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Collection Industry News
JUNE 7, 2021
When evaluating credit applicants, banks will review account balances, payments and overdrafts. When you are new to credit, Arevalo says, remember to: Make payments on time to avoid late charges. If people only make minimum payments and keep making purchases, their debt will quickly grow,” he says. Keep total debt manageable. “If
Collection Industry News
JUNE 7, 2021
The CFPB recently issued a consent order against an auto-loan finance company for illegally charging customers interest on late payments of its loss damage waiver fee without their knowledge. Source: site. The company did not admit or deny any findings of fact or conclusions of law, except as to jurisdiction.
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Collection Industry News
JUNE 7, 2021
In one letter, it noted Cortez’s outstanding balance and offered three payment options to settle the account for less than the full amount. Cristian Cortez incurred credit card debt which was placed with Forster & Garbus LLP for collection. The company mailed him a number of collection notices.
CSA
JUNE 7, 2021
iPSL have a proven track record of digital payment processing, working with clients across the financial services sector, handling approx. 160 million transactions every year. Managing data, risks and preventing fraudulent activity is one of the company?s s major strengths and is critical to the business.
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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.
Collection Industry News
JUNE 7, 2021
Also factoring in are the changing payment preferences of Millennials and Gen Z. Younger adult shoppers are demanding access to point-of-sale (POS), buy-now, pay-later (BNPL) offers that let them pay for purchases in four equal installments, interest free, while receiving their purchased item as soon as the first payment is made.
On Guard
JUNE 7, 2021
Carrying out this due diligence at an early stage is even more important as non-refundable methods of transaction become more popular, such as bank transfer as opposed to PayPal or credit card payments.
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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. Are you finding some snags in your collections process? Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.
Speaker: Ryan McInerny, CAMS, FRM, MSBA - Principal, Product Strategy
May 18th, 2023 at 9:30 am PDT, 12:30 pm EDT, 5:30 pm BST
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