Collections Law
APRIL 25, 2023
Medium-sized and large companies that are having trouble collecting on delinquent debts should act quickly. Time is of the essence – and that means you have no time for collection agencies. Did you know that collection agencies can’t force business debtors to pay? They can only contact the debtor again and again in an effort to persuade them to pay.
PDC Flow
APRIL 25, 2023
Companies who sell high dollar products or offer professional services usually ask for payment after work is done or goods are delivered. Establishing clear credit terms helps customers know what to expect during billing and teaches staff proper procedure when collecting on both B2C and B2B payments. Definition of Credit Terms Credit terms can be defined as the guidelines your company creates that tell customers how and when to pay.
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JMA
APRIL 27, 2023
Credit policies are a set of guidelines that businesses use to manage their credit transactions and minimise their risk of financial loss. These policies define credit terms and conditions, establish credit limits, and set payment schedules. Effective credit policies are critical for businesses of all sizes and industries, as they provide a roadmap for managing.
UK debt collections
APRIL 24, 2023
Latest data from Time Finance has uncovered the true impact of late payments for SMEs with 75% of UK businesses worrying about cashflow as a direct result of overdue invoices from their customers. In a recent survey into the worsening challenge of late payments, Time Finance found that chasing payments was damaging customer relationships for 17% of businesses, while 8% said the lack of essential working capital meant they were unable to afford key investments.
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.
Account Recovery
APRIL 28, 2023
The Court of Appeals for the Sixth Circuit has affirmed the dismissal of a Fair Debt Collection Practices Act case for lack of standing, ruling that the plaintiff was not injured when he was served in person with a collection lawsuit during the initial months of the COVID-19 pandemic nor because the defendant failed to … The post Appeals Court Affirms Dismissal of FDCPA Suit Related to Serving Complaint in Person During Pandemic first appeared on AccountsRecovery.net.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
APRIL 25, 2023
Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations.
Troutman Sanders
APRIL 27, 2023
As discussed here , on April 7, the Washington State legislature passed HB 1051, also known as the Robocall Scam Protection Act, expanding the scope of existing provisions of Washington’s consumer protection laws regulating robocalls and telephone solicitations to prohibit abusive telephone communication practices. On April 20, Governor Inslee signed the bill into law.
Account Recovery
APRIL 25, 2023
The city council of Cleveland, Ohio last night approved legislation that will earmark nearly $2 million to purchase and forgive up to $190 million in unpaid medical debts for city residents, becoming the latest government entity to take measures aimed at lessening the medical debt burdens for its residents. The trend started last year in … The post Cleveland Becomes Latest Government to Tackle Medical Debt Burdens for its Residents first appeared on AccountsRecovery.net.
UK debt collections
APRIL 25, 2023
RENEWABLE energy company Daylight Energy has entered liquidation. It has gone bust owing millions and leaving customers thousands of pounds out of pocket. Latest energy company to hit problems Customers of Poole-based Daylight Energy say they have lost large sums of money in deposit payments after the company “disappeared” without any communication.
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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.
Consumer Finance
APRIL 24, 2023
Four federal agencies jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become increasingly common in our daily lives.
Prosperity Now
APRIL 24, 2023
This month celebrates Fair Housing Month and the 55th anniversary of the 1968 Fair Housing Act.
Account Recovery
APRIL 28, 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? Call … The post Complaint Accuses Collector of Violating FDCPA By Responding to Cease Request with Validation Documents first appeared on Accou
Credit Corp
APRIL 26, 2023
You’ve heard about the benefits that can come from a mortgage refinance , like getting a lower interest rate that can save you money on your monthly mortgage payments, helping you afford home renovations or even getting your finances back on track if done correctly. But how do you know if refinancing your mortgage is right for you? Start by asking yourself four questions to find out if a mortgage refinancing is the right option for your situation. 1.
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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.
Consumer Finance
APRIL 24, 2023
Director Chopra provided remarks on an interagency press conference to announce the Joint Statement on Enforcement Efforts Against Discrimination and Bias in Automated Systems
On Guard
APRIL 28, 2023
Using credit management software makes it possible to bring together all customer information and generate a comprehensive customer profile. It also enables automatic profiling and segmentation. This creates a 360° view of customers, reducing risks of unpaid invoices and improving predictability of cash flow. And therefore, in the long run, customer satisfaction, or customer experience.
Account Recovery
APRIL 28, 2023
Not content with making small changes to the Consumer Financial Protection Bureau, like changing how it receives its funding or how many people are in charge, Sen. Ted Cruz [R-Texas] and Rep. Byron Donalds [R-Fla.] have introduced bills in the Senate and House of Representatives, respectively, to completely abolish the Bureau. A copy of the … The post Bills Introduced in House, Senate to Abolish CFPB first appeared on AccountsRecovery.net.
CICM
APRIL 28, 2023
The ingredients to a high performing team What are the ingredients to making a high performing team? Let’s break down some of the qualities needed to become a best practice icon for your organisation, in Credit Management. How do you define a high-performing team, and what are some characteristics of such a team? A high performing team is one that pulls together in the same direction, shares the same focus, purpose, and understanding the role they play in delivering their organisations objective
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?
Consumer Finance
APRIL 27, 2023
Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule.
Troutman Sanders
APRIL 28, 2023
Colorado just became the latest state to recognize that a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt. On April 24, the Colorado Supreme Court issued a highly anticipated decision, available here. The state supreme court reviewed the court of appeals’ holding that Colorado’s six-year statute of limitations to enforce the borrower’s mortgage loan debt began running upon the borrower’s bankruptc
Account Recovery
APRIL 28, 2023
LAKE FOREST, Ill., April 27, 2023 — Transworld Systems Inc. (TSI), the largest U.S. technology-enabled provider of accounts receivable management (ARM) solutions, announced today that Jeff Mersmann has joined the company as Executive Vice President. Mr. Mersmann joins TSI from Navient where he was President of the Pioneer Credit Recovery business unit responsible for leading collection operations.
Fico Collections
APRIL 28, 2023
Home Blog FICO What Does 2023 Have in Store for U.S. Credit Risk and FICO Score Trends? So far in 2023, consumers have braced inflation, a balanced housing market, looming prospect of a recession, removal of medical collections data, and student loan forgiveness plan FICO Admin Tue, 02/18/2020 - 14:57 by Radha Chandra Senior Director, Scores expand_less Back To Top Fri, 04/28/2023 - 15:00 We’re almost at the mid-way point of 2023, and it is shaping up to be a year of opposing forces.
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?
CICM
APRIL 28, 2023
What are the ingredients to making a high performing team? Let’s break down some of the qualities needed to become a best practice icon for your organisation, in Credit Management. How do you define a high-performing team, and what are some characteristics of such a team? A high performing team is one that pulls together in the same direction, shares the same focus, purpose, and understanding the role they play in delivering their organisations objectives.
FFGN COLLECT NY
APRIL 27, 2023
Our client — a successful supplier of kitchen cabinets and appliances — was a subcontractor who did business with a well-known restaurant for over 13 years. The restaurant owner, although slow to pay, always sent a payment when truly pressed. But the payments became few and far between due to economic hardship. Because of the relationship, the client delayed sending the claim for collection.
Account Recovery
APRIL 28, 2023
The chief executives of the three major credit reporting agencies yesterday testified before the Senate Banking Committee that they would exclude all medical debts from consumers’ credit reports if they were ordered to do so by the Consumer Financial Protection Bureau, but only if they were ordered to do so. The CEOs stood their ground … The post Credit Bureau CEOs Commit to Removing Medical Debt from Reports if Ordered by CFPB first appeared on AccountsRecovery.net.
Troutman Sanders
APRIL 27, 2023
Noting a rise in credit card delinquencies, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post analyzing civil judgments, the final recourse for creditors to collect on unsecured debt. According to the CFPB, civil judgments are “”both common and unevenly distributed.”” Specifically, the CFPB reports that civil judgments are: Almost twice as common as bankruptcies.
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