Kazlow & Fields

Bankruptcies Declining . . . Another Symptom of the Recovery?

Darren Fields — Thu, 02 Feb 2012 19:40:33 +0000

Experian reports that both consumer and commercial bankruptcies declined steadily in 2011, and have dropped dramatically since their peak rates in 2009 and 2010 respectively. For those in the collection industry, this is confirmation of what most of us already suspected or knew, and it’s welcome news.

http://www.marketwatch.com/story/equifax-reports-improvement-in-commercial-and-consumer-bankruptcies-2012-02-02

Surety Market Outlook

Darren Fields — Tue, 13 Dec 2011 20:34:47 +0000

Construction Executive Magazine has published its annual “Surety Market Outlook” (November 2011 Edition). Some of the major conclusions and observations are:

Only well capitalized contractors with a solid record of success will find significant bonding capacity in 2012

Small contractors have been hit hardest over the past three years and those that have survived can secure surety credit due to the entrance of new sureties in the market

Medium size contractors are in the most competitive market since the largest contractors have moved down to compete

Large contractors are still feeling the effects of reduced backlogs

Mega contractors have fared the best

Sureties avoided high levels of loss in 2011 but loss frequency is up and increasing among small and medium sized contractors

Sureties have still been profitable in 2011 but…..

It is predicted that in 2012 losses for sureties will increase and achieve historically normal loss ratios with few, if any, catastrophic losses.

Deficit Reduction May Bring About Changes to Debt Collection

Darren Fields — Fri, 23 Sep 2011 13:41:40 +0000

While the proposal only pertains to the collection of government owned or guaranteed debt, it very well may lead to more far reaching changes in federal and state law.

http://www.acainternational.org/news-presidents-proposal-loosens-restrictions-on-calling-consumers-via-cell-phone-21115.aspx

Communication is Changing Debt Collection

Darren Fields — Thu, 30 Jun 2011 18:14:51 +0000

If you have a chance, listen to a brief but interesting discussion regarding the use of Facebook, text messages, and email to contact debtors.

While there may be some disagreement regarding the legality of using those channels to communicate with debtors, it’s clear that we need to start having these discussions. People simply communicate much differently today than they did even a few years ago and the collection world must respond. Within the discussion, a few remarkable statistics compiled by the ACA were cited:

85% of adults in the U.S. own cellphones
27% of adults in the U.S. live in a home without a landline
130 million U.S. residents use Facebook; and
90 trillion emails are sent every year.

Still think snail mail is the best way to reach your debtors? We are paying attention to the trends and have recently begun to explore how we can best use email, text messages, and social media to reach debtors and gather information about them.

Company Outing at Camden Yards

Darren Fields — Thu, 30 Jun 2011 18:10:14 +0000

We recently celebrated our company’s 10th anniversary in style, enjoying an Orioles game at Camden Yards in a private suite. The entire staff, their family and friends, spent an occasionally rainy Sunday afternoon watching the Orioles, eating more than they should, and taking in a drink or two. For many, it was their first time in a private suite, and we all agreed that we had become spoiled by day’s end. The Orioles lost of course, but the celebration continued in one form or another through last week. We are very proud to have it made this far. We are especially proud of the results we have achieved, the relationships built with clients over the past ten years, and the people who helped make ten years a reality… our wonderful team.