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.
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.
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Account Recovery
APRIL 25, 2024
If two consumers dispute a debt and the furnisher submits corrections to how the debt is being furnished, how can the consumers claim the investigation that was conducted was unreasonable? They can’t, the Court of Appeals for the Ninth Circuit has ruled, affirming a lower court’s ruling.
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.
Credit Corp
MAY 1, 2024
When getting your first credit card, consider factors such as the card’s annual fees, interest rates, rewards or benefits, and credit limit. Choose a card that aligns with your financial goals and spending habits, and make sure to understand the terms and conditions, including the consequences of late payments or carrying a balance. Additionally, aim to use the card responsibly to build positive credit history while avoiding overspending and accumulating debt.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
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.
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.
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.
Qualco
APRIL 18, 2024
NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.
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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
APRIL 26, 2024
EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more?
UK debt collections
APRIL 24, 2024
A Timeshare risk management company which claimed to help people exit their timeshare contracts in Tenerife has been shut down leaving clients at a loss Timeshare Legals Limited was wound-up following investigations by the Insolvency Service which found no proper accounting records, hundreds of clients left with unfulfilled claims and the transfer of client funds to a company in Spain with the same name, Timeshare Legals SL, and the same director, creating a lack of transparency.
Consumer Finance
APRIL 28, 2024
The CFPB today released research showing that 15 million Americans still have medical bills on their credit reports despite changes by Equifax, Experian, and TransUnion.
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.
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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.
True Accord
MAY 1, 2024
Telecom Industry Evolves, But Call-and-Collect Can’t Keep Up The telecommunications industry has evolved hand-in-hand with most consumer communication preferences throughout the decades. From the last remaining landlines to mobile and internet services, it’s challenging to find a consumer that doesn’t subscribe to a Telecom service. Yet while Telecoms enable customers to communicate and access products and services via digital channels wherever they go, the industry’s own methodology for communi
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.
UK debt collections
APRIL 26, 2024
John Barnes, the former England and Liverpool footballer, has been banned as a company director after his business failed to pay tens of thousands of pounds in tax. John Barnes Media Limited failed to pay more than £190,000 in corporation tax and VAT between 2018 and 2020, it was revealed following an investigation by the Insolvency Service. HMRC was the firm’s only known creditor when it ceased trading.
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.
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?
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.
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”).
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.
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.
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
APRIL 30, 2024
The Consumer Financial Protection Bureau (CFPB) today released a report detailing the complex costs and fees that many consumers with health savings accounts are forced to pay.
Jimerson Firm
MAY 2, 2024
Ipso Facto clauses are provisions in a contract providing that a party to the contract will be in default in the event of insolvency or due to the party’s financial condition. These provisions can cause headaches and heartburn, particularly when a party—or parties—are entering into bankruptcy proceedings. This blog will explain the limits of ipso facto clauses and why Florida courts decline to enforce them.
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
Account Recovery
MAY 7, 2024
A District Court judge in California has denied a defendant’s motion to dismiss a Fair Debt Collection Practices Act suit, ruling the arguments raised by the defendant were not applicable at this stage of the proceedings. The Background: The defendant attempted to evict the plaintiff because the plaintiff allegedly failed to pay his rent.
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?
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