American Profit Recovery

JUNE 28, 2023

There have been many shifts in the debt collection industry over the past several years. And the trends and updates that many in the collection industry have worked hard on, are moving the industry in a positive way. Everything from enhanced technology, a better understanding of the career opportunities in the collection industry as well as forward progress in the collaboration between industry leaders and government at all levels.

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Nexa Collect

JUNE 27, 2023

Chargebacks can be costly for a business, not just in terms of revenue, but also in operational overheads and potential damage to reputation. Here are some strategies to reduce chargebacks: Clear Product/Service Descriptions : Provide detailed and accurate product or service descriptions. This reduces the likelihood of a customer being dissatisfied or claiming that the product or service was not as described.

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JMA

JUNE 28, 2023

Effective debt collection is essential for businesses to maintain financial stability and ensure a healthy cash flow. While every business may do things a little differently, if they have a structured debt collection process in place, they can increase their chances of successfully recovering outstanding debts. If you’re not sure where to start with debt.

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Account Recovery

JUNE 29, 2023

A District Court judge in Nevada has granted a defendant’s motion for judgment on the pleadings in a Fair Credit Reporting Act and Fair Debt Collection Practices Act case involving duplicative entries on the plaintiff’s credit report from a collection agency and a creditor related to the same debt, although the amounts of the debt […]

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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.

CICM

JUNE 29, 2023

Many different and sometimes unpredictable factors impact the credit industry. But what key predictions are the experts making right now? Digitisation The credit industry’s digitisation trend will continue, with a greater appetite to embrace AI, machine learning and blockchain. Credit functions will likely continue investing in technology to streamline operations, improve efficiency, and enhance the customer experience.

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Nexa Collect

JUNE 29, 2023

“Buy Now, Pay Later” (BNPL) schemes have gained popularity as an alternative to traditional credit, offering consumers the ability to purchase items immediately and pay for them over time. While these services can be convenient, they also have several potential negative impacts on consumers : Overspending : BNPL schemes can encourage impulsive buying and overspending by creating the illusion that consumers are not actually spending money.

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Account Recovery

JUNE 30, 2023

EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more?

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American Profit Recovery

JUNE 26, 2023

We have a new collection manager here at American Profit Recovery and her name is Angela. She has been with American Profit Recovery for several years now and she has demonstrated the leadership qualities that can move a team in the right direction. If you are a regular reader of our blog then you have seen Angela, better known as Angie to her coworkers, contributing many articles about what it’s like to work here at American Profit Recovery, the culture we continuously build as well as th

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Collect More

JUNE 25, 2023

EOFY Demand template. Many people have asked us for this so without further adieu here is a demand you can use this week to hopefully get paid before Friday. Remember, to get them to pay, your customer MUST benefit. If they don’t then your invoice will just remain where it is, a problem for next Financial Year. Just add your debt amount next to the dollar sign and away you go.

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Collections

Nexa Collect

JUNE 28, 2023

Improving your online business reputation is essential in today’s digital age, where customers frequently rely on online reviews and social media presence before making purchasing decisions. Here are steps to help you improve your online business reputation: Monitor Your Online Presence : Regularly monitor what is being said about your business online.

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Account Recovery

JUNE 30, 2023

In what I imagine is a scenario that is all-too familiar inside collection agencies across the country, a District Court judge in Washington has granted a defendant’s motion for summary judgment after it was sued for violating the Fair Debt Collection Practices Act because it attempted to collect on an unpaid healthcare debt before it […]

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Consumer Finance

JUNE 26, 2023

CFPB issues order against payment processor ACI Worldwide Corp. and its subsidiary ACI Payments Inc. (ACI) improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. This is the CFPB’s first action addressing unlawful data handling practices in processing mortgage payments.

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Prosperity Now

JUNE 28, 2023

Homeownership is largely regarded as one of the key pathways to gaining and maintaining wealth. For National Homeownership Month, we’re taking a closer look at some of the recent homeownership data relevant to Black families in the United States. While there are several cities for which the data show an increase in Black relocation over the past several years, our analysis focuses on Atlanta, Dallas, and Houston – cities in the Southern United States from which Black families had previously fle

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Collections

Nexa Collect

JUNE 26, 2023

Financial fraud targeting senior citizens is a growing concern. It’s important to take steps to protect the elderly from scams and fraudulent schemes. Here are some measures that can help in preventing financial fraud for senior citizens: Educate and Inform : Educate seniors on the various types of scams they may encounter such as phishing emails, lottery scams, telemarketing scams, and elder financial abuse.

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Account Recovery

JUNE 30, 2023

COLLECTOR FACING FDCPA SUIT FOR ALLEGEDLY SENDING COMMUNICATION AFTER RECEIVING REFUSAL-TO-PAY LETTER JUDGE GRANTS MSJ FOR DEFENDANT IN FDCPA CASE OVER ATTEMPTS TO COLLECT DEBT THAT WAS LATER FORGIVEN HOW BOTS ARE BEING USED TO ‘TORTURE’ TELEMARKETERS. ARE COLLECTORS NEXT?

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True Accord

JUNE 29, 2023

In today’s financial landscape, regulators at both the federal and state level are driving accountability for companies when it comes to data protection and security. We see that with the express requirement in the Gramm-Leach-Bliley Act, or GLBA, Safeguards Rule —which went into effect on June 9, 2023—that organizations have one qualified individual to oversee the information security program, and that the qualified individual provides regular reports to the highest governing body of an organiz

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Troutman Sanders

JUNE 27, 2023

On June 26, Florida Governor Ron DeSantis signed the Florida Commercial Financing Disclosure Law (FCFDL). As discussed here , the FCFDL mandates that covered commercial financing companies provide consumer-like disclosures for certain commercial financing transactions. The law also defines and prohibits specific acts by brokers of those transactions, including the collection of advance fees.

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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

Nexa Collect

JUNE 26, 2023

There are various stress factors related to money. These stressors are influenced by a range of factors including cultural, economic, and personal. Here are some reasons why Americans in particular may experience stress about money: Cost of Living : In many areas in the United States, the cost of living has been rising faster than wages. This makes it difficult for individuals and families to keep up with expenses such as housing, healthcare, and education.

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Account Recovery

JUNE 29, 2023

A District Court judge in Connecticut has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class-action involving a conflict between the dispute timeline collectors are required to give under Regulation F (30 days from the receipt of the notice, excluding weekends and holidays) and the dispute language required when sending letters […]

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UK debt collections

JUNE 26, 2023

The number of insolvent businesses in England and Wales last month rose by 40 per cent year-on-year to the highest level since monthly records began in January 2019. Data from the Insolvency Service yesterday showed that 2,552 companies were declared insolvent last month, overwhelmingly through creditors’ voluntary liquidations, in which a company’s directors agree to wind up the business without a formal court order.

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PDC Flow

JUNE 29, 2023

Small business financial management helps business owners, operators and managers know where money is being spent and how much profit is coming in. Without a background in accounting or bookkeeping, it can be hard to know the best way to manage small business finances – or even to understand the common terms, reports and tactics used. This glossary will help you learn more about the vocabulary and best practices of small business financial management.

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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?

Banks

Nexa Collect

JUNE 25, 2023

The professional life of a debt collector involves communicating with individuals and businesses to collect payments on overdue bills, loans, or other financial obligations. This job can be challenging but also rewarding for individuals who have strong communication and negotiation skills. Below, I outline various aspects of a debt collector’s professional life: Daily Tasks : A typical day for a debt collector might include making phone calls to debtors, sending letters or emails, negotiat

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Account Recovery

JUNE 29, 2023

The Department of Health and Human Services’ Office of Civil Rights has fined a revenue cycle management company $75,000 for a data breach that compromised the personal information of 267 individuals. A copy of the resolution agreement and the corrective action plan against iHealth Solutions can be accessed by clicking here.

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Fico Collections

JUNE 30, 2023

Home Blog Feed test ‘FICO Drift’: What Is It, and What Causes It? FICO ® Scores rank-order the likelihood of borrowers’ credit repayment risk - the relationship between the FICO Score and repayment odds can and does shift Thu, 05/04/2023 - 01:08 JenniferPiccinino@fico.com by Ethan Dornhelm Vice President, Scores and Analytics expand_less Back to top Fri, 06/30/2023 - 17:00 Last month I attended the SFVegas conference , and I was struck by the number of attendees who approached me and asked about

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CICM

JUNE 30, 2023

There may be times when you feel positively engaged, motivated and productive and others when you feel like you’re struggling. All of this is completely normal, but a healthy well-being routine can help you remain positive and cope when things are not going so well. Incorporating some of the following tips and ideas into your daily routine can help support your well-being and mental health at work.

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