The Staff at Express Collections, Inc. hopes all the Mothers have a wonderful Mother's Day!!

According to a March 2013 report from the Commerce Department, retail sales increased 1.1% in February to $421.4 billion, marking the biggest surge in the retail space since last September. Elevated sales numbers mean additional credit card transactions and, as a result, an increased risk for fraud.

A recent report from Javelin Strategy & Research found that credit card fraud has increased an alarming 87% since 2010 and accounted for a total loss of approximately $6 billion. Despite mounting evidence of this growing epidemic, loss as a result of credit card fraud has remained the proverbial elephant in the room for many businesses.

 Unpaid debts that end up held by collection departments or third-party collection agencies hurt your credit score because they indicate that you cannot be trusted to meet your financial obligations. If you cannot restore the original account's standing as "current," removing the collection notation from your credit report is the only way to remedy the damage it does to your credit score.

Congratualations to Angie Jensen and Jennifer Baker who have completed their health care collections training with ACA and have earned their certifications in: Health Care Collections Management.

U.S. consumer bankruptcies increased 7% from the previous year (9% for 2010).  Annual consumer filings have increased each year since the Bankruptcy Abuse Prevention and Consumer Prevention Act was enacted in 2005.  Chapter 7 filings consisted of 71% of all consumer cases over the last 12 months. Credit card debt has dropped 13.9% since October of 2007 and unemployment rates fell from 0.4% to 9% in January 2011. Total consumer bankruptcies filed from March 2011-March 2012: 1,571,183.

On March 23, 2010 the Affordable Care Act became law. On March 26, 2012, the United State Supreme Court began hearing challenges from 26 states, including South Dakota, with Florida leading the campaign to the contitutionality of the Act. So far four State Federal and Circuit Courts have ruled on the Health Care Reform, two in favor of the Act, one against it, and one undecided awaiting the enactment of the final mandate in 2015. The Supreme Court is hoping to have a decision by late June.

Congratulations to Angie Jensen, our April 2013 "Collector of the Month"

The new Red Flag Rules went into effect on December 18, 2010 as part of the Red Flag Program Clarification Act of 2010.  The act amends the Fair Credit Reporting Act (FCRA) to establish identity theft guidelines for creditors.  The Red Flag Rules were postponed previously from going into effect due to confusion over which businesses were required to comply with the program.