Sat.Jan 01, 2022 - Fri.Jan 07, 2022

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7 Top Tips for Small Business Credit Control in 2022

UK debt collections

One of the most tiresome aspects of running a Small Business in the UK is chasing unpaid invoices. Over 50% of small business owners have reported that it costs them time and money trying to get paid small Business paid on time. Credit control is often regarded as a time consuming and resource draining for any small business. Countless hours, even days can be spent chasing payment of unpaid invoices.

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Nearly Half Of 18- To 34-Year-Olds Feel Like They Are ‘Drowning In Debt’

Collection Industry News

Source- site. Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners. It’s easy to feel overwhelmed by debt. Unpaid student loans, an ever-increasing credit card balance with high interest, a monthly car payment: these are just a few reasons why young consumers feel like they carry a huge financial weight on their shoulders.

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The Events and Trends That Will Shape the ARM Industry in 2022

Account Recovery

To a large degree, events and trends that happen outside the accounts receivable management industry shape what happens inside the industry. What trends, milestones, hazards, and circumstances will determine the path of the ARM industry in 2022? AccountsRecovery.net asked veterans from across the country to share their predictions for the events and trends that will … The post The Events and Trends That Will Shape the ARM Industry in 2022 appeared first on AccountsRecovery.net.

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Improve Your Accounts Receivable and Business Collections in 2022

Enterprise Recovery

Every year, we take a look back at the previous year's blog entries to learn more about what you, our readers, want to see. In 2020, we observed that our readers were interested in building out their own successful A/R departments and first-party collections efforts. We're here to help! Use the top accounts receivable and business collections posts of 2021 to increase cash flow in 2022.

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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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Collection Agency for Distribution Companies

Nexa Collect

Wholesale and distribution companies are the vital link between manufacturers and customers, and their role in US economy is undoubtedly very crucial. However, distribution companies regularly have accounts receivable that are generally B2B in nature. The probability of collecting money from unpaid invoices decreases as time passes by. Outsourcing collections to a professional debt collector raises the probability of getting paid by many folds.

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Daily Digest – January 7. FDCPA Class-Action Accuses Collector of Overshadowing; NCLC Publishes State Law Guide

Account Recovery

FDCPA CLASS-ACTION COMPLAINT ACCUSES COLLECTOR OF OVERSHADOWING Does threatening to permanently disconnect an individual’s suspended cell phone service constitute overshadowing? That particular individual is alleging that it does, accusing a collector of violating the Fair Debt Collection Practices Act in a class-action lawsuit. NCLC PUBLISHES GUIDE OF STATE CONSUMER PROTECTION LAWS GOING INTO EFFECT IN … The post Daily Digest – January 7.

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Save for What Makes You Feel Good in 2022

Nerd Wallet

You probably know to plan and save for the big and boring expenses, aka financial needs. But what about the fun stuff? Expenses that don’t put a roof over your head, but do provide joy, rejuvenation and other hard-to-quantify benefits are worth saving for, too. In fact, they deserve their own account, says Delia Fernandez, Laura McMullen writes for NerdWallet.

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USCIS Expands Automatic Employment Authorization Extensions and Nonimmigrant Categories Eligible to Work Incident to Status

Burr Forman

Employment Authorization Document (EAD) processing times have been severely delayed in recent years, rendering certain dependent nonimmigrants temporarily ineligible to work and causing gaps in some U.S. employers’ workforces. An EAD can take over 12 months for adjudication under current processing times. Recently, USICS issued guidance expanding its automatic EAD extension rules to apply to additional foreign nationals.

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Recent Changes to Local Construction Contractor’s Licensing

Jimerson Firm

A new Florida law, effective July 1, 2021, prohibits local governments from requiring a person to obtain a local contractor’s license for certain types of work, including plastering, painting, and flooring. This new law also phases out local governments from issuing certain types of contractor’s licenses until July 1, 2023, and shifts all contractor’s licensing to the Florida Department of Business and Professional Regulation (“DBPR”).

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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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Commercial Collection Agencies of America Announces Board of Directors

Account Recovery

Commercial Collection Agencies of America has elected its new Board of Directors and has announced the slate of officers of the organization. Board members include Pete Roth of CST Company, Fred Wasserspring of Lyon Collection Services, Inc., David Herer of ABC-Amega, Inc., Humberto Matz of Creditors Adjustment Bureau, Tom Claybaugh of Mountain States Commercial Credit Management, Inc., Jim … The post Commercial Collection Agencies of America Announces Board of Directors appeared first o

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Mortgage Outlook: Rates May Stand Still in January

Nerd Wallet

January mortgage rates forecast I predict that mortgage rates will stay about the same in January. They’re more likely to dip modestly than to rise. The omicron variant of COVID-19 might exert its strongest impact on the U.S. economy and health care system in January, before easing up in February. I expect the economic effect. Holden Lewis writes for NerdWallet.

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Automatic Renewal State Law Changes Effective January 1, 2022

Troutman Sanders

Colorado and Delaware have enacted new laws for automatic renewal or negative options offers. The new laws became effective January 1, 2022. Illinois already has a law on the books related to automatic renewals but has recently made a few minor amendments to it. Colorado. Companies must disclose the following in a clear and conspicuous manner before executing the contract: The contract will automatically renew or extend after the initial period for a set period of not more than one year unless t

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How Data Collection Can Make Small Business Lending More Equitable

Prosperity Now

Yesterday, Prosperity Now submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) in support of the CFPB's proposed

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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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NCLC Publishes Guide of State Consumer Protection Laws Going Into Effect in 2022

Account Recovery

The National Consumer Law Center has published a guide of all the state consumer laws that are currently scheduled to go into effect at some point in 2022, providing a handy reference to anyone who needs to be aware of such changes. For companies in the accounts receivable management industry, some notable items on the … The post NCLC Publishes Guide of State Consumer Protection Laws Going Into Effect in 2022 appeared first on AccountsRecovery.net.

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What to Buy (and Skip) in January 2022

Nerd Wallet

It’s 2022, and the new normal still feels pretty abnormal. The holiday season came and went, and we all learned a lot about supply chain management. If you’re reading this, you’re likely unfazed by product delays and determined to save a buck in the new year. The good news is you can count on a. Tommy Tindall writes for NerdWallet. Email: ttindall@nerdwallet.com.

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Supreme Court to consider forced-arbitration issues in two cases

Public Citizen

In December, the Supreme Court granted the petition in Viking River Cruises v. Moriana , which poses the question whether the Federal Arbitration Act requires state courts to enforce a waiver of a statutory right of action to collect penalties on behalf of a state, in violation of neutral principles of state law prohibiting such a waiver, if the waiver is set forth in an arbitration agreement.

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The COVID-19 Federal Student Loan Freeze Was Extended—What’s Next?

Credit Corp

Christmas came early for millions of federal student loan borrowers courtesy of the federal government. While the federal student loan freeze was set to unfreeze on January 31, 2022, with payments restarting in February, President Biden pointed to the continuing “impacts of the pandemic” as the primary reason for keeping federal student loan payments, interest accrual, and collections on defaulted loans on pause.

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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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Settlement With FTC Bans Defendants From Collections, Imposes $675k Fine

Account Recovery

A company that made cash advances to small businesses has reached a settlement with the Federal Trade Commission that will see the defendants pay $675,000 while also being permanently banned from participating in any debt collection activities. A copy of the stipulated order for permanent injunction and monetary judgment in the case of FTC v. … The post Settlement With FTC Bans Defendants From Collections, Imposes $675k Fine appeared first on AccountsRecovery.net.

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Order a New Car From the Factory and Save

Nerd Wallet

With vehicles in short supply at the dealership, more shoppers are ordering cars from the factory. In return for a wait of a few weeks — or months — you get exactly what you want. In the current market, you’re likely to save money as well. While Americans have long been accustomed to finding a. Philip Reed writes for NerdWallet. Email: articles@nerdwallet.com.

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CFPB report on consumer complaint response deficiencies of the big three credit bureaus

Public Citizen

This Consumer Financial Protection Bureau today issued a report on the effect of changes in complaint responses provided by nationwide consumer reporting companies. The CFPB found that the changes resulted in fewer meaningful responses and less consumer relief: In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019.

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What To Know About Credit Freezes and Fraud Alerts

Better Credit Blog

According to the FTC, 1.4 million reported identify theft incidents in 2020, an increase from 650,000 in 2019. This seems to be a particularly American problem, as 33 percent of U.S. adults have experienced identity theft, per the online protection agency Identity Force. Identity theft can be a major headache, as a person with your information can open up a credit card or bank account in your name, and also apply for a loan, and take several other actions that can wreck your credit.

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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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Getting to Know Brian Striker of Sherloq Solutions

Account Recovery

The “Getting to Know” series is sponsored by Applied Innovation. Applied Innovation is helping to shape the future of accounts receivable management. Product development is driven by customer feedback, agency profitability and compliance and includes platforms addressing client portal access, document management, payment negotiation, Regulation E focused electronic payment authorizations and TCPA communication authorization platforms. … The post Getting to Know Brian Striker of

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Half of Travelers Have the Same New Year’s Resolution

Nerd Wallet

As another year greets us, people around the world have started finessing their New Year’s resolutions. Here’s one surprising resolution, reported by an AmEx Trendex travel trends poll conducted in October 2021: 52% of respondents have a desire to take more vacation time in 2022 than 2021. But for those who want to get away, Carissa Rawson writes for NerdWallet.

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Debt Collection firms welcome ban on Debt packager referral fees

UK debt collections

Debt Collection firms have welcomed the news that the Financial Conduct Authority has completed a consultation on outlawing referral fees for debt packager firms. The news that a ban is likely to be introduced in the coming months. There is always a spike in borrowing over the christmas period as research shows. Many spend without thought of the consequence of paying it back then panic when they do.

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What Happens To Staff When A Company Goes Into Administration?

Hudson Weir

Knowing what happens to staff when a company goes into administration is very important, regardless of where you are in the process. For a business facing insolvency, administration can provide additional time to tackle debts and some breathing space from creditor claims. Typically ending within a year, several outcomes are possible including the company being returned to directors’ control, liquidated , or dissolved.

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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.