This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
In the rapidly evolving landscape of the debt collection industry, staying ahead of emerging trends is crucial for success. 2024 promises to bring significant changes, with the “ no collection no fee ” debt collection model standing out as a key player. This approach is reshaping strategies across the board. It offers a risk-free solution to creditors, ensuring that agencies are rewarded only upon the successful retrieval of outstanding debts.
Timing plays a crucial role in optimizing payment collection strategies. Payment deadlines, reminders and utilizing technology can help increase the likelihood of on-time payments. The basic gist is this - the sooner you can attempt to collect on past-due payments, the more successful you will be. Strategically timing payment collection efforts can enhance the overall collection process and increase the success rate in recovering past-due payments.
Every size business, whether a small business or a larger organization will have to manage late and non-paying customers. It’s just a reality of being in business and part of the accounts receivable process. Not every customer is going to pay their bills on time. That would be nice, but it just doesn’t happen for a wide range of reasons.
Telecom Industry Evolves, But Call-and-Collect Can’t Keep Up The telecommunications industry has evolved hand-in-hand with most consumer communication preferences throughout the decades. From the last remaining landlines to mobile and internet services, it’s challenging to find a consumer that doesn’t subscribe to a Telecom service. Yet while Telecoms enable customers to communicate and access products and services via digital channels wherever they go, the industry’s own methodology for communi
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Table of Contents: Introduction Streamlining Your Collection Process Utilizing Automation Tools Offering Convenient Payment Options Communicating Clearly and Promptly Providing Incentives for Early Payment Focusing on Customer Retention Training Your Collection Team Monitoring and Tracking Progress Seeking Feedback and Adapting Staying Compliant with Regulations Conclusion Introduction: In today’s fast-paced business environment, effective debt collection is crucial for maintaining healthy
The Supreme Court ruled today that the funding structure of the Consumer Financial Protection Bureau is constitutional and does not need to change. Had the ruling gone the other way, there was the possibility that the CFPB could have been de-funded.
Sign up to get articles personalized to your interests!
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
The Supreme Court ruled today that the funding structure of the Consumer Financial Protection Bureau is constitutional and does not need to change. Had the ruling gone the other way, there was the possibility that the CFPB could have been de-funded.
The CFPB sued student loan servicer Pennsylvania Higher Education Assistance Agency for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies.
Outsourcing accounts receivable and collections is a strategic decision that can benefit businesses. By partnering with a collection agency, businesses can offload the time-consuming task of chasing unpaid invoices, allowing them to focus on their core operations. Discover the financial benefits of outsourcing your accounts receivable and how it can positively impact your business's bottom line.
There are numerous legitimate reasons why a consumer might struggle to pay your business on time, or at all and many of them stem from financial difficulties. As business owners, executives and others keeping an eye on the bottom line, you may get angry because some customers have not paid your business and you’re left wondering why. However, as we indicate here, many circumstances limit a consumer’s ability to pay your business, and they should be considered.
When getting your first credit card, consider factors such as the card’s annual fees, interest rates, rewards or benefits, and credit limit. Choose a card that aligns with your financial goals and spending habits, and make sure to understand the terms and conditions, including the consequences of late payments or carrying a balance. Additionally, aim to use the card responsibly to build positive credit history while avoiding overspending and accumulating debt.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
The ultimate test of a binding settlement agreement is whether the parties to the agreement have a “meeting of the minds,” which is a mutual understanding of the essential terms of the agreement. At least one court in Florida has now ruled emails between attorneys can constitute an enforceable settlement agreement if the parties’ counsel had clear and unequivocal authority from the client to settle the case and correspondence between the parties’ attorneys showed that no essential terms of
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support.
The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers.
The tech industry is known for its rapid growth and innovation but faces unique challenges regarding debt collection and non-paying clients. Understanding the intricacies of debt collection in this sector is essential for companies to recover payments and maintain financial stability. Learn more about the complexities of debt collection within the tech industry and the strategies for successful payment recovery.
Speaker: Alex Salazar, CEO & Co-Founder @ Arcade | Nate Barbettini, Founding Engineer @ Arcade | Tony Karrer, Founder & CTO @ Aggregage
There’s a lot of noise surrounding the ability of AI agents to connect to your tools, systems and data. But building an AI application into a reliable, secure workflow agent isn’t as simple as plugging in an API. As an engineering leader, it can be challenging to make sense of this evolving landscape, but agent tooling provides such high value that it’s critical we figure out how to move forward.
If you are a consumer, struggling with debt, you should know that not only can debt collectors help you navigate a challenging financial situation, but you can also have a positive experience and favorable outcome. Gone are the days when collectors just got on the phone and demanded full payment. That’s not the way debt collections work. A professionally trained collector listens to consumers, seeks to understand unique situations, and creates an environment where two people can reach a so
A decision to file for bankruptcy is one that’s usually not made without considerable thought. It’s often the result of a realization that there won’t ever be enough money to cover one’s debts unless something dramatic can be done. Many consumers file for Chapter 7, which is known as the liquidation bankruptcy, or Chapter 13, which is known as the wage-earner’s bankruptcy.
A solicitor has been fined more than £1,000 due to invoice late payment. It was found that the solicitor failed to pay an invoice for legal fees within a reasonable time frame. James Lothian Brunton also failed to cooperate with the Solicitors Regulation Authority’s (SRA) investigation into his failure to perform an undertaking to Matthew Waite & Co.
A bill has been introduced in the House of Representatives to amend the Fair Debt Collection Practices Act in order to include additional information when sending the validation notice while also expanding the requirements before filing collection lawsuits. What It Is: H.R.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
When reaching out to someone for the first time or following up on a previous message, setting a friendly and positive tone is important. Whether it's a sales email or, in our case, following up about an unpaid invoice, your initial email may dictate how the rest of the transaction will go. Learn how to effectively follow up with others in a polite and professional manner with these subtle techniques.
There are countless myths about debt collectors and the debt collection industry as a whole. Debt collections in many circumstances can be a complex situation for both the business trying to recover money and the consumer trying to navigate financial difficulty. If we go back to the nightly news programs of past, many of us remember the segments that only focused on some negative behavior of a chosen few working in the industry.
Are you under the impression that the only people who can see your credit report are the ones you authorize when applying for new credit? That is not exactly the case. Believe it or not, debt collectors can actually pull your credit report, and they don’t even need your permission to do so. Even if you work to keep up with your credit report, you might be surprised to find sudden changes that debt collectors might encounter, or even cause themselves.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
Former Coronation Street legend Beverley Callard is currently under investigation after her acting firm failed to settle a £100,000 tax bill. The Liz McDonald star, 67, is under investigation by the HMRC after failing to pay £215,000 in debts, according to The Mirror. Beverley and her husband Jon McEwan launched the company in 2020 when she left top soap Coronation Street to supplement their income.
Connecticut Gov. Ned Lamont last week signed a bill into law that will prohibit healthcare providers from reporting medical debt to credit agencies and void debt that is reported to credit bureaus. The bill is scheduled to go into effect on July 1.
The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America.
In the realm of debt recovery, the “ no collection no fee ” debt collection strategy stands out as a beacon for ethical practice. This approach ensures fairness and integrity, positioning itself as a vital component within the industry. Employing a strategy where fees are contingent not only aligns the interests of collectors with those of their clients but also fosters a culture of responsibility and respect.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
69 
Let's personalize your content