March, 2021

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Soon, Debt Collectors Can Contact You on Social Media

Sawin & Shea

A new rule will soon allow debt collection messages through social media. It’s expected to impact 1 in 4 adult Americans, or 70 million people , who have at least one bill in collections. On top of phone calls, emails, and text messages, the Consumer Financial Protection Bureau (CFPB) will allow debt collectors to message you through Facebook, Instagram, Twitter, and almost any other social media channel.

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Living Alongside Your Debt: 7 Tips on Managing Debt

Credit Corp

Even if you have a little bit of debt, you need to find ways to manage it properly. Whether you’re paying off your tuition, loans, or credit card bills, this guide has been designed to help you better manage your outgoings and gain a better understanding of the options available. Since the COVID-19 pandemic, a sharp spike in unemployment levels has prompted talk of an emerging debt crisis in the US.

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Collector Facing Class-Action FDCPA Suit Over Validation Notice

Account Recovery

A Pennsylvania debt collector is facing a class-action lawsuit in New Jersey after it was accused of sending an initial communication that included a statement in the validation notice that said a dispute could be filed either verbally or in writing. A copy of the complaint in the case of Rodriguez v. Monarch Recovery Management … The post Collector Facing Class-Action FDCPA Suit Over Validation Notice appeared first on AccountsRecovery.net.

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Listening-One of the most effective strategies in collections

American Profit Recovery

You might perceive that all calls from a collection agency are nothing more than a standoff between a consumer and a debt collector. However, that is far from an accurate representation of how today’s interactions with consumers unfold. In fact, here it is quite the opposite. And despite the media’s perception of the collection industry, when we get people on the phone, and we get to a place where a cordial conversation begins to occur, we go to great lengths to get to know the consu

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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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Take Some of the Mystery Out of Buying a House Sight Unseen

Nerd Wallet

Last fall, when planning a move from North Carolina to Stillwater, Oklahoma, for a new job that would start in January, Andreza Conti Patara and her husband, Marcelo Patara, decided to buy a house. But the couple wanted to avoid air travel due to COVID-19, and buyers were snapping up homes in Stillwater soon after. Barbara Marquand writes for NerdWallet.

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5 Ways Invoice Financing Can Boost Cash Flow

Debtor Daddy

It’s no secret that long payment terms cause serious headaches for business owners, and in recent times small businesses need cash flow support more than ever. A recent report by Xero found that over half of SMEs in Australia and New Zealand cited getting paid on time and cash flow difficulties as their top financial challenges. Making it hard to pay bills, hire staff, buy inventory and grow stress-free.

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Preparing Finances for a Pandemic-Era Mortgage

Credit Corp

The following is a guest post by Alene Laney, of Pennies to Paradise. Tighter lending requirements mean it’s more important than ever for homebuyers to get their finances in order. Those that do will be rewarded with great mortgage rates, lower payments, and a home that provides comfort and security for years to come. Lenders Are Worried about Delinquency.

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Compliance Digest – March 29

Account Recovery

I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.

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4 ways compassion improves dental debt collections

American Profit Recovery

Let’s face it, most of us do not enjoy a trip to the dentist. The anxiety experienced can sometimes be greater than other medical visits. If you are a dental professional, you know this part of the business all too well. When seeing patients, part of your job is to put them at ease while they are in your office. The better equipped you and your staff are to help your patients relax and accommodate them, the more profitable your practice can become.

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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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5 Options for People Who Can’t Afford Their Tax Bills

Nerd Wallet

If you know you’re getting a refund come tax time, filing your taxes can almost feel fun. But if you suspect you’re going to owe the IRS money you don’t have, it can be hard to even start the process. According to a NerdWallet survey, of those who failed to file by last year’s extended. Alana Benson writes for NerdWallet. Email: abenson@nerdwallet.com.

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CFPB Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB.

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Closing A Limited Company: All You Need To Know

Hudson Weir

Thinking about closing a limited company? There are several different routes you can take – and the one you choose will depend on you and your company’s specific circumstances. In this article we’ll look at the different options available to help you work out which one is right for your company. How To Close A Solvent Company. If your company is solvent (it can pay its debts), there are two routes you can take to close it down: Apply to have it struck off the Companies Register Via a Membe

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What Happens If I Miss a Mortgage Payment?

Credit Corp

The following is a guest post by Kalicia Bateman, a finance editor for Best Company. When you’ve missed a mortgage payment your mind may immediately spiral to foreclosure. Foreclosure. It’s a big, scary word. But, it should bring you some peace of mind to know that foreclosure is not the immediate consequence for missing a loan payment. Foreclosure doesn’t really come up until you’ve missed two or three payments.

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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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Lawsuits Way Down, Complaints Way Up: WebRecon

Account Recovery

People sued less in February, but complained more, according to data released by WebRecon. The number of Fair Debt Collection Practices Act lawsuits is down 25% for the first two months of 2021, compared to the first two months of 2020, while the number of Fair Credit Reporting Act lawsuits is down 3%, and the … The post Lawsuits Way Down, Complaints Way Up: WebRecon appeared first on AccountsRecovery.net.

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COVID-versary

American Profit Recovery

By Matt: Well, it has been one year since our state was shut down and we were “forced” to work from home. Sound familiar? What a crazy year it has been for sure. Ups and downs, cases going up, cases going down …. businesses closed, re-opened and closed and re-opened again. Our clients’ sales down, sales up, sales down. I think you know what I mean.

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COVID Tax Break Could Open Door to Student Loan Forgiveness

Nerd Wallet

The tax break on college debt cancellations in the COVID-19 relief package signed last week by President Joe Biden has removed a potential roadblock to forgiving student loan debt: taxes. The provision won’t count any debt forgiven from Dec. 31, 2020, to Jan. 1, 2026, as income. Under one of the existing forgiveness programs (income-driven repayment), Anna Helhoski writes for NerdWallet.

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CFPB Takes Action Against Operators of An Unlawful Student Loan Debt-Relief Scheme

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today sued a student loan debt relief company, its owner, and manager for allegedly charging thousands of consumers more than $3.5 million in illegal upfront 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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I’m Self Employed: What Are My Bankruptcy Options?

Sawin & Shea

Nobody wants to be in a situation where they have to file for bankruptcy, but for the self-employed, it can be a doubly crushing blow. You have worked hard to create your own source of income, but circumstances have made it impossible for you to pay your debts. You may even have doubts about whether or not self-employed people are eligible to file for bankruptcy.

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The 2021 Tax Deadline Is May 17—Here’s What You Need to Know

Credit Corp

Are you just starting your taxes for the 2020 tax season? If you’re panicking, don’t—we’ve got good news. The tax deadline typically falls on April 15, but this year, the IRS has extended the tax deadline to May 17 due to the pandemic. So what does this mean for you, exactly? We’ll break it down for you. Is the Tax Deadline Extension for Everyone? The 2020 tax year deadline postponement applies for individual tax payers and those who pay self-employment taxes.

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Judge Certifies Class in FDCPA Suit

Account Recovery

A District Court judge in California has certified a class in a case accusing a company that performs billing and collection services for a car rental company of violating the Fair Debt Collection Practices Act by sending letters from the billing arm of the company without the mini-Miranda notice. A copy of the ruling in … The post Judge Certifies Class in FDCPA Suit appeared first on AccountsRecovery.net.

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The common ground between sales and debt collections

American Profit Recovery

The title may grab you but let’s be clear, debt collections is not sales and it is not selling anything. However, some of the core strategies that allow a sales executive to be successful can be viewed as some of the same traits you should be implementing in your collections. Let us explain. There are always great lessons to be had and new things to be learned if you’re looking in the right places in the world of business.

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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.

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The 6 Biggest Life Insurance Myths About COVID, Cost and Coverage

Nerd Wallet

Shopping for life insurance can feel overwhelming, especially if you don’t have the facts. You may have heard that it’s too expensive or only healthy people can qualify for coverage, but the truth may surprise you. We break down six common life insurance myths so you can better understand your options and get coverage that’s. Georgia Rose writes for NerdWallet.

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CFPB Clarifies That Discrimination by Lenders on the Basis of Sexual Orientation and Gender Identity Is Illegal

Consumer Finance

On March 9, 2021, the Consumer Financial Protection Bureau issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act and Regulation B includes sexual orientation discrimination and gender identity discrimination.

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ASTM E1527 Changes: Coming Soon to a Property Assessment Near You

Jimerson Firm

Lenders, Developers, Environmental Professionals and others over the years have come to know the industry standard for conducting and reporting environmental due diligence, “ ASTM E1527 Standard Practice for Environmental Site Assessment: Phase I Environmental Site Assessment Process ”. E1527 (commonly referred to as a “Phase I”) was designed by ASTM International to meet the requirement under CERCLA (or, “Superfund”) that a party conduct all appropriate inquiry (“AAI”) prior to a real property

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Real Estate Stocks: What They Are and How To Invest In Them

Credit Corp

This post originally appeared on Your Money Geek. It’s funny how sometimes life can give small clues as to how you should be handling your finances. For example, a few years ago, a minor snow skiing accident revealed my lack of diversity regarding investing. You’re probably scratching your head, wondering what I’m talking about. Let me set the scene for you.

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How Preparation and Strategy Can Be Used to Fight and Defeat Any Ransomware Attack

Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP

Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.