October, 2023

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How a B2B Collection Agency Can Work Harmoniously with Clients and Customers

American Profit Recovery

For any size business, maintaining healthy cash flow is essential for survival and growth. For many organizations, managing overdue invoices and recovering outstanding debts can be a challenging and time-consuming task. This is where Business-to-Business (B2B) collection agencies come into play. However, the relationship between a collection agency, its clients, and their customers can be delicate.

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Becoming successfully data-driven in credit management

On Guard

Credit management has undergone a significant transformation in recent years. Whereas credit management was previously seen as the back office’s grab-can, today it is an essential part of an organisation’s financial strategy. In the process, the challenges posed by COVID-19, persistent inflation and rising interest rates also require a different, more proactive and sophisticated approach.

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We answer your questions about debt collection in Australia

JMA

Dealing with business debt is a challenging facet of many Australian companies’ financial landscapes. While debt can be an essential tool for growth, outstanding debts can constrain operations and hinder potential expansion. In Australia, professional debt collectors and debt collection agencies offer tailored services to assist creditors in recovering overdue accounts and managing bad debts.

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CFPB and Justice Department Issue Joint Statement Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Pair Found Guilty in Million-Dollar Debt Elimination Scam

Account Recovery

A pair of defendants were found guilty yesterday by a federal jury after being accused of wire fraud and conspiracy to commit wire fraud and mail fraud in a scheme where they scammed individuals with a bogus system that purportedly would get their consumer debts, like credit cards, auto loans, and mortgages, discharged without having […]

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Sending accounts to collections? Do these first

American Profit Recovery

While many organizations hesitate to implement collection activity, there are an equal amount that may jump into it before they have done their due diligence. Following solid and systematic accounts receivables processes can help lay the groundwork for successful debt collections when necessary. And it may just help you keep a hard earned customer. If you want to manage your late invoices and your reputation at the same time, make sure you’re doing the following before proceeding with thir

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Tips and Best Practices for a Successful Deposition

Jimerson Firm

Getting Your Deposition Taken The thought of sitting for a deposition, whether you’re a litigant or a third-party witness, can be quite daunting, especially if you’ve never been through the process before. Keep in mind, however, that a deposition is simply part of the fact-finding process. The purpose of a deposition is for the deposing attorney to learn facts about the case.

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The Year of Transition: An Interview with Bonnie Tiernan of Crisis Assistance Ministry

Prosperity Now

Crisis Assistance Ministry has been a long-time Prosperity Now partner working to close the racial wealth gap in Charlotte, North Carolina. We interviewed Bonnie Tiernan, the organization’s Civic Engagement Manager to learn more about the organization, its successes, and challenges. Tell us some background about yourself – how did you get started with your organization?

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CFPB Proposes Rule to Jumpstart Competition and Accelerate Shift to Open Banking

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data.

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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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Alleged ID Theft Victim Sues Collector for Reporting Disputed Apartment Debt

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?

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Debt Validation Letter: Definition and Sample

Credit Corp

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Disclosure regarding our editorial content standards. Debt collectors send debt validation letters show what debts you owe, the amount, and to whome you owe it to.

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4 Steps to Customer Service Automation: Transformative Use Cases in Telecom, Energy & Utilities

Qualco

What is Business Process Automation Business Process Automation (BPA) has been on an upward trend, rapidly transitioning from a mere direction to an absolute business necessity. Designed to speed up recurring, manual, and complex tasks, BPA enhances efficiency and empowers organisations to seamlessly streamline processes, from employee onboarding to accounts payable, contract management, and beyond.

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Q3 Industry Insights: Preparing for Credit Card Bills, Student Loans and Holiday Spending

True Accord

We’re approaching the end of the year and fall is in the air – along with consumer financial uncertainty. Economic stressors persist and are likely contributing to many consumers relying on credit to cover expenses, while the resumption of student loan payments adds another financial obligation to the mix. For consumers, the conundrum of balancing finances continues as the holiday spending season sneaks up.

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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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VITACon-tinued: A Deep Dive into the Future of VITA

Prosperity Now

This past September, we and 200+ of our favorite tax pros took over the City of Bridges (Pittsburgh, PA) for VITACon’23. After three days of talking nothin’ but taxes, the conference is in the books; however, the work is just beginning.

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CFPB Issues Guidance to Halt Large Banks from Charging Illegal Junk Fees for Basic Customer Service

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts.

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Judge Grants Defense’s MSJ in FDCPA Case Over DOFD

Account Recovery

A District Court judge in Kentucky has granted a defendant’s motion for summary judgment and denied a plaintiff’s motion for the same in a Fair Debt Collection Practices Act case that centers around the Date of First Delinquency and its materiality in inducing the plaintiff to pay off the debt in question.

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2023 Review: OpenSky® Secured Visa® Credit Card 

Credit Corp

Snapshot: This OpenSky Secured Visa credit card offers a way for those with poor or no credit to build credit. It has a fairly low annual fee ($35 ) and is simple to qualify for, making it an affordable way to enter into the credit card market for younger adults. OpenSky® Secured Visa® Credit Card Apply Now on OpenSky's secure website Card Details Intro Apr: N/A Ongoing Apr: 22.64% (variable) Balance Transfer: N/A Annual Fee: $35 Credit Needed: Fair-Poor-Bad-No Credit Snapshot of Card Features N

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10 Ways to Improve Payment Collections with Salesforce

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.

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Enhancing Credit Management with Automation and Real-Time Data

Qualco

Modern organisations harness technology to gain insights and foster stronger relationships throughout the credit lifecycle. For instance, Big Data Analytics allows for more precise risk assessments by analysing vast amounts of data on borrower information. Artificial Intelligence and Machine Learning automate credit scoring, making loan approvals swifter and more accurate.

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Email Deliverability: Six Key Questions to Ask Your Debt Collection Provider (and How TrueAccord Measures Up)

True Accord

Did you know one of the most common reasons for missing a payment is because delinquent customers simply forget to pay their bill? But staying top of mind for consumers is harder than ever using traditional call-and-collect methods considering stricter compliance regulations and the fact that 94% of unidentified calls go unanswered. Plus, surveys have found that when it comes to debt collection, 40% of consumers state email as their first preference of communication, and contacting through a cus

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Transform Your Business with Embedded Payments

PDC Flow

Embedded payment technology provides the perfect channel to streamline business operations and enhance the customer experience. In this guide, learn how adopting embedded payments can be transformative for your business. What are Embedded Payments? Embedded payment systems should be available anywhere hassle-free transactions could enhance your company’s user experience.

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CFPB Exams Return $140 Million to Consumers Hit by Illegal Junk Fees in Banking, Auto Loans, and Remittances

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to shutdown junk fees.

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Connect, Care, Convert: Secrets to Establishing Trust with Niche Markets and Turning Them Into Clients

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?

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Complaint Accuses Collector of Sending Letter to Attorney Who Was Not Representing Plaintiff in Relation to This Debt

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?

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2023 Review: Capital One Quicksilver Cash Rewards for Good Credit

Credit Corp

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers. Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Snapshot: You can earn 1.5% cash back on all purchases with this card.

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5 Essential Debt Collection Software Features

Qualco

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

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Government vows to act on SME late payments

UK debt collections

The UK government has launched tougher measures to tackle SME late payments to small businesses as part of its upcoming Prompt Payment & Cash Flow Review. The Prompt Payment & Cash Flow Review is a scrutiny of current payment practices, measures and progress in combating SME late payments issues to help the government assess the right support is in place to support small businesses.

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Successful Change Management with Enterprise Risk Management

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.