Tue.Dec 06, 2022

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Wash. Appeals Court Overturns Ruling for Collector

Account Recovery

The Court of Appeals for the State of Washington has reversed a lower court’s ruling and has held a debt collector vicariously liable for the creditor refusing to return an individual’s security deposit when she abandoned the lease for her townhome and required the collector to pay attorney fees and costs for the plaintiff covering … The post Wash.

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CFPB Finds Members of the Reserves and National Guard Paying Millions of Dollars in Extra Interest Each Year

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) released research revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year because they are not always receiving the benefit of their right to rate reductions under the Servicemembers Civil Relief Act.

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Ed. Dept. Issues Guidance About Post-Moratorium Collection Efforts

Account Recovery

Individuals with student loans will be able to avoid facing collection attempts for one year once the moratorium on making student loan payments ends, according to guidance released by the Department of Education’s Federal Student Aid office last week. Back in April, the Education Department announced the creation of a “Fresh Start” program which would … The post Ed.

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Starting a Business Has Gotten Harder This Year, Data Suggests

Nerd Wallet

The economic environment for starting a small business is significantly less hospitable than it was a year ago, according to new data from NerdWallet’s Small-Business Opportunity Index, and the increasingly unfavorable conditions have some small-business experts advising would-be entrepreneurs to prepare for rougher-than-usual starts — or even to put their business plans on hold.

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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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Tim Collins on Challenging the Status Quo

Account Recovery

Being curious and wanting to learn new things is exciting and challenging. But Tim Collins has never been satisfied with just doing something challenging. He wants to go beyond. And the next step beyond learning is questioning, meaning — if you think you know something, what if you were wrong? Put another way, doing things … The post Tim Collins on Challenging the Status Quo first appeared on AccountsRecovery.net.

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Daily Digest – December 6. Settlement Offer, Tradeline Deletion Mention in Letter Leads to Class Action; Tim Collins on Challenging the Status Quo

Account Recovery

SETTLEMENT OFFER, TRADELINE DELETION MENTION IN LETTER LEADS TO CLASS ACTION AGAINST COLLECTOR A class-action complaint has been filed in New Jersey federal court alleging a defendant violated the Fair Debt Collection Practices Act when it sent a letter offering options to settle a debt for less than the full amount owed and that once … The post Daily Digest – December 6.

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When Should I Break a CD Early for a Better Rate?

Nerd Wallet

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. If there’s a golden rule to certificates of deposit, it’s this: Don’t withdraw before a CD term ends. Otherwise.

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Settlement Offer, Tradeline Deletion Mention in Letter Leads to Class Action Against Collector

Account Recovery

EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call … The post Settlement Offer, Tradeline Deletion Mention in Letter Leads to Class Action Against Collector first appeared on AccountsRecove

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High Q3 Mortgage Rates Offset Lower Home Prices, Vexing First-Time Buyers

Nerd Wallet

The third-quarter housing market was, yet again, unfriendly to first-time buyers. High mortgage rates moderated any relief from the high prices and scant listings that have dominated the past few years. The good: The number of homes on the market increased, moving in a direction that makes it less dispiriting to browse a real estate. Elizabeth Renter writes for 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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What Is the Average Used Car Loan Rate?

Credit Corp

Article originally published July 13th, 2016. Updated December 6th, 2022. Just a few years ago, nearly one in three drivers chose to lease rather than purchase a vehicle. Today, however, less than one in five drivers lease their cars. Why such a dramatic shift? While there are many reasons for this change, the primary cause for this drop in leased vehicles is cost.

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What Causes Inflation and What to Do About It

Nerd Wallet

In 2022, the U.S. hit a 40-year high in inflation, causing everything from gas to groceries to get more expensive. Inflation is the general increase in prices of goods and services in the economy. In the United States, the Federal Reserve states that an acceptable inflation rate is around 2% per year. What’s causing inflation. Alana Benson writes for NerdWallet.

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Government to review UK Small Business Late payments

UK debt collections

The government is to review worsening UK Small Business late payments it has been announced. Business secretary Grant Shapps said the review was to stop larger companies “ripping off” their smaller counterparts. The government also urged larger businesses to pay their suppliers promptly. It warned that small businesses spend significant time and resources chasing late payments from businesses they supply, which can lead to cash flow problems.

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Trezor Crypto Wallet Review 2022: Pros, Cons and How It Compares

Nerd Wallet

Our Take 4 The bottom line: Trezor's hardware cryptocurrency wallets are a good choice for users seeking simple, offline storage with high security. There are no native staking or NFT features, however, so users looking for more Web 3 access might prefer a device from competitor Ledger. The standard version, Model One, supports 1,289 cryptocurrencies.

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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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Prepare for the future. Invest in receivables management

On Guard

Digital transformation has a positive impact. Discover which solutions Visma | Onguard offers for your accounts receivable department. With good insight into your customer base, you take faster and more appropriate action when payment problems are suspected. In fact, based on history and risks, the software can predict exactly which customer will pay the invoices and which will not pay (on time).

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The Guide to Disney Cruise Concierge

Nerd Wallet

Ever thought about going on a Disney cruise? While pricey, Disney cruises offer high-end entertainment for the whole family, including spectacular events like shows and character meet and greets. But there’s more than one way to book a Disney cruise. For those who are willing to splurge, Disney cruise concierge rooms provide a superior experience. Carissa Rawson writes for NerdWallet.

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AR Automation: How To Set Up Your First Automated Collections Process

Chargent

Automated Collections Software Works for Your Business When it comes to collections activity, every dollar, and every minute counts. Chargent’s Automated Collections add-on is a powerful dunning tool that does the heavy lifting of collecting late and failed payments - right in Salesforce. You’ll realize immediate ROI, saving time and money by reducing manual [.].

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Can You Secure a Debt Collection Judgment Lien on a NY Co-Op ?

FFGN COLLECT NY

Can you use a New York debt collection judgment to lien a debtor’s co-op or condo? As a judgment creditor, you want to restrain, attach and lien as many of the judgment debtor’s assets in order to satisfy your judgment. If the restraints, attachments, liens, and executions don’t satisfy the full judgment, don’t worry. A lien on real property is good for 10 years and can be renewed before it expires.

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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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Eleventh Circuit Finds Complaint’s Ambiguity in Number of Calls Received Warrants Remand for Article III Standing Analysis

TCPA

Recently, the Eleventh Circuit remanded a TCPA suit for the district court to rule on Article III standing, finding that the trial court should have addressed the standing issue because plaintiffs failed to plead the number of telephone calls allegedly … Continue reading →

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Help Us Regulate Crypto: Concerned Senator Sherrod Brown asks Treasury Secretary for Help After FTX Collapse

Troutman Sanders

On November 30, Senate Banking Committee Chairman Sherrod Brown (D-OH) sent a letter to Treasury Secretary Janet Yellen requesting that she coordinate with other financial regulators to further work on the recommendations from the Financial Stability Oversight Council Report on Digital Asset Financial Stability Risks and Regulation (FSOC report), which we previously discussed here.

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Minimum Wage Set to Increase, With or Without Court Action

Fraser

On Monday, December 5, 2022, the Michigan Department of Labor and Economic Opportunity announced the effective minimum wages for 2023, pegging the standard minimum wage at $10.10 per hour. The Department’s notice cautioned that the announced rates were subject to change, pending a decision by the Michigan Supreme Court regarding the Michigan Legislature’s amendment to a successful 2018 ballot initiative.

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US Bankcards Industry Benchmarking Trends: 2022 Q3 Update

Fico Collections

Home. Blog. FICO. US Bankcards Industry Benchmarking Trends: 2022 Q3 Update. Inflation takes hold, bankcards delinquencies surpass pre-pandemic levels. NicholetteLarsen@fico.com. Tue, 03/23/2021 - 22:16. by Leanne Marshall. expand_less Back To Top. Tue, 12/06/2022 - 16:00. Reflecting on the ever-changing market over the past year, many key indicators in the macro economy vary.

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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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Credit card debt is getting more expensive—here are 3 steps to help pay it off quicker

Collection Industry News

It’s getting more expensive to pay down credit card debt. The average interest rate on new credit card offers is now nearly 23%, according to LendingTree’s latest analysis. That’s up from about 22.4% in November. “Credit card interest rates are as high as they’ve ever been,” Matt Schulz, chief credit analyst at LendingTree, tells CNBC Make It. “Unfortunately, 2023 isn’t likely to be much better.”.

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The Guide to Emirates Premium Economy

Nerd Wallet

At first glance, Emirates Airlines — perhaps best known for its first-class luxury suites that can include access to an onboard shower — might not appeal to the comfort-seeking flyer with less to spend. But recent news has been positive for those passengers who desire a mid-tier flight experience. Does Emirates have a premium economy? Josh Garber writes for NerdWallet.

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November's Strong Job Report is Bad News for the Economy

NACM

Despite high interest rates and recession concerns, the hiring market remains strong—with up to 263,000 new jobs added in November and a steady unemployment rate of 3.7%, according to a report from the Bureau of Labor Statistics.The results of the latest job report make the Fed's fight against inflation more challenging. The latest data could force.

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