Direct Recovery

SEPTEMBER 14, 2023

As one of the most popular shows of 2023, The Bear has been streaming in millions of homes nationwide, giving regular people an inside look at the tortured souls in the restaurant industry. While the show has been getting critical acclaim for its accurate portrayal of the sometimes ups but mostly downs of running a restaurant in a post-COVID world, quite a few general business lessons are coming through the screen simultaneously.

Debt collector 59

Debt collector Collections 59

True Accord

SEPTEMBER 12, 2023

If your business and collection partners aren’t utilizing email in your debt recovery strategy, you’re leaving vital engagement opportunities (and potential collections) on the table. There are plenty of reasons why digital communications are the way to go , but reaching out through email is especially important in collections. Surveys show that 59.5% of consumers prefer email as their first choice for communication, and 14% of bill-payers prioritize payments that offer lower-friction paym

Collections 89

Collections Debt Recovery 89

Account Recovery

SEPTEMBER 12, 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?

Creditors 147

Creditors 147

Qualco

SEPTEMBER 12, 2023

During a tightening cycle, central banks worldwide raise interest rates in an attempt to curb inflation. As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses. Consequently, non-performing and performing forborne exposures become more vulnerable to distress or default.

Collateral 102

Collateral Collections Financial Institution Loans 102

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.

Micro Bilt

SEPTEMBER 13, 2023

If you're looking to gather detailed information on a customer, a license plate lookup tool might be the right way to go. By simply entering data on a car (e.g., VIN, license plate number, tag number, etc.), you can access detailed records on the vehicle and its owner in seconds.

Banks 86

Banks 86

Account Recovery

SEPTEMBER 15, 2023

New York Gov. Kathy Hochul yesterday signed a bill into law that will stiffen the penalty for companies that call individuals whose names appear on the national Do Not Call registry. A copy of the legislation — A4456/S4617 — can be accessed by clicking here.

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Consumer Finance

SEPTEMBER 13, 2023

The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments

Loans 144

Loans Student loans Student Loans 144

Credit Corp

SEPTEMBER 13, 2023

Learning how to build credit can help if you have a bad credit score or want to improve your current score. You can start by getting a secured credit card, becoming an authorized user, or getting a cosigner on a loan. If you have bad credit due to derogatory marks, those marks can stay on your credit report for up to seven to ten years, depending on the type of mark.

Collection Agencies 106

Collection Agencies Collections Agency Loans Financial Institution 106

Micro Bilt

SEPTEMBER 14, 2023

Debt collection isn't usually enjoyable, but it's a necessary part of any lending institution. Leaving too much outstanding debt out at one time can lead to financial instability and, in the worst case, insolvency. We saw this recently with the 2023 bank failures nationwide, leading to a mini-financial crisis. Keep reading.

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Collections Banks 76

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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.

Collections

Account Recovery

SEPTEMBER 14, 2023

Skit.ai’s conversational Voice AI solution, which delivers fully automated, intelligent conversations at scale, has enabled the California-based debt collection agency to achieve a 27% increase in call volume so far. NEW YORK, NY (September 14, 2023) – Skit.

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Collections Collection Agencies Collections Agency 147

Consumer Finance

SEPTEMBER 10, 2023

The CFPB took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures.

Financial services 138

Financial services 138

Credit Corp

SEPTEMBER 12, 2023

The top three vehicles with the cheapest insurance rates are the Subaru Outback at $1,512 per year, the Subaru Crosstrek at $1,516 per year, and the Honda CR-V LX at $1,517 per year. Nobody wants to pay too much for car insurance, so if you’re in the market for a new vehicle, it can be beneficial to know the cheapest cars to insure. You may not realize it, but your location can also determine how much you’re paying for car insurance.

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Auto Insurance Home Insurance Retail Credit Management 97

PDC Flow

SEPTEMBER 14, 2023

With so many self-serve and digital payment options available, storing credit card information is an important consideration for businesses. Is your organization storing credit card information safely? Do you know the requirements you need to follow? Learn about risks, requirements and best practices of storing customer credit card information. Why is Storing Credit Card Information a Must for Digital Payments?

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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.

Collections

Account Recovery

SEPTEMBER 14, 2023

Nearly half of consumers either “rarely” or “never” answer the phone if they are not certain who is calling, according to data released by TransUnion as part of a nationwide survey it conducted.

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Consumer Finance

SEPTEMBER 12, 2023

Director Chopra delivered remarks discussing the implosion of Lehman Brothers and the regulatory framework implemented by the CFPB.

Financial services 82

Financial services Banks 82

Credit Corp

SEPTEMBER 13, 2023

There are five main factors that make up your credit score: the amount of debt you owe, your payment history, new credit inquiries, length of credit history, and credit mix. Credit mix, which is how diversified your credit accounts are, makes up about 10% of your credit score, which can make a big difference when you’re trying to boost your score.

Credit Unions 97

Credit Unions Credit Unions Student loans Student Loans 97

Micro Bilt

SEPTEMBER 14, 2023

According to the Federal Reserve, the delinquency rates have steadily increased since 2021 and are expected to reach the levels only seen post the 2008 recession. As a result, many organizations will have to collect from their delinquent customers at a much higher rate. And who better than a third-party debt collection agency to help bring in some of the outstanding money owed?

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Collection Agencies Collections Agency Collections 67

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

Account Recovery

SEPTEMBER 14, 2023

Getting to Know Jackie Montoya of Resurgent Capital Services Appeals Court Re-Affirms Ruling for Defendant Accused of Collecting Without License Judge Grants MTD in FDCPA Case, But Notes Allegations ‘Reflect Poorly’ on Defendant Report Spotlights Number of Consumers Who Miss Out on Legit Calls Because of Scam Fears Collections Bureau of America, Ltd., Adopts Skit.

Collections 147

Collections 147

Direct Recovery

SEPTEMBER 15, 2023

An emergency fund is typically defined as a cash reserve set aside for unforeseen expenses or financial emergencies, and having one in place can help even the most substantial companies survive the tough times that inevitably come for all of us. Emergency funds are especially important for small businesses that operate with the additional risk of outstanding collections, which can throw a wrench into expected cash flow at any moment.

Collections 59

Collections 59

Credit Corp

SEPTEMBER 12, 2023

You can get an apartment with bad credit, but it may take some strategizing. Apartment applicants with low credit scores can boost their odds by applying with a cosigner, paying more upfront, offering references, or changing the type of units they apply to. In today’s housing market, you want every possible advantage on a rental application. While letters of recommendation and a solid rental history will get you far, more and more landlords want a high credit score.

Bankruptcy 93

Bankruptcy Lender Student loans Student Loans 93

Micro Bilt

SEPTEMBER 13, 2023

There are many ways to determine someone's creditworthiness. Unfortunately, the same traditional methods are often used, excluding large groups of potentially reliable borrowers; that's where alternative credit scores can help. This contemporary scoring method gives lenders a modern way of measuring a consumer's creditworthiness using factors not traditionally considered.

Creditworthiness 67

Creditworthiness Lender Consumer Credit 67

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

Account Recovery

SEPTEMBER 13, 2023

The Federal Trade Commission has fined a pair of companies nearly $6 million for allegedly violating the Fair Credit Reporting Act by operating as consumer reporting agencies and providing information to companies that did not have permissible purposes to obtain that information.

Trade 147

Trade 147

Troutman Sanders

SEPTEMBER 13, 2023

Last year, a professional plaintiff obtained a judgment of over $828k in a case alleging 104 calls in violation of the Telephone Consumer Protection Act (TCPA). The district court in the Northern District of West Virginia found that the individual and corporate defendants failed to respond “fulsomely and accurately” to discovery requests and to comply with court orders pertaining to those requests.

Judgment 59

Judgment Consumer Credit 59

Credit Corp

SEPTEMBER 12, 2023

You can remove collection accounts from your credit report by disputing inaccuracies, asking for goodwill deletions, or requesting a pay for delete agreement. Collection accounts are bad for your credit score. These accounts can make it harder to get approved for new credit since they stay on your credit report for up to seven years. That’s why learning how to remove collections from your credit report can help you clean up your credit history and open more financial doors in the future.

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Collections Collection Agencies Collections Agency Credit Bureau 92

Micro Bilt

SEPTEMBER 14, 2023

Corporate fraud has always been prevalent in the business world, but in the past decade, fraudulent activity has emerged as a leading threat that can wreak havoc on companies' financial stability, reputation, and overall operations. According to a New York Times article, this form of fraud cost companies $831 billion in 2021 alone. And the rate for these crimes continues to rise.

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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.

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