Account Recovery
MAY 6, 2024
A bill has been introduced in the House of Representatives to amend the Fair Debt Collection Practices Act in order to include additional information when sending the validation notice while also expanding the requirements before filing collection lawsuits. What It Is: H.R.
Enterprise Recovery
MAY 6, 2024
The tech industry is known for its rapid growth and innovation but faces unique challenges regarding debt collection and non-paying clients. Understanding the intricacies of debt collection in this sector is essential for companies to recover payments and maintain financial stability. Learn more about the complexities of debt collection within the tech industry and the strategies for successful payment recovery.
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Consumer Finance
MAY 6, 2024
Today, the Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed.
Direct Recovery
MAY 4, 2024
Are you under the impression that the only people who can see your credit report are the ones you authorize when applying for new credit? That is not exactly the case. Believe it or not, debt collectors can actually pull your credit report, and they don’t even need your permission to do so. Even if you work to keep up with your credit report, you might be surprised to find sudden changes that debt collectors might encounter, or even cause themselves.
Speaker: Erika R. Bales, Esq.
When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.
Account Recovery
MAY 7, 2024
A District Court judge in California has denied a defendant’s motion to dismiss a Fair Debt Collection Practices Act suit, ruling the arguments raised by the defendant were not applicable at this stage of the proceedings. The Background: The defendant attempted to evict the plaintiff because the plaintiff allegedly failed to pay his rent.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
MAY 5, 2024
The Consumer Financial Protection Bureau (CFPB) today took action against National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency for multi-year servicing failures.
Direct Recovery
MAY 4, 2024
The best way to maximize your collection efforts is to minimize the number of collections you have in the first place, and reducing the number of accounts in collections starts with formatting your invoices. Invoices are the primary means of asking your customers to pay you for services rendered, but their effectiveness can vary dramatically depending on whether or not they include the following five essential elements.
Account Recovery
MAY 7, 2024
Plaintiff Files 10 Lawsuits Against Collectors Accusing them of Violating FCRA CFPB Assesses $5M in Fines and Penalties Over Student Loan Servicing Issues Judge Denies MTD in FDCPA Case Over Unpaid Rent Second Annual Debt Gala Raises Funds for Debt Charities WORTH NOTING: The best looks and outfits from last night’s Met Gala … More […]
Prosperity Now
MAY 5, 2024
As we look back on April’s Second Chance Month, it is important to remember that every year, more than 600,000 people are released from prison and given a chance to build a new life. Discriminatory hiring practices and other barriers often present obstacles to securing stable employment.
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NCBA Law Practice Management Blog
MAY 5, 2024
Lots of small and solo law firms have staggering amounts of accounts receivable; and, even if those numbers are not sky high , for you – smaller amounts are still vexing. Accounts receivable end up counting against your profitability, because these reduce the amount of gross revenue you collect = the top line for your profit margin. So, the more you collect : the more you make.
Direct Recovery
MAY 4, 2024
Legend has it that Morgan Housel wrote a large chunk of the first draft of The Psychology of Money in the same format as every other financial advice book, but then he took a hard left turn and chucked that draft into the trash. Housel had spent a large portion of his life breaking down complex financial topics into short blog posts, so why should writing a book be any different?
Account Recovery
MAY 6, 2024
Bill Introduced in House to Amend FDCPA Judge Grants MTD in FCRA, FDCPA Case ARM Company Discloses Breach After Unauthorized Access to Email Account Compliance Digest – May 6 WORTH NOTING: If you are using Windows, here is the best new browser you may want to consider using … One last gift guide to help […]
Consumer Finance
MAY 5, 2024
CFPB Director Rohit Chopra issued a statement on the proposed rules regarding Wall Street compensation and bonuses.
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NACM
MAY 7, 2024
NACM's Professional Certification Program is geared toward all credit professionals—no matter where they are in their career. Whether just learning the ropes or a seasoned credit manager, refreshing your mind is always an option. As a credit professional who has earned many designations over his career, Ray Yarborough, CBA, CCRA, CIC.
Direct Recovery
MAY 4, 2024
There is a time in every business story when managing the accounts receivable becomes too big for the core team. Many companies hire a collection agency to handle their problematic or delinquent accounts when that happens. This can be a big help in alleviating some of the workload from your best people, allowing them to focus on what they do best. But if you aren’t careful and hire the wrong agency, it can also be a complete waste of time.
Account Recovery
MAY 7, 2024
The Consumer Financial Protection Bureau yesterday announced an enforcement action against the National Collegiate Student Loan Trusts (NCSLT) and Pennsylvania Higher Education Assistance Agency (PHEAA) over a series of servicing failures, including mishandling borrower requests during the COVID-19 pandemic. The two entities will pay more than $5 million in fines and restitution to consumers.
Account Recovery
MAY 7, 2024
On Sunday night in Brooklyn, the second annual Debt Gala was held. The event, timed to coincide with the annual Met Gala, is aimed at raising money to increase awareness of consumer debt and healthcare inequality. It is a costume party, similar to the Met Gala, but all the costumes are meant to be handmade.
Speaker: Lynnette Khalfani-Cox, The Money Coach®
Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?
Account Recovery
MAY 7, 2024
EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more?
Account Recovery
MAY 6, 2024
A Magistrate Court judge in Texas has granted a defendant’s motion to dismiss after it was sued for violating the Fair Credit Reporting Act and the Fair Debt Collection Practices Act among other statutes, ruling that the plaintiff — who represented himself and did not respond to the defendant’s motion to dismiss — did not […]
Account Recovery
MAY 6, 2024
A collection operation in New Hampshire has disclosed it was the victim of a data breach impacting more than 11,000 consumers, according to a filing with the Maine Attorney General. The disclosure is the third data breach in the accounts receivable management industry that has been disclosed in the past week.
Account Recovery
MAY 6, 2024
I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.
Speaker: William Hord, Senior VP of Risk & Professional Services
Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?
Direct Recovery
MAY 4, 2024
One of the most common misunderstandings about the debt collection industry is that many consumers believe that debt collectors can only come after them if they provide a social security number at the time the debt is incurred. However, those consumers often find that this is not the case once those debts make their way onto a credit report. These misunderstandings are surprisingly common in the medical debt collection space, as many hospital patients are treated and released without ever provid
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