Account Recovery

SEPTEMBER 22, 2021

The Consumer Financial Protection Bureau has filed a lawsuit against a software provider for allegedly helping illegal credit repair businesses break federal law and seeks relief for consumers who have been harmed, an injunction to stop what they have allegedly been doing, civil fines, and returning the money they have made selling their products. A … The post CFPB Sues Software Provider For Encouraging Credit Repair Cos. to Charge Upfront Fees appeared first on AccountsRecovery.net.

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American Profit Recovery

SEPTEMBER 24, 2021

I had worked in debt collections before when I came to American Profit Recovery six years ago, first in collections for vehicle loans, and later for collections in mortgages. I thought I knew what I was getting into—collections is collections, right? BOY was I wrong! Work life at American Profit Recovery is truly a unique atmosphere in so many ways.

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Enterprise Recovery

SEPTEMBER 24, 2021

If you’re concerned about receiving timely payments, you might be interested to know that your clients have preferences about receiving your invoices. When you can meet their preferences to increase your cash flow, isn't it worth it? When is the best time to send your client an invoice?

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Collections 197

Nexa Collect

SEPTEMBER 23, 2021

Several collection agencies have been using electronic mediums like emails, social media platforms, and SMS to contact debtors. This approach is significantly different from traditional collection calls and letters. To a standard person, it may appear that contacting a debtor either way (traditional or electronic) is the same, a contact made is a contact made regardless of the medium. right?

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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.

Account Recovery

SEPTEMBER 24, 2021

Once again, the Consumer Financial Protection Bureau has opted not to include anyone from the accounts receivable management industry on its Consumer Advisory Board, despite multiple individuals from the industry who applied for a spot. The CFPB announced the members of four committees — the Consumer Advisory Board, the Community Bank Advisory Council, the Credit … The post CFPB Names New Members to Advisory Board — None from ARM Industry, Again appeared first on AccountsRecove

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Nerd Wallet

SEPTEMBER 24, 2021

In this series, NerdWallet interviews people about their journey to tame debt. Responses have been edited for length and clarity. Anthony & Jhanilka Hartzog Life after paying off $114,151 Just months before the COVID-19 pandemic hit the United States, Anthony and Jhanilka Hartzog paid off the last of their $114,000 in debt. When we first. Amanda Barroso writes for NerdWallet.

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Collect More

SEPTEMBER 23, 2021

“The telephone is your best friend! Don’t be scared of the phone”!!! I really wish I could shout this constantly from the rooftops to every business owner in this country. The amount of people who are petrified of calling their overdue customer is crazy. Just yesterday I received an email from someone owed $210 admitting they “were too chicken to call so I just email” This really does break my heart and I shudder to think of the hundreds of millions and millions of

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Debt collector 100

Account Recovery

SEPTEMBER 20, 2021

Student loan debt is keeping a lot of people from accomplishing their financial objectives, according to a report released by the National Association of Realtors, including buying a home, taking a vacation, and starting a family, while also forcing more individuals to take second jobs or work where they are not happy to be able … The post Student Loan Debt Holding Individuals Back: Report appeared first on AccountsRecovery.net.

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Consumer Finance

SEPTEMBER 19, 2021

The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in federal district court accusing a California-based software company and its owner of providing assistance to illegal credit-repair businesses.

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Nerd Wallet

SEPTEMBER 22, 2021

Would you like to pay $2 a gallon — or a lot less — for gas? If you drove an electric car, that’s the equivalent of what you would pay for the electricity to charge the battery. That estimate comes from Southern California Edison, the power company that supplies some of the electricity I use. Philip Reed writes for NerdWallet. Email: articles@nerdwallet.com.

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Loans 132

Collections Law

SEPTEMBER 24, 2021

If you are having trouble collecting a commercial debt, you may wonder what you can do to make the debtor pay. The truth is, you have many tools available to you under Massachusetts law. The experienced commercial collections attorneys at the Law Offices of Alan M. Cohen LLC know how to choose the right tools for the job. If your debtor owns real estate in Massachusetts, a real estate attachment could be just the tool you need.

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Account Recovery

SEPTEMBER 21, 2021

A hearing was held yesterday before the Massachusetts state legislature on a bill that would require companies calling individuals in that state and using a Caller ID number displaying a Massachusetts area code to have a physical presence in the state or face fines of up to $10,000 per call. The bill, H.312, was introduced … The post Mass. Leg.

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Fico Collections

SEPTEMBER 24, 2021

Do FICO Scores Consider Telco and Utility Data? The unequivocal answer is yes! FICO® Scores have always considered telco and utility payment data that is furnished to the three nationwide U.S. credit bureaus : Equifax, Experian and TransUnion. The inclusion of telco and utility payment information dates back to the release of the very first FICO Scores in 1989.

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Nerd Wallet

SEPTEMBER 21, 2021

About half of Americans have deliberately shopped more at small and locally owned businesses during the pandemic, and many have rallied especially hard around small businesses with four particular characteristics, according to a new NerdWallet survey. The survey of over 2,000 U.S. adults found that 51% of Americans made a dedicated effort to shop at.

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Prosperity Now

SEPTEMBER 23, 2021

Supporting CDFIs Led by and Serving Black Communities In 2020 Prosperity Now made a strategic decision to reenergize our focus

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Account Recovery

SEPTEMBER 23, 2021

Starting today, individuals who owe the Internal Revenue Service for unpaid taxes may be contacted by one of three private collection agencies, after the IRS announced it had awarded contracts to the companies. The three companies receiving contracts are: CBE Group, Coast Professional, and ConServe. CBE and ConServe previously received contracts from the IRS.

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Consumer Finance

SEPTEMBER 21, 2021

CFPB Acting Director Dave Uejio today announced the appointment of new members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). These committee members will advise Bureau leadership on a broad range of consumer financial issues and emerging market trends.

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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?

Financial services

Nerd Wallet

SEPTEMBER 20, 2021

Are your kids begging for a trampoline? You’re not alone. Hundreds of thousands of backyard trampolines are sold in the U.S. every year, much to the delight of aspiring young acrobats across the country. But trampolines can also pose a risk to those young acrobats. Over 100,000 people — more than 90% of whom are. Doug Sibor writes for NerdWallet. Email: dsibor@nerdwallet.com.

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Public Citizen

SEPTEMBER 23, 2021

Daniel Wilf-Townsend of Chicago has written Assembly-Line Plaintiffs, Forthcoming in the Harvard Law Review. Here is the abstract: Around the country, state courts are being flooded with the claims of massive repeat filers. These large corporate plaintiffs leverage economies of scale to bring tremendous quantities of low-value claims against largely unrepresented individual defendants.

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Account Recovery

SEPTEMBER 21, 2021

When the federal government declares the COVID-19 public health emergency to finally be over, as many as 15 million individuals could lose their health insurance coverage through Medicaid, according to a new study, which would likely result in a lot more medical debt to be collected for the accounts receivable management industry. Enrollment in Medicaid … The post 15M Could Lose Medicaid Coverage When Pandemic Ends: Study appeared first on AccountsRecovery.net.

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Consumer Finance

SEPTEMBER 22, 2021

The Consumer Financial Protection Bureau (CFPB) today released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” finds that the complaints from wealthier communities and communities with higher percentages of white, non-Hispanic residents were more frequently about loan origination and performing servicing, while the complaints from communities of color and lo

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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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Nerd Wallet

SEPTEMBER 23, 2021

Today’s housing market is hostile to home buyers because not enough homes are for sale. Would-be buyers find themselves in bidding wars and competing against cash offers. Someday the path to homeownership will be less arduous. Here are signs that will help you detect when the homebuying process is becoming less intimidating: When homes receive. Holden Lewis writes for NerdWallet.

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Credit Corp

SEPTEMBER 21, 2021

The views and opinions expressed in this article are those of the author only and are not endorsed by Credit.com. Over the years, the prevalent form of payment has migrated from barter, to cash, to checks, to credit and debit cards. And payment methods continue to evolve — a 2021 GoCardless survey showed that 76% of Americans would like to decrease their use of credit cards.

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Account Recovery

SEPTEMBER 21, 2021

JUDGE DISMISSES FDCPA SUIT FOR LACK OF SUBJECT MATTER JURISDICTION A District Court judge in Indiana has dismissed a Fair Debt Collection Practices Act case for lack of subject-matter jurisdiction, ruling the plaintiff lacked standing on any of the claims he made because he did not allege sufficient concrete injuries to move forward with his … The post Daily Digest – September 21.

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Fair Debt Collection Collections 245

Public Citizen

SEPTEMBER 20, 2021

Here's how the Eighth Circuit, in its brand-new decision, McCoy v. Walmart , described the merits of the consumer class action before it: "Debbie McCoy purchased Walmart gift cards as Christmas presents. The cards turned out to be worthless, however, because one had been deactivated and the other had no balance remaining. McCoy, seeking to represent a nationwide class of disgruntled gift-card purchasers, sued Walmart.

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