January, 2024

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A Strategic Approach to Debt Settlement Campaigns for Tax Season

PDC Flow

Debt settlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Tax season is the best time to consider a debt settlement campaign within your debt collection agency. A debt settlement campaign can help your agency: liquidate inventory more quickly increase revenue for you and your clients increase the energy and morale on your collection floor At the same time, your consumer gets a deal, reduces their de

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3 Tips For Collecting Debts From Difficult Clients

Collections Law

Anyone involved in any type of business knows that there will inevitably be a client or customer who does not pay their bill. Our experienced collection lawyers at the Law Offices of Alan M. Cohen & Associates LLC know and understand how frustrating it is to have customers who refuse to pay. We also know that letting those customers get away with not paying the money they owe is obviously bad for business.

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Here’s your accounts receivable checklist for the coming year

American Profit Recovery

If your business is at a point where you know you can improve cash flow, there are many things that you can address internally that can advance your chances of better cash flow. If you’re running a small business, you may be cleaning up your books anyway to hand them off to your CPA for tax season. So why not in the process, take a hard look at your accounts receivable process and make any necessary changes.

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Less than Half of Consumers can Afford $1,000 Emergency Expense: Survey

Account Recovery

While the number of consumers who can afford to pay a $1,000 emergency expense has remained largely unchanged for the past three years, the percentage of consumers who are putting less away for a rainy day is on the rise, largely due to inflation, according to data released this week by Bankrate.

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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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The Credit Approval Process Explained

Credit Corp

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. The credit approval process varies based on the type of credit you seek. Credit cards can take several days, loans can range from days to weeks, and mortgages can take weeks to a month.

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CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts

Consumer Finance

The Consumer Financial Protection Bureau proposed to block financial institutions from one potential source of new junk fee revenue – fees on instantaneously declined transactions.

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Navigating Earnest Money Binder Disputes in Failed Deals

Jimerson Firm

Purchasing a home is one of the most important—and stressful—purchases a consumer makes. Oftentimes, the process is long, tedious, and nerve-racking. For first-time homebuyers, there are a lot of unknowns, and for sellers, there is much to consider to protect oneself and get the best money for your investment. Unfortunately, many times, sales fall through for a number of reasons, and what occurs thereafter is often not something that is contemplated before the process begins.

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8 proven ways to build your small business profits this coming year

American Profit Recovery

If you’re like many owners and operators of small businesses, you’re looking at the year ahead and trying to figure out how next year can be better than before. While New Year’s resolutions might not work, getting the year off on the right track is time well spent for your small business. From reviewing the processes and procedures your small business uses regularly, looking at cash flow, invoicing and how you use a debt collection agency, to just some basic goal setting, it

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Industry Pros Revisit 2023 Predictions

Account Recovery

As part of the festivities to mark the end of one calendar year and the start of a new one, I ask different professionals from across the accounts receivable management industry for their predictions for the coming year — what do they think is going to happen, what kind of year is it going to […]

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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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Florida Bankruptcy Court Sanctions Debt Buyer for Seeking to Collect Debt that Consumer Failed to Schedule in Bankruptcy Case

Troutman Sanders

The debt purchaser in In re McIntosh argued that because it was enforcing a debt that was not listed correctly on the debtor’s bankruptcy schedules, it was entitled to assume the debt had not been discharged. The U.S. Bankruptcy Court for the Southern District of Florida disagreed and entered an award of sanctions in the total amount of $64,686.93 — including $10,000 for emotional distress and over $21,000 in punitive damages.

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Avoid Common Tax & Accounting Mistakes For Your B2B Business

Enterprise Recovery

Complex tax questions can be especially confusing for small businesses, freelancers, or startup companies. It's important that your business's financial records are maintained with integrity and organization. If you're a one-person department or temporarily taking on the accounting role, it's natural to have some questions and uncertainties. Avoid common accounting mistakes and ensure a smooth tax season with these best practices.

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CFPB Addresses Inaccurate Background Check Reports and Sloppy Credit File Sharing Practices

Consumer Finance

The Consumer Financial Protection Bureau issued guidance to consumer reporting companies to address inaccurate background check reports, as well as sloppy credit file sharing practices.

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Building Bridges in Detroit Lakes, MN with VITA: An Interview with MAHUBE-OTWA

Prosperity Now

In September, Prosperity Now launched the second iteration of the VITA Leadership Institute, through generous support from the Wells Fargo Foundation. The VITA Leadership Institute (VLI) aims to train a diverse class of ten emerging VITA leaders to build their capacity to expand and scale free, high-quality, and racially equitable tax preparation services for low-income taxpayers in their communities.

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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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6 critical areas you need to focus on to build more trust with customers

American Profit Recovery

The relationships you build with customers are the lifeblood of your organization, no matter the size. In short, your business will not thrive without solid relationships with customers. It’s just that simple. Building lasting and trusting relationships with consumers is one of the best ways to see continual growth in your organization. You should not think of your customers as transactional.

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California DMV Facing RFDCPA Class Action

Account Recovery

A class-action complaint has been filed in California state court against the state’s Department of Motor Vehicles for violating the state’s debt collection law by adding unlawful fees and penalties to the renewal fees for driver’s licenses and vehicle registrations.

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New York Enacts Credit Card Surcharge Caps and Disclosure Requirements

Troutman Sanders

Last month, New York Governor Kathy Hochul signed into law Assembly Bill 2672 , which both prohibits sellers from charging a credit card surcharge greater than what they are charged by the credit card company and requires sellers to clearly post the price of the credit card surcharge. The law will take effect on February 11, 2024. Specifically, the law provides that any seller in any sales transaction imposing a surcharge on a customer using a credit card shall clearly and conspicuously post the

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New Law Protects Consumers Who Use Subscription Auto-Renewals

FFGN COLLECT NY

As millions of people stayed home during the pandemic, they turned to digital entertainment services, meal delivery services, clothing subscriptions, and online diet and exercise programs. This gave businesses the incentive to shift to a digital subscription model. At the same time, many businesses adopted deceptive subscription marketing policies that make services easy to sign up for but difficult to cancel.

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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 Report Identifies Challenges Faced by Borrowers in Resumption of Student Loan Payments

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) published an issue spotlight today on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the COVID-19 emergency.

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Bogus Debt Collectors sentenced after £410k Debt Collection scam

UK debt collections

A bogus debt collection scam gang have been brought to justice after defrauding a pensioner businessman out of around £410,000. The group, that fraudulently ripped the business owner, from Northallerton North Yorkshire, off over three years have now faced sentences in court. Wayne Mark McCreery, 50, of St Andrews Road, Stretford, Trafford, Manchester, targeted the victim, who is aged in his 70s, between 2015 and 2018.

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5 ways to keep your customer when they are NOT paying

American Profit Recovery

You want to keep your hard-earned customers. We thought so! Sometimes as you well know, customers do not pay. But that does not mean you have to lose that customer. In many cases, something has prevented your customer from paying on time or meeting their financial obligations to your business. While there are obviously disputes that need to be worked out, sometimes a customer just needs a little time and assistance to get caught up with your business.

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Judge Dismisses FDCPA Suit Over Failure to Respond to Disputes

Account Recovery

A District Court judge in Ohio has dismissed a Fair Debt Collection Practices Act case because the plaintiff lacked standing to sue, even though he did allege some claims that have been considered sufficient for standing in the past (at least to my non-lawyer eyes).

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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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We Want a “Perfect” Child Tax Credit Expansion, But Let’s Not Let That Get in the Way of Progress for Families

Prosperity Now

As Congress is hard at work trying to keep the government from shutting down, they’ve also made progress on some critical legislation for families and children with a bipartisan tax package that expands the current Child Tax Credit.

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Understand and Develop Conversational Intelligence in Debt Collection

PDC Flow

“Privacy works flexibly. It’s scalable. And it’s unique to every situation we’re in.” This is a quote from Leslie Bender , Senior Attorney of Health Privacy and Consumer Financial Privacy during her presentation at Collector Live , a yearly event hosted by Mike Gibb of AccountsRecovery.net. The virtual conference for frontline and upper management debt collectors hosted several experts including debt collection industry professional Harry Strausser III.

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CFPB and Seven State Attorneys General Sue Debt-Relief Enterprise, Strategic Financial Solutions, for Illegally Swindling More Than $100 Million from Financially Struggling Families

Consumer Finance

The CFPB and state attorneys general sued Strategic Financial Solutions and its web of shell companies for running an illegal debt-relief enterprise.

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Luxury Homes Developer falls into Administration

UK debt collections

Luxury homes builder Kenham Building has called in administrators, with all staff made redundant. The west London firm appointed ReSolve partners Cameron Gunn and Chris Farrington as administrators after encountering cashflow problems. Kenham operated for 25 years but hit technical challenges related to groundworks on a large residential refurbishment scheme.

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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.