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Optio Solutions, a prominent player in the industry, has positioned itself at the forefront of compliance efforts, setting a gold standard for collections agencies. Compliance is not just a legal requirement but also a crucial element for long-term success in the collections industry, and for our clients, brand protection. Compliance: A Legal and Ethical Imperative… The post The Importance of Compliance in the Collections Industry appeared first on Optio.
Collecting debt is just something a business of any size will have to do. It would be nice if all consumers paid their bills on time but the reality of running any business means you’ll have to deal with late and nonpaying customers. The topic of customers who do not pay can also be emotional, especially for small businesses. Many operating businesses just like you have developed deep relationships with customers over the years and when the payments do not come in, that strikes an emotiona
During a tightening cycle, central banks worldwide raise interest rates in an attempt to curb inflation. As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses. Consequently, non-performing and performing forborne exposures become more vulnerable to distress or default.
We had a call yesterday from someone who was owed $20,000. The invoices had been outstanding for over 2 months and every request for payment was met with an empty promise. In the last 2 weeks they’d stopped responding altogether. This lady was reluctant to push harder as she was worried she would lose them as a customer, a very common dilemma.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
The Consumer Financial Protection Bureau today announced it was beginning the rulemaking process to remove medical debts from consumers’ credit reports, removing the “leverage” that debt collectors use to “pressure” consumers into repaying unpaid medical debts.
Did you know that by optimizing your accounts receivable workflow, your cash flow can be boosted? Streamlining your processes and utilizing technology helps with faster payment cycles, fewer mistakes, and improved financial forecasting. Let's start with some best practices for improving your A/R - from invoicing to payment. How to streamline your accounts receivable workflow.
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Did you know that by optimizing your accounts receivable workflow, your cash flow can be boosted? Streamlining your processes and utilizing technology helps with faster payment cycles, fewer mistakes, and improved financial forecasting. Let's start with some best practices for improving your A/R - from invoicing to payment. How to streamline your accounts receivable workflow.
The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports.
Many organizations we encounter have waited far too long to implement a solid debt collection program. Because of this, many businesses suffer negative cash flow and these issues could have been prevented by being proactive with their collection activities. One of the main reasons we see businesses of all sizes hesitate on collection activity is because many feel they will alienate their customers and damage their reputation.
If your business and collection partners aren’t utilizing email in your debt recovery strategy, you’re leaving vital engagement opportunities (and potential collections) on the table. There are plenty of reasons why digital communications are the way to go , but reaching out through email is especially important in collections. Surveys show that 59.5% of consumers prefer email as their first choice for communication, and 14% of bill-payers prioritize payments that offer lower-friction paym
In Florida, homeowners’ associations (“HOA”) are governed by Florida Statute Chapter 720. That chapter is known as the “Homeowner’s Association Act” (the “Act”). The Act governs issues ranging from member assessments to arbitration to conducting meetings. The Act is constantly evolving, and HOA board members, HOA property owners, and HOA property managers should review the Act periodically.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Collector Facing FDCPA Suit Over Voicemails Judge Denies MTD in FDCPA Case Over Creditor Name, Dispute Disclosure Warren Warns Future of CFPB, Other Regulators is at Stake Before Supreme Court Ed. Dept.
Learning how to build credit can help if you have a bad credit score or want to improve your current score. You can start by getting a secured credit card, becoming an authorized user, or getting a cosigner on a loan. If you have bad credit due to derogatory marks, those marks can stay on your credit report for up to seven to ten years, depending on the type of mark.
The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments
Small and medium-sized enterprises (SMEs) are the backbone of the global econom y , driving both financial and social growth. Yet , the y often face cha llenges like limited access to capital, primari ly due to a lack of information with banks and lengthy due diligence processes. The 4 th Industrial Revolution , or Industry 4.0 , is driven by technological advancements like Artificial Intelligence (AI) and Big Data analytics.
Speaker: Alex Salazar, CEO & Co-Founder @ Arcade | Nate Barbettini, Founding Engineer @ Arcade | Tony Karrer, Founder & CTO @ Aggregage
There’s a lot of noise surrounding the ability of AI agents to connect to your tools, systems and data. But building an AI application into a reliable, secure workflow agent isn’t as simple as plugging in an API. As an engineering leader, it can be challenging to make sense of this evolving landscape, but agent tooling provides such high value that it’s critical we figure out how to move forward.
The goal of a recovery operation is to maximize profitability by efficiently recovering money lent to consumers— while maintaining consumer loyalty. This means that measuring the success of a recovery strategy goes beyond just dollars and cents and into consumer-centric metrics as well. But how do teams measure overall portfolio performance, and what are the most important portfolio-level key performance metrics (KPIs)?
In the Fall of 2022, the Tax Equity Funders Network and Prosperity Now came together to pose the question: what if we could change the tax system so that families of color struggling to make ends meet could get their taxes filed with little hassle and with low to no cost? What could that world look like?
Getting to Know Scott Hoffman of Harvest Strategy Group Washington Supreme Court Rules for Agency Sued for Enforcing Judgment BNPL Users Carrying More Debt, More Worries than Non-BNPL Users Senate Bill Seeks to Align Pay at CFPB with Other Federal Agencies Pro Com Services of Illinois, Inc. Embraces Digital Transformation with Skit.
Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers. Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Snapshot: This is an entry-level student credit card with great perks, especially for those who travel via Uber or order with Uber Eats regularly.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
The CFPB published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.
Filing for bankruptcy is a significant decision that can be simultaneously stressful and a source of relief for those who choose this path. When someone files for bankruptcy, an essential provision called the automatic stay comes into play. This turn of events is fundamental to the bankruptcy process. Bankruptcy is a complex procedure that aims to give debtors a fresh start while ensuring creditors get as much repayment as possible.
Keeping a credit card on file is a convenient best practice for companies that know they will need to take payments later, once an order has been fulfilled or work is completed. What Does Card on File Mean? Card on file (COF) transactions allow companies to capture and store payment details from customers. The details are securely stored so the business can process transactions in the future without requesting those same details again.
If you're looking to gather detailed information on a customer, a license plate lookup tool might be the right way to go. By simply entering data on a car (e.g., VIN, license plate number, tag number, etc.), you can access detailed records on the vehicle and its owner in seconds.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
The number of consumers who have had a medical debt sent to a collection agency has increased in 2023 compared with last year, and more than one-third of consumers owe at least $1,000, according to the results of a survey released this week by Debt.com.
The average American net worth varies due to many factors, with some people making far more than others. If you’re behind the national average, it may seem difficult to catch up, but whether you have bad credit or a lot of debt, you can still begin building your net worth by learning how to generate passive income. Passive income is a great way to generate more income, pay down your debt, and start saving and investing for your future.
Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.
Grandparents' Day (September 10) is a time to celebrate and connect with our grandparents and older loved ones in our lives—and support them with critical policies that help them to care for future generations. Grandparents look different in every family and 65 looks different on everyone. If you are lucky enough to still have them, your grandparents may be still working, enjoying a new part-time job, or are retired and no longer working.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
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