If you run or manage a financial institution, then you already understand how difficult staying ahead of collection compliance laws can be. Although staying compliant is not always an easy task, any mistakes can make it all but impossible for you to collect on delinquent accounts, and they can even result in legal problems.

Taking the proper steps and following an effective plan can work wonders to keep your bank on the right track. If you are unsure of where to start, the following information will get you moving in the right direction. In addition to learning about the most common issues, you will also discover some of the top tactics that are used by industry professionals to keep their records and collection processes organized.…