September, 2022

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The Many Hats of a Collections Specialist

American Profit Recovery

By Delaney: One thing I did not consider when applying as a Collections Specialist is just how many ‘hats’ I’d come to wear in this role. We work with a variety of clients – dental offices, lawncare services, banks, veterinarians, restoration companies, and medical laboratories – just to name a few. The longer I have been with American Profit Recovery, the more I have grown familiar with the assortment of different industries that we recover funds for.

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Compliance & Collections: 22 Essential Terms to Know

True Accord

The world of regulatory compliance can be a complicated place, especially when it comes to debt collection. It can be tricky for non-security and compliance professionals. To help quickly get you up to speed on what auditors are referring to, we’ve put together a glossary, covering some of the most important compliance terms and acronyms. Action Plan: A plan to identify and facilitate remediation steps of current operating practices.

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Consumer Debt vs. Non Consumer Debt

Sawin & Shea

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. Your consumer and non-consumer debts impact your ability to file Chapter 7 bankruptcy, and your debt types also determine what’s protected by an automatic stay when filing Chapter 13 bankruptcy. If you’re considering filing Chapter 7 or Chapter 13 bankruptcy, consider enlisting the help of skilled bankruptcy attorneys.

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How Does Accounts Receivable Increase Collections?

Enterprise Recovery

If your organization is facing slow cash flow, accounts receivable management may be the problem. Every invoice starts in accounts receivable so it's important to manage the procedures to reduce delinquent payments. Let's look at some efficient A/R practices to get you paid. How does accounts receivable increase collections?

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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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Collector Facing Class Action for Allegedly Shortening Validation Period

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? Call … The post Collector Facing Class Action for Allegedly Shortening Validation Period appeared first on AccountsRecovery.net.

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I don’t think my business can afford to use a collection agency-Now what?

American Profit Recovery

Hold on… not so fast! Before your business decides it’s not a good idea to use a collection agency or you simply cannot afford it, we have a few pieces of advice you should consider before shutting the door on getting third-party help. There is much more to consider before you decide not to use a collection agency to improve your cash flow. If you have customers that continue to pay late, customers that don’t pay at all or both, check out our reasons to seriously consider getting hel

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CFPB Report Details Family Finances and Debt in Rural Appalachia

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) has issued the first in a series of reports focusing on the finances of consumers living in rural areas. Today’s report focuses on rural Appalachians, who tend to earn less than consumers in other rural areas and have higher rates of subprime credit. In particular, medical debt collections are a much more prevalent issue among rural Appalachians, and consumers with medical debt collections often experience difficulties making ends meet on other fin

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New SDNY Decision on Administrative Priority for Executory Contracts

PBWT

To encourage parties to transact with debtors in bankruptcy, the Bankruptcy Code in corporate bankruptcies provides highest priority to “administrative expenses,” which include “the actual, necessary costs and expenses of preserving the estate.” 11 U.S.C. § 503(b); id. § 507(a)(2). Section 365 of the Bankruptcy Code permits the assumption or rejection of any executory contract—a contract in which the parties have ongoing duties of performance to each other

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How to Stop Wasting Time in Your Business

Enterprise Recovery

Businesses have had to run leaner in recent years - something that startups know all about. A lean business is one that maximizes value with its resources and minimizes waste. People, money, and time are the most valuable resources in organizations. Maximizing time saves money and encourages your workforce to feel as if they're giving their best to their jobs.

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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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House Resolution Calls for Ban on Sale of Utility Debts, Restrictions on Credit Reporting

Account Recovery

Buried inside a resolution introduced last week in the House of Representatives that seeks to codify that access to utilities, such as heat, water, and electricity are human rights is language that would ban the sale of uncollected household debt to collection agencies and filing “adverse” reports with credit reporting agencies, among other provisions.

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Airbnb Hosts Are Sick of Airbnb, Too

Nerd Wallet

Disgruntled Airbnb guests are taking to Twitter and TikTok to vent about everything from cleaning fees to misleading listings. But they aren’t the only ones with complaints: Airbnb hosts themselves have become increasingly disillusioned with the platform and its disrespectful guests. On message boards and Facebook groups, hosts are sharing their own challenges and horror.

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Reasons why now is a good time to review your accounts receivables

American Profit Recovery

Your accounts receivables never sleep and it’s always a great time to review your procedures and make any adjustments necessary. After all, the health of your business depends on it. And as we approach the last quarter of 2022, it’s a smart idea to take a pause and conduct a thorough review of all your accounts receivable procedures including how you handle late and non-paying customers.

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CFPB Orders Regions Bank to Pay $191 Million for Illegal Surprise Overdraft Fees

Consumer Finance

Repeat offender will refund at least $141 million to customers and pay $50 million penalty.

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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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OCC Closely Watches as Banks and Fintech Partner

Troutman Sanders

On September 6, Acting Comptroller of the Currency Michael Hsu warned that fintech and big techs partnerships and their forays into payment and lending could lead to increased risk for the banking industry. “My sense is that we are still in the early stages of a significant shift in how banking services are going to be provided in the future.” A copy of his remarks, made at the Clearing House Association and Bank Policy Institute’s Annual Conference , can be found here.

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Will I Lose Everything If I File for Bankruptcy?

Sawin & Shea

Many people hold misconceptions about filing for bankruptcy. Perhaps the most common misconception is the notion that filing for bankruptcy means that you lose all of your wealth and possessions. This, of course, is entirely incorrect. When filing for Chapter 7 or Chapter 13 bankruptcy, you’ll qualify for exemptions that allow you to keep some of your money and certain types of personal property.

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Not Reading Collection Letter Leads Judge to Remand FDCPA Case Back to State Court

Account Recovery

The threshold for establishing that you suffered a concrete injury in violation of the Fair Debt Collection Practices Act upon receiving a collection letter may be higher than its ever been for a plaintiff, but I think everyone can agree that claiming you did not even appear to read it is going to cause problems … The post Not Reading Collection Letter Leads Judge to Remand FDCPA Case Back to State Court appeared first on AccountsRecovery.net.

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Home Prices Might Drop but Won’t Crash: What Buyers Should Know

Nerd Wallet

Some would-be home buyers are rooting for a full-on housing market crash because prices have zoomed so far past the point of affordability. Please “crash faster so I might be able to own my own place one day,” a Twitter user pleaded. Another user tweeted, “Let’s hope there’s a housing market crash so people have. Holden Lewis writes for NerdWallet. Email: hlewis@nerdwallet.com.

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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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Client Alert: October 14 Deadline: Medicare Part D Notice of Creditable (or Non-Creditable) Coverage

Fraser

Medicare Part D notices (of either creditable or non-creditable coverage) are due for distribution prior to October 15th. . The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 requires entities who offer prescription drug coverage to notify Medicare Part D eligible individuals whether their prescription coverage is creditable coverage.

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CFPB and Centers for Medicare and Medicaid Services Take Action to Protect Caregivers and Families from Illegal Nursing Home Debt Collection Practices

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) released an Issue Spotlight highlighting some of the difficulties and experiences heard from caregivers about being pursued over friends’ or family members’ alleged debts from nursing home facilities.

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Nevada Bill Adopts Uniform Money Transmission Modernization Act

Troutman Sanders

On September 16, the Nevada Financial Institutions Division (NFID) introduced a bill draft request to the Nevada Legislature for the 2023 legislative session. If passed, the bill will adopt the Model Money Transmission Modernization Act (Act) into Nevada’s money transmission law. We previously blogged on the Act here. The language of the bill has not yet been published.

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What If My Income Increases During Chapter 13?

Sawin & Shea

Filing for Chapter 13 bankruptcy can be both challenging and stressful. Although filing can help you eventually become debt free, the process itself can be confusing. One common question that filers have regarding the Chapter 13 process involves income increases and whether they affect payment plans. An increase in income will likely impact your Chapter 13 repayment plan, and you are obligated to report wage increases to your bankruptcy trustee.

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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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Article Details Collection Efforts of Nonprofit Hospital From Individuals Eligible for Charity Care

Account Recovery

A nonprofit healthcare system that is already being sued by the Attorney General of Washington for its debt collection practices has now been spotlighted by The New York Times for the “pressure” it put on patients to pay their debts, even though they may have been eligible for charity care. The article shares details of … The post Article Details Collection Efforts of Nonprofit Hospital From Individuals Eligible for Charity Care appeared first on AccountsRecovery.net.

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Business Grants Are ‘Just Not That Easy’: 5 Tips to Help

Nerd Wallet

Business grants may seem like the holy grail for small-business owners, since they offer cash you don’t have to pay back. But finding one can feel as futile as searching for lost treasure. “Everybody wants to know: How do I get free money for my business?” says Jenn Steinfeld, director of entrepreneurship and economic development. Rosalie Murphy writes for NerdWallet.

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Emergency Matched Savings Project; An Interview with Lidia Sebastian of Koreatown Youth and Community Center 

Prosperity Now

This month, we spoke with Koreatown Youth and Community Center (KYCC) Community Wealth Program Manager, Lidia Sebastian, to discuss their

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CFPB Study Details the Rapid Growth of “Buy Now, Pay Later” Lending

Consumer Finance

Business model relies on data collection, and loans serve as close substitute for credit cards.

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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.