Wed.Mar 22, 2023

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Bill Introduced in Illinois to Ease Medical Debt Burden

Account Recovery

The Illinois legislature is considering a bill that would require hospitals screen individuals without health insurance before initiating any collection activity while also prohibiting the sale of medical debt. To help advance the legislation and bring attention to the medical debt problem in Illinois, the Illinois Coalition for Immigrant and Refugee Rights yesterday released a … The post Bill Introduced in Illinois to Ease Medical Debt Burden first appeared on AccountsRecovery.net.

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CFPB Orders Repeat Offender Portfolio Recovery Associates to Pay More Than $24 Million for Continued Illegal Debt Collection Practices and Consumer Reporting Violations

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) took action today against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law.

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22 Companies Seeking Collection Talent

Account Recovery

During this, The Great Resignation Era, I thought it would be helpful to start a regular posting of different jobs within the accounts receivable management industry that I have found online. Please make sure to do your own due diligence before applying for a position included here or accepting any offers. This is merely meant … The post 22 Companies Seeking Collection Talent first appeared on AccountsRecovery.net.

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Mortgage Rates May Drop Despite Fed Rate Increase

Nerd Wallet

Kate Wood writes for NerdWallet. Email: kwood@nerdwallet.com. Twitter: @[link] The article Mortgage Rates May Drop Despite Fed Rate Increase originally appeared on NerdWallet.

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How Collection Agencies Minimize Effort and Maximize Results with the Right Software

Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.

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Judge Denies MTD in FCRA Case Over Canceled Debt

Account Recovery

A District Court judge in Louisiana has denied a motion to dismiss filed by two defendants sued for allegedly violating the Fair Credit Reporting Act, ruling that the plaintiff has sufficiently alleged that one of the defendants willfully violated the relevant provisions of the statute and that the other defendant’s failure to respond to a … The post Judge Denies MTD in FCRA Case Over Canceled Debt first appeared on AccountsRecovery.net.

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AHA Pushes Back on Medical Debt Report

Account Recovery

The American Hospital Association is fighting back after a report was released last week that said about 15% of all non-elderly adults are carrying some amount of unpaid medical debt, saying that the report failed to mention the underlying root-causes of the problem while also failing “to appreciate the looming crisis” that is likely to … The post AHA Pushes Back on Medical Debt Report first appeared on AccountsRecovery.net.

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When Does Travel Brand Loyalty Make Sense?

Nerd Wallet

Sam Kemmis writes for NerdWallet. Email: skemmis@nerdwallet.com. Twitter: @samsambutdif. The article When Does Travel Brand Loyalty Make Sense? originally appeared on NerdWallet.

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Daily Digest – March 22. Judge Denies MTD in FCRA Case Over Canceled Debt; Bill Introduced in Illinois to Ease Medical Debt Burden

Account Recovery

JUDGE DENIES MTD IN FCRA CASE OVER CANCELED DEBT A District Court judge in Louisiana has denied a motion to dismiss filed by two defendants sued for allegedly violating the Fair Credit Reporting Act, ruling that the plaintiff has sufficiently alleged that one of the defendants willfully violated the relevant provisions of the statute and … The post Daily Digest – March 22.

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The Best Home Insurance in Louisiana for 2023

Nerd Wallet

Sarah Schlichter writes for NerdWallet. Email: sschlichter@nerdwallet.com. The article The Best Home Insurance in Louisiana for 2023 originally appeared on 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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SWIFT Banking System: What Is It and How Does It Work?

Payment Savvy

Most international money wires have been possible with the infamous SWIFT code. If you’re dealing with international payments regularly, you must know of its existence. However, many of you might be faintly aware of the code’s purpose. SWIFT is widely used in almost every country, with just a few exceptions, as it’s one of the most secure methods of sending international payments all over the world.

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What Is the Social Security Special Minimum Benefit?

Nerd Wallet

Carissa Rawson writes for NerdWallet. Email: articles@nerdwallet.com. The article What Is the Social Security Special Minimum Benefit? originally appeared on NerdWallet.

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What Is Contribution Margin?

Payment Savvy

In the world of business, profitability is the ultimate goal. To achieve this, companies need to understand their costs and revenue streams to make informed decisions about pricing, product mix, and production levels. One metric that helps companies analyze their financial performance is contribution margin. In this article, we will be talking about what is a contribution margin, how do you calculate it and why it’s important for businesses to regularly monitor it.

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Travel Rewards Programs Shouldn’t Be So Annoying to Use

Nerd Wallet

Sam Kemmis writes for NerdWallet. Email: skemmis@nerdwallet.com. Twitter: @samsambutdif. The article Travel Rewards Programs Shouldn’t Be So Annoying to Use originally appeared on NerdWallet.

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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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My Body, Their Choice: The Economic Devastation of Overturning Roe

Prosperity Now

As a woman living in a world where Roe v.

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Personal loan statistics to know for 2023

Credit Corp

As of the second quarter in 2022, Americans owed over $192 billion in personal loans, according to TransUnion ®. This was a 31% increase from 2021 and is thought to be due to the financial hardships Americans experienced during the COVID pandemic that overwhelmed the nation in 2020. If you’re one of the many Americans who took out a personal loan in early 2022, the good news is that interest rates were very low, according to the St.

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Adjusting the Lens of Financial Wellness in the Miami-Dade Community

Prosperity Now

Financial Capability Month is coming up in April. During this time, organizations like Branches Inc.

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Becoming a Master Negotiator

NACM

This week has been the busiest and most insightful so far for me at NACM. Not only am I working on the ninth module of FCIB's International Credit Risk & Management (ICRM) course, but I just completed my first Graduate School of Credit & Financial Management (GSCFM) course through NACM.The two-day course covered ​Advanced Negotiations​ with.

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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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Are Debit Cards and ATM Cards the Same Thing?

Credit Corp

Many people use the terms ATM card and debit card interchangeably, but these aren’t actually the same thing. To understand whether an ATM card is also a debit card, you have to know a bit about the history of these cards and what they’re used for. We’ve got the details on ATM cards vs. debit cards below. Find out the difference and get answers to some common debit and ATM questions.

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Net Present Value: How to Calculate and Use A Vital KPI

Payment Savvy

If you spend time around investors or business people, you’ve likely heard the term Net Present Value, or NPV. You may find the term confusing if you’re new to business or haven’t needed to use KPIs (Key Performance Indicators). Since NPV is an essential metric to gauge the health of businesses and investment options, understanding this tool is critical.

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Double Reporting Leads to Denial of Summary Judgment in Illinois FCRA Case

Troutman Sanders

An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency. The court’s opinion in Kyle Fickel vs.

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FCC Cracks Down on Texting Scams and Robocalls

Troutman Sanders

On March 16, the Federal Communications Commission (FCC) adopted its first set of regulations targeting what is perceived as the increasing problem of scam text messages sent to consumers. The first rule requires mobile service providers to block text messages that appear to come from phone numbers that are unlikely to transmit text messages. This includes invalid, unallocated, or unused numbers identified on a Do-Not-Originate list.

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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.