May, 2024

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6 Debt Collection Industry Trends to Watch for in 2024

Taurus Collect

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.

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The Impact of Timing Can Maximize Payment Collection

Enterprise Recovery

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.

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Overcoming common debt collection challenges for your small business

American Profit Recovery

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.

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Digital-First Debt Collection Delivers 35% Liquidation Increase for Leading Telecoms

True Accord

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

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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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Nailing Debt Collection: A Guide for Business Owners

Burt and Associates

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

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CFPB Sues Student Loan Servicer PHEAA for Pursuing Borrowers for Loans Discharged in Bankruptcy

Consumer Finance

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.

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The ROI of Outsourcing Your Accounts Receivable

Enterprise Recovery

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.

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Understanding realities-why consumers struggle to pay on time

American Profit Recovery

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.

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Getting Your First Credit Card: What You Need to Know

Credit Corp

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.

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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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Settlement Agreements Binding Without Signature

Jimerson Firm

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

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Getting to Know Melissa Plunkey of L J Ross Associates

Account Recovery

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.

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Statement on Supreme Court Decision in CFPB v. CFSA

Consumer Finance

The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America.

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Navigating Debt Collection Challenges in the Tech Industry

Enterprise Recovery

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.

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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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How consumers can have a positive experience with a debt collector

American Profit Recovery

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

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What you should know about Chapter 7 bankruptcy in Tennessee

Roths Child Law

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.

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TV Soap legend being chased for £100k debt

UK debt collections

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.

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Are the Dominos About to Start Falling?

Account Recovery

I came across a trio of articles recently that seem to overlap and connect with one another. The articles paint a picture for the economy and the accounts receivable management industry while also providing context about a hot-button topic — credit reporting.

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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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CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers.

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A Guide to Polite Follow-Up Techniques

Enterprise Recovery

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.

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What are the most common myths about debt collectors?

American Profit Recovery

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.

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Can Debt Collectors Access My Credit Report?

Direct Recovery

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.

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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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Solicitor fined due to Invoice late payment

UK debt collections

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.

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Connecticut Governor Signs Medical Debt Credit Reporting Bill Into Law

Account Recovery

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.

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CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs.

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8 Key Components of an Ethical Debt Collection Strategy

Taurus Collect

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.

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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.