorney is selected by the creditor and/or the agency with a specific provision that a lawsuit will not be filed without the creditor’s prior authorization. It is incumbent on the creditor to determine whether the likelihood of recovery on the claim, and the probable amount of recovery, will justify the time and expense of litigation. Consultation by an agency and attorney can assist in that task.

The agency and attorney can evaluate the claim for suit worthiness, establish the viability of the corporate entity (and personal guarantor, if applicable), determine if the statute of limitations has expired, examine the risks of initiating a law suit and discuss the willingness to defend a counterclaim if brought against the creditor.

Agencies forward claims to a network of attorneys across the United States and abroad. The advantage of using an agency’s network is that attorneys receive many claims in their locale from the agency and represent many of the agency’s clients. A tenured, certified commercial collection agency has long-standing relationships with attorneys who specialize in creditors’ rights within each state. These relationships ensure that the attorneys handle each matter in an expeditious manner, represent the creditors with the utmost professionalism and provide detailed and timely reports of progress throughout the life of the lawsuit.

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04. 19. 17

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.

04. 17. 17

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.

03. 30. 17

Members recently met at The Ritz Carlton-Atlanta for the Spring conference, which overflowed with topnotch
education, frequent networking and the most exciting social events, including the Triadic
Tournament… #thecoolesteventever!

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11. 07. 16

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 awaggoner@commercialcollectionagenciesofamerica.com.