FFGN COLLECT NY
JUNE 4, 2023
Are you using artificial intelligence to support your debt collection efforts? If not, you may want to employ the powers of AI to assist and boost your recovery rates on accounts receivable. Despite fears that AI will replace all human functions, AI won’t replace your collections department. However, your collections department can work together with AI to achieve improved results.
CICM
JUNE 6, 2023
With all the advantages modern collections technologies bring, it might be easy to assume we can sit back and watch the cash roll in because all routine tasks have been automated. But could we overlook something by taking the human touch out of the process? In this blog, we’ll explain why retaining empathy and a human touch in our collections process is essential.
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Nexa Collect
JUNE 3, 2023
Whether or not to implement late fees in your business depends on various factors, including the nature of your business, your target audience, industry standards, and your overall business goals. Here are some points to consider when making this decision: Cash flow management: Late fees can act as an incentive for customers to make timely payments, improving your cash flow.
Account Recovery
JUNE 7, 2023
The Consumer Financial Protection Bureau yesterday painted a target on artificial intelligence, issuing an advisory about banks and companies in the financial services industry using the technology in chatbots, saying it can lead to violations of consumer finance laws and harm consumers by providing inaccurate information and diminished customer service.
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.
CICM
JUNE 7, 2023
Ensuring your invoices are paid promptly and within terms is an essential item on the ‘to-do’ list for any business that wants to maintain a healthy cash flow position. However, managing Accounts Receivable can be time-consuming, complicated and yield uncertain results, particularly for smaller and mid-size organisations. In this blog, you will find tips that help ease the process, secure some ‘wins’ and streamline your business operations.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
JUNE 7, 2023
The Consumer Financial Protection Bureau (CFPB) took action against medical debt collector Phoenix Financial Services (Phoenix) for numerous debt collection and credit reporting violations.
Account Recovery
JUNE 7, 2023
The parent company of Lexington Law, which filed for bankruptcy protection earlier this week, is planning to auction off its assets and has laid off more than 75% of its employees, according to published reports.
Credit Corp
JUNE 8, 2023
In July 2016, the Consumer Federation of America (CFA) and VantageScore Solutions reported that most consumers—more than 80%—knew basic facts about their credit scores, including that credit scores are used by lenders to approve or deny mortgages and by credit card issuers to approve or deny credit cards. While it’s good that most people know the importance of credit scores, the same survey found that many consumers don’t understand credit score details.
Payment Savvy
JUNE 7, 2023
When looking for a new payment method for business, Venmo may not be the first option to spring to mind. After all, what does a peer-to-peer payment app have to do with business-related payments? As it turns out, everything. Although its primary customer base is teens and millennials sending each other money, splitting bills, etc., Venmo can also be used by companies to provide their customers with yet another convenient payment option.
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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
JUNE 5, 2023
The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions.
Account Recovery
JUNE 6, 2023
The California Department of Financial Protection and Innovation yesterday announced three enforcement actions against different debt collection operations, for attempting to collect in the state without having or applying for a license and also making false or misleading representations when attempting to collect on a debt i n violation of the Fair Debt Collection Practices …
True Accord
JUNE 6, 2023
Protecting personal and financial information is critical in today’s digital age. Where data has its own intrinsic value and where data breaches and cyberattacks are a risk for every business, the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) provides financial institutions, including those in the accounts receivable management industry, with guidance on how to safeguard customer information.
Payment Savvy
JUNE 9, 2023
Starting an online business can be done in one of two ways. Either you can use a third-party platform to host and manage the store for you, or you can own a self-hosted platform over which you have complete control. Of course, using a third-party platform is simpler. The setup and maintenance of the store are taken care of for you. Additionally, there is no need for you to go through the trouble of learning how to create an e-commerce website from scratch.
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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
JUNE 7, 2023
Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.
Account Recovery
JUNE 5, 2023
Facing the possibility of a $3 billion claim from the Consumer Financial Protection Bureau, the parent company of Lexington Law and CreditRepair.com filed for Chapter 11 bankruptcy protection yesterday. A copy of the filing, filed in the Bankruptcy Court for the District of Delaware, can be accessed by clicking here.
Roths Child Law
JUNE 9, 2023
Being prepared for the unexpected is crucial, and most people do this. However, it's rare for someone to plan for bankruptcy, as it's associated with negative aspects, and some people believe they can't experience it - they save and make the right financial moves. As a result, they may not take time to learn about bankruptcy. So, who needs to be informed about bankruptcy?
Troutman Sanders
JUNE 9, 2023
On June 7, the Federal Trade Commission (FTC) announced a request for information (RFI) to gain additional insight into how it can optimize joint enforcement with state attorneys general (state AGs) to protect consumers from fraud. The announcement signals a growing trend of cooperation between the FTC and state AGs, which we have also seen between the Consumer Financial Protection Bureau (CFPB) and the state regulators.
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?
CICM
JUNE 9, 2023
What is a Credit Policy? A credit policy is a set of rules that businesses and organisations use to manage the extension of credit to customers and clients. A credit policy is put in place to minimise financial risks and ensure a healthy and stable cash flow for your business or organisation. They are an essential piece of documentation to help you with the effectiveness of your Credit Management.
Account Recovery
JUNE 9, 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?
Optio Solutions
JUNE 8, 2023
Unlike hard goods like cars, furniture, etc., utilities like electricity, water and gas are intangible services. While a car can be repossessed in the case of non-payment, utilities can’t be reclaimed. That makes utilities debt collection difficult as the only real incentive for paying is disruption of service. And, since many utilities are considered essential… The post Successful Utilities Debt Collection appeared first on Optio.
Troutman Sanders
JUNE 8, 2023
As discussed here , in April 2023, Colorado introduced HB 1229 that proposed to limit certain charges on consumer loans and simultaneously opt Colorado out of sections 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections 521-523 of DIDMCA empower state banks, insured state and federal savings associations and state credit unions to charge the interest allowed by the state where they are located, regardless of where the borrower is located and regardless
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?
Sawin & Shea
JUNE 7, 2023
Co-signers are beneficial for those seeking to obtain loans and credit cards. The primary advantage of having a responsible co-signer is that it will increase your chances of receiving credit approval. Additionally, having a co-signer may enable you to secure more favorable interest rates. If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy.
Account Recovery
JUNE 9, 2023
The Consumer Financial Protection Bureau yesterday announced its first enforcement action in the area of medical collections, fining a medical debt collector $1.675 million for continuing to attempt to collect on debts that were not substantiated after the consumers filed disputes and for furnishing information abut the debts to the credit reporting agencies.
Price Meese
JUNE 7, 2023
Introduction: Condominium living has gained immense popularity in New Jersey, offering a unique housing option for individuals seeking the benefits of homeownership without the responsibilities of maintaining an entire property. While condominiums provide numerous advantages, there may come a time when termination becomes necessary due to various reasons.
Troutman Sanders
JUNE 8, 2023
Please join Troutman Pepper Partners Chris Willis and Jason Cover as they discuss the Consumer Financial Protection Bureau’s (CFPB) recent special edition Supervisory Highlights focused on “junk fees.” Chris and Jason dive into the report and talk about how this fits into the CFPB’s broader initiative on junk fees, what exactly constitutes a junk fee, the types of fees the CFPB identifies as problematic, if this means that creditors can’t charge any of these fees, and steps to take to mitigate
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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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