Enterprise Recovery

MAY 24, 2024

Timing plays a crucial role in optimizing payment collection strategies. Payment deadlines, reminders and utilizing technology can help increase the likelihood of on-time payments. The basic gist is this - the sooner you can attempt to collect on past-due payments, the more successful you will be. Strategically timing payment collection efforts can enhance the overall collection process and increase the success rate in recovering past-due payments.

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Collections 194

Account Recovery

MAY 24, 2024

A Magistrate Court judge in Colorado has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case on the grounds that it was entitled to the “bona fide error” defense after it was accused of misrepresenting the debt that the plaintiff owed.

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Fair Debt Collection Judgment Collections Credit Management 147

Account Recovery

MAY 16, 2024

The Supreme Court ruled today that the funding structure of the Consumer Financial Protection Bureau is constitutional and does not need to change. Had the ruling gone the other way, there was the possibility that the CFPB could have been de-funded.

Financial services 278

Financial services 278

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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Collections 216

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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.

Collection Agencies

Consumer Finance

MAY 21, 2024

The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers.

Lender 134

Lender Loans Financial services 134

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.

Accounts Receivables Management 246

Accounts Receivables Management 246

Enterprise Recovery

MAY 17, 2024

Outsourcing accounts receivable and collections is a strategic decision that can benefit businesses. By partnering with a collection agency, businesses can offload the time-consuming task of chasing unpaid invoices, allowing them to focus on their core operations. Discover the financial benefits of outsourcing your accounts receivable and how it can positively impact your business's bottom line.

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Collection Agencies Collections Agency Collections 205

American Profit Recovery

MAY 20, 2024

Every size business, whether a small business or a larger organization will have to manage late and non-paying customers. It’s just a reality of being in business and part of the accounts receivable process. Not every customer is going to pay their bills on time. That would be nice, but it just doesn’t happen for a wide range of reasons.

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Collections Collection Agencies Collections Agency Debt collector 201

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.

Financial services 128

Financial services 128

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.

Roths Child Law

MAY 17, 2024

A decision to file for bankruptcy is one that’s usually not made without considerable thought. It’s often the result of a realization that there won’t ever be enough money to cover one’s debts unless something dramatic can be done. Many consumers file for Chapter 7, which is known as the liquidation bankruptcy, or Chapter 13, which is known as the wage-earner’s bankruptcy.

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Chapter 7 bankruptcy Bankruptcy Creditors Debtor 98

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.

Healthcare 246

Healthcare 246

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.

Collections 204

Collections 204

American Profit Recovery

MAY 15, 2024

If you are a consumer, struggling with debt, you should know that not only can debt collectors help you navigate a challenging financial situation, but you can also have a positive experience and favorable outcome. Gone are the days when collectors just got on the phone and demanded full payment. That’s not the way debt collections work. A professionally trained collector listens to consumers, seeks to understand unique situations, and creates an environment where two people can reach a so

Debt collector 191

Debt collector Collection Agencies Collections Agency Collections 191

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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

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.

Financial services 113

Financial services 113

UK debt collections

MAY 13, 2024

A solicitor has been fined more than £1,000 due to invoice late payment. It was found that the solicitor failed to pay an invoice for legal fees within a reasonable time frame. James Lothian Brunton also failed to cooperate with the Solicitors Regulation Authority’s (SRA) investigation into his failure to perform an undertaking to Matthew Waite & Co.

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87

Account Recovery

MAY 9, 2024

A quartet of lawmakers, led by Sen. Bernie Sanders [I-Vt.] yesterday announced that they are introducing bills in the Senate and House of Representatives that would wipe out all existing medical debt and remove it from consumers’ credit reports, among other changes.

Healthcare 246

Healthcare Collections 246

Taurus Collect

MAY 12, 2024

In the realm of debt recovery, the “ no collection no fee ” debt collection strategy stands out as a beacon for ethical practice. This approach ensures fairness and integrity, positioning itself as a vital component within the industry. Employing a strategy where fees are contingent not only aligns the interests of collectors with those of their clients but also fosters a culture of responsibility and respect.

Debt Recovery 69

Debt Recovery Collections Collection Agencies Collections Agency 69

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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

American Profit Recovery

MAY 23, 2024

There are countless myths about debt collectors and the debt collection industry as a whole. Debt collections in many circumstances can be a complex situation for both the business trying to recover money and the consumer trying to navigate financial difficulty. If we go back to the nightly news programs of past, many of us remember the segments that only focused on some negative behavior of a chosen few working in the industry.

Debt collector 130

Debt collector Collection Agencies Collections Agency Fair Debt Collection 130

Consumer Finance

MAY 19, 2024

The CFPB took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans.

Student loans 102

Student loans Student Loans Loans Collections 102

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.

Repossession 85

Repossession Lender Government Banks 85

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.

Fair Debt Collection 239

Fair Debt Collection Collections 239

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

Taurus Collect

MAY 12, 2024

In the rapidly evolving landscape of the debt collection industry, staying ahead of emerging trends is crucial for success. 2024 promises to bring significant changes, with the “ no collection no fee ” debt collection model standing out as a key player. This approach is reshaping strategies across the board. It offers a risk-free solution to creditors, ensuring that agencies are rewarded only upon the successful retrieval of outstanding debts.

Debt Recovery 69

Debt Recovery Collections Debtor Collection Agencies 69

Jimerson Firm

MAY 23, 2024

by A. Hunter Faulkner and Maxwell A. Salain With a major hurricane making landfall somewhere in Florida on nearly an annual basis over the past several years, Florida’s property insurance market is in turmoil. Many carriers have left the state and those carriers still willing to write policies in the state have drastically increased the cost of their annual premiums.

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Government Collections 59

Consumer Finance

MAY 16, 2024

The CFPB sued SoLo Funds, which runs a peer-to-peer lending platform, for lying to borrowers and deceiving them about the total cost of loans.

Loans 114

Loans Financial services 114

UK debt collections

MAY 13, 2024

The government has ordered an investigation into Warrington Borough Council as figures reveal it is almost £1.85 billion debt. It follows a report which found the council is the most indebted unitary authority in the country, with “their portfolio of debt-funded investments… concerning” which put not only the council at risk, but could also have “significant impact” for local residents.

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Government Bankruptcy 84

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.