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New York Gov. Kathy Hochul this week signed a sweeping package of bills to enhance consumer data protection in New York into law. While the package tackles various digital safety issues, one law stands out for debt collection professionals: S5703B/A1035B, which bans the use of social media platforms for debt collection. The details: The newly enacted law prohibits debt collectors from using social media platforms to communicate with consumers about unpaid debts.
In the financial technology sector, there are many services that individual companies, known as fintechs, can specialize in. For one such fintech, their focus was powering money for people and businesses through electronic funds transfer and international money transfers. As the company grew, so did the challenges associated with managing past due accountsa crucial aspect of maintaining a healthy financial operation.
Today, the CFPB sued Walmart and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workers last mile drivers in Walmarts Spark Driver programabout how they could access their earnings.
Watching your debtor continue business as usual while they owe you money can be incredibly frustrating. You have a judgment in hand, yet your debtor seems unfazed, conducting transactions and collecting payments without a second thought to what they owe you. Its enough to make any business owner in Massachusetts feel powerless. The good news is that you are not powerless.
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.
A District Court judge in Michigan has denied a defendant’s motion to dismiss and stayed a case in which the defendant is accused of violating the Fair Debt Collection Practices Act and state law in Michigan while a state court determines whether or not the underlying debt is for personal or business reasons. The background: Back in 2021, the plaintiff attempted to purchase an automobile.
Creating a Life Free From the Burden of Unpaid Debt Bankruptcy can be a way out for many people struggling with debt. It offers a chance to start fresh. But not all debts can be wiped away. Understanding what debts bankruptcy can eliminate is important. This where knowing Colorado unsecured debt examples can be helpful. Unsecured debt is a type of debt that is not backed by collateral.
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Creating a Life Free From the Burden of Unpaid Debt Bankruptcy can be a way out for many people struggling with debt. It offers a chance to start fresh. But not all debts can be wiped away. Understanding what debts bankruptcy can eliminate is important. This where knowing Colorado unsecured debt examples can be helpful. Unsecured debt is a type of debt that is not backed by collateral.
The CFPB sued Rocket Homes to stop providing incentives to real estate brokers and agents in exchange for steering homebuyers to Rocket Mortgage for loans.
Corporate bankruptcies rose sharply in 2024, driven by high interest rates and lingering pandemic-era debt. As many as 686 companies filed for bankruptcy as of Dec. 23, the most for any year since 2010, according to S&P Global Market Intelligence. Electric vehicle makers continued to struggle with weakening demand, with Fisker and Northvolt filing for chapter 11 protection, following the 2023 collapses ofLordstown Motorsand Proterra.
In an industry often plagued by high turnover and inconsistent performance, the ability to identify and nurture top-tier collections talent can feel like searching for a needle in a haystack. The need for skilled, resilient collectors has never been more crucial. But with the right process and procedures in place, identifying great collectors can feel less like winning the lottery and more like coming across teenagers with their faces in a screen whose favorite hobby is rolling their eyes at you
Exemption laws, which protect a debtors income and assets in the event of a judgment or collection lawsuit are in the spotlight following the release of an annual report from the National Consumer Law Center, which attempts to shed light on what the advocacy group perceives to be the inadequacies of these protections. Whats new: The NCLC report evaluates state exemption laws across five areas: wages, homes, vehicles, bank accounts, and household goods.
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.
Zillennials, individuals born between 1991 and 1999, are influencing payment preferences as their spending power grows. This tech-savvy generation favors digital wallets, eschews cash, and is cautious with credit cards. For professionals in the credit and collection industry, understanding these preferences is critical to meeting consumers where they are.
The Consumer Financial Protection Bureau on Friday announced it had filed a lawsuit against Zelles operator, Early Warning Services (EWS), and three of its co-owning banks JPMorgan Chase, Bank of America, and Wells Fargo alleging widespread failures in protecting consumers from fraud. The suit claims customers of the three banks have lost over $870 million since Zelles 2017 launch due to insufficient safeguards against scams on the payment platform.
A District Court judge in New York has essentially split the difference in awarding attorney’s fees to the plaintiff in a Fair Debt Collection Practices Act case because both sides could not come to an agreement on their own after the plaintiff accepted an offer of judgment. The background: The plaintiff initiated the case in January 2024, alleging that the defendant violated the FDCPA by using deceptive methods to collect a debt, including false representations and unfair practices.
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
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.
A 34-year-old man has been arrested in Texas and charged with sending threatening interstate communications after vowing to assassinate executives at Capital One over an unpaid debt of $543. Taylor Bullard, a Houston resident, is accused of sending an email earlier this month that threatened violence, claiming the debt was a mistake and ruined his life.
Companies are tapping Houstons bankruptcy court by setting up minimal business ties, such as a co-working address or hastily formed entities, to capitalize on debtor-friendly laws. In November, two Swedish companiesdebt collector Intrum and electric-vehicle battery maker Northvoltfiled for bankruptcy in Houston, seeking to access the benefits of chapter 11.
For a score with a range between 300 and 850, a credit score of 670 to 739 is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2023, the average FICO score in the U.S. reached 715, according to Experian. The credit scores of Americans’ skyrocketed during the Covid pandemic in an unexpected benefit of the upheaval.
Collector Sued After Consumer Refuses to Pay Debt Because Interest Rate was Stupid Judge Denies MTD, Stays FDCPA Case Over Whether Debt was for Business or Personal Use DOGEs Ramaswamy Echoes Musk in Call to Eliminate CFPB Texas Man Arrested for Threatening Cap One Execs Over $543 Debt WORTH NOTING: Remembering those we lost in 2024 … Mystery solved: how the McAllisters made their money in “Home Alone” … How Americans feel about the economy heading into 2025 … A phi
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!
EDITORS 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? Call (855) WEB-RECON or email admin@webrecon.net today!
Getting to Know Dixie Newsome of Crown Asset Management Judge Splits Difference in FDCPA Plaintiffs Attorney Fee Award NCLC Report Calls Out States for Lax Exemption Laws New York Bans Social Media Debt Collection WORTH NOTING: When to let go of family traditions in favor of starting new ones … A social media post has sparked an online debate about carry-on luggage… Not necessarily the case for me, but a look at why anxiety tends to be worse at night for people … The top cybers
Suit Seeks $6k for Not Honoring Cease Request CFPB Continues Aggressive Enforcement Trend With Two New Lawsuits Zillennials Reshaping Payment Trends: Report The FCC Under Brendan Carr: What to Expect WORTH NOTING: A keyboard that costs as much, and more, than some computers … Tips to help you get better rest during the holiday season … The top mistakes that may expose your financial information to cybercriminals … The best new apps of 2024 … Macaulay Culkin came very clos
EDITORS 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? Call (855) WEB-RECON or email admin@webrecon.net today!
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.
The Consumer Financial Protection Bureau yesterday announced it had filed two lawsuits against Rocket Homes and Walmart accusing one of of an alleged kickback scheme and the other of forcing employees to open costly products in order to get paid. The suits underscore the Bureau’s intensified focus on protecting consumers from anti-competitive practices and deceptive behaviors.
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.
The Biden administration on Friday approved $4.28 billion in student loan forgiveness for nearly 55,000 public service workers, while simultaneously withdrawing two proposed rules aimed at expanding federal student loan relief for borrowers facing hardship. Why it matters: This is considered to be the last round of debt relief that the Biden administration will undertake before leaving office next month.
The Wall Street Journal offers an insightful profile of Brendan Carr, the newly appointed chair of the Federal Communications Commission in the Trump administration, who is shaping up to be a pivotal figure in telecom regulation. His agenda combines deregulation, an activist stance on conservative censorship, and policies favoring rapid technological deployment, including initiatives that could impact communication channels central to collection efforts, according to the report.
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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