Optio Solutions

AUGUST 28, 2023

Reputation is everything. This truth holds even more significance in industries where negative press can have far-reaching consequences. The collections industry is no exception. In an environment where bad press is the last thing anyone desires, brand protection is a paramount concern. In this landscape, adhering to regulations is crucial, and at Optio Solutions we… The post Brand Protection in the Collections Industry appeared first on Optio.

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Collections 98

American Profit Recovery

AUGUST 18, 2023

By Greg: Is it me, or did this summer fly by? I was blindsided the other day by my wife and daughter going school shopping. I mean, already ? It never ceases to amaze me how quickly the summer goes by. You can easily become overwhelmed by all the yardwork projects you haven’t started and all the fun family activities you talked about all winter but have not done yet.

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Collections 233

Collect More

AUGUST 1, 2023

Stop Supply- why doing so is your best chance to be paid. It always astounds us when we get sent debts to collect which are made up of multiple invoices. If you’re owed more than 5 invoices for the same customer at any one time then this could be why you’re not getting paid. So many businesses think that by doing more work they’re increasing their chances of getting paid but it actually has the opposite effect.

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Construction Collections 100

Account Recovery

AUGUST 23, 2023

The Federal Trade Commission on Monday announced it had sued and obtained a temporary restraining order against a number of corporate and individual defendants accused of pretending to be affiliated with the Department of Education so that they could market student loan forgiveness programs that made false promises and collected millions in illegal upfront fees.

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Student loans Student Loans Loans Education 246

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.

PDC Flow

AUGUST 11, 2023

Email for debt collection is more popular than ever and there are good reasons why. A thoughtful debt collection email strategy: Makes right party contact faster and easier Drives more traffic to self-serve channels, freeing up employees to do other work Saves money on operating costs by reducing postage costs Gives you more visibility into consumer engagement In an era where convenience and privacy are paramount, email offers a non-intrusive, easily accessible, discreet means of communication c

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Debt Recovery Collections Collection Agencies Collections Agency 88

Prosperity Now

AUGUST 23, 2023

It’s Black Business Month and despite the progress made in recent years, Black entrepreneurs continue to face significant barriers that can hinder their success. Contrary to common perceptions, there is a lot of diversity within being Black in America. As our society continues to diversify, there are Black Americans that hail from Africa, from Latin America and the Caribbean and of a mix if races and ethnicities, all of which carries additional cultural considerations.

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Consumer Finance

AUGUST 21, 2023

A CURO Group Holdings Company, Heights Finance, formerly known as Southern Management Corporation, induced struggling customers into a fee-harvesting and loan-churning scheme.

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Loans 98

Payment Savvy

AUGUST 7, 2023

While it is by no means a pleasurable experience, the simple truth of the matter is that recessions are a part of life and something we should accept as an occasional occurrence. We are going to face them once in a while – there is no avoiding that fact. Depending on your perspective (and at the risk of sounding a little existential), the very fact that recessions are inevitable at some point means we are always approaching one.

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Healthcare Startups Foreclosure Government 98

Account Recovery

AUGUST 16, 2023

More than 60% of Americans are living paycheck-to-paycheck, with the increased cost of everyday items like groceries and utilities straining household budgets, according to an online originator of personal loans. Even individuals making more than $100,000 per year have less savings to rely on and are struggling to make ends meet.

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Personal loans Loans 246

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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.

Collections

Troutman Sanders

AUGUST 3, 2023

In this episode of Payments Pros , Josh McBeain welcomes Isaac Boltansky, managing director and director of policy research at BTIG to discuss the proposed Credit Card Competition Act led by Senator Durbin from Illinois. Josh and Isaac discuss the intricacies of the proposed legislation and how it would affect issuers, merchants, and consumers. Additionally, they address some of the skepticism that the bill is receiving from those in the industry and challenges that may come with the legislation

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Credit Corp

AUGUST 9, 2023

The Chase Freedom Unlimited® Credit Card is ideal for those who want to earn cash back on everyday purchases. You can earn anywhere from 1.5% to 5% cash back rewards. These points don’t expire and there’s no limit to how much you can earn. Basic Features Intro Apr: intro_apr_rate,intro_apr_duration Ongoing Apr: reg_apr,reg_apr_type Balance Transfer: balance_transfer_intro_apr,balance_transfer_intro_duration Annual Fee: annual_fees Credit Needed: credit_score_needed Additional Details Great intro

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Collections 98

Prosperity Now

AUGUST 14, 2023

In a November 2022 blog post on the value of homeownership, the United States Department of Treasury noted that “the benefits have largely been perceived to outweigh the costs” to households and to the U.S. economy. To be clear, Treasury states, “(t)he benefits from homeownership have not been shared equally.

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Consumer Finance

AUGUST 1, 2023

The CFPB filed a lawsuit in federal court against auto-loan servicer USASF Servicing for a host of illegal practices that harmed individuals with auto loans.

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Loans 97

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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.

Collections

Payment Savvy

AUGUST 3, 2023

What Are BINs? A Bank Identification Number (BIN) is the first four or six numbers found on any debit or credit card. Essentially, this set of digits specifies the financial institution that issued a payment card. Every BIN number can be checked to prevent fraud and ensure the protection of both merchants and consumers when shopping. When you run any BIN number through a checking system, you end up with accurate information about the geolocation, card issuer, and card type.

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Banks Financial Institution Retrieval Healthcare 98

Account Recovery

AUGUST 16, 2023

Well, that didn’t take very long. A District Court judge in Michigan has dismissed a lawsuit that challenged an initiative from the federal government seeking to forgive $39 million of student loan debt, determining the plaintiffs lacked standing to sue.

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Student loans Student Loans Loans Government 246

Troutman Sanders

AUGUST 3, 2023

In our latest episode of The Consumer Finance Podcast, Chris Willis and his colleagues Stefanie Jackman, Joe Reilly, and Jonathan Floyd discuss the CFPB’s advisory opinion related to collection of time-barred debt. The discussion includes a look at the historical events that led up to this opinion, whether or not an FDCPA-covered debt collector can sue to collect a time-barred debt, how this opinion relates to state law analogs, and key takeaways for the industry.

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Credit Corp

AUGUST 17, 2023

A FAFSA is an application for financial aid that determines your eligibility. This application will not appear on your credit report, and does not affect your credit score. Congratulations on your high school graduation! You put in a lot of hard work to get that degree, and you deserve to celebrate. This might be your last summer of “freedom,” but that doesn’t mean you don’t have any responsibilities to take care of.

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Student loans Student Loans Loans Government 96

Speaker: Lynnette Khalfani-Cox, The Money Coach®

Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?

Financial services

Prosperity Now

AUGUST 15, 2023

State legislatures file, introduce and pass thousands of bills each year. This year, states introduced over 156,000 bills and passed 32,000 including resolutions.

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Micro Bilt

AUGUST 22, 2023

Identity verification has become a crucial aspect of today’s business world, particularly for financial institutions and e-commerce companies. Unfortunately, keeping up with the latest techniques can be challenging, with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations constantly pushing the advancement of identity verification methods globally.

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Financial Institution 86

Consumer Finance

AUGUST 29, 2023

Homeowners insurance might get more expensive, or not be renewed at all. Mortgage borrowers can take steps to find more affordable options.

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Home Insurance 98

Account Recovery

AUGUST 24, 2023

The Department of Education, along with the federal government, yesterday announced it had launched its updated income-driven repayment application tool for individuals with unpaid student loans, a tool that could help reduce the student loan payments for up to 30 million borrowers. The new initiative is called the Saving on A Valuable Education (SAVE) program.

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Student loans Student Loans Education Loans 244

Speaker: William Hord, Vice President of ERM Services

A well-defined change management process is critical to minimizing the impact that change has on your organization. Leveraging the data that your ERM program already contains is an effective way to help create and manage the overall change management process within your organization. Your ERM program generally assesses and maintains detailed information related to strategy, operations, and the remediation plans needed to mitigate the impact on the organization.

UK debt collections

AUGUST 2, 2023

Number of Businesses closing is on the rise The number of businesses closing saw a further increase in the second quarter of 2023 (Q2). The rate of business insolvencies is now at its highest rate since 2009 according to latest statistics. These new figures are “highly concerning” says John Cullen, business recovery partner at Menzies LLP. Released by the UK government on July 28, insolvency statistics showed there were 6,342 recorded company insolvencies in Q2.

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Trade Banks Government Loans 77

PDC Flow

AUGUST 2, 2023

In the vast ocean of business, being cash flow positive is your ultimate compass. Having cash to spend gives you more options–to expand and grow, to invest back into the organization or to share with stakeholders. Cash flow statements, profit and loss statements and other financial management reports steer these financial decisions your company makes.

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Banks Loans 76

Prosperity Now

AUGUST 13, 2023

Keeping employees, particularly employees of color, supported, happy and engaged in the workplace To understand workplace culture, employee satisfaction, and

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True Accord

AUGUST 15, 2023

When it comes to reaching consumers, it’s no secret that email has surpassed phone calls as the preferred method of communication. In fact, 59.5% of consumers prefer email as their first choice for communication. But just because your business sends emails to consumers doesn’t mean that your messages make it to their inbox. And if that email never reaches the intended recipient, it doesn’t matter what that customer’s preferred method of communication may be.

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Debt collector 74

Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP

Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.

Banks