American Profit Recovery
JANUARY 3, 2023
Just about every business we encounter wants to make the process of getting paid on time much easier. Getting late-paying customers to the table and small business debt collections can become an area where many organizations just do not have the available resources. Take, for example, the lawn care company that works from sunrise to sunset and deals with a labor shortage.
Enterprise Recovery
JANUARY 13, 2023
As a business that works with other businesses, the expectation is that they'll pay for the goods and services you're providing. Unfortunately, delinquency and debt in business relationships is a very real, all-to-common problem. If you pay attention, there are glaring red flags that could provide clues that some clients could be problematic. Here are six types of risky B2B client behaviors that might indicate they won't pay on time.
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American Profit Recovery
JANUARY 5, 2023
By Brian L. The saying goes, “actions speak louder than words” when it comes to showing who you are or what you are capable of accomplishing. In the debt collection industry, words are what speak louder than actions. Your choice of words will determine what actions follow. With conversations being made over the phone, the opportunity is there to build a relationship with a consumer so that both parties can come to an understanding, reaching a resolution that may have been a long time in the mak
Account Recovery
JANUARY 24, 2023
A Magistrate judge in California has recommended that a defendant’s motion to dismiss be granted, although saying the plaintiff should have the opportunity to submit an amended complaint, in a Fair Debt Collection Practices Act and Fair Credit Reporting Act case that contained a “laundry list” of alleged violations without any factual allegations to substantiate … The post Judge Dismisses FCRA, FDCPA Case Over ‘Laundry List’ of Violations first appeared on AccountsRecover
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.
Consumer Finance
JANUARY 31, 2023
Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off a junk fee protected by an immunity provision that allows issuers to escape scrutiny of otherwise illegal late fees.
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UK debt collections
JANUARY 26, 2023
Business CCJ’s have doubled in the last quarter says the latest Red Flag Report from Begbies Traynor. Latest data has laid bare the struggles facing UK business during the current economic crisis. 610,405 business rated as being in “significant” financial distress in Q4 2022. This figure is up 4 per cent from the same period for 2021. “Critical” financial distress, meanwhile, increased 36 per cent from Q4 2021 to Q4 2022 and was up 10 per cent between Q3 and Q4 2022.
Enterprise Recovery
JANUARY 6, 2023
The Wall Street Journal is reporting that the number of accountants and university students that are studying accounting is falling. The long hours, especially during tax season, are turning off young recruits. Enterprise corporations are offering college credits and higher pay to entice more people into the field. Let's evaluate what accountants do at your business and what to do when your accounting team is dwindling.
Jimerson Firm
JANUARY 24, 2023
What happens when, due to a negligent error by the insurance broker, a business suffers property damage that is either not covered, or not fully covered, by what the insured thought was an insurance policy they purchased through the broker to cover the risk? Can the insured look to its insurance broker to cover the uninsured loss? In certain types of circumstances, the answer may be yes, and the insurance broker may be found liable to the insured for such an uncovered loss.
Account Recovery
JANUARY 24, 2023
Fewer than one-third of individuals feel extremely confident that they would be able to identify an error on a medical bill, and half of those individuals who participated in a survey have had bills with incorrect charges of at least $200, according to the results of a recently released survey. For many companies in the … The post Healthcare Billing Statements Source of Frustration for Consumers: Survey first appeared on AccountsRecovery.net.
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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.
Consumer Finance
JANUARY 18, 2023
The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that automatically renew unless the consumer affirmatively cancels, and trial marketing programs that charge a reduced fee for an initial period and then automatically begin charging a higher fee.
Nerd Wallet
JANUARY 3, 2023
Kate Wood writes for NerdWallet. Email: kwood@nerdwallet.com. Twitter: @[link]. The article New FHFA Credit Score Rules Could Broaden Homeownership Access originally appeared on NerdWallet.
Troutman Sanders
JANUARY 18, 2023
Throughout the latter half of 2022, filing for bankruptcy became a reality for many high-profile crypto firms. The resurgence of “crypto winter” has brought many crypto-related entities to their proverbial knees. Indeed, in November 2021, the total cryptocurrency market capitalization reached an all-time high of approximately $3 trillion. That figure has decreased substantially, and today hovers around $850 billion — a 70% drawdown.
Enterprise Recovery
JANUARY 27, 2023
Does it actually cost more to attract new clients than keep current ones? That can only be decided when you consider the cost of your time and the value of your clients. Nevertheless, happy clients are usually your most loyal clients, and they'll likely recommend your goods and services to others. Let's identify strategies for keeping your existing B2B clients happy so you can maintain a strong, long-lasting business relationship and save money along the way.
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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.
Payment Savvy
JANUARY 11, 2023
If you are one of the ten million-plus American businesses with a merchant processing credit card account, the chances are you are aware of an industry term known as interchange. As with many aspects of banking and merchant processing among credit card issuers, the term represents something slightly confusing (at best) and incredibly bewildering (at worse), with lots of banking jargon and terminology thrown into the language to confuse you a little further.
Account Recovery
JANUARY 24, 2023
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 Complaint Accuses Collector of Attempting to Collect on Settled Debt first appeared on AccountsRecovery.net.
Consumer Finance
JANUARY 3, 2023
Today, the Consumer Financial Protection Bureau (CFPB) and the New York State Office of the Attorney General sued a predatory auto lender, Credit Acceptance Corporation, for misrepresenting the cost of credit and tricking its customers into high-cost loans on used cars.
Nerd Wallet
JANUARY 24, 2023
Elizabeth Renter writes for NerdWallet. Email: elizabeth@nerdwallet.com. Twitter: @elizabethrenter. The article Home Shoppers to Face High Rates, Economy With Resolve originally appeared on NerdWallet.
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?
Troutman Sanders
JANUARY 9, 2023
On December 23, New York Governor Hochul signed into law Assembly Bill A6328A amending New York Executive Law § 292, known as the New York State Human Rights Law, to add citizenship and immigration status to the list of covered protected characteristics. Among other things, the new law expressly prohibits discrimination against any applicants for credit based on their citizenship or immigration status.
Enterprise Recovery
JANUARY 20, 2023
As a business owner, it's important to stay on top of your accounts receivable, especially when it comes to business-to-business (B2B) transactions. Accounts receivable refers to the money that your clients owe your company for goods or services that have been provided but not yet paid for. B2B accounts receivable management can be a bit more complex than consumer (B2C) accounts receivable, so it's important to understand how to manage your accounts effectively.
PDC Flow
JANUARY 31, 2023
Validating credit card information before a transaction is submitted can eliminate failed payments. To help merchants ensure card data is accurate before a transaction is processed, PDCflow announces the new Card Verify feature. Card Verify Benefits Companies with too many failed credit card payments lose out on revenue and waste staff time contacting customers for alternative card numbers.
Account Recovery
JANUARY 19, 2023
RMAI is pleased to announce that the Keynote Address at the 2023 RMAI Annual Conference will be given by Dan Simmons, Senior Director of Research at TransUnion, who will speak on recent trends affecting the receivables management industry. The Keynote Address is sponsored by Metropolitan Partners Group. The 2023 RMAI Annual Conference will be held … The post RMAI Announces Keynote Address by Dan Simmons, Revealing Key Data and Trends, at the 2023 RMAI Annual Conference first appeared on A
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.
Consumer Finance
JANUARY 10, 2023
Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish a public registry of supervised nonbanks’ terms and conditions in “take it or leave it” form contracts that claim to waive or limit consumer rights and protections, like bankruptcy rights, liability amounts, or complaint rights.
Nerd Wallet
JANUARY 25, 2023
Cecilia Clark writes for NerdWallet. Email: cclark@nerdwallet.com. The article Supreme Court’s Student Loan Decision Will Impact Black Women Most originally appeared on NerdWallet.
Troutman Sanders
JANUARY 11, 2023
As discussed here , on June 21, 2022, the United States Department of Justice (DOJ) filed a lawsuit and on June 27, 2022, obtained a settlement agreement with Meta Platforms Inc. (Meta previously known as Facebook) to resolve allegations that Meta’s housing advertising system discriminated against Facebook users in violation of the Fair Housing Act (FHA).
Sawin & Shea
JANUARY 18, 2023
If you’re struggling with overwhelming debts, Chapter 7 bankruptcy could be your best option. Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. Before turning to this option, you need to know who can declare Chapter 7 bankruptcy, disqualifying factors, and the overall filing process.
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.
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