Sat.Apr 27, 2024 - Fri.May 03, 2024

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Data Breach at Collection Agency Compromises Info on 2M Consumers

Account Recovery

A Pennsylvania collection operation has suffered a data breach that has compromised the personal information of nearly 2 million individuals, according to a filing the company has made with the Maine Attorney General. What Happened: Back on February 26, the company — FBCS — discovered unauthorized access to certain systems in its network.

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CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports

Consumer Finance

The CFPB today released research showing that 15 million Americans still have medical bills on their credit reports despite changes by Equifax, Experian, and TransUnion.

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Why Hiring a Debt Collection Agency Can Save Your Small Business Money and Hassle

JMA

For many small to medium-sized business owners across Australia, managing finances smoothly is crucial for survival, yet outstanding debts can throw a wrench in the works. When invoices remain unpaid, it’s not just an annoyance; it can disrupt your cash flow and put your business’s health at risk. While the idea of handling debt collection.

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Getting Your First Credit Card: What You Need to Know

Credit Corp

When getting your first credit card, consider factors such as the card’s annual fees, interest rates, rewards or benefits, and credit limit. Choose a card that aligns with your financial goals and spending habits, and make sure to understand the terms and conditions, including the consequences of late payments or carrying a balance. Additionally, aim to use the card responsibly to build positive credit history while avoiding overspending and accumulating debt.

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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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Arizona Court of Appeals Affirms Constitutionality of Predatory Debt Collection Act

Account Recovery

The Arizona Court of Appeals this week upheld the state’s controversial Predatory Debt Collection Act, rebuffing an industry challenge led by the Arizona Creditors Bar Association. The decision ensures the law, which includes measures to shield individuals from medical debt garnishments and cap interest rates, remains in effect.

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Digital-First Debt Collection Delivers 35% Liquidation Increase for Leading Telecoms

True Accord

Telecom Industry Evolves, But Call-and-Collect Can’t Keep Up The telecommunications industry has evolved hand-in-hand with most consumer communication preferences throughout the decades. From the last remaining landlines to mobile and internet services, it’s challenging to find a consumer that doesn’t subscribe to a Telecom service. Yet while Telecoms enable customers to communicate and access products and services via digital channels wherever they go, the industry’s own methodology for communi

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Unenforceability of Ipso Facto Clauses

Jimerson Firm

Ipso Facto clauses are provisions in a contract providing that a party to the contract will be in default in the event of insolvency or due to the party’s financial condition. These provisions can cause headaches and heartburn, particularly when a party—or parties—are entering into bankruptcy proceedings. This blog will explain the limits of ipso facto clauses and why Florida courts decline to enforce them.

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Getting to Know Melissa Plunkey of L J Ross Associates

Account Recovery

I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support.

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CFPB Publishes Research Finding Higher Price Complexity Leads Consumers to Pay More

Consumer Finance

The CFPB issued a new report that suggests consumers tend to pay more for products that have more complex pricing structures.

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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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Foreign judgment: Chasing out-of-state judgments into Massachusetts

Collections Law

Do you have an out-of-state judgment? Does your debtor have assets in Massachusetts? Our relentless and aggressive commercial collection lawyers at Law Offices of Alan M. Cohen & Associates LLC will ethically employ any and all applicable methods allowed to us under state, interstate and federal rules and statutes to help you get paid. In the case of foreign judgments states are required to honor and recognize judgments those judgments by virtue of the U.S.

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How to Get Out of Debt: 10 Steps to Financial Peace of Mind

Credit Corp

The most surefire way to get out of debt is to create a detailed budget, prioritize paying off debts with the highest interest rates first while making minimum payments on others, and consistently allocate extra funds toward debt repayment until all balances are cleared. Additionally, consider seeking professional financial advice to explore options like debt consolidation or settlement if necessary.

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Daily Digest – May 3. Suit Accuses Collector of Making Calls After Asking for Texts or Emails Only; Arizona Court of Appeals Affirms Constitutionality of Predatory Debt Collection Act

Account Recovery

Suit Accuses Collector of Making Calls After Asking for Texts or Emails Only Arizona Court of Appeals Affirms Constitutionality of Predatory Debt Collection Act Connecticut Legislature Passes Medical Debt Credit Reporting Bill Student Loan Debt Cancellation to Cost Taxpayers as Much as $1.

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CFPB Highlights the Hidden Costs of Health Savings Accounts

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today released a report detailing the complex costs and fees that many consumers with health savings accounts are forced to pay.

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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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‘Jong’ en ‘oud’: het overbruggen van de leeftijdskloof in de financiële sector

On Guard

51% van de jongere generatie (18 tot 34 jaar) vindt dat hun generatie meer openstaat voor datagedreven werken dan hun ‘oudere’ collega’s, zo blijkt uit een recent onderzoek van Onguard. Maar wat betekent dit in het tijdperk van digitale transformatie en de snelle uitbreiding van technologie op de werkplek? En hoe kunnen bedrijven deze leeftijdskloof benutten om technologie op de best mogelijke manier te integreren?

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What Is a Charge Card?

Credit Corp

A charge card is like a credit card, but instead of allowing you to carry a balance from month to month, you’re required to pay off the full balance every month. It’s a way to make purchases without using cash upfront, but you have to be careful to only spend what you can afford to pay off each month. Many people incorrectly use the terms “charge card” and “credit card” as if they mean the same thing.

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Payment Processor to Pay $10M to Settle Claims with FTC, Barred from Working with Collectors, Debt Relief Companies

Account Recovery

The Federal Trade Commission has taken legal action against a payment processing company and two of its former executives, accusing them of processing payments for fraudulent and deceptive companies, including a debt relief organization.

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CFPB Alerta sobre Los Costos Ocultos de las Cuentas de Ahorros para Cuidados de Salud

Consumer Finance

CFPB emite reporte detallando los complejos costos y tarifas que consumidores que tienen cuentas de ahorros para gastos de salud son forzados a pagar.

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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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Navigating credit card use after filing for bankruptcy

Roths Child Law

Following bankruptcy, managing credit card usage requires a strategic approach to rebuilding financial stability and creditworthiness. This involves understanding credit scores and the importance of responsible financial habits. Some tips to help you navigate credit card use after you file for bankruptcy can be found here. Understanding credit scores Understanding the intricacies of credit scores is crucial post-bankruptcy, as it highlights the significance of rebuilding creditworthiness.

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How Do Credit Repair Companies Work?

Credit Corp

A reputable credit repair company helps you understand your credit report and provides guidance on how to improve your credit score. They may also assist in disputing inaccuracies on your report with credit bureaus and provide educational resources to help you manage your finances responsibly. Your credit score doesn’t say anything about your worth, but it can affect your ability to qualify for loans, credit cards, and lines of credit.

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Daily Digest – May 2. Getting to Know Melissa Plunkey of L J Ross Associates; Judge Awards Defendants $50k in Attorney’s Fees in FDCPA Case

Account Recovery

Getting to Know Melissa Plunkey of L J Ross Associates Judge Awards Defendants $50k in Attorney’s Fees in FDCPA Case Payment Processor to Pay $10M to Settle Claims with FTC, Barred from Working with Collectors, Debt Relief Companies Why Healthcare Providers Need to Modernize Patient Payment Options WORTH NOTING: If you are looking for a […]

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CFPB Revela que Existen 15 Millones de Personas en el País que Tienen Facturas Médicas en sus Informes de Crédito

Consumer Finance

CFPB publica reporte mostrando que hay 15 millones de personas que todavía tienen facturas médicas en sus informes de crédito, a pesar de cambios efectuados en sus procesos por Equifax, Experian y TransUnion.

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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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How Does an Invoice Date Affect Your New York Debt Collection Case?

FFGN COLLECT NY

Seeking to keep a debt collection claim alive by sending repeated invoices or statements to delinquent customers? You may be surprised to learn how the invoice date affects your New York debt collection case. New York’s statute of limitations dictates your ability to start a debt collection claim in New York whether by demand, mediation , arbitration , or litigation.

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How to Remove a Cosigner From a Car Loan and Title

Credit Corp

To remove a cosigner from a car loan and title, you typically need to refinance the loan solely in your name. This involves applying for a new loan based on your creditworthiness and income, which can be challenging if your financial situation has changed since the original loan was taken out. Once approved for refinancing, the lender will pay off the existing loan, and the cosigner will be released from their obligations on the loan and title.

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Settling Debt Not Enough for Plaintiff to Have Standing, Judge Dismisses FDCPA Class Action

Account Recovery

A District Court judge in New Jersey has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class-action, ruling the plaintiff lacked standing to sue after claiming the defendant violated the statute by failing to indicate if interest, costs, or fees were included when it referenced the balance that was owed in […]

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Can Bankruptcy Get Rid of My Credit Card Debt in Broomfield, CO?

Debt Free Colorado

Finding Solutions to Discharge Your Credit Card Debt Many find themselves struggling if they should file for bankruptcy because of their credit cards. High-interest rates, unexpected expenses, and even medical bills can quickly turn manageable payments into a suffocating burden. If you’re in this situation, you’re not alone in Broomfield, CO.

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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?