June, 2023

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How to Handle Clients That are Out of Scope

Enterprise Recovery

When it comes to dealing with B2B clients, it's important to approach any potentially negative situation with a proactive mindset. When you understand why clients may ask for more than your agreement, you can better anticipate and prepare for potential roadblocks. Whether it's negotiating with clients to find a mutually beneficial solution or knowing when it's time to end the relationship, there are strategies you can use to ensure a successful project outcome.

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State Court Judge Follows Federal Colleague in Dismissing FDCPA Suit

Account Recovery

In what many in the accounts receivable management industry fear is a nightmare scenario, plaintiffs who lose cases in federal court, especially if found not to have standing to sue, then turn and file the exact same case in state court, hoping the threshold to have standing is lower and therefore making it more likely […]

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Is there a way to tell if my customer is not going to pay my business?

American Profit Recovery

We speak to business owners and other decision-makers all the time when it comes to debt collections and there is one question they ask repeatedly. Are there any warning signs a customer is not going to pay? And the answer is a definitive yes! There are unquestionably signs that a customer is not going to pay and we have assembled these below. And while that is not always the case, our experts have found these are the more apparent signs of a customer not paying you in the future.

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CFPB Takes Action Against ACI Worldwide for Illegally Processing $2.3 Billion in Mortgage Payments that Homeowners Did Not Authorize

Consumer Finance

CFPB issues order against payment processor ACI Worldwide Corp. and its subsidiary ACI Payments Inc. (ACI) improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. This is the CFPB’s first action addressing unlawful data handling practices in processing mortgage payments.

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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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Data Security Rules that Collection Agencies Must Follow

Nexa Collect

Debt collection agencies are subject to various data security rules and regulations to protect consumer information. I will outline some general principles and specific regulations in the United States. Remember that there might be additional state or local regulations, and laws can change over time. Fair Debt Collection Practices Act (FDCPA) : While primarily focused on the practices and behaviors of debt collectors, the FDCPA also contains provisions that protect consumers’ personal info

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How to Protect Your Business Reputation During B2B Debt Collections

Enterprise Recovery

Nobody likes asking for money - least of all when your clients aren't paying their invoices promptly. Business-to-business debt collections could also impact your relationships with current and potential clients. It's crucial to keep things professional, even when they feel personal, and the missed payments are affecting your bottom line. Use these tips to protect your business reputation during B2B debt collections.

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Bankrupt Parent of Lexington Law Plans Sale of Assets

Account Recovery

The parent company of Lexington Law, which filed for bankruptcy protection earlier this week, is planning to auction off its assets and has laid off more than 75% of its employees, according to published reports.

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What Qualities Does It Take to Be Successful At American Profit Recovery?

American Profit Recovery

By Michael: To be successful at American Profit Recovery, you must have integrity, a positive attitude, and a strong work ethic. These three qualities will take you as far as you want to go in this company because they’re the most important in the collection industry. Consumers do not want to give their money to people they don’t trust, aren’t positive, and don’t work for it.

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The Rising Juneteenth Tide: Pursuing Racial Economic Justice

Prosperity Now

Juneteenth National Independence Day commemorates the Emancipation Proclamation, in which President Abraham Lincoln issued the proclamation to free enslaved African

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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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Negative Impact of Buy Now Pay Later Schemes

Nexa Collect

“Buy Now, Pay Later” (BNPL) schemes have gained popularity as an alternative to traditional credit, offering consumers the ability to purchase items immediately and pay for them over time. While these services can be convenient, they also have several potential negative impacts on consumers : Overspending : BNPL schemes can encourage impulsive buying and overspending by creating the illusion that consumers are not actually spending money.

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CFPB Takes Action Against Phoenix Financial Services for Illegal Medical Debt Collection and Credit Reporting Practices

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) took action against medical debt collector Phoenix Financial Services (Phoenix) for numerous debt collection and credit reporting violations.

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The Dos & Don'ts of Commercial Debt Collection: What You Need to Know

Enterprise Recovery

If you've ever struggled with chronic late-paying clients or are silently seething over invoices that were never paid, you're probably considering commercial debt collection. Of course, you're wondering how much it'll cost and if you have time to research it. You may wonder how to escalate an unpaid debt to a collections agency and if they'll damage your client relationships.

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DFPI Fines Three Collection Operations $85k in Separate Enforcement Actions

Account Recovery

The California Department of Financial Protection and Innovation yesterday announced three enforcement actions against different debt collection operations, for attempting to collect in the state without having or applying for a license and also making false or misleading representations when attempting to collect on a debt i n violation of the Fair Debt Collection Practices …

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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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These words help define the future of debt collections

American Profit Recovery

There have been many shifts in the debt collection industry over the past several years. And the trends and updates that many in the collection industry have worked hard on, are moving the industry in a positive way. Everything from enhanced technology, a better understanding of the career opportunities in the collection industry as well as forward progress in the collaboration between industry leaders and government at all levels.

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Navigating Commercial Leases in a Post-Pandemic World

Jimerson Firm

The COVID-19 pandemic has had a dramatic and unprecedented impact on the commercial real estate market, requiring landlords and tenants to rethink their traditional lease clauses. While the post-COVID landscape is still uncertain and may take some time to fully recover, there are a few key lease clauses that should be included in every new or renewed commercial lease agreement.

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Improve Online Business Reputation

Nexa Collect

Improving your online business reputation is essential in today’s digital age, where customers frequently rely on online reviews and social media presence before making purchasing decisions. Here are steps to help you improve your online business reputation: Monitor Your Online Presence : Regularly monitor what is being said about your business online.

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This Father’s Day, Men Need Paid Leave, Too!

Prosperity Now

This June, families across the country are celebrating fathers and father figures in their lives. The yearly question of what to get dad for Father's Day will come up, and many kids will begin crafting and signing homemade cards.

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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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How Do Credit Scores Work?

Credit Corp

In July 2016, the Consumer Federation of America (CFA) and VantageScore Solutions reported that most consumers—more than 80%—knew basic facts about their credit scores, including that credit scores are used by lenders to approve or deny mortgages and by credit card issuers to approve or deny credit cards. While it’s good that most people know the importance of credit scores, the same survey found that many consumers don’t understand credit score details.

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Parent Company of Lexington Law, CreditRepair.com Files for BK Protection

Account Recovery

Facing the possibility of a $3 billion claim from the Consumer Financial Protection Bureau, the parent company of Lexington Law and CreditRepair.com filed for Chapter 11 bankruptcy protection yesterday. A copy of the filing, filed in the Bankruptcy Court for the District of Delaware, can be accessed by clicking here.

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Collection Manager Angela is looking to grow career opportunities for others

American Profit Recovery

We have a new collection manager here at American Profit Recovery and her name is Angela. She has been with American Profit Recovery for several years now and she has demonstrated the leadership qualities that can move a team in the right direction. If you are a regular reader of our blog then you have seen Angela, better known as Angie to her coworkers, contributing many articles about what it’s like to work here at American Profit Recovery, the culture we continuously build as well as th

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Using Venmo for Business: Everything You Need to Know

Payment Savvy

When looking for a new payment method for business, Venmo may not be the first option to spring to mind. After all, what does a peer-to-peer payment app have to do with business-related payments? As it turns out, everything. Although its primary customer base is teens and millennials sending each other money, splitting bills, etc., Venmo can also be used by companies to provide their customers with yet another convenient payment option.

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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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How to Reduce Chargebacks for Your Business

Nexa Collect

Chargebacks can be costly for a business, not just in terms of revenue, but also in operational overheads and potential damage to reputation. Here are some strategies to reduce chargebacks: Clear Product/Service Descriptions : Provide detailed and accurate product or service descriptions. This reduces the likelihood of a customer being dissatisfied or claiming that the product or service was not as described.

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Despite “New” Great Migration, Little Increase in Black Homeownership Rates

Prosperity Now

Homeownership is largely regarded as one of the key pathways to gaining and maintaining wealth. For National Homeownership Month, we’re taking a closer look at some of the recent homeownership data relevant to Black families in the United States. While there are several cities for which the data show an increase in Black relocation over the past several years, our analysis focuses on Atlanta, Dallas, and Houston – cities in the Southern United States from which Black families had previously fle

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ACH Transfers: What They Are and How They Work

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. An ACH transfer is an electronic method of moving money from one bank to another via the Automated Clearing House (ACH).

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Collector Facing FDCPA Suit for Allegedly Sending Communication After Receiving Refusal-to-Pay Letter from Plaintiff

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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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.