Sat.Oct 08, 2022 - Fri.Oct 14, 2022

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Scott Purcell Talks About Helping Collectors Build a Better ‘Mousetrap’

Account Recovery

Collection operations these days are getting advanced degrees in statistical analysis and behavioral sciences, and those disciplines are paying off as agencies make investments in technology and ratchet up the methodical and experimentative sides of their operations, said Scott Purcell, the chief executive of ACA International during the latest episode of “Behind the Curtain.” Purcell … The post Scott Purcell Talks About Helping Collectors Build a Better ‘Mousetrap’

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Top Five Compliance Questions Answered by TrueAccord Compliance & Collections Professionals

True Accord

Whether you’re a startup or an established organization, understanding the laws and regulations that apply to debt collection can be overwhelming. Compliance is always evolving as new laws and regulations are passed, new technology is introduced, consumer preferences shift, and court decisions or regulatory guidance suggest modifications to best practices.

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Late fees- Do’s and Don’ts

Collect More

The dreaded late fee. Loved if you’re the one charging and collecting them, hated if you’re the one paying them. But a late fee is a late fee right? Wrong. Whilst the concept itself is fine and we actively encourage the use of them, it is vital you do it the right way. Do’s: – Have a written agreement with your customer which covers the late fees.

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Choosing the Best Commercial Collection Services

Enterprise Recovery

When making the decision to use commercial debt collection services, businesses should be choosy. Not only are you selecting a company that should be efficient in recovering what's owed to you, but your brand reputation is also at risk. The collections specialists will be speaking to your clients on your behalf. It's imperative that they're able to be a fair but authoritative representation of your company.

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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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N.Y. Gov Signs Bill Eliminating Certain Collection Fees on Unpaid Student Loans

Account Recovery

The governor of New York yesterday signed a bill into law that will eliminate a 22% collection fee on student loans owed to the state. The fee was added when unpaid student loan debts were referred to the Office of the Attorney General’s Civil Recoveries Bureau. Debts were referred there by various state agencies charged … The post N.Y. Gov Signs Bill Eliminating Certain Collection Fees on Unpaid Student Loans appeared first on AccountsRecovery.net.

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Student Loan Lawsuits: Where Challenges to Cancellation Stand

Nerd Wallet

Since President Joe Biden announced cancellation of billions in student debt on Aug. 24, multiple lawsuits have risen to challenge his executive order. Any viable legal challenge has the potential to delay or halt cancellation. Here’s what to watch. Lawsuits in play Six states (Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina) jointly claim Biden’s.

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CFPB Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges

Consumer Finance

Some financial institutions and colleges may be steering students to more expensive financial products.

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Lack of Jurisdiction Leads EDPA Judge to Grant MTD in FCRA, FDCPA Case

Account Recovery

In what feels like a “three people who have never been in my kitchen” claim, a District Court judge in Pennsylvania has granted a motion to dismiss filed by two debt collection companies that were sued for allegedly violating the Fair Debt Collection Practices Act and the Fair Credit Reporting Act, on the grounds that … The post Lack of Jurisdiction Leads EDPA Judge to Grant MTD in FCRA, FDCPA Case appeared first on AccountsRecovery.net.

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4 ways to fix problems with small business cash flow

American Profit Recovery

Our economy is changing rapidly and there has never been a better time for your business to do a health check. Everything seems to be rising for those running a small business. You’re battling rising costs of inventory, an increase in payroll costs, what you pay for transportation such as our lawn care clients and of course rising interest rates.

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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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Yes, You Can Still Travel on a Budget During Inflation

Nerd Wallet

I heard a podcast last week about how runaway inflation in Argentina has caused everyone to party more. Why? When inflation gets really bad, there’s no reason to save cash for a later date since it will only get less valuable. So Argentines tend to spend their paychecks as soon as they come in, filling. Sam Kemmis writes for NerdWallet. Email: skemmis@nerdwallet.com.

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Types of Property Subject to Seizure in Chapter 7 Bankruptcy

Sawin & Shea

Filing Chapter 7 bankruptcy provides numerous Indiana residents with debt relief. But the filing process also involves the liquidation of particular kinds of personal property. Fortunately, the vast majority of Chapter 7 filers are able to retain all of their property while also discharging their debts. That being said, some forms of personal property can be subject to seizure for certain filers.

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Getting to Know Kacey Rask of Unifund

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 Kacey Rask of Un

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Risk-Aware Marketing to Personalize Telco Customer Engagement

Fico Collections

Home. Blog. FICO. Risk-Aware Marketing to Personalize Telco Customer Engagement. Here's how technology from the banking space can help telcos compete with aggressively competitive sales and retention tactics. FICO Admin. Tue, 07/02/2019 - 02:45. by Tim Young. expand_less Back To Top. Wed, 10/12/2022 - 15:35. Telcos are entering a brave new world of aggressively competitive sales and retention tactics.

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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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How to Find the Best Stocks for Inflation

Nerd Wallet

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Inflation has been an unavoidable topic for investors in 2022, and it may not go away anytime soon. Today, Sam Taube writes for NerdWallet.

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Q3 Industry Insights: Economic Challenges, Compliance Considerations and a Silver Lining

True Accord

As we roll toward the end of 2022, the economic landscape continues to weigh on consumers, and companies who lend to or service those consumers are preparing for what’s to come. Simultaneously, regulatory activity in the debt collection space has also been on a roll as organizations try to make sense of how technology can (and should) be used to innovate the industry.

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Daily Digest – October 13. Getting to Know Kacey Rask of Unifund; ‘Least Sophisticated Consumer’ Allegations Not Enough for Standing

Account Recovery

GETTING TO KNOW KACEY RASK OF UNIFUND Do you have an “attack strategy” for your days? Unifund’s Kacey Rask does. Knowing what she wants to accomplish every day is a primary reason why she has been able to rise through the ranks of the industry and someone who is looked to for advice and guidance. … The post Daily Digest – October 13. Getting to Know Kacey Rask of Unifund; ‘Least Sophisticated Consumer’ Allegations Not Enough for Standing appeared first on AccountsRecovery

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This Hispanic Heritage Month Demands Multiracial Coalition Building for Economic Justice

Prosperity Now

As a proud Latina of maternal Puerto Rican descent, I adore Hispanic Heritage Month.

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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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Smart Money: Financial Hot Takes, and Too Many Credit Cards

Nerd Wallet

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. This week’s episode starts with two hot takes from our hosts about buy now, pay later loans and credit reports. Then we pivot to this week’s money question from Lauren, who left this voicemail: “Hi. My name is Lauren, and I’m interested. Jae Bratton writes for NerdWallet.

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What makes a debt collector better at collecting debts than you?

JMA

Collecting debt in theory shouldn’t be too hard, right? You tell the person who owes you money and they pay you. Well, if it was that simple, then we would probably be out of business. While many business owners get to enjoy smooth transactions with the vast majority of their customers, there will almost always. Read more » The post What makes a debt collector better at collecting debts than you?

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Colorado AG Publishes NPRM on Privacy Act Regs

Account Recovery

The Attorney General of Colorado has published a draft of proposed rules related to implementing the Colorado Privacy Act, and the public is being asked to comment on the proposal. A copy of the Notice of Proposed Rulmaking can be accessed by clicking here. The state has also scheduled a number of what it calls … The post Colorado AG Publishes NPRM on Privacy Act Regs appeared first on AccountsRecovery.net.

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The CFPB’s Focus on Crypto and Payments

Troutman Sanders

In this episode of The Crypto Exchange , Troutman Pepper Consumer Financial Services Partner Kalama Lui-Kwan welcomes back Keith Barnett and Carlin McCrory to discuss recent interviews by Rohit Chopra from the CFPB related to consumer protection issues, true lender, actions against repeat offenders, as well as P2P platforms and the CFPB’s stance on fees.

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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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The Single Busiest Day to Fly Around Thanksgiving

Nerd Wallet

Thanksgiving week tends to draw major airport crowds. Coupled with inevitable weather delays and sometimes infrequent flyers, it can be a brutal time to travel. Not to mention, the conventional wisdom to fly on Tuesdays won’t necessarily save you much money. But some days within Thanksgiving week are significantly busier than others. If you can. Sally French writes for NerdWallet.

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SCAM ALERT 11.10.22

Taurus Collect

SCAM ALERT 11.10.22. Emails appear to have been sent out at 7.55am approx from s.pond@ecollectz.org. Please note, if you have received an email from a Sarah Pond from ECollectz purporting to be from Taurus Collections, please ignore it. This is a scam and we are urgently looking into it. We would always remind you to check the domain of the sending email, particularly here as the email does not come from our company domain, yet it asks you to contact us.

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Daily Digest – October 12. Collection Operation to Forgive $23M in Debts; Banned Collector Facing Five Years in Prison

Account Recovery

COLLECTION OPERATION TO FORGIVE $23M IN DEBTS UNDER ENFORCEMENT ACTION WITH N.C. AG A group of defendants — no stranger to enforcement actions — has agreed to forgive $23 million in payments, refund $225,000 to consumers, and pay $30,000 in fines after being sued for allegedly engaging in illegal collection practices. The defendants are also … The post Daily Digest – October 12.

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FICO Fact: Can having no credit score be better for consumers than a low credit score?

Fico Collections

Home. Blog. FICO. FICO Fact: Can having no credit score be better for consumers than a low credit score? A low FICO score for a consumer can have the perverse effect of preventing them from having access to a second chance through manual underwriting. JessicaButalla@fico.com. Tue, 07/19/2022 - 16:11. by Joanne Gaskin. expand_less Back To Top. Mon, 10/10/2022 - 15:00.

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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.