Account Recovery

AUGUST 11, 2022

The Consumer Financial Protection Bureau yesterday announced that a fintech company that promoted itself as a savings tool for consumers engaged in deceptive acts and practices by using a faulty algorithm that actually ended up causing its customers to “routinely” incur overdraft fees, and announced that the company will pay $2.7

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Account Recovery

SEPTEMBER 15, 2023

The Consumer Financial Protection Bureau yesterday issued a warning about tuition payment plans that may be taking advantage of consumers while also noting that withholding transcripts from students as a debt collection tool is a potentially illegal practice. A copy of the report can be accessed by clicking here.

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Public Citizen

JANUARY 27, 2022

Experian is introducing a program that will allow consumers to create their own credit reports from scratch, the Wall Street Journal reports (subscription required). The process is aimed at converting consumers from being invisible to banks to having a credit record and an increased chance of loan approval."

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Account Recovery

JULY 23, 2021

Almost six months to the day that she resigned as Director of the Consumer Financial Protection Bureau, Kathy Kraninger has landed a new job — she is the new top regulatory official for Solidus Labs, a cryptocurrrency startup founded by former employees of Goldman Sachs.

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Account Recovery

JUNE 8, 2021

A pilot program is being offered in Tennessee aimed at reducing the number of medical debt collection lawsuits that are filed against individuals, by offering a free online medical debt resolution platform for healthcare providers and consumers to use to work out settlements before lawsuits are filed.

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Troutman Sanders

FEBRUARY 29, 2024

Can digital comparison-shopping operators or lead generators violate the Consumer Financial Protection Act (CFPA) by preferencing products or services based on financial benefit? According to today’s guidance issued by the Consumer Financial Protection Bureau (CFPB or Bureau), the answer to that question is yes.

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American Profit Recovery

NOVEMBER 30, 2022

I work alongside people every day who are compassionate, smile and are often times laughing with consumers. Tools like this I think, are paving the way for breaking barriers that debt collectors have. Tools like this I think, are paving the way for breaking barriers that debt collectors have.

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American Profit Recovery

APRIL 7, 2022

In our industry, there seem to be changes all the time when it comes to how and when we are able to deal with consumers. These adjustments are meant to protect consumers and create an even playing field to assist them and the medical practices that require payment. These new regulations are obviously meant to protect consumers.

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Account Recovery

FEBRUARY 1, 2021

Consumers prefer to handle personal and business matters … The post Guest Post: How to Compliantly Add Text Messaging to Your Business Tools appeared first on AccountsRecovery.net. Text messaging is the most widely utilized form of communication, with over 23 billion text messages sent daily worldwide.

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American Profit Recovery

JULY 19, 2022

Negotiation tools you might not possess internally. Whether it’s an outright refusal to pay your business or that consumer has fallen on tough times, a professionally trained collector has the negotiation tools to make progress with your customer. You’ll always see us promoting the compliments we get from consumers.

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Nexa Collect

JUNE 21, 2023

Automated fact-checking: AI-powered fact-checking tools can assist journalists in verifying information and detecting misinformation. These tools utilize machine learning algorithms to compare statements, articles, and sources against a vast database of verified information, identifying potential inaccuracies or false claims.

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Collection Industry News

MARCH 30, 2024

The use of AI in the sector only looks set to grow; even though just over 10% of collections firms currently employ AI-driven tools in the US, around 60% are considering implementing them. The benefits are clear: AI tools can predict which debtors are likely to pay; they can negotiate payments virtually, and segment and profile customers.

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Credit Corp

MARCH 29, 2021

ExtraCredit was created with one thing in mind: to create an all-encompassing credit monitoring product that puts the consumer first. Never before has there been such a comprehensive tool as ExtraCredit, and it was crafted with the goal of disrupting the saturated world of consumer finance. It’s not a passive product.

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Payment Savvy

AUGUST 3, 2023

Every BIN number can be checked to prevent fraud and ensure the protection of both merchants and consumers when shopping. A BIN checker is a free tool that helps you retrieve information about a payment card based on the BIN number. Most free tools have a vast database that is regularly updated. How to Use a BIN Checker?

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American Profit Recovery

MAY 5, 2023

No matter the size of your business, your organization will always encounter consumers that have challenges meeting their financial obligations. For a whole host of reasons, consumers can either be late in paying you, or stop paying your business altogether. You can even provide a direct link for easy payment.

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American Profit Recovery

MARCH 4, 2022

National Consumer Protection Week in 2022 is March 6-12 and is meant to educate everyone about how to improve finances, avoid scams and fraud as well as educate consumers about their rights. We go above and beyond to make sure that everyone we come in contact with understands their rights as a consumer.

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Troutman Sanders

JANUARY 18, 2024

In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Jordan Wright, CEO of Atomic Financial, to discuss the Consumer Financial Protection Bureau’s (CFPB) proposed 1033 rule. This rule aims to limit the misuse or sale of consumer data, and is expected to be finalized by summer 2024.

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FFGN COLLECT NY

JUNE 4, 2023

Predictive Analytics AI can estimate the likelihood of on-time payments by analyzing historical data and past consumer behavior. You can use AI as a tool to identify accounts that have a high likelihood of late or defaulted payments. We asked ChatGPT what are some ways AI can help boost recovery rates for past-due receivables.

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Qualco

APRIL 15, 2024

THE NEW ERA OF CONSUMER LENDING In today ’ s rapidly evolving financial landscape, the significant increase in consumer lending presents new challenges for financial institutions, particularly in managing collections. INTRODUCING QCR ACCELERATOR The QCR Accelerator is a collections solution developed by QUALCO.

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Troutman Sanders

JULY 20, 2023

As previously discussed here and here , consumers and businesses will be able to send and receive money within seconds, at any time of the day and on any day of the year. Consumers will be able to reject payments to and from accounts they have designated as suspicious and to put limits on the amount of the transaction.

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PDC Flow

FEBRUARY 16, 2024

Without measures in place to prevent chargebacks, though, many of your payments could end up being disputed by consumers. Common Chargeback Reasons The reasons consumers dispute charges with their credit card companies can vary. This way, the consumer can enter their payment information in private. ??

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Troutman Sanders

SEPTEMBER 26, 2023

These powerful tools were designed to inform industry professionals about the latest state and federal legislative and regulatory developments in order to aid organizations with their compliance management systems and initiatives. Please tune in to learn more about receiving this valuable tool for your organization.

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PDC Flow

SEPTEMBER 21, 2021

Agency operating models have begun to include more digital tools and the future of debt collection is likely to bring even more exciting changes. You can begin building a customer centric approach to collection by understanding what consumers want and what the industry climate demands. Shifting Customer Preferences.

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PDC Flow

MARCH 4, 2024

For two decades, our company has provided compliant, reliable, affordable tools that make it simple to take payments, send documents, get esignatures, and more. On top of this, developing a text messaging service can be a complex and time-consuming project for software applications. Text messaging with PDCflow has never been better!

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Collection Industry News

JULY 30, 2023

A key pillar of the relationship between consumers and their financial institutions is effective customer service. We consumers expect that the financial institutions we trust to hold our money will provide us with prompt and responsive assistance when we ask for it.

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Troutman Sanders

JUNE 22, 2023

Do companies that use workplace surveillance tools to make hiring and firing decisions risk violating the Fair Credit Reporting Act (FCRA)? According to the Consumer Financial Protection Bureau (CFPB or Bureau) in a recent comment , the answer to that question is yes.

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PDC Flow

NOVEMBER 29, 2023

Some payment softwares are designed with specific industries in mind and don’t offer the payment processing services your consumers and your office require (or include features you’ll never need). offer digital communication channels to engage consumers and collect payments. Does it simplify interactions with consumers?

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Fico Collections

MAY 2, 2023

However, any organisation affected by the new Consumer Duty updates must step back and appreciate the sheer scale of what’s required. However, it's also undeniable that there is often an alignment between consumer expectations and what will help to achieve better performance for a financial service organisation.

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PDC Flow

NOVEMBER 17, 2020

Thankfully, there’s a treasure trove of paid and free tools that your team can use as they work from home. From collaboration and messaging platforms to free printable accounting and financial templates , here are some tools to help your employees do efficient and productive remote work. 1) Google Suite. 4) Excel Templates.

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PDC Flow

AUGUST 10, 2021

To adapt to work from home requirements and prepare for Regulation F, many companies have begun using digital strategies to connect with consumers and resolve accounts. Digital collections is about upgrading and supplementing old business operations or adding brand new tools and strategies to your list. SMS Text Messaging.

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Nexa Collect

JUNE 18, 2023

They use tools like skip tracing and data scrubbing for improved performance. Consumers need to know their rights when dealing with medical collection agencies. A medical collection agency will send written demands and make persistent phone calls to your patients.

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Consumer Finance

JULY 28, 2021

The Consumer Financial Protection Bureau (CFPB) today released an online tool to help renters and landlords impacted by the pandemic easily find and apply for payment assistance for rent, utilities and other expenses.

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True Accord

JULY 27, 2020

As the US is starting to understand the impact of COVID-19 and its aftermath on our economy, more consumers are expected to default and find themselves dealing with debt. Consumers need delightful experiences and a helping hand on their way back to financial stability. Laura Marino joins TrueAccord as Chief Product Officer.

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Fico Collections

MARCH 15, 2021

When we launched FICO’s “Score A Better Future” program in October 2018, our main goal was to continue to expand consumer credit access through financial education. These free events are designed to demystify credit and give consumers the tools – including non-profit credit counseling – to take control of their financial health.

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Payment Savvy

NOVEMBER 10, 2021

When a consumer defaults on payment, you first contact them about the missed payment. One of the tools agencies employs when a consumer goes MIA is skip tracing. Interested to learn more about the tool? What happens when that customer vanishes completely? Read on to get the 4-1-1… What is skip tracing?

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PDC Flow

AUGUST 11, 2023

Types of Emails for Debt Collection Debt collectors know email serves consumers better–and many have chosen tools to make this happen. But just buying a tool isn’t going to guarantee more recoveries. What action do you want the consumers to take as a result of your email strategy?

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Troutman Sanders

MARCH 4, 2024

On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. For information, click here.

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