Sat.May 06, 2023 - Fri.May 12, 2023

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What Happens when Business Debt Goes to Collections?

Enterprise Recovery

Debt collections may not be the most enjoyable part of back office operations, but it's absolutely necessary. Unfortunately, some of your business clients will miss a payment or more due to various reasons. If you've signed an agreement and fulfilled your part, they still owe you. What happens when business debt goes to collections?

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Daily Digest – May 11. Getting to Know Alice Ludwig of Vengroff Williams; Fla. Appeals Court Rules Concrete Injury Required for Standing

Account Recovery

GETTING TO KNOW ALICE LUDWIG OF VENGROFF WILLIAMS Alice Ludwig has won the AccountsRecovery.net monthly Caption Contest more than anyone else — she is the only four-time winner.

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What Does Your Credit Score Start at?

Credit Corp

Though FICO® and VantageScore® ranges start at 300, most new credit users don’t start this low. In fact, if you’ve never taken out credit or applied for a loan, you might not have a credit score at all. When applying for credit cards and loans, you begin to build credit, but you may be wondering—what does your credit score start at? Most people’s initial credit scores are between 500 and 700 points, depending on the steps taken when establishing credit.

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CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it.

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How Collection Agencies Minimize Effort and Maximize Results with the Right Software

Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.

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Don’t Send Just Flowers on Mother’s Day—Support Moms with Paid Leave!

Prosperity Now

Every year on Mother’s Day I send my mom flowers—just like millions of other people across the country.

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An Inside Look at Americans’ Average Savings by Age

Credit Corp

Most people know that saving money for the future is important, but it’s unclear exactly how much you should save. Some financial experts recommend saving enough to cover six months of expenses, while others urge you to save 15 percent of your income. Not to mention, the amount of savings you need widely varies by age since those nearing retirement require more savings than young people who have just entered the workforce.

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Reduce Costs While Collecting More With Digital-First, Omnichannel Strategies

True Accord

Over the past two years, revolving credit card balances have grown more than 25% and are now above $1.2 trillion. Additionally, personal savings rates are stubbornly holding near 65-year lows, and combined with higher interest rates driving higher minimum payments, consumers are obviously feeling the stress. At the same time, delinquency rates on these higher balances have increased over 45%, putting significant strain on bank credit losses.

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Hosted Payment Page Options from No Code to Low-Code

PDC Flow

Customers expect companies to offer online payments. If your organization doesn’t accept online payments (or your online page is confusing, outdated, or doesn’t match your website) your business is losing money. Hosted payment pages are now a must for any company that wants to: Stay competitive Make paying easier for customers Save staff time by reducing manual work Bring in money even when your business is closed What is a Hosted Payment Page?

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CFPB Makes Case to SCOTUS Why Funding Structure is Constitutional

Account Recovery

The Consumer Financial Protection Bureau has fired its opening salvo in defense of its funding structure, arguing in its brief to the Supreme Court that the ruling from the Court of Appeals for the Fifth Circuit was “flawed” and “has no support in text, history, or precedent” and should be overturned.

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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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How To Get a Car Loan With Bad Credit [5 Steps + Tips]

Credit Corp

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Are you one of the 16% of Americans with a low credit score? Low scores can stick around from poor financial habits when you were younger or if you’re still working up your credit score.

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Prepared Remarks of General Counsel and Senior Advisor to the Director Seth Frotman at the Innovative Payments Conference

Consumer Finance

Prepared Remarks of General Counsel and Senior Advisor to the Director Seth Frotman at the Innovative Payments Conference

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Man sentenced for smashing up Debt Collector’s van

UK debt collections

A man who smashed up a debt collector’s van and threatened staff when they came to his property has been given a community order. Stuart O’Connor, 42 and of Oswestry, pleaded guilty to two offences of criminal damage under £5,000 and using threatening/abusive words and behaviour when he appeared at Telford Magistrates’ Court yesterday. He admitted that when Lee Tetlow and Jonathon Wilkinson, debt collectors with XL Civil Enforcement Group, came to his property on April 12 this year, he use

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Money Issues Having Negative Impact on Consumers’ Mental Health

Account Recovery

Financial issues are the most common factor negatively impacting the mental health of consumers in the United States, with more than half of respondents to a nationwide survey indicating that money is having a negative impact on their mental health, up from 42% last year.

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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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How Do I Get Rid of Fraudulent Accounts Opened in My Name?

Credit Corp

If an imposter has stolen your identity to open fraudulent credit accounts in your name, you’ll want to act fast to not only protect your identity and credit record, but also get the fraudulent accounts removed from your credit reports as quickly as possible. Identity theft is a federal crime, and in some cases the offender can even go to jail, so this isn’t a light issue.

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Payments Automation: Everything You Need to Know

Payment Savvy

Payment automation solutions have transformed the way businesses handle their accounts payable departments. With the increasing need for cost savings, efficient payment processing, and secure financial data management, payment automation has become an essential tool for modern businesses. In this article, we will look at the benefits and features of automated payment systems, how they work, and how to choose the right one for your business.

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How Credit Card Debt Collection Works

Taurus Collect

If you have ever had to deal with credit card debt, you know it can be stressful. Debt collectors call at all hours of the day and pressure is put on borrowers to quickly make payments in full. It’s important to understand how credit card debt collection works so that you can find the best way for your individual situation. This blog post will help break down what happens when a credit card company hires a debt collector, explain the legal process behind pursuing collections and give some

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Daily Digest – May 12. Suit Accuses Collector of Trying to Recover Settled Debt; Judge Dismisses FDCPA Suit Over Post-Judgment Communications

Account Recovery

SUIT ACCUSES COLLECTOR OF TRYING TO RECOVER SETTLED DEBT The Fair Debt Collection Practices Act is a strict liability statute, which can sometimes put collectors into legal hot water when they attempt to collect on a debt they think is valid, but it’s actually not.

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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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Free Customizable Monthly Budget Template to Plan Your Finances

Credit Corp

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. This monthly budget template is a tool that you can use to plan your finances for the month and see if you’re underspending or overspending based on your planned expenses and income.

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SEC Record Retention Enforcement Actions

Troutman Sanders

Please join Troutman Pepper Partners Chris Willis and Kim Phan for an in-depth discussion about the Securities and Exchange Commission’s (SEC’s) recent record retention enforcement actions. Chris and Kim explore the uptick in enforcement actions over the last year, the claims made in these cases, the SEC-imposed requirements and penalties on these companies, what we can expect going forward from the financial services regulators, and what financial institutions should do now to get ahead of thes

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When Can I Send a Non-Paying Tenant to Collections?

Taurus Collect

For landlords and property owners, dealing with non-paying tenants can be one of the most difficult challenges they’ll face. When faced with a tenant who is continually late or fails to pay their rent on time, many landlords are unsure of what their next steps should be. Not knowing whether to issue warnings, take legal action or try other methods for collecting unpaid rent can make the situation even more challenging.

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Suit Accuses Collector of Trying to Recover Settled Debt

Account Recovery

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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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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Statute of Limitations on Debt Collection by State

Credit Corp

Do you have bill collectors contacting you about unpaid debt? If so, it’s important to understand your rights. Even if you have debt that’s still unpaid, your creditors only have a certain amount of time to take legal action against you. So, before you think about talking to a bill collector or agreeing to a new payment arrangement, it’s important to know what the statutes of limitations are in your state.

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Understanding Visa Rules

Payment Savvy

Visa is a global payment technology company that provides electronic payment solutions to financial institutions, merchants, and consumers. It is one of the most widely accepted payment methods around the world. Visa has a set of rules and regulations that govern the use of its payment network, and these rules and regulations are subject to change from time to time.

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6 Resources Debt Collection Agencies Can Use To Find You

Taurus Collect

If you have a credit or debt-related problem, it’s likely that a debt collection agency could come into the picture. In fact, most creditors and lenders will use a third party to follow up on outstanding accounts as soon as they become past due. That’s why understanding the resources these agencies can access to find you is so important. Fortunately, we’ve compiled an exhaustive list right here with everything you need to know!

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CFPB Issues Warning About Re-Opening ‘Fake’ Accounts

Account Recovery

Banks beware — you may think you are doing something nice for a consumer when you re-open a closed account so that a deposit or withdrawal can be made and save the consumer from potential issues, but you are likely breaking the law, the Consumer Financial Protection Bureau warned yesterday in a newly published circular.

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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?