Collection Industry News

MAY 9, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Final payment amounts after deferral. Debt Collection. Auto Servicing. The CFPB sees wrongful repossessions everywhere. Too many holds on mobile check deposits.

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FFGN COLLECT NY

AUGUST 22, 2023

Some people overnight payment to satisfy their debt collection claim. In order to avoid the possibility of check washing, you may choose to send payment via overnight courier to ensure delivery. A Risk of Overnighting Payment Here’s how it works. For more debt collection best practices, check out our other articles.

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Qualco

SEPTEMBER 12, 2023

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. As a result, borrowers with variable interest rates are experiencing significant increases in their monthly payments.

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Payment Savvy

FEBRUARY 23, 2023

Whenever there is an issue with a direct debit or credit card transaction, one of the parties involved in the payment processing will send a code. Automated Clearing House (ACH) payments are electronic payment processing carried out between two financial institutions (e.g., How Does an ACH Transaction Work?

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PDC Flow

DECEMBER 13, 2022

All companies take payments but many don’t understand how the payment industry works behind-the-scenes. The digital payments landscape is complex, and with new technologies emerging, the greater payment ecosystem continues to evolve. Help you make educated decisions about which payment communication software to use.

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Payment Savvy

MAY 16, 2023

The backbone of these developments is none other than America’s Automated Clearing House (ACH) which facilitates seamless electronic transactions between banks and financial institutions within its network. Instant ACH transfers have gained prominence as they cater to the increasing demand for expedited financial transactions.

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Qualco

APRIL 18, 2024

Responsible debt collection practices have become vital for financial institutions looking to build trust, enhance customer relationships, and contribute to a fair financial landscape. At the same time , the collection landscape is undergoing a significant shift driven by the prevalence of digital channels.

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Nexa Collect

APRIL 11, 2021

The debt collection industry has been through one of its most difficult periods in modern history, and the recovery looks slow and prolonged. A national and, at the same time, a global recession has been caused, not by financial crises, but rather by an unexpectedly devastating health issue.

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Qualco

DECEMBER 7, 2021

Customers are becoming more sophisticated and the same goes with the solutions they expect from financial institutions. Challenging the status quo for debt collection. Beyond doubt, the old-style debt collections approach has long been outdated. Customer analytics-driven approach for next-generation collections.

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Katabat

NOVEMBER 20, 2019

12, 2019 — Katabat, a leading global supplier of debt management software solutions, has launched Easy Collect, a powerful, yet easy to deploy, mobile payment portal for lenders and debt collection agencies. Easy Collect is PCI-compliant and does not require IT support for deployment. WILMINGTON, Del.,

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True Accord

AUGUST 25, 2020

Banks are accelerating their adoption of new digital debt collection tools in anticipation of a “tidal wave of consumer debt issues” when government stimulus programs end and financial institutions stop offering forbearance and loan deferral options.

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Qualco

NOVEMBER 30, 2021

The debt collections sector is facing several challenges, like many other sectors across Europe. Changing customer behavior due to the deterioration of their financial circumstances have led to an uptick in debt and collections activities as well. Control their cash collections and liquidity risk.

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Qualco

NOVEMBER 30, 2021

The debt collections sector is facing several challenges, like many other sectors across Europe. Changing customer behavior due to the deterioration of their financial circumstances have led to an uptick in debt and collections activities as well. Control their cash collections and liquidity risk.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. This Bulletin serves as an update to that non-exhaustive compilation of information.

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Collections Law

APRIL 5, 2022

Perhaps your own business is trying to struggle through collecting overdue payments and you are wondering if there is something more you can do. You have more important aspects of your business to run, but you may not know at what point it becomes worthwhile to bring in a collection professional. At Law Offices of Alan M.

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Troutman Sanders

MAY 2, 2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule.

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Katabat

DECEMBER 16, 2019

which offers enhanced security, additional payment platform integrations, and improved client communication capabilities. “We We always focus on improving our clients’ experience with each major release of our debt collections software,” said Katabat CEO Ray Peloso. WILMINGTON, Del., The latest capabilities in Katabat 9.0

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FFGN COLLECT NY

NOVEMBER 4, 2021

There is no state as liberal as New York when it comes to commercial debt collection and the enforcement of judgments against commercial entities. To ensure the best possible outcome, you’ll want to make sure you have a good collection attorney who knows how to maneuver through New York’s liberal enforcement policies.

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Fico Collections

JULY 10, 2020

As a result of COVID-19, the use of contactless payments is expected to rise 10–15% in the U.S. With this uptick in usage leaving many wondering just how secure this payment method is, I thought it was important to answer some commonly asked questions. What exactly are contactless payments? Are contactless payments secure?

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Nexa Collect

JANUARY 14, 2023

The US government has thrown a slew of laws on collection agencies, making bad-debt recovery harder and costlier. There are thousands of collection agencies in the USA, but most are small. The following changes can result in many collection agencies shutting their businesses. . Read: Impact of the GLBA on Collection Agencies.

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Qualco

JANUARY 26, 2024

Over-indebtedness refers to situations where debtors face difficulties meeting financial obligations due to immediate payment challenges or chronic issues like insolvency, where debts outweigh assets. Financial institutions must align with this approach, closely monitoring each stage for proposed repayment plans.

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Qualco

JANUARY 26, 2024

Over-indebtedness refers to situations where debtors face difficulties meeting financial obligations due to immediate payment challenges or chronic issues like insolvency, where debts outweigh assets. Financial institutions must align with this approach, closely monitoring each stage for proposed repayment plans.

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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. But how does Plaid ensure this exchange of sensitive information is secure?

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Fico Collections

APRIL 20, 2023

According to FICO’s latest survey of consumers from 14 countries around the globe, 90% of all consumers have sent a real-time payment, and at least 95% of consumers have used real-time payments in India , Indonesia , the Philippines , and Brazil. Throughout the countries we surveyed, RTP usage shows no signs of slowing.

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Nexa Collect

SEPTEMBER 15, 2020

Need a Collection Agency – Serving Nationwide? The financial pressures have triggered feverish increases in the number of loan impairments for residential and commercial real estate loans. Historically, delinquency and default rates are time delayed, adding to the uncertainty faced by financial institutions.

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Qualco

DECEMBER 7, 2021

Customers are becoming more sophisticated and the same goes with the solutions they expect from financial institutions. Challenging the status quo for debt collection. Beyond doubt, the old-style debt collections approach has long been outdated. Customer analytics-driven approach for next-generation collections.

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Fico Collections

FEBRUARY 1, 2021

However, that doesn’t mean that this acceleration has been evenly distributed across every company in the financial services industry, nor across every part of an individual financial institution. How would you rate yourself when it comes to your collections transformation? Capturing RFD - “Reason for Deferral”.

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True Accord

JULY 1, 2021

In a recent report by the Aite Group , TrueAccord was featured in the inaugural edition of the “Retail Banking & Payments Fintech Spotlight” , which highlighted disruptive fintechs with a strong focus on technologies that improve the customer experience. The key differentiator making TrueAccord an innovative fintech disruptor?

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Collection Industry News

JANUARY 24, 2022

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor BrightSpeed Solutions and its founder Kevin Howard (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

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Troutman Sanders

JULY 29, 2020

This protection is similar to how Social Security payments are barred from garnishment. While the CARES Act allows Congress to provide stimulus checks to many struggling Americans, it does not protect these payments from being garnished by private debt collectors. For non-electronic payments, S. For non-electronic payments, S.

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Fico Collections

APRIL 29, 2022

There’s a lot going on in the retail payments space – defined as transactions between two consumers, between consumers and businesses, or between two businesses. Some of the changes are related to new digital payments methods like P2P apps, tap-to-pay, and cryptocurrency, which are all growing options in retail environments.

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Fico Collections

DECEMBER 20, 2022

5 Ways Digital Payments Will Change FIs and Fraud in 2023. New digital payments channels and methods will grow next year, giving new opportunities for fraudsters and scammers. And the digital payments landscape made a global-scale impact, both positive and negative which FIs now must deal with. FICO Admin. by TJ Horan.

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Better Credit Blog

NOVEMBER 3, 2020

Have you been receiving threatening calls and letters from a company called Advanced Collection Services? You likely have an old debt hanging over your head that they are trying to collect payment on. The problem is that sometimes they get information wrong and try to collect the wrong amount or from the wrong person.

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Collection Industry News

NOVEMBER 22, 2023

. – The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. “Payment systems are critical infrastructure for our economy. “Payment systems are critical infrastructure for our economy.

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Katabat

APRIL 7, 2021

platform helps clients address accelerating consumer demand for online, mobile payment options which has never been more critical than during this uniquely challenging Covid crisis. . encryption to better support current consumer payment preferences. encryption to better support current consumer payment preferences.

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Better Credit Blog

FEBRUARY 18, 2021

Have you missed a few payments on one or more of your bills? Failing to pay your bills will cause the debt to move to collections. This means that your original creditor has officially handed the account over to a collection agency that will hound you for payments. About FirstPoint Collections. government agencies.

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Fico Collections

FEBRUARY 16, 2022

US customers and their banks are familiar with different types of fraud including card, identity, and payment related frauds. customers, 64%, prefer to use text messaging when verifying payments, and another 15% prefer email. customers prefer to verify payments using methods that have proven vulnerable to fraud.

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