September, 2020

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A/B Testing & Machine Learning in Digital Debt Collections

Re:Ceeve

All companies—no matter their industry, size, or location—have one ultimate goal in mind at all times: improvement. It’s only natural for companies to want to get better at what they do. Perhaps you want to improve your productivity, the quality of your products, or your customer satisfaction. These are all valid goals. So how can you make these desired outcomes a reality?

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Indiana AG Files Suit Against Scammer

Account Recovery

The Attorney General of Indiana yesterday announced he had filed a lawsuit against a collection agency, accusing it of engaging in deceptive and abusive collection practices and operating without a proper license. The lawsuit, filed against New Britain Financial and its founder, Nelson Macwan, was announced as part of Operation Corrupt Collector, a joint state … The post Indiana AG Files Suit Against Scammer appeared first on AccountsRecovery.net.

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On the fence about hiring a collection agency?

American Profit Recovery

We are going to make a bold assumption. That you have customers that have not paid you yet. They are either late in paying you, or they have not paid you at all. Whether it was an oversight, a dispute in your product or service, or maybe that customer has just struggled financially and they have decided not to pay your business. There are so many reasons why a customer or client has not paid you yet and it’s a tough situation to be in when you’re trying to improve your cash flow.

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Is the Customer Always Right? How to Tell A Client 'No'

Enterprise Recovery

Whether you're working for an company or on your own, the thought of saying 'no' to a client can be panic-inducing. It can be especially stressful if you're starting your own business or trying to grow your new business. The good news is that there are particular situations that actually call for a resounding negative response. When you say "no," you can feel like you're doing what's right for you and your business.

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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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How to Save Money for a House: Steps to Get Moving

Nerd Wallet

Saving enough money to buy a house might seem like scaling Mount Everest, but don’t let that stop you from taking the first steps. Once you get moving, you might find the peak more accessible than you expected. Here’s how to make the climb: Set goals to save for a house Decide a total money. Barbara Marquand is a writer at NerdWallet. Email: bmarquand@nerdwallet.com.

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Between Two FinTechs with Hunter Walk

True Accord

In our second installment of “Between Two FinTechs,” an interview series with leaders in financial technology, we have Hunter Walk , co-founder and partner of seed stage venture fund Homebrew. Previously at YouTube and Google, Hunter uses his startup and scaling expertise to help founders articulate their product/market fit, recruit stellar teams and build well-defined cultures.

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Judge Grants MSJ in FDCPA Class Action Over Interest, Fees Disclosure in Letter

Account Recovery

In a case that was defended by Rick Perr of Kaufman Dolowich and Voluck, a District Court judge in New York has granted a defendant’s motion for summary judgment in a class-action lawsuit after it was accused of violating the Fair Debt Collection Practices Act by including references to interest and fees in a collection … The post Judge Grants MSJ in FDCPA Class Action Over Interest, Fees Disclosure in Letter appeared first on AccountsRecovery.net.

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Find a solution in every problem

American Profit Recovery

By: Pocholo Alvarez . As I come closer to my two-year anniversary here at American Profit Recovery, I can’t think of all the changes that happened ever since I walked in through the front door. Just like the majority of the world, I had a bad interpretation of what a debt collector is. After spending even the first few days in the company, I realized that the people that I work with really do care about helping our clients and consumers.

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Stretching vs. Chasing: Business Advice During Hard Times

Enterprise Recovery

If you're starting a new business or have grown a business from the start, you will have some idea of what it takes to "wear many hats" or be as resourceful as possible. During that startup phase, you're analyzing, measuring, listening and on high alert to what is making your clients happy. According to best-selling author and researcher, Scott Sonenshein , this resourcefulness reveals a "stretching" mindset and is one of the reasons you're succeeding.

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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 Myths About High-Yield Savings Accounts During COVID-19

Nerd Wallet

Last year’s savings rates of 2% and higher have come and gone, but that doesn’t mean high-yield savings accounts disappeared. “There are high-yield savings accounts out there, but it’s all relative,” says Mike Schenk, chief economist for the Credit Union National Association. When the Federal Reserve cut its benchmark rate to nearly zero in March, Spencer Tierney is a writer at NerdWallet.

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How Much Does One Late Payment Affect Credit Scores?

Credit Corp

If you’re serious about your credit score, you need to pay your bills on time. One late payment can have a devastating effect on your credit score. Here’s what you need to know about late payments and your credit score, and what you can do to protect yourself. How Late Payments Affect Credit Scores. Your payment history is the biggest factor in determining your credit score, so it’s imperative that you pay your bills on time whenever possible.

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Will There Still Be a Second Stimulus Check?

Debt

Remember the second stimulus check? Forget it. Members of Congress have many things on their minds between now and election day, but sending another direct payment of $1,200 to U.S. workers, is not one of them. A second round of COVID-19 relief for America’s middle-and-low income workers has taken a back seat to passing a […]. The post Will There Still Be a Second Stimulus Check?

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Consumers Aren’t Great Savers: CFPB Report

Account Recovery

Even rich people are having problems paying their bills, according to a new report released by the Consumer Financial Protection Bureau. Looking at data that from a previously conducted survey, researchers at the CFPB concluded that 40% of all individuals had difficulty paying a bill or covering an expense in the preceding 12 months. While … The post Consumers Aren’t Great Savers: CFPB Report appeared first on AccountsRecovery.net.

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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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What are the best ways to get customers to pay on time?

American Profit Recovery

There are not many factors that control the cash flow of a business more than customers and the time frame in which they pay for products or services. In short, customers pay late, cash flow suffers. Customers pay on time, resulting in positive cashflow. When it comes to accounts receivables, it’s that simple. However, we are not living in an ideal world and for many in business, chasing down payments is just part of running a business.

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7 Tweets on How to Be a Freelance Success

Enterprise Recovery

A recent report by Freelancer.com revealed that freelance jobs increased over 25% in the 2nd quarter of 2020. With the continuation of uncertainty in the pandemic, employers looking for a more flexible and remote workforce, even replacing some full-time positions with independent workers. Striking out on your own can be daunting but it can be done, and quite successfully.

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Are Medicare Advantage Plans Worth the Risk?

Nerd Wallet

About 1 in 3 people 65 and older in the U.S. enroll in Medicare Advantage, the private insurance alternative to traditional Medicare. It’s not hard to see why: Medicare Advantage plans often cover stuff that Medicare doesn’t, and most people don’t pay extra for it. But Medicare Advantage can be more expensive if you get. Liz Weston is a writer at NerdWallet.

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How Much Cash Do You Really Need to Buy a Home?

Credit Corp

Are you ready to buy a home? You’re not alone—in 2019, more than five million people bought an existing home. And that doesn’t even include the number of people who purchased new construction. The point is, the housing market is always bustling and busy. And if it’s your first time buying a home, it might seem a bit daunting. You might have a couple of questions—how much money do you need to buy a home?

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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 to Remove Sunrise Credit Services from Your Credit Report

Better Credit Blog

If you have been contacted by Sunrise Credit Services, you are probably being pursued for an old debt. Sunrise Credit Services is a debt collector that has been hired by your old creditor to collect payment on your debt. They may also have purchased the debt to profit off your payments. Either way, they are legally able to collect the debt because they have opened a collections account on your credit report.

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Compliance Digest – September 28

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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Unpaid Invoices affecting 54% of UK Businesses

UK debt collections

As the United Kingdom continues to ease its Coronavirus restrictions , 54% of current actively trading Businesses are facing piles of unpaid invoices. The results from a survey by the Office of National Statistics make for shocking reading. The survey which was given the title ‘The Business impact of Coronavirus’ has just published their findings. 1 in 10 businesses are in moderate or severe financial risk of insolvency but on a positive note, 79% of Uk firms are considered low risk

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6 Tips for Debt Settlement before you go Legal

Debt Recoveries

Hey, Adam Stewart here. I know debt collection can be an uncomfortable process, even for large businesses. These tips are designed to help you understand the options you have for debt collection, before you go down the legal path. It all starts with your account handling processes. Whether you are following up accounts, accurate and detailed records will help you quickly identify and deal with delinquent accounts.

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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 Soon Can You Refinance a Mortgage? Here Are the Rules

Nerd Wallet

How soon you can refinance a mortgage depends on the type of home loan you have and the type of refinance mortgage you’re getting. Some mortgages let you refinance immediately after getting the original loan, if you want. Others require a period to elapse — what the mortgage business calls “seasoning.” This article outlines the. Holden Lewis is a writer at NerdWallet.

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Back to School Financial Prep for Students

Credit Corp

Did you know that the average household in America pays almost $700 in preparation for going back to school? That money covers a wide range of purchases,including supplies, technology items, clothing and shoes. Depending on your age and your family’s financial situation, your parents are probably covering all your school expenses so far. Or, if you’re in high school or college, you might’ve been covering some of the costs yourself.

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Serving a Defendant in a Residential Foreclosure Action by Publication

Jimerson Firm

A residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court. All named defendants will need to be notified of the lawsuit by being served process with a copy of the complaint and a summons. The defendants may be served by personal service or substituted service. If a defendant cannot be located, then service may be effected by constructive service, i.e., service by publication, which is governed by Chapter 49, Florida Statutes.

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Calif. Gov. Signs Licensing Bill, State CFPB Bill Into Law

Account Recovery

The Governor of California has signed into law a pair of bills that will impact the future of collections in The Golden State — one bill will require collectors to obtain licenses in order to operate and the other will create a state equivalent of the Consumer Financial Protection Bureau. The licensing bill — SB 908 — will … The post Calif.

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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.