October, 2020

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I Refinanced My Mortgage. Here’s What Happened to My Credit Score

Nerd Wallet

When interest rates started to drop in the spring of 2020, my husband and I took notice. We watched as the rates on both fixed-rate and adjustable-rate mortgages continued to slide to historic lows. As a growing number of friends gushed about how much they’d lowered their rates and monthly payments, we decided to look. Erin Hurd is a writer at NerdWallet.

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Is Student Loan Discharge in Bankruptcy Now Within Reach?

Nerd Wallet

Student loan borrowers who seek to have their debt canceled in bankruptcy — what’s known as discharge — typically find it an expensive process with standards that can be difficult to meet. But recent bankruptcy court rulings and lawmakers’ support of relief for overburdened borrowers may signal a change is coming. In January, a New York. Anna Helhoski is a writer at NerdWallet.

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CFPB Releases Debt Collection Rule

Account Recovery

The Consumer Financial Protection Bureau today released its debt collection rule, continuing its process of modernizing the regulation of the accounts receivable management industry. The rule — all 653 pages of it — can be accessed by clicking here. The changes announced today will go into effect one year after they are published in the … The post CFPB Releases Debt Collection Rule appeared first on AccountsRecovery.net.

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Use an Accounts Receivable Collections Policy to Get Paid on Time

Enterprise Recovery

Does your business suffer from late paying customers? Are you a flying-by-the-seat-of-your-pants A/R department of one? Do your clients get away with paying your business late or not at all without any consequences? If you answered 'yes' to any of these questions, an accounts receivable collections policy can help you: Get paid on time. Organize your accounts receivable process so you can handle the job alone.

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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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Why cash flow is so important

American Profit Recovery

There are many reasons collection agencies exist. And while many consumers do not like being on the receiving end of a communication from a collection agency, companies like ours provide a necessary service to organizations that have challenges in getting their customers and clients to pay or pay on time. It does not matter what size your company is.

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TrueAccord continues to grow rapidly in Lenexa, KS

True Accord

Back in 2019, TrueAccord pledged to hire 50 new Lenexa team members every year until reaching our goal of 150. But thanks to a huge growth in business, TrueAccord has accelerated its hiring, adding 84 employees working remotely across the nation and from its Lenexa, Kansas office since the beginning of March alone. Overall, the Lenexa office has grown from 12 employees to over 118 people in under two years, and we’re still actively hiring across many functions.

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9 Low-Cost Ways to Make Virtual Learning Easier for Kids

Nerd Wallet

Amid the COVID-19 pandemic, with millions of schoolchildren still learning remotely as the weather turns colder, some might benefit from a few investments in their at-home experience. The following items, all under $15, can help make distance learning more appealing to even the youngest learners. 1. New background decorations When your child is on screen.

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NCLC Report Calls Out States For Poor Exemption Protections

Account Recovery

You have to hand it to consumer advocacy groups. They know how to name a report that will grab everyone’s attention. The National Consumer Law Center yesterday released a report, “No Fresh Start 2020: Will States Let Debt Collectors Push Families Into Poverty In The Wake Of a Pandemic?” which grades each state on their … The post NCLC Report Calls Out States For Poor Exemption Protections appeared first on AccountsRecovery.net.

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Improve Difficult Client Conversations with These Six Examples

Enterprise Recovery

Communication, especially in the time of remote work and virtual meetings, has never been more important. As a freelancer, agency or business owner, you may also feel distracted or overwhelmed when juggling work, clients and working from home. If you've found client communication especially challenging recently, we've created a few example scripts that we hope will help you.

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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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Consumer Financial Protection Bureau Issues Final Rule to Implement the Fair Debt Collection Practices Act

Consumer Finance

On October 30, 2020, the Consumer Financial Protection Bureau issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt.

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October 15 Tax Filing Deadline

Credit Corp

Most years, the deadline to file your federal income tax is on or around April 15. In 2020, the federal government extended that deadline to July 15 because of potential delays and obstacles caused by the COVID-19 pandemic. If you miss this deadline, you can request to file on the October 15 tax filing deadline instead. There can be consequences for filing late, but the type of penalty depends on several circumstances: Did you request a tax extension?

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Fast and Effective Ways to Pay Down Debt

Debt Guru

Are you heavy in debt and need to get out from under the burden? Is debt limiting your options in life and you need a way out? Debt has a way of creeping up on all of us, especially when we least expect it. If this has happened to you, and you know it’s time to make a change, these are some simple strategies that can help you make big dents in your debt.

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How to Handle College Loan Debt as an Unemployed Recent Grad

Nerd Wallet

Entry-level jobs are scarce for recent college graduates, which leaves the Class of 2020 in a precarious position as their student loan debt comes due. Taylor Cabrera has been job-hunting for months since graduating from the University of Mississippi last spring with dual bachelor’s degrees in biology and physics, and has moved in with family. Anna Helhoski is a writer at NerdWallet.

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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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Daily Digest – October 28. Judge Denies Motion for Attorneys’ Fees in FDCPA Case; Colorado Extends Provisions Limiting ‘Extraordinary’ Collections

Account Recovery

JUDGE DENIES MOTION FOR ATTORNEYS’ FEES IN FDCPA CASE In a ruling that was spotlighted by Barron & Newburger, a District Court judge in Pennsylvania has granted a plaintiff’s motion to dismiss his own lawsuit and denied a defendant’s motion for attorneys’ fees and costs in a Fair Debt Collection Practices Act case. COLORADO EXTENDS … The post Daily Digest – October 28.

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Why Is a Cash Flow Statement Important?

Enterprise Recovery

When you're trying to learn more about your business finances, a cash flow statement is a must. This financial statement paints a clear picture of how your business is managing its cash to pay debts and fund operations. The cash flow statement can help determine the success of your business and be an important indicator of potential to an investor. What is a cash flow statement and why is it important?

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How SBA Lenders Ensure Expense Recovery in Loan Liquidation and Litigation

Jimerson Firm

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. The SBA does not pay for non-recoverable expenses, such as any fee or cost incurred that was not necessary, reasonable or customary. In addition, the SBA does not pay for legal expenses for non-routine litigation without the SBA’s prior approval of a Litigation Plan or Amended Litigation Plan.

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What to Do Before You Lease a Car

Credit Corp

Getting a new car is a big decision, and you should choose your next vehicle carefully. But if you think finding the right car is difficult, deciding whether to lease or buy can be even more overwhelming. Start the process right by understanding the minimum credit score to lease a car and determining whether this is the best decision for you. 1. Check Your Credit.

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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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How Working from Home in 2020 Affects Income Taxes

Debt

Your company sent everyone home when the pandemic began last March and now that is your workplace so you’re probably wondering if that means you’re eligible for some serious tax breaks when you file next April 15. Or maybe the COVID-19 crisis made your job disappear altogether, so you entered the gig economy and created… The post How Working from Home in 2020 Affects Income Taxes appeared first on Debt.org.

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4 Tax Triggers New Investors Need to Know About

Nerd Wallet

Many Americans started investing for the first time during the pandemic, but even though their trades may have been free, the money involved might soon come with a bill from the IRS. If you’re a new investor, here are four things that could trigger a tax-related hit — and what tax pros say you can. Tina Orem is a writer at NerdWallet. Email: torem@nerdwallet.com.

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CFPB Stands Behind Collector for Itemizing Debt in Letter

Account Recovery

Thanks to the team at Ballard Spahr for noticing that the Consumer Financial Protection Bureau filed an amicus brief in support of a debt collector’s position that it did not violate the Fair Debt Collection Practices Act when it included line items indicating that an individual owed $0.00 in interest and collection fees in a … The post CFPB Stands Behind Collector for Itemizing Debt in Letter appeared first on AccountsRecovery.net.

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PMSD SUCCESSFULLY OVERTURNS NYU ACTION SUSPENDING STUDENTS FOR CONDUCT DURING SUMMER BREAK

Price Meese

Karen Edler and Jackie Esposito, attorneys in Price, Meese, Shulman & D’Arminio, P.C.’s Education Law Group, successfully litigated an Article 78 proceeding in New York’s Supreme Court vindicating the rights of three New York University (“NYU”) students, and returning them to the classroom. In what is believed to be the first reported decision of the issue of a private university’s right to suspend students for COVID-19 violations, the Honorable Carol R.

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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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How to Increase Cash-flow during a Crisis

Debt Recoveries

As a credit control expert, I often come across the accounts of “high-turnover” businesses, who are nonetheless, drowning in debt and struggling to show a profit. Usually it’s because they don’t have good systems in place to ensure bad debt is reduced or illuminated. Today I want to help you avoid getting into debt in the first place and then advise you what to do if and when it happens again.

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How an Old Checking Account Can Come Back to Haunt You

Credit Corp

Old checking accounts can become troublesome if you’re not paying attention to them. Whether they’re overdrawn before you move on to another account or become overdrawn because you’re not monitoring them regularly, they can leave you on the hook for debt. If you’re not careful, old bank accounts can even affect your credit and the amount your debt will cost you over a lifetime.

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Is COVID-19 Leading to More Food Delivery Fraud?

Fico Collections

Last week I shared FICO’s insights into fraud patterns related to spending on medical devices , including personal protective equipment (PPE) and medical devices such as nebulizers. This post examines whether increased food deliveries are causing a similar rise in food delivery fraud. Home food delivery has skyrocketed during the pandemic; from January to July 2020, the number of credit card transactions for on-demand food delivery platforms increased by a whopping 86%.

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Annuities: What They Are and How They Work

Nerd Wallet

Annuities are financial products that could help provide steady income in retirement. But an annuity can be a complex creature. Here’s an overview of how annuities work, their pros and cons, and how annuities compare with IRAs. What is an annuity? An annuity is a long-term financial contract that can provide you with a stream. Tina Orem is a writer at NerdWallet.

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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.