Sat.Feb 27, 2021 - Fri.Mar 05, 2021

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Listening-One of the most effective strategies in collections

American Profit Recovery

You might perceive that all calls from a collection agency are nothing more than a standoff between a consumer and a debt collector. However, that is far from an accurate representation of how today’s interactions with consumers unfold. In fact, here it is quite the opposite. And despite the media’s perception of the collection industry, when we get people on the phone, and we get to a place where a cordial conversation begins to occur, we go to great lengths to get to know the consu

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Advocacy Report Calls on CFPB to Make Changes to Debt Collection Rule

Account Recovery

The Consumer Financial Protection Bureau should “halt” the implementation of its debt collection rule and “fix” it by reducing the number of call attempts, requiring consumers to opt in to receive electronic communications, and prohibit the collection of time-barred debt, as a means of improving consumer protection and stemming the influx of consumer complaints, which … The post Advocacy Report Calls on CFPB to Make Changes to Debt Collection Rule appeared first on

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COVID-19 Financial Resource Guide

Credit Corp

The COVID-19 pandemic has taken a financial toll on nearly all of us. Forced redundancies, business closures, dropped contracts and general economic instability have brought financial hardships to some more than ever. At the same time, missed rent payments and increased debt-to-credit ratios have produced a credit-ratings crunch across the board. COVID-19 loans for bad credit are on the rise—but do they deliver, or do they make things even worse?

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What Types of Businesses Use Commercial Debt Recovery?

Enterprise Recovery

Commercial debt recovery, also called corporate collections or B2B debt collections, is used specifically to recover delinquent business customer accounts. Not to be confused with consumer debt collections where the delinquent account holder is an individual, commercial debts refer only to businesses. To clear up any confusion, we'll cover what's different and why.

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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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The common ground between sales and debt collections

American Profit Recovery

The title may grab you but let’s be clear, debt collections is not sales and it is not selling anything. However, some of the core strategies that allow a sales executive to be successful can be viewed as some of the same traits you should be implementing in your collections. Let us explain. There are always great lessons to be had and new things to be learned if you’re looking in the right places in the world of business.

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Cost Segregation Study: Claim Faster Property Depreciation in Your Taxes

Nexa Collect

Businesses that thrive are the ones who go after every opportunity and advantage they can acquire in order to improve their cash flow and secure their working capital. ‘ Fortune favors the bold ’, and in business, you’ve got to explore beyond your comfort zone in order to hunt bigger rewards and add them to your bottom-line. You may have heard of cost segregation studies as a property owner’s way to tax benefits, but while the overall idea is appealing, the complex process and the prospect of in

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New Report From Consumer Financial Protection Bureau Finds Over 11 Million Families At Risk Of Losing Housing

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) issued a report that warns of widespread evictions and foreclosures once federal, state, and local pandemic protections come to an end, absent additional public and private action. Over 11 million families are behind on their rent or mortgage payments: 2.1 million families are behind at least three months on mortgage payments, while 8.8 million are behind on rent.

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Put the Cap on Gas Prices: 6 Ways to Save at the Pump

Nerd Wallet

When the price of oil spiked during the February deep freeze, I started using a gas price app and was amazed to find that the cost of fuel in my area varied by 70 cents a gallon. By purchasing the cheapest gas, I could save $8.40 each fillup and as much as $220 a year. Philip Reed writes for NerdWallet. Email: Preed@nerdwallet.com. The article Put the Cap on Gas Prices: 6 Ways to Save at the Pump originally appeared on NerdWallet.

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Daily Digest – March 4. Getting to Know Andrew Schwartz of Gordon & Rees; Judge Grants MSJ in FDCPA Case

Account Recovery

GETTING TO KNOW ANDREW SCHWARTZ OF GORDON & REES You have to love a lawyer who brings his own eggs into work in the morning before defending the industry before a federal judge. Andrew Schwartz may be known for helping overturn the written dispute requirement within the Third Circuit Court of Appeals, but there is … The post Daily Digest – March 4.

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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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Teaching Kids About Finances: Investment Accounts for Kids

Credit Corp

Kids are expensive. According to the USDA , raising a child can cost well over $200,000, not including the cost of college. Investing for their future is important, but teaching them smart financial habits , including how to invest for themselves, can give them a head start—and give you some financial breathing room. Credit.com’s Tips for Teaching Kids about Investing.

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Consumer Financial Protection Bureau Takes Action Against Payment Processor and Its Former CEO for Supporting Internet-Based Technical-Support Scams

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard in 2015 and wound down business operations in March 2019.

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10 Factors Affecting COVID-Era Travel in 2021

Nerd Wallet

After a year of little to no travel, you’re probably ready to get back out and explore the world once it’s safe. But just because you’ve gotten your vaccine or coronavirus case rates are dropping doesn’t necessarily mean everything is returning to normal. In fact, the travel world is still far from it. If you. Sally French writes for NerdWallet. Email: sfrench@nerdwallet.com.

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CFPB Issues NPRM to Delay Compliance With QM Rule; Sues Payment Processor

Account Recovery

The Consumer Financial Protection Bureau yesterday made a pair of announcements — delaying the enactment date of a rule that was set to go into effect July 1 and filing a lawsuit against a payment processor and its former chief executive for aiding clients that were taking advantage of individuals by tricking them into purchasing … The post CFPB Issues NPRM to Delay Compliance With QM Rule; Sues Payment Processor appeared first on AccountsRecovery.net.

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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 Microloans Benefit Your Business

Credit Corp

As a small business, you need to make money in order to grow. Unfortunately, cash flow can usually wind down to a trickle if you don’t have enough business funds to keep it afloat. And although loans may be your best bet in this situation, you might be worried about having to pay it back in a certain amount of time. Does this sound like you? If so, then don’t panic.

Lender 105
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Brown & Joseph named 2021 Annual Awards of Business Excellence Honoree

Brown and Joseph

ITASCA, IL – Brown & Joseph is pleased to announce it has been honored as a recipient of the Daily Herald Business Ledger’s 2021 Annual… The post Brown & Joseph named 2021 Annual Awards of Business Excellence Honoree appeared first on Brown & Joseph, LLC.

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Eager Buyers Are Skipping Home Inspections. Is It Too Risky?

Nerd Wallet

Shopping for their first home in New Jersey, Alyse Storzieri and her boyfriend Robert Engel faced a tough market. So when they found a house they loved last June, the couple followed their real estate agent’s advice to make their offer stand out. They went over the asking price, tripled their down payment amount and. Kate Wood writes for NerdWallet.

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Getting to Know Andrew Schwartz of Gordon & Rees

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 Andrew Schwartz

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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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Part-Time Weekend Jobs–Top 14 To Consider in 2021

Credit Corp

This post originally appeared in the The Financially Independent Millennial. Are you looking for part-time weekend jobs in your area? Indeed, millions of Americans are looking to make a little extra money by working on the weekends. They might need to supplement their income, keep themselves busy on weekends, among other reasons. Or, perhaps it’s a student who needs to earn a little extra money to help pay student loans.

Retail 101
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How Many Months Must Be in a Chapter 13 Plan?

Sawin & Shea

Considering Chapter 13 bankruptcy? Then you’re probably wondering how long it will take. Chapter 13 bankruptcy takes a bit longer than Chapter 7, but it may be the best plan for you. Let’s look at the factors that determine how long a bankruptcy takes so you can get an idea of your bankruptcy’s timeframe. If you’d like to pin down exactly how long your specific bankruptcy will take, contact Sawin & Shea for a free consultation.

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How Much Should I Spend on Groceries?

Nerd Wallet

There are a few obvious ways to learn how much money you spend on groceries every month: You can add up receipts, view your credit card transaction history or track your spending with a budget app. But figuring out how much you should spend on groceries isn’t quite as straightforward. Here’s how to work grocery. Lauren Schwahn writes for NerdWallet.

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CFPB Report Reveals 11 Million People at Risk of Losing Homes

Account Recovery

The number of individuals who are at least three months behind on their mortgages has increased by 250% in the past year, and 11 million renters and homeowners are at risk of losing their homes to foreclosure or eviction, according to a report issued by the Consumer Financial Protection Bureau this week. Collectively, almost $90 … The post CFPB Report Reveals 11 Million People at Risk of Losing Homes appeared first on AccountsRecovery.net.

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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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Asset Allocation and Diversification: Guide to Portfolio Protection for Beginners

Credit Corp

This post originally appeared on Your Money Geek. You invest in making your money grow, but your chance of loss is much higher than anything else without asset allocation and diversification. Fortunately, learning the basics of asset allocation and diversification is not as hard as it sounds. Check out this beginner’s guide to the investment strategies you should implement today.

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[Client Alert] Outbreak Period Nightmare: Employee Benefit Deadline Extensions Now Based on Individual Case-by-Case Basis

Fraser

Employee benefit plan administration is no small feat. However, it is becoming more and more difficult, especially with pandemic related modifications. As you may recall from our previous Client Alert regarding the Outbreak Period, various benefit deadlines were extended due to COVID-19. Plans could not deny certain benefits or impose certain deadlines during the designated Outbreak Period (i.e., March 1, 2020 through 60 days after the National Emergency ends (or another specified date)).

Lawyers 98
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7 Perks of Working Remotely in Puerto Rico

Nerd Wallet

Remote work has become the new normal for many Americans, with a recent Upwork survey predicting that by the end of 2021, roughly 25% of the workforce will be fully remote. One of the benefits to working remotely is that, as long as your company approves it, you can work from almost anywhere in the. Josh Garber writes for NerdWallet. Email: travel@nerdwallet.com.

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Daily Digest – March 3. Judge Denies Motion to Certify Class in FDCPA SOL Suit; Breaking Down Chopra’s Confirmation Hearing

Account Recovery

JUDGE DENIES MOTION TO CERTIFY CLASS IN FDCPA SOL SUIT A District Court judge in Delaware has denied a motion to certify a class in a lawsuit that alleged a collector violated the Fair Debt Collection Practices Act by falsely representing the legal status of a debt when it sent settlement offers on time-barred debts … The post Daily Digest – March 3.

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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.