Wed.Mar 10, 2021

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Daily Digest – March 10. New Series Tackles Real-World Credit Reporting Scenarios; Appeals Court Overturns Dismissal of FDCPA Suit

Account Recovery

NEW SERIES TACKLES REAL-WORLD CREDIT REPORTING SCENARIOS Of all the different parts that make up collecting debt and running a successful collection operation, perhaps the most risky and complicated component is credit reporting. Collection agencies that opt to furnish information to credit reporting agencies face significantly more risks than those that do not furnish information, … The post Daily Digest – March 10.

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4 Reasons healthcare collections need to be cordial

American Profit Recovery

If you are running any type of healthcare facility or medical practice, we know how hard you have worked to cultivate new patients. It can take years to build a thriving practice and along with the best medical care, the way you do that is to provide a warm and welcoming environment at every phase of the patient experience. The patient experienced starts from that first phone call for care all the way through how that person is treated in the office, by all levels of staff, and after the visit.

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New Series Tackles Real-World Credit Reporting Scenarios

Account Recovery

Of all the different parts that make up collecting debt and running a successful collection operation, perhaps the most risky and complicated component is credit reporting. Collection agencies that opt to furnish information to credit reporting agencies face significantly more risks than those that do not furnish information, but the payoff is the expectation that … The post New Series Tackles Real-World Credit Reporting Scenarios appeared first on AccountsRecovery.net.

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How to Travel to the Caribbean on a Budget

Nerd Wallet

White sandy beaches provide a restful reprieve from daily stresses. Secluded shores and remote islands encourage natural social distancing. And, if you’re coming from the U.S., you’ll get to explore a new region without too much jet lag. For these reasons, plus a high level of affordability, the Caribbean makes a solid choice for a. Sally French writes for NerdWallet.

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

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Appeals Court Overturns Dismissal of FDCPA Suit, But Also Says Defendant Can Invoke BFE Defense

Account Recovery

The Ninth Circuit Court of Appeals has overturned the dismissal of a Fair Debt Collection Practices Act lawsuit, ruling that the strict liability of the statute applies when a collector threatens to file a lawsuit outside the statute of limitations window, but emphasizing that such a threat may be covered by the bona fide error … The post Appeals Court Overturns Dismissal of FDCPA Suit, But Also Says Defendant Can Invoke BFE Defense appeared first on AccountsRecovery.net.

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Groups Call for Stimulus Funds to be Protected From Garnishment; Legislative Proposal Forthcoming

Account Recovery

Now that another round of stimulus payments is on the horizon for people across America, it is time for another round of articles aimed at making sure that the big, bad debt collectors don’t come in and take that money away from people who really need it. To that end, we have legislation that is … The post Groups Call for Stimulus Funds to be Protected From Garnishment; Legislative Proposal Forthcoming appeared first on AccountsRecovery.net.

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Can Banks be Liable for Processing or Underwriting a Loan that a Borrower Cannot Afford?

Jimerson Firm

Oftentimes, individuals or businesses borrow money from a bank or lender, and unfortunately, are unable to pay the loan payments. In this event, the borrower may try to shift the blame of their inability to pay on the bank or lender, by filing a claim for negligent loan processing or underwriting, and/or breach of fiduciary duty. Based on this, it is important for banks and lenders to know if they can be liable for processing or underwriting a loan, which the borrower ends up not being able to a

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Judge Dismisses Credit Repair Org. Suit Against CFPB, FTC

Account Recovery

A District Court judge in Florida has granted a motion to dismiss after the Consumer Financial Protection Bureau and the Federal Trade Commission were sued by a trade association representing credit repair organizations that accused the regulators of overstepping their constitutional authority and that the Telemarketing Sales Rule is unconstitutional.

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Ask a Travel Nerd: Should I Use Points and Miles to Book 2021 Travel?

Nerd Wallet

You know those “Peanuts” comics where Lucy holds the football for Charlie Brown, only to pull it away at the last second? And how Charlie Brown falls for it, over and over? That’s been me with planning travel during the pandemic: I booked travel, my plans were scuttled, and then I did it all again. Sam Kemmis writes for NerdWallet. Email: skemmis@nerdwallet.com.

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When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

Are you finding some snags in your collections process? 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. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.

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Consumer Financial Protection Bureau Rescinds Abusiveness Policy Statement to Better Protect Consumers

Consumer Finance

On March 11, 2021, the Consumer Financial Protection Bureau announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.”.

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Do I Need Travel Insurance for My Summer Vacation?

Nerd Wallet

With vaccines rolling out and summer approaching, many people are starting to think about making travel plans. However, before you book that trip, consider whether purchasing travel insurance makes sense for you. Here, we break down why having travel insurance could be a smart move for your summer 2021 vacation, plus a few scenarios when. Elina Geller writes for NerdWallet.

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Regulatory resilience: What we can learn from 2020

CSA

Claire Aynsley, CSA Head of Regulatory Compliance Standards. The regulatory environment in which our collections and debt purchase members sit was pretty much up-ended by coronavirus in 2020, with almost every regulator mirroring the government?s approach and devoting substantial resources into responding to the crisis to protect the most vulnerable.

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7 Best Banks for Small Business in Florida

Nerd Wallet

How did we identify the best banks for businesses in Florida? We started with the foundation — business checking accounts. We looked for banks with free business checking accounts, but also considered those with low monthly fees that were easy to avoid. We also factored in ease of access, via a branch or online, as. Kelsey Sheehy writes for NerdWallet.

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ERM Program Fundamentals for Success in the Banking Industry

Speaker: William Hord, Senior VP of Risk & Professional Services

Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?

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Improving Predictive Power with the FICO Score 10 Suite

Fico Collections

In 2020, FICO released two new versions of its FICO® Score in the United States — the FICO® Score 10 suite — to help lenders predict and manage credit risk: FICO® Score 10 leverages the latest data and modeling methodologies, while remaining backward compatible with previous versions of the FICO® Score. FICO® Score 10 T builds on the FICO® Score 10 framework and incorporates powerful new characteristics (including trended data that captures consumer behavior dynamics over time).

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What to Do If a Fair Credit Score Cuts Your Credit Card Options

Nerd Wallet

When it comes to picking a credit card, once you attain fair credit (FICO scores of at least 630), it can be easy to feel stuck in the middle. You’ve established the credit history needed to graduate from secured credit cards, but you won’t yet qualify for some of the more rewarding cash-back and travel. Sara Rathner writes for NerdWallet. Email: srathner@nerdwallet.com.

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Travel Ban and National Interest Exception (NIE) Update: Changing Standards

Burr Forman

On January 25, 2021, Presidential Proclamation (PP) 10143 extended PP 9993, which had suspended certain travel from those physically present in the Schengen Area and other countries since March 2020. PP 10143 restricts entry into the U.S. for non-U.S. citizens physically present in certain countries (Schengen Area, United Kingdom and Ireland, Brazil and South Africa) for the 14-day period prior to U.S. entry.

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Successful Debt Recovery Tips for Businesses

Payment Savvy

When customers do not pay promptly, a company’s cash flow is significantly affected. Therefore, designing an effective collecting strategy for past due accounts is vital for success. Here are several successful debt recovery tips any business can utilize to manage their account receivables effectively. 1. Send Automatic Payment Reminders. The payment reminder game has drastically changed over the past few years.

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You Put in a Full Work Week. Shouldn’t Your Collections Software Do the Same?

Discover a modern, cloud-based collection system that never takes a rest day. MeridianLink® Collect is an intuitive platform with advanced customization options developed to simplify the collections process. Here are four ways MeridianLink Collect can support your team: Omnichannel communications Compliance rules & checklists Workflows & queues One interface with supporting integrations And that’s just the start.

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U.S. Magistrate Judge Awards 50% of Attorneys’ Fees After Issuing Remittitur Cutting Damages by 50%

Troutman Sanders

This case was brought on behalf of a class of 72 female sales professionals employed by clothing retailer John Varvatos Enterprises, Inc. (Varvatos), alleging that Varvatos’s clothing allowance policy, which included giving free clothing to male sales professionals but not female sales professionals, violated various federal and state anti-discrimination laws.

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5 Things to Know About the Wells Fargo Secured Credit Card

Nerd Wallet

If you have bad credit or no credit at all, the Wells Fargo Secured Credit Card is a potential path to building your credit history. However, you’ll need to look into other secured credit card options if you don’t already have this card, as it isn’t available any longer. If you already carry the Wells Fargo. Sara Rathner writes for NerdWallet. Email: srathner@nerdwallet.com.

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UK Cards: More Signs of Stress for the Financially Stretched

Fico Collections

Our latest analysis of UK card trends for January 2021 highlights a mixed – and perhaps confusing – picture of UK consumer finances. Furlough and forbearance appear to be masking the true impact of the pandemic, which may well lull politicians and lenders into a false sense of security. It is normal to see increases in the percentage of accounts and balances missing payments in January as a result of Christmas spend, but this January the growth has not been as marked as we saw last year.

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Mar 10, How much can credit builder loans improve your credit score?

Debt Collection Answers

If you are trying to rebuild your credit scores after collection accounts, you may want to consider a credit builder account. A recent study by Credit Strong showed some impressive results: 1. In our examination of 50,000 Credit Strong® credit builder accounts, we found that the average account holder increased their FICO® Score 8 by more than 25 points within three months of opening a Credit Strong credit builder account.

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The Power of Storytelling in Risk Management

Speaker: Dr. Karen Hardy, CEO and Chief Risk Officer of Strategic Leadership Advisors LLC

Communication is a core component of a resilient organization's risk management framework. However, risk communication involves more than just reporting information and populating dashboards, and we may be limiting our skillset. Storytelling is the ability to express ideas and convey messages to others, including stakeholders. When done effectively, it can help interpret complex risk environments for leaders and inform their decision-making.

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UpRight Law “Agrees to Pay More than $300,000 in Relief to Consumers and to a Six-Year Practice Ban”

Debt Free Colorado

According to the United States Department of Justice : As a result of dozens of USTP actions filed since 2016, UpRight has paid or been ordered to pay almost $900,000 in monetary relief, including returning fees to over 500 impacted consumers and paying court-ordered sanctions, attorney’s fees, and costs. Additionally, bankruptcy courts have imposed practice bans against UpRight in at least four jurisdictions.

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Pledges will not change racial economic and wealth inequities: Nonprofit Executives of Color Can’t Afford to Wait

Prosperity Now

This article was originally published on Medium.

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Stock Trading: How to Get Started and Make More Money

Credit Corp

This post originally appeared on Your Money Geek. Stock trading has become synonymous with building wealth today. Several decades ago, stock trading was something done only by the rich on Wall Street. However, today, with fast computers and online brokers, online trading has the lowest barriers to entry in its history. With the advent of online trading, anyone can register for an account with an online brokerage and buy and sell stocks within minutes.

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8 Best Semi Truck Financing Options of 2021

Nerd Wallet

You can get semi truck financing from many lenders, including some that focus entirely on big rig lending. Like any small-business loan, the best commercial truck loan will be the least expensive one you can qualify for — whether you need a single Sprinter or a fleet of flatbeds. Here are banks and alternative lenders. Ryan Lane writes for NerdWallet.

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How to Attract Multiple Generations to Open New Accounts and Apply for Loans

The experiences of every generation are characterized by their behaviors involving finances. Understanding these attitudes and using them to inform marketing messages enables community banks, regional banks and credit unions to better serve their customers. This entertaining and informative eBook will help your financial institution uncover the best practices when it comes to appealing to mass audiences.