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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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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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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You Put in a Full Work Week. Shouldn’t Your Collections Software Do the Same?

Discover a modern, cloud-based collection system that never takes a rest day. MeridianLink® Collect is an intuitive platform with advanced customization options developed to simplify the collections process. Here are four ways MeridianLink Collect can support your team: Omnichannel communications Compliance rules & checklists Workflows & queues One interface with supporting integrations And that’s just the start.

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CFPB Warns CRAs and Furnishers of FCRA Liability for Failing to Conduct Proper Investigations

Troutman Sanders

On November 10, the Consumer Financial Protection Bureau (CFPB) published a circular , stating that both consumer reporting agencies (CRAs) and furnishers may be held liable under the Fair Credit Reporting Act (FCRA) for failing to investigate disputes, including when they impose what the CFPB views as barriers to the submission of disputes. Specifically, the CFPB advised that federal and state consumer protection regulators, including attorneys general, can bring claims against companies that f

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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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Student Loan Default: Rehabilitation or Consolidation

Sawin & Shea

Student loan default can impact millions of Americans. Unfortunately, defaulting on a student loan can hurt your finances, credit, and other aspects of your life. If you fall behind on student loan payments, your loan won’t default immediately. Instead, you’ll default if you fail to make full payment for 270 days, just under nine months. Once this happens, you may face serious ramifications, including wage garnishment and the offset of your federal tax refund and Social Security benefits.

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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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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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ERM Program Fundamentals for Success in the Banking Industry

Speaker: William Hord, Senior VP of Risk & Professional Services

Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?

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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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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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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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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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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 – November 23. Gov’t Extends Student Loan Pause, Judge Sets Aside Default Judgment Against Defendant in FDCPA Case

Account Recovery

GOVERNMENT EXTENDS PAUSE ON STUDENT LOAN PAYMENTS UNTIL LEGAL CHALLENGES ARE RESOLVED The Biden Administration yesterday announced it was extending the moratorium on student loan payments until 60 days after litigation surrounding the plan to forgive up to $20,000 in unpaid student loans is resolved. If the litigation has not been resolved by June 30 … The post Daily Digest – November 23.

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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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Can Bankruptcy Discharge my Student Loans?

Debt Free Colorado

Are my Student Loan Debts Dischargeable in Bankruptcy? We’ve got great news for you! Student-loan holders now have a new path to freeing their debt through bankruptcy! If you’ve been worrying about how you can pay off your debts, read on to know if this applies to you! Broomfield Bankruptcy Attorney answers questions about the new ruling. In the past, discharging student loans was an almost impossible hurdle in bankruptcy.

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CFPB Reports Highlight Problems with Tenant Background Checks

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) issued two reports on the tenant background check industry.

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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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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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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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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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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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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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Common confusion between Chapter 7 and Chapter 13 bankruptcy

Roths Child Law

People who have too much debt and can’t make payments often declare bankruptcy to help relieve them of their financial obligations. This often saves debtors from the long-term damages and consequences of unpaid debt. Otherwise, too much debt can hamper the ability to take on loans. While people have many bankruptcy options, typically, people only file for Chapter 7 or Chapter 13 bankruptcy – two of the most commonly used debt relief solutions.

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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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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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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.