Sat.Dec 05, 2020 - Fri.Dec 11, 2020

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5 Collection Call Script Questions Answered by Industry Leaders

PDC Flow

Call Scripting Benefits. Script Limitations. Keep Agents In Control. Call Script Elements. Agent Training. Most agencies use collection call scripts but how do you know you’re getting all you can out of yours? Recently, we reached out to several experts in the industry for their thoughts on call scripting. They discussed the pros and cons of using scripts, elements they should contain and the important link between scripts and better trained agents. “A script streamlines the process for ne

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End of Year Accounts Receivable Best Practices

Enterprise Recovery

As if the month of December isn't blurry enough, your accounting department is working on year-end activities. Whether your business is a single-person shop or an enterprise corporation, the end of the year may also be the end of your fiscal year. Common activities during this time will provide insights into your business' financial situation including: Reconciliation of A/R.

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How to Save the Holidays: More Joy, Less Cash

Nerd Wallet

The holiday season is getting closer — and wallets lighter. Still, there are unpurchased gifts left on your list. Here’s how to come up with presents that will delight recipients without blowing up your budget. Resist the temptation to throw caution to the wind because you’re just so tired of waiting for 2020 to be over. Bev O'Shea writes for NerdWallet.

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What the States With the Highest Credit Card Debt Burdens Have in Common

Account Recovery

If you had three guesses, do you think you could name any of the five states that have the highest amount of average credit card debt, per person? All five were in the top 10 last year, according to a ranking provided by Creditcards.com. Want a clue? Coincidentally enough, all five rank among the bottom … The post What the States With the Highest Credit Card Debt Burdens Have in Common appeared first on AccountsRecovery.net.

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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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Hiring the right collection agency has its advantages

American Profit Recovery

In the not too distant past, a business that hired a collection agency was doing so as a last resort. They had customers that were not paying, they called, sent letters, and decided that the only thing they could do was to get rid of that customer and send them to collections. A far cry from how a collection agency can help a business today. When you use an agency today you should be thinking a little differently about the results you want to gain from that relationship.

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How Much Interest Can I Earn on $100, $1K or $10K?

Nerd Wallet

A savings account is an important way to prepare for big expenses and future goals — even if you start small. No matter the amount you’re saving, what’s most critical is that you start now. “There’s never a time that’s soon enough,” says Angela Moore, a certified financial planner and the founder of Modern Money. Ruth Sarreal writes for NerdWallet. Email: rsarreal@nerdwallet.com.

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Wisc. Judge Grants MTD in FDCPA Case Over Creditor Name in Letter

Account Recovery

A District Court judge in Wisconsin has granted a defendant’s motion to dismiss after it was sued for violating the Fair Debt Collection Practices Act because it allegedly failed to correctly identify the creditor to whom a debt was owed in a collection letter. A copy of the ruling in the case of Fellenz v. … The post Wisc. Judge Grants MTD in FDCPA Case Over Creditor Name in Letter appeared first on AccountsRecovery.net.

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I am thankful

American Profit Recovery

With Thanksgiving recently upon us, I could not help but stop and think about all the things I am thankful for this year. 2020 has taught many of us to be grateful for the little things like family, socializing, health, and simple things like being able to grocery shop. I am especially grateful that I chose to work at such a phenomenal place as I approach my third-year anniversary at American Profit Recovery.

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Can You Afford A Dog? Pet Ownership Costs Guide for 2020

Credit Corp

There is so much to love about having a dog—the companionship, cuddles, stress relief, and other health benefits. But before you take the big leap into dog ownership, you have to know what it will cost you financially. Each year, too many dogs end up abandoned in shelters because their owners could not afford the various bills affiliated with keeping up with their pets.

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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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Can You Pay Off Student Loans in One Lump Sum?

Nerd Wallet

You can use a lump sum to pay down or pay off student loans. There are never any penalties for prepaying federal or private student loans. You’ll save time and interest if you can pay off student loans in one lump sum. But before you do, make sure there’s not a better use for that. Ryan Lane writes for NerdWallet. Email: rlane@nerdwallet.com. The article Can You Pay Off Student Loans in One Lump Sum?

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The Positive Spiral of Production That Training Can Create

Account Recovery

It can be tough for a collector to not give up on a collection call when an individual on the other end of the phone says something along the lines of, “I can’t pay this today” or “I don’t want to pay it.” But one of the qualities that separates good collectors from great collectors … The post The Positive Spiral of Production That Training Can Create appeared first on AccountsRecovery.net.

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AI Predictions 2021: Artificial Intelligence Crosses the Chasm

Fico Collections

“Crossing the chasm” is every technologist’s most fervent wish—that their invention leaps the gulf between early adoption and mainstream embrace. Last year I predicted that artificial intelligence (AI) would grow up , with major infrastructure developing around Responsible AI , AI advocacy and AI governance. These and other milestones have come to pass, pushing enterprise-scale AI solidly into the “early adoption” phase, as defined by “Chasm” author Geoffrey Moore.

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3 Things Rideshare and Delivery Drivers Should Know About Car Insurance

Credit Corp

Food delivery and ridesharing are great ways to earn extra income. The market for food delivery has increased as restaurants have had to adapt to COVID-19 precautions, and just about everyone could use some extra income as we continue to navigate life during a pandemic. If you’re considering joining a food delivery or rideshare company as a driver, you need to be sure you have the right insurance coverage.

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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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10 Money Insights From 25 Years of Financial Writing

Nerd Wallet

The importance of money has less to do with affording the newest iPhone or measuring career success, and far more to do with the core of being human: freedom, ego, stress and relationships. How we use and think about money — not just accumulating lots of it — literally can determine our happiness during the. Gregory Karp writes for NerdWallet. Email: gkarp@nerdwallet.com.

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Daily Digest – December 8. Collection Agencies Received $422M Through PPP; How to Gauge the Effectiveness of the LCM

Account Recovery

COLLECTION AGENCIES RECEIVED $422M THROUGH PAYCHECK PROTECTION PROGRAM Nearly 90 companies identifying themselves as collection agencies received more than $1 million in loans through the Paycheck Protection Program, with the top company receiving nearly $9 million, according to an analysis of data released by the Small Business Administration. HOW TO GAUGE THE EFFECTIVENESS OF THE … The post Daily Digest – December 8.

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The Santa Challenge 1: Get the Data!

Fico Collections

Santa Claus is facing a challenge in this pandemic year. Kids worldwide can’t sit on Santa’s lap. Elves are in lockdown and he needs to find new toy sources. Plus with Dancer and Prancer self-isolating, he needs a new way to make his worldwide rounds. This calls for advanced AI and decision management technology – enter FICO! The race is on to keep Santa on schedule. .

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A Proper Final Judgment of Foreclosure: Form 1.996(a)

Jimerson Firm

The Florida Supreme Court has published the proper form to use when seeking a final judgment of foreclosure: Form 1.996(a), Final Judgment of Foreclosure (8-18-20). Form 1.996(a) is incorporated in the Florida Rules of Civil Procedure under Rule 1.900. Pursuant to Rule 1.900(b), the Form may be varied to meet the facts of a particular case, so long as the substance is expressed without prolixity.

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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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Life and Money Lessons From the Pandemic

Nerd Wallet

I’m a “be prepared” kind of person. I like having money in the bank and a good stock of emergency supplies. But I wasn’t prepared to see empty shelves at the supermarket, or thousands of cars lined up at a Texas food bank, or nurses dressed in garbage bags because there wasn’t enough protective equipment. Liz Weston writes for NerdWallet. Email: lweston@nerdwallet.com.

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Rep. Waters Calls on President-Elect to Rescind Debt Collection Rule

Account Recovery

Rep. Maxine Waters [D-Calif.], the chairwoman of the House Financial Services Committee, is calling on President-elect Joe Biden to rescind the Consumer Financial Protection Bureau’s debt collection rule, in order to protect consumers from collectors who will “harass consumers over email or text.” The recommendation was one of many made by Rep.

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Consumer Financial Protection Bureau and Multiple States Enter into Settlement with Nationstar Mortgage, LLC for Unlawful Servicing Practices

Consumer Finance

On December 7, 2020, the Consumer Financial Protection Bureau (Bureau) filed a complaint and proposed stipulated judgment and order against Nationstar Mortgage, LLC, which does business as Mr. Cooper (Nationstar).

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What the winter holidays and tax season have in common

True Accord

As we speed towards the end of a tumultuous year, I wanted to share my thoughts on what the months ahead may bring for the collections industry. First, to address the riddle in the title of this post, what do the holidays and tax season have in common? Debt repayment. According to TrueAccord’s data from 12 million American consumers, debt repayment typically peaks twice a year: once during the winter holidays and again from February to early April when tax refund checks are received.

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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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4 DIY Home Improvement Projects to Avoid

Nerd Wallet

A do-it-yourself approach for home improvement projects may reduce your initial costs — but for certain jobs, the risks far outweigh any potential savings. If any of these projects are on your to-do list, call in the pros unless you’ve got plenty of related experience. 1. Roof replacement Roofing is extremely hard and dangerous work. Roberta Pescow writes for NerdWallet.

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CFPB Sues Debt Collector

Account Recovery

The Consumer Financial Protection Bureau yesterday announced it had filed a lawsuit against a debt collector, accusing it of violating the Fair Debt Collection Practices Act and Consumer Financial Protection Act by sending collection letters using the letterheads of its clients — district attorneys’ offices — to collect on outstanding debts without identifying itself or … The post CFPB Sues Debt Collector appeared first on AccountsRecovery.net.

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Supreme Court Hears Oral Argument in Facebook on Tuesday: What to Watch For

Troutman Sanders

On Tuesday, December 8, the U.S. Supreme Court will hear oral arguments in the Duguid v. Facebook case to decide, once and for all, whether an automatic telephone dialing system (“ATDS”), as defined in the Telephone Consumer Protection Act (“TCPA”), requires random or sequential number generation. The case is poised to resolve a considerable circuit split, with the Third, Seventh, and Eleventh Circuits finding that telephony must include a random or sequential number generator to quality as an

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Consumer Financial Protection Bureau and Arkansas Attorney General Settle with Home-Alarm Company for Using Consumers’ Credit Scores Without Proper Notice

Consumer Finance

On December 11, 2020, the Consumer Financial Protection Bureau and the Arkansas Attorney General settled with Alder Holdings, LLC, resolving their allegations that Alder failed to provide proper notices under the Fair Credit Reporting Act.

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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.