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A business like yours likely has one goal when hiring a collection agency: to collect money from customers who pay late or have not paid at all. You may also want to work with a collection agency because you do not have the internal resources or the time to chase past-due invoices, and it is time-consuming. But another goal your business should remember is how a collection agency can help you retain your customers.
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology de
Direct mail is the old-school method for reaching consumers regarding their debt, but over time several factors have reduced the effectiveness of letters in collection communicationsconsumer preference and cost being the most prevalent. But specific state compliance regulations and other use cases prove that snail mail still has its place in the omnichannel mix.
Latest data from Money.co.uk has found that on businesses are facing 47-day payment delays. The FSB has described late payments as one of the biggest problems facing small businesses and with the Government announcing plans to crack down on late payments with stricter laws to help smaller businesses and grow the UK economy The research highlights the problem.
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 debt collection industry is evolving rapidly, driven by advancements in technology, changing consumer expectations, and an increasing need for efficient recovery solutions. With the U.S. debt collection market generating approximately $12.5 billion in revenue in 2023, the industry is expected to continue growing over the next decade. Heres a closer look at the key… The post The Future of Debt Collection: Trends Shaping the Industry first appeared on Optio.
Maybe it’s a coincidence or maybe it’s a sign of the expected ramp-up in enforcement and attention that state attorneys general are going to be paying to the financial services industry broadly, including companies in credit and collections, but the Attorney General of New York has issued a guide aimed at protecting residents of The Empire State from “predatory” debt collectors.
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Maybe it’s a coincidence or maybe it’s a sign of the expected ramp-up in enforcement and attention that state attorneys general are going to be paying to the financial services industry broadly, including companies in credit and collections, but the Attorney General of New York has issued a guide aimed at protecting residents of The Empire State from “predatory” debt collectors.
Looking to domesticate a judgment in New York and wondering if its worth the expense? Consider the following: Except for judgments obtained for medical services, New York is extremely liberal when it comes to judgment enforcement. The New York Civil Rules of Civil Procedure allow collection attorneys to execute judgments right away. Most judgment enforcement is done by the collection attorney without leave of court, which leads to quick action.
This guide explores what active proposal to strike off means and what can happen next if this action is suspended, either by the business in question or another party such as a creditor. ‘Striking off’ refers to the removal of a limited company from the UK’s official register of businesses, maintained by Companies House , so that it ceases to exist.
Every business owner knows the frustration of chasing unpaid invoices. You send polite reminders, follow up with calls, and stillradio silence. But why do customers avoid paying their debts, even when they have the means to do so? Its easy to assume that all late payments are due to financial hardship, but the reality is. Read more » The post The Hidden Psychology Behind Unpaid InvoicesAnd How to Overcome It appeared first on JMA Credit Control.
A recent survey by FICO reveals that customer experience (CX) is becoming increasingly important for U.S. bank customers, with nearly 90% of respondents saying that it is just as important as or even more important than a banks products and services. This insight holds significant implications for professionals in the credit and collection industry who are looking to enhance their strategies for engaging consumers with unpaid financial obligations.
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.
Persistent, motivating, and passionate: these are the words his friends use to describe him. He is one of the main actors in the success of CreditY , he has a passion for politics and, in his free time, he teaches children about the importance of financial independence. Meet Stijn Horlings, Customer Success Manager at Onguard! From customer service to customer success Stijns first real job was in the crypto world.
Does being an authorized user affect your credit? Well, under the right circumstances, becoming an authorized user can help you build your credit. Before you agree to be an authorized user or add an authorized user to your account, its important to understand the potential risks and benefits. This article provides more information about how adding an authorized user works and how it could impact your credit.
For businesses, unpaid invoices are more than just an inconveniencethey can disrupt cash flow, strain client relationships, and create long-term financial instability. While some customers fall behind on payments due to genuine financial hardship, others may simply struggle with poor money management or competing financial priorities. Either way, the challenge for businesses is the same: Read more » The post How to Negotiate Payment Plans That Work for Both You and Your Customers appeared f
A Senate committee in the Indiana state legislature has advanced a medical debt collection bill, Senate Bill 317, which aims to introduce new consumer protections related to medical debt. The bill, which passed unanimously in the Senate Health and Provider Services Committee, seeks to regulate hospital payment plans, limit wage garnishments, and restrict liens on primary residences for eligible low-income individuals.
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.
Short-term disability (STD) overpayment recovery has become a significant concern with the Social Security Administration (SSA) facing challenges in preventing overpayment and recovering overpayments. A… The post Realities of Short-Term Disability Overpayment Recovery appeared first on Brown & Joseph, LLC.
Being a cosigner can improve your credit history through positive account managementbut it also carries risks, such as financial liability for the debt and negative impacts on your credit score if the primary borrower misses payments. Have you ever been asked to loan money to family ? Cosigning can be a great way to help someone you care about get the financial help they need, but how does being a cosigner affect your credit?
If you operate any type of business, you’ll have people who do not pay you. Late and non-paying consumers are not exclusive to any size business, either. Large organizations and small businesses struggle to get customers to pay sometimes. That’s part of being in business. However, not every reason for non-payment is the same. Many consumers have legitimate reasons for not paying their bills and struggle to meet their own financial obligations.
A District Court judge in Michigan has denied a defendant’s motion for judgment on the pleadings in a Fair Debt Collection Practices Act case, ruling that the defendants attempt to impose a 5% interest rate on the debt without clear contractual or legal authorization may constitute a violation of the FDCPA. The background: The lawsuit stems from a rental agreement dispute.
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!
Ending a client relationship is never easy, as it often involves navigating complex emotions and potential conflicts. However, handling the situation with professionalism and tact can significantly preserve your reputation and safeguard future business prospects. By approaching the termination with a clear strategy and respectful communication, you demonstrate integrity and reliability, which are highly valued qualities in the business world.
Have you ever felt in over your head with debt? According to a 2024 study, the average level of personal debt, not including mortgages, is over $22,000. Maybe youve been hit with unexpected medical bills or accrued credit card debt over time. If youre struggling to keep up with your monthly payments, you might be considering debt settlement. Negotiating a debt settlement is a strategy where you work with your creditors to pay less than the amount you actually owe.
Trade vulnerability is becoming a growing issue for many industries in the American economy. Certain industries are at significant risk if tariffs are raised. This increased vulnerability could disrupt supply chains and impact the overall economy with an increase in payment delays or defaults. A new study by The Kaplan Group found that several specific industries have a high-risk score.
Collector Accused of Not Investigating Dispute Judge Dismisses FDCPA Case Over Text Message for Second Time Latest Developments in Fight Over CFPBs FutureLatest Developments in Fight Over CFPBs Future The Growing Importance of Customer Experience in Banking WORTH NOTING: The Internal Revenue Service is cutting 6,000 jobs in the middle of tax season … Riders on “It’s a Small World” may notice new lyrics starting later this year … If you care how SNL alum Jon Lovitz f
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Setting business goals is immeasurably important, for lawyers. Business goals supported by data are measurable. But, you may not be ready for that latter part right away that may also be true of your staff. While its exciting to discover new datasets, and reports you dont necessarily have to utilize those to build mandates within your law firm. at least , not right away.
The Americans with Disabilities Act (ADA) outlines clear expectations for employers to accommodate individuals with disabilities and avoid discrimination. Understanding and adhering to these requirements is essential for employers to maintain compliance and minimize risk. This blog post explores the general contours of the ADA to provide employers with guidance on how to comply with its provisions.
During National Entrepreneurship Week, we recognize the ingenuity and resilience of small businessesthe backbone of our economy. As we look toward the future, ensuring that entrepreneurs can participate in the growing green economy is critical. Sustainable business practices offer opportunities for innovation, cost savings, and job creation; however, many small business owners face challenges in accessing these opportunities.
A District Court Judge in Ohio has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case that accused the defendant of sending a text message attempting to collect on a debt after the plaintiff had responded to an earlier text message declining to pay the debt, ruling that the plaintiff failed to sufficiently allege key elements of the claim.
What’s holding finance teams back isn’t just process inefficiency. It’s culture gaps, reactive mindsets, and missed opportunities to lead real change. In an era of disruption, finance leaders can no longer afford to operate on autopilot and the most resilient teams aren’t just efficient—they’re connected, talent driven, and culture-focused. Join Melissa Hurrington for an exploration into how finance leaders can evolve beyond process and numbers to create adaptive, people-powered teams that thriv
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