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TransUnion is currently fielding its 2nd annual third-party collections industry survey. The collections industry has endured unprecedented challenges — insights gained from the survey will serve as a benchmark for how communications and technology are changing, the extent to which the fallout from the COVID-19 pandemic is reshaping the industry, and other key trends.
By Angela: As I sit back and reflect on the last few months and the changes that have taken place both within the office and personally, I can’t help but think WOW. EVERYONE, is going through it! The good news is that American Profit Recovery is here! This may sound corny but, the reality is just that. Sometimes I feel like I’m much more than a collector, I like to think I wear multiple hats.
No matter the type or size of your business, accounts receivable and collections is a valuable part of your operations and cash flow. B2B (business-to-business) accounts receivable and collections, however, is very different than B2C (business-to-consumer) for a number of reasons. In this post, we will uncover the differences between these two types of businesses and how their receivables and collections processes are different.
At some point, nearly all businesses will face delinquent accounts. While it’s smart to initially attempt collection on your own, there’s only so much work you should do. Trying to collect a bad debt is draining on your time and your resources. Eventually, it makes sense to pass the task on to a professional debt collection company. Need a Collection Agency easy to work with?
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.
As might be expected, customer service representatives, a category of workers that include collection agents, were among the hardest hit during the early days of the pandemic, according to research that was published by the Federal Reserve Bank of St. Louis. The research looked at the annual earnings of those who had jobs that were … The post The Workers Most Affected By the COVID-19 Pandemic appeared first on AccountsRecovery.net.
Moving is stressful enough without throwing a pandemic into the mix. Many Americans may be forced to consider moving as federal foreclosure and eviction moratoriums expire. In the first week of July, 32% of Americans did not make a full, on-time housing payment, according to a nationally representative survey by the website Apartment List. Others. Amrita Jayakumar is a writer at NerdWallet.
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Moving is stressful enough without throwing a pandemic into the mix. Many Americans may be forced to consider moving as federal foreclosure and eviction moratoriums expire. In the first week of July, 32% of Americans did not make a full, on-time housing payment, according to a nationally representative survey by the website Apartment List. Others. Amrita Jayakumar is a writer at NerdWallet.
Congress and the White House are still debating whether the HEALS Act, HEROES Act – or some compromise Act in between – will deliver the next round of coronavirus relief to a wobbly American economy, but at least they’ve set a deadline. Well, sort of a deadline. Treasury Secretary Steven Mnuchin and White House Chief […]. The post Details on the HEALS Act appeared first on Debt.org.
During an unstable economic environment, companies must go to great lengths to ensure their market position, financial strength and durability. That means monitoring and controlling risks as much as possible. One of those risks consists of a company’s clients. B2B enterprises are particularly vulnerable because losing one large client can deal a significant blow to the company.
It might be one of the biggest mis-conceptions in the accounts receivable management industry today. Ask 10 different professionals to define either artificial intelligence or machine learning and you will likely get 10 different definitions with very little in common between them. But this technology is starting to revolutionize the debt collection industry.
August mortgage rates forecast Mortgage rates are likely to set record lows in August for the third month in a row. The 30-year fixed-rate mortgage averaged 3.18% APR in July, a record low in NerdWallet’s mortgage rate survey. The average rate tumbled 15 basis points compared with June, which at the time had the record. Holden Lewis is a writer at NerdWallet.
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.
Perspectives from Melissa Guzy, Co-founder and Managing Partner of Arbor Ventures. At TrueAccord, we are motivated by how our work impacts consumer finance through technology. Given how broad the landscape is for fintech products and services, we’re excited to introduce a new speaker series on our blog, called “Between Two FinTechs: A Chat Series with FinTech Industry Leaders.
Life can be unpredictable, and you never know exactly what you may need to spend money on tomorrow. In these situations, you may suddenly need more spending power on your credit cards than you previously anticipated. Fortunately, there are credit and charge cards that allow you to make the charges you need. If your credit score is good enough, you might be able to score an “unlimited credit card”—one without a preset spending limit.
I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.
I was once on a flight that was delayed several hours because of a missing beverage cart. The flight crew explained that this happened not because the passengers might riot without ginger ale, but because the Federal Aviation Administration required the beverage carts to be stowed before takeoff — which meant the carts needed to. Sam Kemmis is a writer at NerdWallet.
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.
Business debt is the hot trend no one wants to be a part of. Thanks to the global pandemic and resulting economic crisis, many businesses are having problems paying their bills. It would be great if you could take out some sort of insurance policy to help you pay bills in times of crisis. Unfortunately that doesn’t exist. So, if you find yourself in debt, what can you do?
By the end of May 2020, more than 40 million people had filed unemployment claims due to COVID-19 and the resulting economic shutdowns. Governments, charities, and even creditors scrambled to put programs in place to support people during this time while also mitigating future economic fallout. And this isn’t the first time creditors have found themselves working to support borrowers while worrying about their own bottom lines.
A District Court judge in New York has agreed to adopt a Magistrate Judge’s recommendation that a defendant’s motion for judgment on the pleadings be granted after it was sued for violating the Fair Debt Collection Practices Act because it allegedly did not properly identify the creditor to whom a debt was owed in a … The post Judge Grants Motion for Defense in FDCPA Case Over Name of Current Creditor in Letter appeared first on AccountsRecovery.net.
Thursday was not a good day for Americans in need of more financial relief from COVID-19. Your second stimulus check is not in the mail. Neither is an extension of the $600 supplement added to your unemployment checks. And if you’re looking for help avoiding eviction or foreclosure … well, good luck with that! Meeting […]. The post Second Round of Stimulus Checks appeared first on Debt.org.
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!
On July 1, 2020, the Uniform Commercial Real Estate Receivership Act (“Act”) became law in Florida as part of the newly created Chapter 714 of the Florida Statutes. The Act codifies existing common law in Florida regarding the right to have a receiver appointed by the court in commercial foreclosure actions, and provides much needed clarity, predictability, and uniformity on the standard for the appointment of a receiver and the powers of receivers.
Imagine you’re shopping for a new car and finally find a reasonably priced set of wheels that you like. But when the dealer pulls your credit, that seemingly affordable monthly payment is no longer available to you. Instead, you’re offered a subprime car loan at 10% or even 20% interest because your credit isn’t strong enough to get a better rate.
Today is the deadline for individuals to file comments on the Consumer Financial Protection Bureau’s Supplemental Notice of Proposed Rulemaking (SNPRM) on time-barred debt disclosures, and unless a lot of people are waiting until the last minute, it is not going to take long to read all the comments that have been submitted so far. … The post Comment Period on Time-Barred Debt Disclosures Closes Today appeared first on AccountsRecovery.net.
ITASCA, IL – Brown & Joseph / Altus, the leading Commercial Collections company in the U.S., is very pleased to announce that Ellen Reinhardt has joined… The post Brown & Joseph Welcomes Ellen Reinhardt appeared first on Brown & Joseph, LLC.
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.
Walk through an airport, step into a bank or just fire up your browser and you’ll likely be met with alluring offers for credit cards with seemingly too-good-to-be-true bonuses. Thousands of points over here! Hundreds of cash-back dollars over there! It can be tempting to rush right into these limited-time promotions without looking at the. Erin Hurd is a writer at NerdWallet.
Attending college or university is a dream for a ton of people. Yet higher education can be expensive, seemingly putting that dream out of reach for many students and families. Tuition at American schools has steadily increased for decades, so it can be hard for your average student to afford it. But it’s not only tuition costs that you need to consider: fees, room and board, off-campus living, meal plans, textbooks, living essentials and other supplies all cost money.
A lot of people– more than 3 million — are going to lose their health insurance this year because of the coronavirus pandemic, according to data provided by the Robert Wood Johnson Foundation and the Urban Institute. As many as 10 million individuals are going to lose their employer-sponsored health insurance, as well, creating a … The post Pandemic Causing Millions to Lose Health Insurance: Report appeared first on AccountsRecovery.net.
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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