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.
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
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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
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.
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.
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.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance Watch
MAY 8, 2024
Financial institutions, credit furnishers, debt collectors, and other businesses reporting consumer information to credit reporting agencies should take note that the Eleventh Circuit Court of Appeals has declined to impose a bright-line rule that only purely factual or transcription errors are actionable under the Fair Credit Reporting Act (“FCRA”).
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.
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.
FFGN COLLECT NY
MAY 8, 2024
In April, following an investigation by Attorney General Leticia James’ office, Pathward (formerly known as MetaBank) was required to refund money to account holders after unlawfully sending frozen deposits to creditors. In addition to refunding the monies, the bank also had to pay penalties for the unlawful freezing of the bank accounts. Between 2016 and 2022, Pathward wrongfully froze 1,400 bank accounts belonging to New Yorkers.
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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.
Account Recovery
MAY 9, 2024
Getting to Know Ryan Herber of Preferred Group of Tampa Bills Introduced in Congress to Cancel All Medical Debt Judge Grants MSJ For Defendant in FDCPA Case Over Reporting of Alleged Disputed Debt Fed Proposes Opening Payment Networks on Weekends WORTH NOTING: In honor of Mother’s Day, a bouquet of advice for new moms and […]
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.
Consumer Finance
MAY 8, 2024
The CFPB issued a new report finding consumers encounter numerous problems with credit card rewards programs.
On Guard
MAY 7, 2024
Did you know that in 2023 we, at Onguard, sent 6.241 empty cans for recycling? Sustainability is not a sprint, it’s a marathon, and a difference comes with a few small steps every day. This is why we are excited to join Visma’s Sustainability Month this May, as an opportunity to reflect and record our specific actions for a more sustainable future. Running through the whole of May, the idea of Visma Sustainability Month is not only to review our corporate actions but also to spark discussion and
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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.
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.
Account Recovery
MAY 9, 2024
In a case that was defended by Xerxes Martin and the team at Martin Golden Lyons Watts Morgan, a District Court judge in Oklahoma has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling the “dispute” that the plaintiff alleged to have made during a conversation with a […]
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?
Consumer Finance
MAY 8, 2024
CFPB Director Rohit Chopra provided opening remarks at the Joint Hearing on Airline and Credit Card Rewards Programs.
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?
Payment Savvy
MAY 10, 2024
Plaid has rapidly become a common platform for seamlessly sharing your financial data with trusted apps and services. Whether you’re using a budgeting app, investing platform, or peer-to-peer payment solution, chances are you’ve encountered Plaid. This powerful technology bridges the gap between your bank accounts and various digital financial tools.
NACM
MAY 8, 2024
Credit professionals must consistently learn to advance their careers, whether through on-the-job training and experience or formal education, supported by their company's assistance. By earning designations through NACM's Professional Certification Program, credit professionals can learn and enhance their skillset in various aspects of B2B credit.
Account Recovery
MAY 8, 2024
The turnaround under new leadership at PRA Group is continuing — the company reported net income of $3.4 million for the first quarter of 2024, compared with a net loss of $59 million during the same period a year ago.
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.
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
MAY 5, 2024
CFPB Director Rohit Chopra issued a statement on the proposed rules regarding Wall Street compensation and bonuses.
Payment Savvy
MAY 10, 2024
Cart abandonment is a major issue faced by ecommerce businesses. With almost 7 out of 10 shoppers abandoning their carts, online businesses face an uphill task to increase sales and profits. While it’s nearly impossible to eliminate cart abandonment, there are steps to reduce it. This guide contains those steps – and much more! Below are 7 best practices on how to reduce cart abandonment, thus increasing sales and profit for your ecommerce business.
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.
Account Recovery
MAY 8, 2024
The Consumer Financial Protection Bureau (CFPB) yesterday announced an enforcement action against Chime Financial, a San Francisco-based fintech company, for not providing timely refunds to customers after closing their accounts. This delay affected thousands of consumers, compelling many to turn to costly credit solutions to meet essential expenses.
Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP
Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.
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