AGA
MAY 23, 2023
How to Rehabilitate a Debtor and Save a Profitable Customer By David Schmidt courtesy of Your Virtual Credit Manager Business customers pay for the goods and services they purchase from other companies. After all, a sale isn’t truly complete until it has been paid. Good customer purchases generate a profit for the seller, and I’m not just talking about gross margin.
FFGN COLLECT NY
MAY 22, 2023
Summons and complaints are the most important pleadings filed in debt collection litigation, which makes properly drafting summons and complaints incredibly important. A summons is a notice to the debtor that the creditor is filing a lawsuit against them. The complaint is the meat. It is where the creditor outlines the “legal cause of action” for the claim(s) the creditor has.
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Collections Law
MAY 23, 2023
The answer could be different in an individual situation, but in commercial situations generally? The earlier the better. As soon as your ordinary, reasonable debt collection efforts have failed. Ballpark, a substantial receivable that is over 60 days late requires immediate action. That action needs to be more than just hiring a collections agency.
CICM
MAY 24, 2023
We spoke to the Chartered Institute of Credit Management’s North West Branch Chair, Chris Hardman MCICM, about his career in Credit. Chris started out in college, studying engineering, and fell into finance. When Chris was approached by the operations director at his organisation about the trouble with their collections, his chance to ‘have a go’ at a role, turned into his lifelong career.
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
MAY 25, 2023
It appears as though the data breach at NCB Management Services has expanded and now involves more than 1 million consumers, after originally indicating that 500,000 consumers were affected when details were first released back in March.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
MAY 22, 2023
Today, the Consumer Financial Protection Bureau (CFPB) reached a settlement to resolve CFPB’s allegations that Citizens Bank violated consumer financial protection laws and rules that protect individuals when they dispute credit card transactions.
Prosperity Now
MAY 23, 2023
Remember back in 2021 when we celebrated Connecticut and Washington, DC becoming the first two locations to pass Baby Bonds
Account Recovery
MAY 26, 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?
Roths Child Law
MAY 26, 2023
Many individuals and businesses face financial challenges in today’s fast-paced and unpredictable economy. When debt becomes overwhelming and difficult to manage, filing for bankruptcy can provide a fresh start and relief from mounting financial burdens. However, despite its potential benefits, some people hesitate to consider bankruptcy a viable solution.
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On Guard
MAY 24, 2023
Predicting the future credit landscape is always difficult for companies, even in the best of times. However, it is clear that the quality of available data and the way it is delivered and used will determine this future picture. Live and up-to-date data are therefore crucial for financial professionals who want to make the right choices and minimise risks.
Sawin & Shea
MAY 24, 2023
Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and protects certain assets you may possess. Briefly, unsecured debts are not backed by any collateral. Unlike car and home loans, unsecured debt means that creditors aren’t able to reclaim property if you default. Credit card and medical debt are examples of unsecured debt.
Account Recovery
MAY 26, 2023
Obtaining a settlement in a Fair Debt Collection Practices Act case does not necessarily make you the prevailing party and entitle you to attorney’s fees, a District Court judge in Texas has ruled in a case that was remanded back from the Court of Appeals for the Fifth Circuit.
Roths Child Law
MAY 25, 2023
Financial hardship is not an easy thing for anyone to face. Sadly, the reality is that millions of people in the United States are struggling just to cover their household bills. When debt becomes insurmountable, it can feel like there are no options available. However, there are strategies that can help to provide debt relief. One option is to file for bankruptcy.
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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.
On Guard
MAY 24, 2023
Predicting the future credit landscape is always difficult for companies, even in the best of times. However, it is clear that the quality of available data and the way it is delivered and used will determine this future picture. Live and up-to-date data are therefore crucial for financial professionals who want to make the right choices and minimise risks.
CICM
MAY 24, 2023
We spoke to the Chartered Institute of Credit Management’s North West Branch Chair, Chris Hardman MCICM, about his career in Credit. Chris started out in college, studying engineering, and fell into finance. When Chris was approached by the operations director at his organisation about the trouble with their collections, his chance to ‘have a go’ at a role, turned into his lifelong career.
Account Recovery
MAY 26, 2023
The New York State Department of Financial Services has fined OneMain Financial $4.25 million for violating the state’s cybersecurity regulations by failing to manage third-party service provider risk, access privileges, and for failing to maintain a formal application security development methodology. A copy of the consent order can be accessed by clicking here.
Jimerson Firm
MAY 22, 2023
Florida law allows for a private cause of action for a party’s violation of the Florida Building Code (the “Code”). See 553.84 of the Florida Statutes. There is no requirement for a party to have contact in order to bring a claim for a building code violation, thus, allowing a subsequent purchaser to bring a claim against the party that committed that violation.
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?
On Guard
MAY 24, 2023
Predicting the future credit landscape is always difficult for companies, even in the best of times. However, it is clear that the quality of available data and the way it is delivered and used will determine this future picture. Live and up-to-date data are therefore crucial for financial professionals who want to make the right choices and minimise risks.
CICM
MAY 22, 2023
Vice Media file for bankruptcy Vice Media is an American-Canadian broadcaster that was once worth £5 Billion. Now, they are close to filing bankruptcy and a group of lenders look to take over Vice Media group for £180 Million for a meagre 3.6% of it’s billions of pounds valuation, six years ago. The Media giant faces closure of ‘Vice News Tonight’, which could result in massive redundancies to its workforce.
Account Recovery
MAY 26, 2023
Getting most of the state Attorneys General to agree on anything is like herding cats, so when most of them come together, it’s likely to be something big. Forty-nine AGs announced earlier this week that they were filing a joint lawsuit against a telecom company accused of facilitating billion of robocalls to consumers nationwide.
TCPA
MAY 26, 2023
Yesterday, Florida’s Governor signed HB 761, which makes significant changes to the Florida Telephone Solicitation Act (“FTSA,” Fla. Stat. § 501.059).
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?
On Guard
MAY 22, 2023
October is security month at Visma, but online safety should happen all year round. We are discussing Red Teams and how they help to make the internet a safer place for everyone. With the high increase in cyber crime all over the world, many people and organisations are worried about becoming the next victim. In order to protect yourself, you’ll need to ask a fundamental question: how exactly can cyber criminals attack you?
Consumer Finance
MAY 22, 2023
CFPB acordó con Citizens Bank por violar leyes que protegen a los individuos cuando disputan transacciones con sus tarjetas de crédito.
Account Recovery
MAY 26, 2023
CLASS-ACTION ACCUSES COLLECTOR OF USING INCORRECT ITEMIZATION, VALIDATION DATES IN MVN Regulation F requires collectors to give consumers 30 days to request validation of a debt with the clock starting to tick five days — excluding legal holidays, Saturdays, and Sundays — after a notice is sent.
Collection Industry News
MAY 24, 2023
Introduction: Debt collection is a critical aspect of many businesses, and leveraging the right debt collection software can significantly streamline and optimize the process. With numerous debt collection software companies in the market, selecting the best one for your business can be a daunting task. In this article, we will explore the key considerations to help you choose the best debt collection software company that aligns with your business needs and goals. 1.
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