Account Recovery

SEPTEMBER 28, 2023

Getting to Know Scott Hoffman of Harvest Strategy Group Washington Supreme Court Rules for Agency Sued for Enforcing Judgment BNPL Users Carrying More Debt, More Worries than Non-BNPL Users Senate Bill Seeks to Align Pay at CFPB with Other Federal Agencies Pro Com Services of Illinois, Inc. Embraces Digital Transformation with Skit.

Judgment 147

Judgment 147

Qualco

SEPTEMBER 25, 2023

Small and medium-sized enterprises (SMEs) are the backbone of the global econom y , driving both financial and social growth. Yet , the y often face cha llenges like limited access to capital, primari ly due to a lack of information with banks and lengthy due diligence processes. The 4 th Industrial Revolution , or Industry 4.0 , is driven by technological advancements like Artificial Intelligence (AI) and Big Data analytics.

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Financial Institution Banks Manufacturing 98

Account Recovery

SEPTEMBER 21, 2023

The Consumer Financial Protection Bureau today announced it was beginning the rulemaking process to remove medical debts from consumers’ credit reports, removing the “leverage” that debt collectors use to “pressure” consumers into repaying unpaid medical debts.

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Debt collector 264

Enterprise Recovery

SEPTEMBER 15, 2023

Did you know that by optimizing your accounts receivable workflow, your cash flow can be boosted? Streamlining your processes and utilizing technology helps with faster payment cycles, fewer mistakes, and improved financial forecasting. Let's start with some best practices for improving your A/R - from invoicing to payment. How to streamline your accounts receivable workflow.

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Collections 208

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.

Consumer Finance

SEPTEMBER 20, 2023

The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports.

Collections 145

Collections 145

Optio Solutions

SEPTEMBER 19, 2023

Optio Solutions, a prominent player in the industry, has positioned itself at the forefront of compliance efforts, setting a gold standard for collections agencies. Compliance is not just a legal requirement but also a crucial element for long-term success in the collections industry, and for our clients, brand protection. Compliance: A Legal and Ethical Imperative… The post The Importance of Compliance in the Collections Industry appeared first on Optio.

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Collections Collection Agencies Collections Agency 104

Consumer Finance

SEPTEMBER 13, 2023

The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments

Loans 140

Loans Student loans Student Loans 140

Credit Corp

SEPTEMBER 13, 2023

Learning how to build credit can help if you have a bad credit score or want to improve your current score. You can start by getting a secured credit card, becoming an authorized user, or getting a cosigner on a loan. If you have bad credit due to derogatory marks, those marks can stay on your credit report for up to seven to ten years, depending on the type of mark.

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Loans Collection Agencies Collections Agency Personal loans 90

True Accord

SEPTEMBER 12, 2023

If your business and collection partners aren’t utilizing email in your debt recovery strategy, you’re leaving vital engagement opportunities (and potential collections) on the table. There are plenty of reasons why digital communications are the way to go , but reaching out through email is especially important in collections. Surveys show that 59.5% of consumers prefer email as their first choice for communication, and 14% of bill-payers prioritize payments that offer lower-friction paym

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Collections Debt Recovery 87

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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.

Collections

Account Recovery

SEPTEMBER 27, 2023

The number of consumers who have had a medical debt sent to a collection agency has increased in 2023 compared with last year, and more than one-third of consumers owe at least $1,000, according to the results of a survey released this week by Debt.com.

Collection Agencies 147

Collection Agencies Collections Agency Collections Healthcare 147

Qualco

SEPTEMBER 12, 2023

During a tightening cycle, central banks worldwide raise interest rates in an attempt to curb inflation. As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses. Consequently, non-performing and performing forborne exposures become more vulnerable to distress or default.

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Collections Collateral Financial Institution Loans 105

Consumer Finance

SEPTEMBER 21, 2023

Under a recent CFPB enforcement action, customers who signed up for credit repair services that were marketed to them through telemarketing can cancel their credit repair services anytime.

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Micro Bilt

SEPTEMBER 13, 2023

If you're looking to gather detailed information on a customer, a license plate lookup tool might be the right way to go. By simply entering data on a car (e.g., VIN, license plate number, tag number, etc.), you can access detailed records on the vehicle and its owner in seconds.

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Banks 78

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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.

Collections

PDC Flow

SEPTEMBER 14, 2023

With so many self-serve and digital payment options available, storing credit card information is an important consideration for businesses. Is your organization storing credit card information safely? Do you know the requirements you need to follow? Learn about risks, requirements and best practices of storing customer credit card information. Why is Storing Credit Card Information a Must for Digital Payments?

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Account Recovery

SEPTEMBER 27, 2023

WSJ Editorial Calls Out CFPB’s Medical Debt Credit Reporting Plan More Consumers Struggling to Pay Medical Debts; Cite Inflation as Culprit BK Filings Spike, Reach ‘Dangerous’ Level 24 Companies Seeking Collection Talent WORTH NOTING: Details on a solar eclipse, which parts of the U.S.

Collections 147

Collections 147

True Accord

SEPTEMBER 27, 2023

The goal of a recovery operation is to maximize profitability by efficiently recovering money lent to consumers— while maintaining consumer loyalty. This means that measuring the success of a recovery strategy goes beyond just dollars and cents and into consumer-centric metrics as well. But how do teams measure overall portfolio performance, and what are the most important portfolio-level key performance metrics (KPIs)?

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Debt Recovery Loans Creditors Collections 68

Consumer Finance

SEPTEMBER 10, 2023

The CFPB took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures.

Financial services 134

Financial services 134

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?

Financial services

Credit Corp

SEPTEMBER 12, 2023

The top three vehicles with the cheapest insurance rates are the Subaru Outback at $1,512 per year, the Subaru Crosstrek at $1,516 per year, and the Honda CR-V LX at $1,517 per year. Nobody wants to pay too much for car insurance, so if you’re in the market for a new vehicle, it can be beneficial to know the cheapest cars to insure. You may not realize it, but your location can also determine how much you’re paying for car insurance.

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Auto Insurance Home Insurance Credit Management Retail 77

Micro Bilt

SEPTEMBER 14, 2023

Debt collection isn't usually enjoyable, but it's a necessary part of any lending institution. Leaving too much outstanding debt out at one time can lead to financial instability and, in the worst case, insolvency. We saw this recently with the 2023 bank failures nationwide, leading to a mini-financial crisis. Keep reading.

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Collections Banks 69

Account Recovery

SEPTEMBER 26, 2023

The ink on the proposal from the Consumer Financial Protection Bureau to prohibit medical debts from being included on consumers’ credit reports — among other changes — is barely dry and already consumer advocates are pushing for more changes to be made in the area of medical debt, according to a published report.

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Collections Healthcare 147

Jimerson Firm

SEPTEMBER 27, 2023

The Fair Labor Standards Act (FLSA) provides important protections for American workers, ensuring they receive fair compensation for their labor. However, not all employees are covered by the minimum wage and overtime pay provisions of the FLSA. Enter the concept of “exempt employees,” a term referring to those who are exempt from these specific protections.

Legal Rights 59

Legal Rights Judgment 59

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.

Consumer Finance

SEPTEMBER 18, 2023

Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.

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Lender Financial services 127

Credit Corp

SEPTEMBER 13, 2023

There are five main factors that make up your credit score: the amount of debt you owe, your payment history, new credit inquiries, length of credit history, and credit mix. Credit mix, which is how diversified your credit accounts are, makes up about 10% of your credit score, which can make a big difference when you’re trying to boost your score.

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Credit Unions Credit Unions Loans Student loans 75

NCBA Law Practice Management Blog

SEPTEMBER 29, 2023

There are a number of different ways to look for new staff as a law firm, whether you’re seeking attorneys, paralegals or administrat ors. But, it’s also kind of a crapshoot. And, it’s also sort of true that the best hires usually come from your personal network. Now, if you’re an experienced attorney who owns a law firm, the problem is that you may not know the people you want to hire.

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Law Firms Creditors 52

Account Recovery

SEPTEMBER 26, 2023

Collector Facing Class Action Over Fee in Itemization Table, Not Putting Anything on Back of MVN Judge Denies Defendant’s MSJ, Certifies Class in Case Over Info Visible Through Envelope Window TrueML Closing ERC’s Operation in Jacksonville; 164 Workers Affected Advocates Push for More Medical Debt Changes in Wake of CFPB Announcement WORTH NOTING: Why business […]

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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?

Banks