April, 2023

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Why SaaS Companies Need Debt Collection Services

Enterprise Recovery

A typical services contract requires a retainer or ongoing payments. Businesses selling software-as-a-service (SaaS), or anything else "as-a-service," rely on monthly or annual fees from subscribers. If those subscribers fail to meet their obligations, their accounts can be sent to collections for recourse. Non-payer churn is one of many reasons that Saas companies need debt collection services.

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What Does 2023 Have in Store for U.S. Credit Risk and FICO Score Trends?

Fico Collections

Home Blog FICO What Does 2023 Have in Store for U.S. Credit Risk and FICO Score Trends? So far in 2023, consumers have braced inflation, a balanced housing market, looming prospect of a recession, removal of medical collections data, and student loan forgiveness plan FICO Admin Tue, 02/18/2020 - 14:57 by Radha Chandra Senior Director, Scores expand_less Back To Top Fri, 04/28/2023 - 15:00 We’re almost at the mid-way point of 2023, and it is shaping up to be a year of opposing forces.

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Does Your Business Use an Accounts Receivable Policy?

Enterprise Recovery

Listed as an asset on financial statements such as the balance sheet , accounts receivable is an important resource to your business. It's considered an asset because it can be converted to cash if collected within the payment terms set in your client contracts. If it's not collected in a timely manner, it becomes a drain on company resources. Policies and procedures must be documented to increase the success of these collections.

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Cash flow basics for a changing economy

American Profit Recovery

Cash flow is the lifeblood of any business, and your small business can be vulnerable to cash flow issues. And economic conditions can be a major driver, whether it be negative or positive cash flow. Without a steady flow of cash, your small business could struggle to meet your own financial obligations, attend to basic expenses, meet payroll, invest in growth and so much more.

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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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Appeals Court Affirms Dismissal of FDCPA Suit Related to Serving Complaint in Person During Pandemic

Account Recovery

The Court of Appeals for the Sixth Circuit has affirmed the dismissal of a Fair Debt Collection Practices Act case for lack of standing, ruling that the plaintiff was not injured when he was served in person with a collection lawsuit during the initial months of the COVID-19 pandemic nor because the defendant failed to … The post Appeals Court Affirms Dismissal of FDCPA Suit Related to Serving Complaint in Person During Pandemic first appeared on AccountsRecovery.net.

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How to Build Credit with a Credit Card

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. Many people with good credit scores own at least one credit card, with 82% of all credit card holders boasting credit scores of 680 and higher.

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DOJ Seizes Over $112 Million in Funds Linked to Cryptocurrency Investment Schemes

Troutman Sanders

On April 3, the U.S. Department of Justice (DOJ) announced that it has seized virtual currency worth an estimated $112 million linked to cryptocurrency investment scams. Seizure warrants for six virtual currency accounts were authorized by judges in the District of Arizona, the Central District of California, and the District of Idaho. The virtual currency seized is expected to be returned to the victims.

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What to Include on Invoices so B2B Clients Pay on Time

Enterprise Recovery

Accuracy and details are crucial when invoicing business clients on retainer or for goods or services provided by your company. In fact, there are some attributes that can be added to invoices to prompt early payment or at least reduce the risk of late payments. Use these invoicing best practices so your B2B clients pay on time.

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Advancing the Science of Optimization: FICO & Zuse Institute Berlin

Fico Collections

Home Blog FICO Advancing the Science of Optimization: FICO & Zuse Institute Berlin FICO partners with Zuse Institute Berlin on critical research into mathematical optimization FICO Admin Tue, 02/18/2020 - 14:57 by Oliver Bastert Vice President, Product Management expand_less Back To Top Mon, 04/03/2023 - 11:45 As a result of the pandemic, interest in mathematical optimization has risen to new heights.

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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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Cleveland Becomes Latest Government to Tackle Medical Debt Burdens for its Residents

Account Recovery

The city council of Cleveland, Ohio last night approved legislation that will earmark nearly $2 million to purchase and forgive up to $190 million in unpaid medical debts for city residents, becoming the latest government entity to take measures aimed at lessening the medical debt burdens for its residents. The trend started last year in … The post Cleveland Becomes Latest Government to Tackle Medical Debt Burdens for its Residents first appeared on AccountsRecovery.net.

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CFPB Sues James Carnes and Melissa Carnes for Hiding Money to Avoid Paying for Illegal Payday Lending Business

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) took action against James R. Carnes and Melissa C. Carnes, both individually and as co-trustees of the James R. Carnes Revocable Trust and the Melissa C. Carnes Revocable Trust for hiding money through a series of fraudulent transfers in order to avoid paying more than $40 million in restitution and penalties for illegal payday lending activities.

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Can You Use a Debit Card as a Credit Card?

Credit Corp

Debit cards look and feel like credit cards. But they aren’t the same thing. Discover the difference between debit and credit cards in this quick guide, including what happens if you choose to run your debit card as credit when paying for goods or services. In This Piece Can You Use Your Debit Card as a Credit Card? What Happens When You Use a Debit Card as Credit?

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Washington Robocall Bill Signed Into Law

Troutman Sanders

As discussed here , on April 7, the Washington State legislature passed HB 1051, also known as the Robocall Scam Protection Act, expanding the scope of existing provisions of Washington’s consumer protection laws regulating robocalls and telephone solicitations to prohibit abusive telephone communication practices. On April 20, Governor Inslee signed the bill into law.

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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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B2B Debt Collections that Speaks Your Language

Enterprise Recovery

Every industry has its own share of jargon, acronyms, and special terms. There's a level of trust that's gained when a business partner understands your industry or "speaks your language." When companies seek out debt collection agencies that they can trust, they also want to work with those who understand their industry. When a debt collections agency speaks your language, B2B account recovery can be more successful.

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Income Per Capita – Meaning

Payment Savvy

In today’s globalized world, understanding a country’s economic health is crucial to comprehending its overall well-being and development. There are several metrics that can be used to determine how well the country is performing, and one of them is called income per capita. In this article, we will be talking about what it is and why it’s so important for policymakers and economists to calculate it regularly.

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CFPB Asks Judge in Lexington Law Case to Levy $3.1B in Fines and Redress

Account Recovery

The Consumer Financial Protection Bureau has filed a motion in its case against Lexington Law, asking the judge to assess $3.1 billion in penalties — in the form of redress to consumers and fines — arguing that is the amount that the defendants “took” from four million consumers. A copy of the motion in the … The post CFPB Asks Judge in Lexington Law Case to Levy $3.1B in Fines and Redress first appeared on AccountsRecovery.net.

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CFPB Proposes New Consumer Protections for Homeowners Seeking Clean Energy Financing

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.

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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 Young Adults Should Know When Filing Taxes

Credit Corp

Guest Post by FitMoney As a parent of a teenager or young adult, you want to ensure that your child is financially secure and understands the importance of taxes. Filing taxes can often be confusing and intimidating, but it’s an important part of life when you start earning income. Once you know a few key concepts, filing your taxes doesn’t have to be so intimidating.

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CFPB Continues to Press for Expanded Definition of Credit Transaction Under ECOA by Interjecting its Position in Pending Private Litigation

Troutman Sanders

On April 14, the Consumer Financial Protection Bureau (CFPB) submitted a statement of interest to the U.S. District Court for the Southern District of Florida arguing that the Equal Credit Opportunity Act’s (ECOA) prohibition on discrimination covers every aspect of an applicant’s dealings with a creditor, not just the specific terms of a loan (like the interest rate or fees).

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Q1 Industry Insights: Economic Stressors Persist while Pandemic-era Benefits End

True Accord

It’s tax season again, which can mean tax refunds for consumers that have historically been leveraged to stabilize finances or pay down debt. But with inflation and economic stressors persisting into the new year, many consumers are conflicted on their financial outlook and spending behavior is hard to predict. With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consid

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Recent Florida Case Makes Clear That Settlement Agreements Reached in Connection with Mediation Must be Signed by All Parties to be Enforceable

Jimerson Firm

Many disputes that result in litigation are resolved through the mediation process prior to trial. In fact, Florida’s Homeowners’ Association Act, Chapter 720, Florida Statutes, requires mandatory mediation for certain types of disputes between homeowners and the association before any lawsuit can be filed. See Fla. Stat. § 720.311(2). Florida circuit courts also typically require that the litigants attempt to mediate their civil dispute prior to the trial occurring.

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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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Medical Debt Collection Bill Introduced in Delaware

Account Recovery

A medical debt collection bill has been introduced in the Delaware legislature that has support from both sides of the aisle and a large number of co-sponsors, giving it some momentum to become law. Like many of the other medical collection bills being considered in state legislatures across the country, this piece of legislation would … The post Medical Debt Collection Bill Introduced in Delaware first appeared on AccountsRecovery.net.

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Director Chopra’s Prepared Remarks on the Interagency Enforcement Policy Statement on “Artificial Intelligence”

Consumer Finance

Director Chopra provided remarks on an interagency press conference to announce the Joint Statement on Enforcement Efforts Against Discrimination and Bias in Automated Systems

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What Is the Average Used Car Loan Rate?

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. Those with a credit score of over 780 have an average car loan interest rate as low as 4.75 percent and individuals with a score below 500 pay an average interest rate as high as 20.62 percent.

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Over 75% of SMEs have cashflow worries says new data

UK debt collections

Latest data from Time Finance has uncovered the true impact of late payments for SMEs with 75% of UK businesses worrying about cashflow as a direct result of overdue invoices from their customers. In a recent survey into the worsening challenge of late payments, Time Finance found that chasing payments was damaging customer relationships for 17% of businesses, while 8% said the lack of essential working capital meant they were unable to afford key investments.

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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.