Account Recovery

FEBRUARY 10, 2023

million settlement with a home security company that was accused of “trapping” consumers in long-term auto renewal contracts while also violating the state’s debt collection regulations. The Attorney General of Massachusetts has announced a $6.5 Settlement with Mass.

Collections 246

Collections Judgment 246

Nexa Collect

JUNE 29, 2023

“Buy Now, Pay Later” (BNPL) schemes have gained popularity as an alternative to traditional credit, offering consumers the ability to purchase items immediately and pay for them over time. This can lead to consumers purchasing items they don’t really need or can’t afford.

Retail 130

Retail Lender Loans 130

Account Recovery

JANUARY 31, 2022

The Consumer Financial Protection Bureau has filed an emergency motion seeking to hold a pair of defendants in contempt of court for not honoring the terms of an enforcement action, and may have to resort to invoking a federal debt collection statute through which to attempt to collect on the fines and penalties that were … The post CFPB Files (..)

Collections 246

Collections 246

Account Recovery

APRIL 4, 2023

A … The post CFPB Issues Statement Defining ‘Abusive’ Conduct first appeared on AccountsRecovery.net. The post CFPB Issues Statement Defining ‘Abusive’ Conduct appeared first on AccountsRecovery.net.

Financial services 130

Financial services Collections 130

Enterprise Recovery

FEBRUARY 11, 2022

Depending on the type of customer or client, debt collections can look drastically different. Either can still be frustrating but one type of debt could actually be harmful to the overall business. Consumer-facing business, for instance, is more transactional.

Collections 185

Collections 185

American Profit Recovery

MARCH 11, 2024

Many organizations still rely on in-house debt collection teams as part of their accounts receivable program. If you run and maintain an in-house collections team, we’d like to explain why changing your debt collection strategy can be a game changer in many ways. But at some point, those efforts can become ineffective.

Collections 203

Collections Collection Agencies Collections Agency 203

Account Recovery

MARCH 25, 2021

Complaints about debt collectors filed by consumers with the Consumer Financial Protection Bureau increased 10% in 2020 compared with 2019, ranking the industry only behind credit or consumer reporting in terms of the total number of complaints that were filed last year, a year in which the total number of complaints increased by 54%.

Debt collector 246

Debt collector 246

Account Recovery

SEPTEMBER 12, 2023

The Attorney General of California yesterday sent a letter to a number of federal agencies, including the Consumer Financial Protection Bureau and the Department of Health & Human Services, calling for federal regulations on medical payment products, such as medical credit cards, saying the products “can leave users with crushing debt and (..)

Healthcare 130

Healthcare 130

Account Recovery

SEPTEMBER 29, 2021

A debt collection company based in Atlanta and its owners have been permanently banned from the industry and will pay $266,000 out of a $3 million penalty under the terms of a settlement announced by the Federal Trade Commission, which had sued the company and its owners for threatening to have consumers arrested and imprisoned … The post Debt (..)

Debt collector 238

Debt collector Trade Collection Companies Collections 238

American Profit Recovery

MARCH 13, 2024

A healthy debt collection process helps businesses of all sizes maintain positive cash flow which is critical for many reasons. Let’s go through some of the obvious and not so obvious reasons why debt collections is an integral part of your organization’s cash flow. Or worse, credit lines.

Collections 204

Collections Acquisition Collection Agencies Collections Agency 204

Account Recovery

JULY 10, 2023

A number of different agencies within the federal government — including the Consumer Financial Protection Bureau — announced on Friday that they are taking steps to try and reduce the amount of medical debt incurred by patients, focusing on the areas of short-term health plans, surprise medical bills, and medical credit cards.

Government 130

Government Healthcare 130

American Profit Recovery

OCTOBER 18, 2023

For many organizations, managing overdue invoices and recovering outstanding debts can be a challenging and time-consuming task. The agency should initiate thorough consultations with the client to understand their industry, invoicing processes, and specific challenges they encounter in debt recovery.

Collection Agencies 219

Collection Agencies Collections Agency Collections Manufacturing 219

American Profit Recovery

JANUARY 12, 2024

Of course, pay attention to laws that apply to debt collections. Be flexible with payments when necessary Having flexibility in the way your customers pay you can be one of the most effective methods of resolving debt. Credit terms and payment expectations. Third-party debt collections. Up-to-date customer information.

Collection Agencies 179

Collection Agencies Collections Agency Collections 179

FFGN COLLECT NY

JANUARY 15, 2024

On December 13, 2023, Governor Hochul signed an amendment to the New York General Business Law 527-a, which seeks to end unlawful practices of companies offering subscription auto-renewals to consumers. For more debt collection best practices and news, check out our blog. The law does not apply to business-to-business contracts.

Credit Unions 97

Credit Unions Credit Unions Financial Institution Government 97

American Profit Recovery

AUGUST 11, 2021

That includes how we can work in the best interest of the clients that hire us, the consumers that are struggling with their finances, and the overall health and effectiveness of the collection industry. And that is definitely the case when it comes to debt collections. We have always wanted to do our part.

Collections 246

Collections Collection Agencies Collections Agency Education 246

American Profit Recovery

JUNE 20, 2022

Consumers as well as the business community have been through a lot during the two-plus years of dealing with the COVID-19 pandemic. Consumers either lost their jobs, had their hours cut back depending on the industry they worked in, or decided to take on new careers. Is your business prepared for a recession?

Collection Agencies 190

Collection Agencies Collections Agency Debt collector Collections 190

American Profit Recovery

JULY 19, 2022

Many businesses have the best of payment terms and expectations, but there are always circumstances that arise with certain customers that you’ll need to address when it comes to getting paid on time. However, other important benefits come with hiring the right debt collection agency that you may not be aware of.

Collection Agencies 183

Collection Agencies Collections Agency Collections Debt collector 183

Credit Corp

OCTOBER 6, 2023

Today, we go over the average American car payment as well as other statistics like the total auto loan debt in the United States. Not only are vehicle prices continuing to rise over the years, but part of the overall debt may be due to more people having access to auto financing as well. of consumer debt.

Loans 118

Loans Lender Credit Unions Credit Unions 118

Nexa Collect

JUNE 18, 2023

Since debt collectors are on the phone all day long, they know every tactic to get paid. Contact Us Detailed explanation A medical collection agency is a business or organization that specializes in collecting debts related to medical services. There are also state laws that can affect the process of medical debt collection.

Collection Agencies 130

Collection Agencies Collections Agency Collections Healthcare 130

Qualco

APRIL 15, 2024

THE NEW ERA OF CONSUMER LENDING In today ’ s rapidly evolving financial landscape, the significant increase in consumer lending presents new challenges for financial institutions, particularly in managing collections.

Collections 74

Collections Financial Institution Debt Recovery Unsecured Debt 74

True Accord

MARCH 5, 2024

Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers. Despite inflation and high interest rates, consumers helped the economy end the year in a far better position than most predicted.

Consumer Credit 85

Consumer Credit Student loans Student Loans Collections 85

American Profit Recovery

SEPTEMBER 12, 2022

Holiday spending will increase consumer debt. Sadly, many consumers will overspend which only results in choosing which bills to prioritize in the new year. Getting ahead of the game will give you that edge in the coming year when consumer bills pile up. Inflation is causing consumers to make choices.

Collection Agencies 206

Collection Agencies Collections Agency Collections Creditors 206

Nexa Collect

JUNE 30, 2023

Reduced Consumer Spending : Individuals saddled with student debt may cut back on spending in order to make their loan payments. This reduction in consumer spending can have ripple effects throughout the economy. This can have long-term demographic and economic impacts. This can suppress innovation and entrepreneurship.

Student loans 130

Student loans Student Loans Loans Education 130

Collections Law

FEBRUARY 9, 2024

In an economy where cash flow is a critical lifeline for any business, companies can find themselves at a crossroads if their customers or clients fail to satisfy their debts and follow through on their payment obligations. What is ethical debt collection? A company has a right to pursue a debt that is owed to them.

Mechanic’s Liens 98

Mechanic’s Liens Collections Commercial Collection Lawyers 98

Account Recovery

SEPTEMBER 17, 2020

A District Court judge in Hawaii has denied a defendant’s motion to compel arbitration in a class-action suit accusing it of violating the Telephone Consumer Protection Act and Fair Debt Collection Practices Act because the defendant did not show that the plaintiff must rely on the terms of his customer agreement with the original creditor … (..)

Fair Debt Collection 147

Fair Debt Collection Original Creditor Creditors Collections 147

Credit Corp

FEBRUARY 9, 2024

Debt relief won’t hurt your credit alone. Debt relief and debt settlement options don’t hurt your credit score on their own. These programs aim to help reduce your debt and if that debt is revolving credit, it can reduce your credit utilization and improve your credit. Each debt relief option has its pros and cons.

Credit Counselor 52

Credit Counselor Debt Consolidation Debt settlement Bankruptcy 52

Troutman Sanders

SEPTEMBER 18, 2023

consumer solar energy use increases, so does potential exposure under state consumer protection statutes. Upon sale of the home to the plaintiff, and as expressly provided for under the solar contract, the prior owner agreed to prepay all remaining amounts due under the contractual terms.

Fair Debt Collection 52

Fair Debt Collection Collections Consumer Credit Collection Agent 52

PDC Flow

FEBRUARY 29, 2024

For many consumers, a tax return is the perfect opportunity to take control of outstanding debts. That’s why tax refund season is one of the busiest times of the year for debt collection agencies. Here are three ways to enhance your upcoming tax season debt collection efforts. Take this time to refresh current agents too.

Collections 96

Collections Debt settlement Collection Agencies Collections Agency 96

Nexa Collect

APRIL 11, 2021

The debt collection industry has been through one of its most difficult periods in modern history, and the recovery looks slow and prolonged. Economic downturns create a huge opportunity for the debt collection industry. During peak Covid-19 duration (May-Nov 2020) many states prohibited debt collection for several months.

Collections 130

Collections Collection Agencies Collections Agency Construction 130

Troutman Sanders

MARCH 17, 2023

million settlement with Safe Home Security, its CEO, and affiliated companies to resolve allegations that their practices violated state consumer protection laws by “trapping Massachusetts consumers in long-term auto renewal contracts” and engaging in illegal debt collection practices, among other activities.

Third-party Debt Collectors 52

Third-party Debt Collectors Collections Debt collector Judgment 52

Troutman Sanders

DECEMBER 7, 2023

These loans have gained popularity, especially among tech-savvy, younger generations and consumers with limited or no credit history. While the OCC acknowledges that BNPL loans can provide consumers with a convenient and relatively low-cost financing alternative, it also believes they carry potential risks for both banks and consumers.

Banks 52

Banks Lender Loans Collections 52

American Profit Recovery

FEBRUARY 9, 2023

A commercial collection agency is an agency that works to resolve debt between two businesses. Commonly known as B2B debt collections, it’s the process of mediating financial disputes and overdue invoices owed to a commercial client. What type of training do you provide your commercial debt collectors?

Commercial Collection 202

Commercial Collection Collection Agencies Collections Agency Collections 202

PDC Flow

JANUARY 29, 2024

Debt settlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Tax season is the best time to consider a debt settlement campaign within your debt collection agency. IS THE CONSUMER ON A PAYMENT PLAN?

Debt settlement 88

Debt settlement Collections Debtor Collection Agencies 88

American Profit Recovery

OCTOBER 31, 2022

Nothing will be worse for your business’s health than being blindsided by a lack of cash flow, increased expenses and growing debt. If the past two years have taught business anything, it’s that convenience is top of mind when it comes to consumers. Increased cash flow in the short and long term.

Collection Agencies 174

Collection Agencies Collections Agency Collections 174

True Accord

APRIL 5, 2023

It’s tax season again, which can mean tax refunds for consumers that have historically been leveraged to stabilize finances or pay down debt. But with inflation and economic stressors persisting into the new year, many consumers are conflicted on their financial outlook and spending behavior is hard to predict. following a 0.5%

Student loans 94

Student loans Student Loans Credit Card Debt Loans 94

American Profit Recovery

JULY 5, 2021

You were asked by a consumer to provide services or products and you did your part. However, before you invoice you must communicate payment terms upfront and be as clear as possible with your customer. We also find many businesses send out updated payment terms such as every three or six months.

Collection Agencies 230

Collection Agencies Collections Agency Collections 230

True Accord

AUGUST 9, 2022

The financial landscape for both consumers and businesses is particularly uncertain right now. This year, the challenges of managing delinquencies and navigating an uncertain economy will compound, making it imperative for companies to critically think about their strategy to collect from consumers in debt. Why is that?

Consumer Credit 104

Consumer Credit Financial services Banks Collections 104