True Accord

SEPTEMBER 28, 2022

Just as technology has evolved leaps and bounds, so have consumer communication preferences, especially when it comes to debt collection. Code-based compliance is a critical component for the debt collection industry. How is Code-Based Compliance Different From More Traditional Approaches to Compliance?

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PDC Flow

DECEMBER 14, 2021

Now, Vice President, co-owner, and founder of Debt Recovery Solutions of Ohio, Inc, she runs a thriving collection agency of her own. Here, she discusses her career journey, her main professional focuses, and what she has observed in the debt collection industry. I have been in the accounts receivables industry since 1994.

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Collections Debt Recovery Collection Agencies Collections Agency 90

Taurus Collect

MAY 11, 2023

If you have ever had to deal with credit card debt, you know it can be stressful. Debt collectors call at all hours of the day and pressure is put on borrowers to quickly make payments in full. It’s important to understand how credit card debt collection works so that you can find the best way for your individual situation.

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PDC Flow

AUGUST 17, 2021

It takes attention, time and patience to find the right system for the type of debt you’re collecting. In a recent webinar, “Developing the Optimal Workflow for Your Collection Process,” by Accountsrecovery.net , three debt collection experts discussed ways to adjust your systems, where to look for improvements and how to analyze the results.

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Fico Collections

AUGUST 3, 2022

As we start to examine the impact of the COVID-19 pandemic, the mortgage industry faces a new challenge: American consumers are experiencing significant economic stress. As we start to examine the impact of the COVID-19 pandemic, the mortgage industry faces a new challenge: American consumers are experiencing significant economic stress.

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Fico Collections

JUNE 16, 2022

US Bankcard Industry Benchmarking Trends: 2022 Q1 Update. FICO releases quarterly US Bankcard Industry Benchmarking trends, previously these were published on the FICO Community but going forward will be published on FICO.com blog. Looking for a different market? We also feature Canada and UK industry trends.

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Taurus Collect

MARCH 5, 2024

Navigating the financial challenges of running a startup can be a daunting task, especially when it comes to managing receivables. In the UK, an innovative approach offered by many a debt collector is the ‘no win, no fee’ model, providing a risk-free solution for startups to pursue owed money.

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Fico Collections

DECEMBER 8, 2022

Building portfolio risk resilience into customer management. We all purchase insurance policies for one fundamental reason – to protect and manage our valuable assets against unexpected events. As we discussed in part 1 of this blog series , FICO® Resilience Index (FRI) was designed with precisely this capability in mind.

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Fico Collections

FEBRUARY 1, 2023

Despite many families so far managing to maintain their financial commitments — loans, credit card and mortgage repayments, as well as essential bills like utilities and rent — there are fears that rising inflation and interest rates may see a significant number struggle to make ends meet.

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Lender Credit Bureau Collections Acquisition 52

Credit Corp

SEPTEMBER 7, 2023

If you’re behind the national average, it may seem difficult to catch up, but whether you have bad credit or a lot of debt, you can still begin building your net worth by learning how to generate passive income. Passive income is a great way to generate more income, pay down your debt, and start saving and investing for your future.

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Taurus Collect

AUGUST 23, 2023

In the complex world of finance, debt collection remains a constant challenge. However, the landscape of debt collection has significantly evolved in recent years. It is especially important to know the laws if you are considering a no cure no pay debt collection agency in the UK.

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CICM

SEPTEMBER 15, 2023

In this blog, we will look at what Debt Collections is and why it is so important. What is Debt? Debt is money owed to another. This debt could be unpaid bills or invoices for goods and services, repayment of a financial service or money loan, or overdue sums for a range of obligations such as fines, taxes and rent.

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Fico Collections

SEPTEMBER 19, 2022

Debt Collections on Tenterhooks with Six and Sevens following CFPB’s Reg F. Consumer Financial Protection Bureau (CFPB) announced the final rules interpreting the Fair Debt Collections Practices Act (FDCPA) on July 30, which went into effect on November 30, 2021. Reg F isn't a hurdle to adjust to and live with. Embrace it. FICO Admin.

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True Accord

OCTOBER 5, 2022

Delivering communications to your customers has always been a compliance challenge with the plethora of laws, regulations, court decisions, and regulatory guidance in the debt collection space. This blog is not legal advice. That has really influenced our industry and how we think about communications in debt collection.

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Fico Collections

DECEMBER 13, 2022

And, at FICO, we believe it’s only a matter of time before the banking industry is replicating this kind of AI for collections. McKinsey has echoed our industry forecast, writing recently that digital is becoming best practice for collections and recovery. Digital Collections: 7 Things That Can Make You More Successful. FICO Admin.

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Fico Collections

NOVEMBER 30, 2022

Top 3 Actions for Delinquency Management Alleviating Inflation Concerns. While the financial services industry would welcome the growth, the concern is that the share of debt transitioning into delinquency is also showing an increasing trend. FICO Admin. Thu, 08/22/2019 - 12:37. by Cyril Cherian. expand_less Back To Top.

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Fico Collections

JUNE 19, 2023

Joining me for this discussion were Thomas Franke, Head of Debt Collection Service at the cooperative TeamBank, and Sven Krüssel, Head of Customer Service at VR Smart Finanz, where he looks after the self-employed and small to medium-sized enterprises (SMEs). How Is Debt Management Culture Changing?

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Fico Collections

JANUARY 6, 2021

Posts dealing with debt collection were among the most popular on the FICO Blog last year, for obvious reasons. They also offered perceptive tips for dealing with what they dubbed the “debt tsunami.”. Debt Collection And Covid-19: What Past Crises Can Teach Us. 8 Success Tips For Debt Collection In The Pandemic.

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Payment Savvy

APRIL 13, 2023

Times Interest Earned (TIE), also sometimes called an Interest Coverage ratio is a financial ratio used to evaluate a company’s ability to meet its debt obligations. Specifically, it measures the extent to which a company’s operating income can cover its interest expenses on outstanding debts.

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Lender 52

Fico Collections

APRIL 28, 2023

Home Blog FICO What Does 2023 Have in Store for U.S. Consumers face debt burden challenges that could impact U.S. Consumers, in turn, responded by reducing spending, paying down debt, increasing savings, and seeking less credit. Credit Risk and FICO Score Trends? credit risk and FICO® Score trends. has remained steady at 716.

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Taurus Collect

MAY 11, 2023

This blog post will provide an in-depth look at when and how you can send a non-paying tenant to collections. We will discuss the different strategies you can use for pursuing payment from your tenant, as well as any pros and cons associated with filing a report with the credit bureaus (if applicable).

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Fico Collections

JANUARY 19, 2023

While UK support will continue through 2023, and possibly into 2024, we can expect to see it provided on a more targeted basis as governments face rising debt burdens as a proportion of GDP. It’s a move typified in the UK by the launch of the FCA’s Consumer Duty , which reinforces a host of customer safeguards.

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Fico Collections

MAY 27, 2021

However, we now can proudly announce publicly the incredible stories behind each project and the achievements that saw them recognized by our panel of eight industry judges. This year the 12 winners have demonstrated extraordinary innovation in very different industries and markets. . Customer Onboarding & Management.

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Fico Collections

AUGUST 10, 2022

It comes amid widespread predictions of a forthcoming tsunami of debt as more people find themselves unable to pay their bills. Covid to Cost-of-Living: Assessing Affordability in Uncertain Times. The removal of the mortgage market affordability test in the UK could pose challenges at a time when affordability is an important lending issue.

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True Accord

JULY 13, 2020

Debt collection is a highly regulated industry and as such, is notoriously slow to change. TrueAccord’s recent report, Consumer Debt in the Age of COVID-19 , found that during times of economic uncertainty, this gap can grow even wider. A consumer’s relationship with a debt collector begins well before any payment activities.

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Fico Collections

JUNE 11, 2021

Lenders must adopt a similar mindset as they manage the health of their consumer lending portfolios to insulate their existing book of business from potential risk volatility. As we discussed in part 1 of this blog series, FICO® Resilience Index (FRI) was designed with precisely this capability in mind.

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PDC Flow

OCTOBER 13, 2020

At PDCflow, we take pride in growing our team and Marketing & Sales Manager Dawn Updike is proof that doing so is worth the investment. We could help many different verticals, engaging with their consumers in many different ways. . Employee professional development is an important – and valuable – part of running a business.

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True Accord

DECEMBER 7, 2021

TrueAccord’s Chief Growth Officer, Sheila Monroe , was recently featured in the New Standard in Debt Collection panel as part of the Beyond Digital: The Next Era in Collections summit. In this blog post, Sheila shares her perspective on where the collections industry is heading in 2021 and beyond. . How frequently do we call?

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Better Credit Blog

JANUARY 20, 2022

In this review of Freedom Debt Relief, we’ll explain how the company can help if you’re struggling with unpaid bills. If you sign up to Freedom Debt Relief’s program, an advisor from the company will: Offer you a free financial evaluation as the first step. Negotiate with your creditors to reach settlements and reduce your total debt.

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Creditors Credit Card Debt Unsecured Debt Debt settlement 76

Better Credit Blog

APRIL 5, 2022

Request Debt Validation. Request a Goodwill Deletion – If You Have Paid The Debt. Don’t go into too many details, but let the debt collector know if you’re trying to buy a house but can’t because of the negative information on your credit report. Ask the Collection Agency to Validate the Debt.

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Troutman Sanders

FEBRUARY 21, 2024

The court’s orders bar the individuals and their companies from directly or indirectly engaging in telemarketing, debt relief services, and making any misrepresentations or unsubstantiated claims about any product or service. million in illegal upfront fees and used deceptive sales tactics to sign consumers up for debt relief services.

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Financial services Student loans Student Loans Financial Institution 52

Re:Ceeve

JUNE 5, 2020

One of the biggest challenges in debt collections is trying to create an effective dunning process that ensures outstanding balances are settled promptly and customers remain loyal to your company. There’s a major difference between a customer who has simply forgotten to make a payment and one who is dealing with financial hardship.

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True Accord

JUNE 19, 2020

Due to regulatory concerns and a general wariness of adopting new technologies, the debt collection industry has historically been slow to change. As companies across other financial industries continue to make it easier for consumers to access their own finances, that resistance may finally be waning. Building scalable systems.

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Re:Ceeve

SEPTEMBER 3, 2020

All companies—no matter their industry, size, or location—have one ultimate goal in mind at all times: improvement. In this piece, we’re going to run through the basics of A/B testing, examine why it’s gaining popularity, and look at A/B testing in debt collections. These are all valid goals. The concept of A/B testing.

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On Guard

JUNE 7, 2021

Bad debt can have catastrophic consequences for any business, with different industries each having their own vulnerabilities. Many current platforms don’t provide the assistance that credit managers need to analyse the data to detect for fraud. Undoubtedly, the threat of fraud is growing. The first line of defence.

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The Kaplan Group

FEBRUARY 21, 2022

It’s always exciting to land a new client, but when that client does not pay you and the debt adds up, excitement turns into anxiety and disappointment. We all know managing a business and the cash flow process is a financial pain point. Commercial collection agencies are experienced professionals in business debt collection.

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True Accord

DECEMBER 23, 2021

TrueAccord’s Chief Product Officer, Laura Marino, was recently featured in the New Standard in Debt Collection panel as part of the Beyond Digital: The Next Era in Collections summit. In this blog post, Laura shares her perspective on machine learning at TrueAccord and in collections, in general. What is machine learning?

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