Nexa Collect
JUNE 10, 2023
AI, or artificial intelligence, has the potential to impact the field of debt collection significantly. Debt collection involves pursuing individuals or businesses to repay outstanding debts. Here are some ways AI can be used in debt collections: Automated Communication: AI-powered chatbots can handle initial interactions with debtors, engage in conversations, and answer frequently asked questions.
FFGN COLLECT NY
JUNE 14, 2023
When a debtor owes a creditor money and the creditor is seeking assistance collecting the amount owed, the creditor can either use a collection law firm or a collection agency. Law firms and collection agencies serve the same purpose initially. Both can send a demand letter and call the debtor to request the outstanding amount owed. Should the debtor refuse to pay and it becomes time to file suit, the collection agency will have to engage a third-party law firm to file suit.
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NACM
JUNE 14, 2023
Listen to the latest episode of NACM's Extra Credit podcast to learn how automation can help credit departments navigate the spike in bankruptcies. ?️ With the pandemic free-money era officially coming to an end, many businesses on the margin are starting to struggle. As a result, corporate bankruptcies are on the rise. Commercial C.
Account Recovery
JUNE 12, 2023
What should a collector do when he or she makes a mistake and the consumer doesn’t notice it? See all the Training Bytes videos by clicking here.
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.
American Profit Recovery
JUNE 14, 2023
Deciding to use a debt collection agency can be a big step for a business. Many business owners and other decision-makers have a number of questions they want answered before deciding to take that next step with an accounts receivable program. They want to know that they made the best decision possible for their organization. Of course getting late and non-paying customers to the table is a top concern, there can be other concerns that a business of any size wants to address before taking the ne
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Prosperity Now
JUNE 15, 2023
Juneteenth National Independence Day commemorates the Emancipation Proclamation, in which President Abraham Lincoln issued the proclamation to free enslaved African
Account Recovery
JUNE 13, 2023
In what many in the accounts receivable management industry fear is a nightmare scenario, plaintiffs who lose cases in federal court, especially if found not to have standing to sue, then turn and file the exact same case in state court, hoping the threshold to have standing is lower and therefore making it more likely […]
American Profit Recovery
JUNE 11, 2023
It’s June 2023 and household debt just set an all-time record. And it could affect every business in the country. The New York Federal Reserve issued a report in May 2023 that indicated a new record in household debt. Americans have racked up over $17 trillion in debt. And that should concern every business owner, entrepreneur and anyone responsible for accounts receivables.
Credit Corp
JUNE 12, 2023
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. A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects.
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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.
Prosperity Now
JUNE 15, 2023
This June, families across the country are celebrating fathers and father figures in their lives. The yearly question of what to get dad for Father's Day will come up, and many kids will begin crafting and signing homemade cards.
Account Recovery
JUNE 16, 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?
UK debt collections
JUNE 14, 2023
London landlords face prolonged delays in the eviction process as bailiff operations are suspended indefinitely due to unspecified ‘health and safety reasons’. This move is reportedly causing an immediate and significant impact on evictions, with one bailiff reporting an 80% decrease in their workload. The understanding is that the safety concerns arise from the need for bailiffs to be accompanied by additional personnel while attending properties, to ensure their safety.
Credit Corp
JUNE 12, 2023
While there’s no set number for how many credit cards you should have, having too few or too many may negatively affect your credit score by impacting your credit utilization or creating difficulties tracking your payments and balances. There’s no set rule on how many credit cards are too many as it depends on several factors, like credit health, age, income, and utilization ratio.
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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.
Collection Industry News
JUNE 12, 2023
Introduction: Managing debt is an essential aspect of running a business, and effective debt collection is crucial for maintaining healthy cash flow and financial stability. Implementing proper debt collection techniques can help businesses recover outstanding payments while maintaining positive relationships with clients. In this article, we will explore some effective strategies for businesses to improve their debt collection processes and increase their chances of successful debt recovery. 1.
Account Recovery
JUNE 16, 2023
The Court of Appeals for the Third Circuit has affirmed a lower court’s ruling awarding the defendant in a Telephone Consumer Protection Act case $286,064.62 in attorney’s fees, costs, and expenses while vacating an additional award of $73,884.
Burr Forman
JUNE 16, 2023
In Milgram v. Chase Bank USA, N.A. , F.4th , 2023 WL 3874276 (11th Cir. June 8, 2023), the Eleventh Circuit affirmed the district court’s dismissal of plaintiff’s FCRA claim based on the bank’s alleged failure to conduct a reasonable investigation into a consumer’s dispute after the consumer provided proof of a criminal judgment in an identity theft matter.
Credit Corp
JUNE 12, 2023
The Fannie Mae Flex Modification Program (FMP) is a mortgage assistance solution designed to relieve borrowers facing financial hardship. Are you looking to improve your mortgage management but don’t know where to start? Handling mortgage payments is challenging, especially if you’re facing economic difficulties and don’t know where or how to get financial assistance.
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?
Fico Collections
JUNE 16, 2023
Home Blog Feed test Customer Management Trends: Hyper-Personalization, Trust, & More These were some of the top customer experience themes, breakouts, & ideas from FICO World 2023 Thu, 02/09/2023 - 10:49 Pawel Pasik by FICO expand_less Back to top Fri, 06/16/2023 - 10:25 FICO World 2023 was a hugely successful event, with more than 500 leading companies gathering at The Diplomat in Hollywood, FL to discuss top market trends, best practices, and innovative ideas in digital transformation.
Account Recovery
JUNE 16, 2023
The Court of Appeals for the Ninth Circuit has upheld — albeit in a split decision — a medical debt collection law in Nevada that was enacted in the wake of the COVID-19 pandemic, ruling that the law is not pre-empted by either the Fair Debt Collection Practices Act or the Fair Credit Reporting Act, […]
Taurus Collect
JUNE 15, 2023
Are you a business owner struggling to properly manage accounts receivable and collect past-due payments? It’s no surprise that debt collection is an increasingly competitive field, so understanding and leveraging the right tools could give your company the edge it needs. Debt collection agencies are transforming how courts handle delinquent accounts, making their services a valuable asset for businesses large and small.
Credit Corp
JUNE 14, 2023
How long someone has bad credit depends on how long they continue to create negative credit activity. Almost as soon as you start making credit-improving moves, you may see positive impacts in your score. However, old negative activity can still haunt your report for a while after you start improving your credit situation. Luckily, you can still have a decent or even excellent score with negative marks on your report.
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?
Fraser
JUNE 15, 2023
A pet trust is a legal document that allows you to provide for the care of your beloved pet if you become incapacitated and after you pass away. A pet trust can be created as a standalone document, or as part of a revocable (living) trust or will. In addition, a durable power of attorney can provide instructions to an agent for the care of a pet during your lifetime.
Account Recovery
JUNE 16, 2023
Human Rights Watch, an international non-governmental organization, has issued a blistering report that calls out the United States for allowing “abusive medical billing and debt collection practices” that undermine human rights through the use of a “profoundly flawed” system. A copy of the report, titled “In Sheep’s Clothing” can be accessed by clicking here.
Troutman Sanders
JUNE 15, 2023
Please join Troutman Pepper Partners Chris Willis and James Stevens for a very special announcement about two new great tools for the financial services industry: The Troutman Pepper Financial Services blog and the Troutman Pepper Financial Services app. The blog will provide analysis and commentary on financial services law, regulation, and business, spanning across all areas of law that impact financial services providers.
Credit Corp
JUNE 14, 2023
More than 10% of subprime auto loan customers were behind on payments by 60 days or more in early 2021. Were you one of them? Whether or not you fall under the subprime category, it can be surprisingly easy to miss an auto payment—or any other debt. So, when do you know that you have a late car payment on your hands? And what do you do? You’ve got questions—we’ve got answers.
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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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