Account Recovery
MAY 14, 2024
Connecticut Gov. Ned Lamont last week signed a bill into law that will prohibit healthcare providers from reporting medical debt to credit agencies and void debt that is reported to credit bureaus. The bill is scheduled to go into effect on July 1.
American Profit Recovery
MAY 13, 2024
There are numerous legitimate reasons why a consumer might struggle to pay your business on time, or at all and many of them stem from financial difficulties. As business owners, executives and others keeping an eye on the bottom line, you may get angry because some customers have not paid your business and you’re left wondering why. However, as we indicate here, many circumstances limit a consumer’s ability to pay your business, and they should be considered.
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Enterprise Recovery
APRIL 10, 2024
Is your business struggling with unpaid invoices or clients not paying on time? Many companies often turn to professional debt collection agencies for assistance when this happens. Before you hand over your delinquent accounts to a collection agency, it's important to understand their role and how they can help your business. Learn how to effectively prepare your business for working with a debt collection agency to recover outstanding payments.
Consumer Finance
MAY 15, 2024
The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America.
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Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.
Prosperity Now
FEBRUARY 21, 2024
In January 2022, Prosperity Now and the Institute on Race, Power and Political Economy at the New School collaborated on the first paper to outline the essential elements of state and local level Baby Bonds policies. Since then, Baby Bonds have launched in Connecticut and become a hot policy topic from the halls of legislatures to the offices of state treasurers across the US.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Jimerson Firm
MAY 8, 2024
The ultimate test of a binding settlement agreement is whether the parties to the agreement have a “meeting of the minds,” which is a mutual understanding of the essential terms of the agreement. At least one court in Florida has now ruled emails between attorneys can constitute an enforceable settlement agreement if the parties’ counsel had clear and unequivocal authority from the client to settle the case and correspondence between the parties’ attorneys showed that no essential terms of
Optio Solutions
MARCH 19, 2024
Compliance and Brand Protection: A Moving Target Reputable collection agencies specialize in navigating the ever-changing landscape of debt collection regulations. While the Fair Debt Collection Practices Act (FDCPA) sets a national baseline, many states have additional regulations that can be complex and constantly evolving. Keeping up with these changes internally can be a significant burden… The post The Role of Collection Agencies in Business Debt Recovery appeared first on Optio.
Collections Law
APRIL 23, 2024
Winning a judgment from the court might feel like a victory, but getting paid might be a whole new battle that you and your company were not expecting. At Law Offices of Alan M. Cohen & Associates LLC, our Massachusetts commercial collections attorneys have over 50 years of experience in aggressive, relentless, effective and commercial debt collection including but not limited to judgment enforcement and domestication.
NCBA Law Practice Management Blog
APRIL 14, 2024
Law firms usually collect money in arrears, ie – we’ve done the work, now kindly pay us. Most often, that payment is collected via a standard invoicing process. A bill is sent to the client; then, the firm waits to get paid. And waits. And waits. That’s because the way that attorneys have always managed the process has placed the control of the situation exclusively in the hands of their clients.
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.
UK debt collections
MAY 15, 2024
New research by Mojo Mortgages has found that 32,000 mortgaged properties at risk of being repossessed. The research also found that there were 96,580 homeowner mortgages in arrears of 2.5% or more of the outstanding balance, representing a 3% increase from the previous quarter. Within this group, 32,470 mortgages were in the most severe bracket, with mortgage arrears exceeding 10% of the balance, marking a 6% increase compared to the previous quarter.
Account Recovery
MAY 15, 2024
I came across a trio of articles recently that seem to overlap and connect with one another. The articles paint a picture for the economy and the accounts receivable management industry while also providing context about a hot-button topic — credit reporting.
American Profit Recovery
MARCH 15, 2024
Many organizations and commonly small businesses will attempt to get customers to pay on outstanding invoices through various methods. However, for a wide range of reasons, small businesses can struggle to get timely payments, which ultimately affects cash flow. One method that many small businesses have employed over the years is taking customers to small claims court.
Enterprise Recovery
APRIL 26, 2024
In today's competitive business landscape, it's important to manage late payments while upholding positive client relationships. Use the following techniques to navigate the delicate balance of recovering outstanding debts while maintaining trust and loyalty with your clients. Discover ethical collection practices to help recover late payments while maintaining positive client relationships.
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Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.
Consumer Finance
APRIL 7, 2024
The CFPB today published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system.
FFGN COLLECT NY
MARCH 25, 2024
CNN reporter Fredericka Whitfield interviewed Jocelyn Nager, president of Frank, Frank, Goldstein & Nager 0n Sunday, March 24 to discuss former President Donald Trump’s civil fraud case. Reports stated it may not be possible for the former president to bond the state’s nearly half-billion ($500,000,000) judgment. Following the interview, the deadline to post the bond was extended an additional 10 days, and the bond requirement reduced to $175,000,000.
Credit Corp
APRIL 2, 2024
Whether you realize it or not, your credit score can have a significant impact on your life. It can determine whether you can buy a home, get an auto loan, secure an apartment, and, in some cases, land a job. If your credit is anything less than stellar, you may need to ask yourself, “Is it time to fix my credit?” In this post, we’ll cover five of the best ways to fix your credit: Get a copies of your credit report Address any errors on your credit report s Protect and nurture your credit
Jimerson Firm
APRIL 9, 2024
Collecting on Judgment Liens in Florida Acquiring a money judgment through the litigation process in the State of Florida can be tough, arduous, and expensive. When a court enters a civil money judgment, it creates a judgment debtor and a judgment creditor. If the judgment debtor fails or refuses to pay the amount of the judgment, the judgment creditor may elect to use statutory collection methods to partially or fully satisfy the judgment.
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For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.
Roths Child Law
MARCH 17, 2024
Some people think of their health insurance as an assurance that they won’t ever have to face exorbitant medical care expenses. Unfortunately, catastrophic health conditions can quickly result in thousands of dollars in medical expenses, even for those who have insurance. People who are facing healthcare costs that are so high they can’t conceivably pay their bills may realize they have to do something before they drown in debt.
Troutman Sanders
MARCH 15, 2024
On March 14, Virginia Governor Glenn Youngkin vetoed House Bill (HB) 418 that would have created a vehicle for class actions in Virginia state courts and would have broadened statutory damages under the Virginia Consumer Protection Act (VCPA). The bill could still become law if two thirds of both chambers vote to override Youngkin’s veto, but the bill originally passed the House with only 51 “Yes” votes to 49 “No,” and passed the Senate 21 to 18.
Qualco
MARCH 12, 2024
By George Fertakis , Senior Business Consultant at QUALCO. In our recent study on the collections sector conducted in partnership with Deloitte France, difficulty in finding the right staff emerged as a key challenge for respondents, both among those managing Banks’ collections departments and those overseeing servicing operations. This seems to be a recurring theme.
UK debt collections
FEBRUARY 28, 2024
The number of restaurants closing across Britain hit a new quarterly high at the end of 2023, with more than 500 closing. There were 514 restaurants closing permanently across England, Scotland and Wales in the final quarter of last year, compared to 481 in Q2 2023, according to data obtained under the Freedom of Information Act by accountancy firm Price Bailey.
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 2, 2024
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support.
American Profit Recovery
JANUARY 9, 2024
If your business is at a point where you know you can improve cash flow, there are many things that you can address internally that can advance your chances of better cash flow. If you’re running a small business, you may be cleaning up your books anyway to hand them off to your CPA for tax season. So why not in the process, take a hard look at your accounts receivable process and make any necessary changes.
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.
Consumer Finance
APRIL 23, 2024
The Consumer Financial Protection Bureau (CFPB) published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers.
Speaker: William Hord, Vice President of ERM Services
A well-defined change management process is critical to minimizing the impact that change has on your organization. Leveraging the data that your ERM program already contains is an effective way to help create and manage the overall change management process within your organization. Your ERM program generally assesses and maintains detailed information related to strategy, operations, and the remediation plans needed to mitigate the impact on the organization.
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