Collection Industry News

MARCH 19, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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Debt RR

SEPTEMBER 8, 2022

But if you hold or loan out commercial debt, you might be wondering how inflation affects you. What Is Commercial Debt? Commercial debt is a type of debt businesses use to finance their operations. In other words, it’s when one business entity loans money to another business.

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Nexa Collect

SEPTEMBER 15, 2020

The financial pressures have triggered feverish increases in the number of loan impairments for residential and commercial real estate loans. The more impaired a loan becomes, the greater the chance that the borrower will default, causing partial or total losses for the lender. The largest lender in the U.S.,

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Qualco

OCTOBER 25, 2023

Artificial Intelligence and Machine Learning automate credit scoring, making loan approvals swifter and more accurate. This productivity improvement empowers faster and more effective debt recoveries. Also, a gents can understand and respond to customer needs in real-time , regardless of the channel.

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True Accord

AUGUST 11, 2022

Whether it’s taking out a loan, buying a house, saving for retirement or purchasing goods on a credit card,, people are constantly being asked to make decisions that affect their personal finances. Providing consistent outreach—especially in early delinquency—will give customers more opportunities to engage, understand, and resolve debt.

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Debt RR

FEBRUARY 16, 2023

Five Cs of Credit Lenders use an industry standard called the five Cs of credit to determine if the borrowers qualify for the line of credit. Character: The company’s record of repaying debt. Capacity: The company’s capacity to pay back the loan along with other expenses. Usually found in a credit report.

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UK debt collections

JUNE 25, 2020

UK businesses are returning to work this month with some trepidation, according to fintech business lender MarketFinance. Only 43% of businesses that applied for a CBILS loan were successful in securing it. The typical loan taken by these businesses was £211,667, though they applied for almost double this amount.

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Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. This scenario underscores the pressing need for resilient and adaptable strategies in managing loan portfolios.

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Nexa Collect

APRIL 27, 2022

Shouldn’t all unpaid debts ( medical or otherwise), be reported to credit reports in the same way? Then let the lenders decide which one they want to consider or ignore. For example: What if a patient who owes $10,000 in medical bills wants to take a $500,000 home loan. Now he can qualify for $500,000 loan.

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Better Credit Blog

JANUARY 15, 2021

Clarity Services is a third-party credit reporting company used by lenders to obtain data like your credit reports when you apply for funding. As such, it may show up on your credit report as a hard inquiry when you apply for a loan, credit card, or line of credit. Debt recovery. Installment loans.

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Taurus Collect

JANUARY 20, 2023

Credit reports contain detailed information about your credit history, including payment histories, outstanding debts, and credit limits. This allows debt collectors to assess the risk associated with extending you credit or initiating a loan. Send your concerns to enquiries@tauruscollections.com.

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UK debt collections

NOVEMBER 6, 2020

The new chief of the Financial Conduct Authority issued a warning to banks and commercial lenders this week. The warning shot was issued over the way that banks intend to treat small businesses when recovering state backed loans issued during the pandemic. These loans come with a 100% state guarantee.

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Taurus Collect

JUNE 16, 2022

When you have a debt in collection and receive a call/ notice from a debt collector, it indicates that your original creditor has redirected the debt to a debt collection agency or a third party to collect it. The past-due accounts will not be charged off and sent to the collection agency until they become aged debts.

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Collection Industry News

JUNE 1, 2023

Expanding Debt Markets: Debt markets have witnessed significant expansion in recent years, both in developed and emerging economies. The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts.

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Better Credit Blog

APRIL 1, 2022

A good credit score allows you to get better rates on car or mortgage loans just to name a few. If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. They recently acquired Alltran Financial Services in 2020.

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Debt RR

OCTOBER 13, 2019

How can lenders feel confident in approving businesses for loans or leasing? There are different instances in which a UCC filing may be used, including: Loans for a small business. An example of this would be when taking out a loan or working with a venture capital firm. Occasionally, a lender may take a second position.

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Collection Industry News

JULY 28, 2020

Considering the sheer size of the outstanding debt, even a small percentage in improvement of the debt collection numbers can majorly impact the overall profitability of the lenders. Customers today have high expectations when it comes to service from Lenders. It may even alter their loyalty towards the brand.

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Debt RR

JANUARY 24, 2020

Small Business Loans. Entrepreneurs and small business owners can access loans that offer specific benefits to businesses in different stages of growth and development. Personal loans. Short-term loans. Some loans may require a personal guarantee from an owner or director. Commercial Real Estate Loans.

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Better Credit Blog

AUGUST 7, 2020

Having a collection account on your credit report for an unpaid debt can damage your credit score for up to seven years, even after you pay it. This can impact your ability to qualify for loans or apply for credit cards. It will also help if you have a record of making payments on time since the debt was paid off.

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Debt RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. And if the debt remains unpaid for too long, it can exacerbate the situation for many business owners and finance managers. Student loans. Student loan disbursements. Federal taxes.

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Better Credit Blog

APRIL 5, 2022

Often, a collection entry will even keep you from getting a mortgage or securing an auto loan, which is why it’s important to do all you can to remove collections from your credit report quickly. Then kindly ask the debt collector to remove collections from your credit report out of goodwill.

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Debt Recoveries

OCTOBER 24, 2021

Give priority to interest-bearing debt. When writing your budget and listing all your outstanding debts, work out which of those debts are incurring further fees and interest, such as credit cards and loans. Talk to your Debt Collector. Avoid using debt consolidators or “debt relief” companies.

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Qualco

OCTOBER 15, 2018

Lenders and collections teams have traditionally bolted analytical tools onto their main strategies, using them to test ideas, segment accounts and validate approaches. For more information read our E-Guide: Analytics & Automation: Implementing Best Practice in Debt Recovery. Now the landscape has changed.

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