Enterprise Recovery
MARCH 24, 2023
As accounts receivables (AR) begin to fall delinquent, your business expenses could fall delinquent as well. With every late-paying client, cash flow for payroll, rent, or other vendors falls short, threatening your company's bottom line and growth. The effectiveness of your accounts receivable department may be one of the most important measurements to determine the success of your business.
Debt Recoveries
MARCH 19, 2023
Taking debt collection action quickly is important to increase the chance of recovering payment. The longer the process of chasing letters, emails, and calls is repeated, the less likely it is to recover the debt. If the debtor has been unable to pay, they may also owe money to others, who will also be attempting recovery action. Therefore, it is vital to act promptly to be the first in line to recover the payment.
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True Accord
MARCH 21, 2023
The economy took a wild ride in 2022, and with interest rates continuing to rise, inflation expected to remain relatively high and household savings dwindling, 2023 could be just as challenging. As consumers battle high inflation and interest rates to afford necessities, budgets will be stretched and many will have to prioritize when and where they spend.
Fico Collections
MARCH 14, 2023
Home Blog FICO Claims Automation for Health Plans: Transformation with a Small “t” By focusing on transformation with a small “t” that addresses measurable performance gaps, health plans and administrators can use claims automation to control costs and risk FICO Admin Tue, 07/02/2019 - 02:45 by Paul Crowder expand_less Back To Top Tue, 03/14/2023 - 14:15 Some time ago, I witnessed a plea for help in a global healthcare summit from a Director of Claims Management for assistance in automating thei
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.
Account Recovery
MARCH 22, 2023
The Illinois legislature is considering a bill that would require hospitals screen individuals without health insurance before initiating any collection activity while also prohibiting the sale of medical debt. To help advance the legislation and bring attention to the medical debt problem in Illinois, the Illinois Coalition for Immigrant and Refugee Rights yesterday released a … The post Bill Introduced in Illinois to Ease Medical Debt Burden first appeared on AccountsRecovery.net.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Enterprise Recovery
MARCH 31, 2023
The results are in. After a 6-month trial of over 60 companies in the United Kingdom, nearly every company in the pilot study has chosen to continue a four-day workweek. Company revenue stayed roughly the same during the trial but showed a 35% increase compared to similar periods in previous years. Most importantly, employee turnover was reduced by 57% with reports of improved well-being, better work-life balance, and reduced stress.
Consumer Finance
MARCH 22, 2023
The Consumer Financial Protection Bureau (CFPB) took action today against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law.
Troutman Sanders
MARCH 27, 2023
The Federal Reserve issued a press release announcing its plans for a July debut of FedNow , its service “to facilitate nationwide reach of instant payment services by financial institutions.” As previously discussed here , the FedNow service will provide individuals and businesses the ability to send and receive instant payments through the Federal Reserve’s Fedline® network at any time of day seven days a week.
Credit Corp
MARCH 13, 2023
Buying a used car can lower the cost of your purchase, letting you move into car ownership with a much smaller loan. This might also be beneficial if you don’t have the credit or income to qualify for a loan amount that would cover a new car price. You might get an even better deal if you buy a used car through a private seller. However, it’s important to ensure you’re protected from scams and engaging in a safe transaction.
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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.
Account Recovery
MARCH 9, 2023
One of the great benefits in publishing these profiles week after week is the chance to shine a spotlight on people whose contributions to the industry help keep moving it forward but who maybe haven’t risen to a level of prominence … yet. Nina Cunningham, who has owned her own collection industry for the past … The post Getting to Know Nina Cunningham of Illinois Collections first appeared on AccountsRecovery.net.
American Profit Recovery
MARCH 1, 2023
Hello consumers, this one is for you. And it’s meaningful advice that is coming straight from the people that you may not always be interested in speaking with, debt collectors. But that’s about to change! A common question in this industry and on Internet searches is how to deal with debt collectors. While some of that advice is certainly valid, some of it is written in a more adversarial manner, meaning many writing advice on this topic are teaching consumers how to avoid these issues.
Enterprise Recovery
MARCH 10, 2023
Women look to other female leaders to feel empowered as they break through glass ceilings and face various obstacles along the way. It's important for them to clear a path for other women as well. Women leaders often face challenges such as more responsibilities within their homes and at their jobs, and when serving as entrepreneurs, unequal access to venture capital.
Consumer Finance
MARCH 7, 2023
Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending.
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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.
Nerd Wallet
MARCH 23, 2023
Spencer Tierney writes for NerdWallet. Email: spencer.tierney@nerdwallet.com. Twitter: @SpencerNerd. The article What Is FedNow? originally appeared on NerdWallet.
Troutman Sanders
MARCH 31, 2023
On March 23, SB 1033 , An Act Concerning Various Revisions to the Banking Statutes, was given a favorable report by the Legislative Commissioners’ Office and sent to the Connecticut Senate. With this bill, Connecticut hopes to join several other states that have set strict rate caps on consumer loans, including Illinois, New Mexico, Colorado and California, and those that expressly provide for a predominant economic interest test for true lender purposes.
Account Recovery
MARCH 3, 2023
A District Court judge in California has partially granted a defendant’s motion for judgment on the pleadings, but denied counts related to text messages received under the Telephone Consumer Protection Act and the anti-harassment provision of the Fair Debt Collection Practices Act because the defendant sending 15 text messages in the span of one month. … The post Judge Partially Denies MJOP in FDCPA, TCPA Case Over Collection Texts first appeared on AccountsRecovery.net.
Credit Corp
MARCH 21, 2023
According to TransUnion , the total number of consumers that own a credit card account reached 166 million in the fourth quarter of 2022. That accounts for an increase of over 13 million over the last three years. Even with that many credit cards in circulation, though, not everyone can get one. Why can’t you get a credit card? It may have to do with your credit score.
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?
Roths Child Law
MARCH 2, 2023
An adult's credit score can influence many aspects of their life. Their creditworthiness determines how much they pay in interest when buying a vehicle and the home value they can afford. It also may factor into whether or not they can obtain a new job or a promotion. Unfortunately, it is easy for hard-working people to find themselves overwhelmed by their debt-related obligations.
Consumer Finance
MARCH 15, 2023
Today, the Consumer Financial Protection Bureau (CFPB) released a bulletin warning servicers of their obligation to halt unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts.
Nerd Wallet
MARCH 7, 2023
Anna Helhoski writes for NerdWallet. Email: anna@nerdwallet.com. Twitter: @AnnaHelhoski. The article Pandemic at 3 Years: How Our Financial Lives Have Changed originally appeared on NerdWallet.
True Accord
MARCH 9, 2023
More than 20 million US households are behind on their utility bills, according to the National Energy Assistance Directors Association (NEADA), which described it as the worst crisis it has ever documented. Delinquencies are rising across all industries, but utility debt specifically has doubled from pre-pandemic levels, and as moratoriums ended customers faced the onslaught of unpaid bills.
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.
Account Recovery
MARCH 13, 2023
A District Court judge in Illinois has denied a defendant’s motion for summary judgment in a Fair Credit Reporting Act case, determining that the defendant did not conduct a reasonable investigation into the plaintiff’s dispute because it did not actually read the dispute and look into what the plaintiff submitted. A copy of the ruling … The post Judge Denies Defendant’s MSJ in FCRA Case Over Duplicate Reporting first appeared on AccountsRecovery.net.
Credit Corp
MARCH 7, 2023
Quick Answer: You need to be 18 to open your own credit card, but that doesn’t mean you have to wait until then to start building your credit. It’s never too early to start building credit. In fact, if you start building credit before you turn 18, you hit adulthood a step ahead of most people. With a positive credit history, you’re more likely to be approved for loans, credit cards or a lease on an apartment.
Roths Child Law
MARCH 15, 2023
Most people are rather flippant about the prospect of losing a job. They assume that they can just find another position elsewhere and will bounce back quickly. Unfortunately, job loss is often a more serious issue than people realize. Those who do their jobs well may only lose their job during the mass termination or layoff, which could mean that there is a glut of workers out looking for employment alongside highly qualified fellow applicants.
Consumer Finance
MARCH 1, 2023
The Consumer Financial Protection Bureau (CFPB) has published a new report analyzing the financial profiles of Buy Now, Pay Later borrowers.
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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