November, 2022

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What to Say When Collecting Past Due Invoices

Enterprise Recovery

When it's your job to collect past-due invoices, what you say matters. And what you say will depend on your state of mind when you type the email or get on the phone. How you come across to your clients, especially when they're long-term business-to-business relationships, will determine how they react to you, your demands, or any negotiation tactics.

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Contact Center Wages Have Peaked and Will Finally Start to Normalize in 2023: Report

Account Recovery

Companies nationwide in the accounts receivable management industry have felt the pinch in their wallets during the past two years thanks to rising wages being paid to collection agents, customer service representatives, and other contact center workers. But maybe there is a light at the end of the tunnel. Experts quoted in a published report … The post Contact Center Wages Have Peaked and Will Finally Start to Normalize in 2023: Report first appeared on AccountsRecovery.net.

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Breaking Barriers in Debt Collections

American Profit Recovery

By Angela: The perception of debt collections has changed dramatically in recent years. For many years the public had an image of collection agencies that just focused on collecting money. At one point or another, before I got into this industry, I had those types of feelings too. What I’ve learned in my experience is now the furthest from these scenarios.

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No Surprises Act Stops 9M Bills, But Disputes Piling Up as Legal Challenges Continue

Account Recovery

The No Surprises Act has prevented more than 9 million individuals from receiving surprise medical bills during the first nine months of 2022, according to the results of a survey conducted by Blue Cross Blue shield Association, but the process of how disputes are resolved is facing a legal challenge that could make a growing … The post No Surprises Act Stops 9M Bills, But Disputes Piling Up as Legal Challenges Continue first appeared on AccountsRecovery.net.

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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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Despite New Law, Consumers Feel Ambushed by Surprise Medical Bills

Nerd Wallet

The No Surprises Act, billed as protection for patients against surprise medical bills, took effect on New Year’s Day 2022. But has the federal law actually curbed health care charges at high out-of-network rates, as well as certain forms of “balance billing” for the portion of provider charges not covered by insurance? The new law’s. John Rossheim writes for NerdWallet.

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B2B Sales & Marketing Tips to End the Year Strong

Enterprise Recovery

While we typically write about the end-of-the-year processes for accounts receivable , year-end brings about its own stress for the sales and marketing teams. With quotas to meet and budgets to assess, the challenges can weigh on even the most seasoned professional. Here are four tips for B2B sales and marketing professionals to end the year strong.

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TrueAccord Joins the Visa Fintech Partner Connect Program

True Accord

LENEXA, Kan., Nov. 8, 2022 — TrueAccord Corp , a debt collection company using machine learning-powered digital recovery solutions to improve consumer experience, today announced it joined the Visa Fintech Partner Connect program. Through Visa Fintech Partner Connect, TrueAccord is Visa Ready certified. This certification helps technology companies build and launch payment solutions that meet Visa’s global standards around security and functionality.

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Financial Literacy Activities for Students at Home

Credit Corp

Did you know that financial behaviors are set by age seven ? Even if a student is receiving a financial literacy education in school, they’re likely not learning important lessons like budgeting, saving, investing, and managing income until high school. By then, they’re already facing tough decisions about how to spend their first paycheck and determining how to afford higher education.

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Class Action Accuses Collector of Requiring Reason to Accept Dispute

Account Recovery

EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call … The post Class Action Accuses Collector of Requiring Reason to Accept Dispute first appeared on AccountsRecovery.net.

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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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Wells Fargo, Back in the Hot Seat, Could Face Over $1B in Fines

Nerd Wallet

Wells Fargo appears to be back in the crosshairs of federal regulators, with Bloomberg reporting this month that the bank is expected to be fined more than $1 billion by the Consumer Financial Protection Bureau to settle investigations into its business practices. Details on these inquiries were not made available, and the CFPB and Wells. Cara Smith writes for NerdWallet.

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Will a Bankruptcy Trustee Contact My Employer?

Sawin & Shea

Bankruptcy is sometimes the best solution for those struggling with overwhelming debt. But tragically, many people decide not to file because they feel ashamed about their financial situations. They fear that other people will find out about their bankruptcy and view them as financially irresponsible. There’s nothing wrong with filing for bankruptcy, but worrying about what other people will think is understandable.

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Assignment of Benefits Under Florida Law: Businesses and Insurers Beware

Jimerson Firm

Florida’s assignment of benefits statute affects homeowners and businesses alike, and both parties should proceed with caution when dealing with an assignment of benefits agreement. Indeed, section 627.7152 of the Florida Statutes codifies the requirements for a valid assignment of benefits agreement. See Section 627.7152 of the Florida Statutes. What Is an Assignment of Benefits Agreement.

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CFPB Seeks Public Comment on Collecting Data on Auto Lending Market

Troutman Sanders

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. According to the CFPB, greater visibility into market trends would allow lenders and investors to spot emerging opportunities, improve risk management practices, and ultimately expand access to credit and refinancing.

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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 Ways to Keep an Impressive Credit Score during Retirement

Credit Corp

We often think of retirement as a time when we should preserve our wealth, instead of building an impressive credit score. While this may be the case in some instances, as a majority of retirees often scale down on their borrowing, keeping your credit score high during retirement can be beneficial for a variety of reasons. It tends to differ from person to person. . credit score during retirement.

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21 Companies Seeking Collection Talent

Account Recovery

During this, The Great Resignation Era, I thought it would be helpful to start a regular posting of different jobs within the accounts receivable management industry that I have found online. Please make sure to do your own due diligence before applying for a position included here or accepting any offers. This is merely meant … The post 21 Companies Seeking Collection Talent first appeared on AccountsRecovery.net.

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Home Affordability Takes a Hit as Fed Fights Inflation

Nerd Wallet

Home affordability has crumbled this year, and it may erode further at the hands of the Federal Reserve. The Fed on Wednesday raised the federal funds rate by three-quarters of a percentage point to a range of 3.75% to 4%. The central bank’s action will directly or indirectly raise the floor under several consumer interest. Holden Lewis writes for NerdWallet.

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Does Bankruptcy Clear Lawsuit Debt?

Sawin & Shea

Both being sued by a creditor and bankruptcy can feel like scary situations, but rest assured, filing for bankruptcy can help. Once bankruptcy is filed, whether it’s under Chapter 7 or Chapter 13 , an automatic stay prevents debt collectors from taking further legal action. Does bankruptcy clear lawsuit debt? Read on to answer this question and more regarding your bankruptcy situation.

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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 Takes $19 Million Action Against Loan Doctor and Edgar Radjabli for Offering Fake High-Yield Bank Accounts

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) took action against Loan Doctor to resolve the CFPB’s claims that the company and its founder, Edgar Radjabli, broke the law by deceiving consumers into thinking they were depositing funds into a guaranteed return savings product within a commercial bank.

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That's Refreshing: When Did You Last Revise Your Law Firm Templates?

NCBA Law Practice Management Blog

It’s hard enough running a law firm, without having to schedule time and effort to revise the templates you use in your law practice. So, most lawyers don’t take the time to do it at all. Or, they only update their templates when there has been a major statutory change. Or, they have to do it when they make the (wise) decision to adopt a document assembly program.

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FTC Safeguards Rule Deadline Extended, But Don’t Wait to Implement Data Security Compliance Protocols

Fraser

The Federal Trade Commission recently extended the deadline , from December 9, 2022, to June 9, 2023, for compliance with the most stringent requirements of its latest rulemaking, revisions to the Safeguards Rule under the Gramm Leach Bliley Act (“the GLBA”). The GLBA, which was implemented over 20 years ago, defines how businesses gather, use, and share certain financial information about their customers.

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Appeals Court Vacates Dismissal of TCPA Class Action, Remands Case to Determine Standing

Account Recovery

The Court of Appeals for the Eleventh Circuit has vacated the dismissal of a Telephone Consumer Protection Act case and remanded it back to the District Court because half of the plaintiffs in the class action did not state in the complaint how many calls they received, and the court first needs to establish whether … The post Appeals Court Vacates Dismissal of TCPA Class Action, Remands Case to Determine Standing first appeared on AccountsRecovery.net.

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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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Small Businesses Face Economic Strain Even With Loyal Patrons

Nerd Wallet

Brand loyalty is one thing, but when that loyalty is directed at a small business, it stands to benefit an entire community. The relationship between a small business and its customers is unique — rarely is it purely transactional. In fact, 37% of Americans say they purchase from small businesses to receive a more personal. Elizabeth Renter writes for NerdWallet.

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How Much Does a Voluntary Repossession Affect Your Credit?

Sawin & Shea

Voluntary repossession is sometimes the best option for borrowers who can no longer afford their car payments. Rather than have your car seized involuntarily, you can give up your vehicle willingly to your lender. So how much does voluntary repossession affect your credit? Should I Allow a Voluntary Repossession with No Late Payments? Although voluntary repossession is a better option than having your vehicle repossessed against your will, it will negatively impact your credit score and history.

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CFPB Issues Guidance to Address Shoddy Investigation Practices by Consumer Reporting Companies

Consumer Finance

When consumer reporting companies and furnishers fail to investigate disputed information, consumers are left paying higher interest rates and face greater difficulty finding housing, employment.

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Worst sectors for late payment in 2022 named and shamed

UK debt collections

The worst sectors for late payment are named and shamed in new ports. The reports looks at the late payment practices of different business sectors in 2022. Analysis of payments data provided to the Department for Business, Energy, and Industrial Strategy of the FTSE 100 and 250 by AP automation provider Medius, reveals the three worst industries for late payments in the first half of this year.

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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.