Sat.Aug 08, 2020 - Fri.Aug 14, 2020

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Licensing Bill in Calif. Moves Closer to Becoming Law; Sponsor Says Industry Supports Measure

Account Recovery

A bill that would require debt collectors in California to obtain licenses in order to stay in business moved one step closer to becoming a law yesterday, after being approved by the Assembly Banking and Finance Committee. The bill, SB 908, has already been approved by the state Senate. It now moves to the Assembly’s … The post Licensing Bill in Calif.

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How to Onboard Clients for a Successful Business Relationship

Enterprise Recovery

Once your sales team has built enough trust to land a new client, the onboarding process will lay the groundwork for the ongoing client relationship. This is the time that the client is open to you and, at the same time, cautious of your next steps. It's important that you hit the ground running (or even before signing the agreement!) so the client feels an immediate sense of relief.

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Lunch by Zoom

American Profit Recovery

By Courtney: Working from home has been a huge adjustment, not only for the entire company but especially the customer service department. Back when we were in the office we were known as “the favorite row”. When you walked down the customer service isle you could feel the great energy, always joking around & laughing. Since this transition we have had to find new ways to keep that relationship & Zoom has been a huge tool.

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12 Ways to Improve Your Business Credit Score

Nexa Collect

Similar to a consumer’s credit score, a business’s credit score represents its creditworthiness. The higher the number, the better off the company. The three business credit reporting companies are Dun & Bradstreet, Equifax and Experian. Each has its own way of gathering data and scoring your business, but they all look for information from investors, lenders, banks, and credit card issuers.

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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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Idaho Extends Work From Home Guidance Until End of Year

Account Recovery

The Idaho Department of Finance has extended its guidance allowing collection agency employees to work from home without needing to obtain branch licenses until December 31. The allowance was due to expire on September 1. “The Department recognizes that the continued spread of localized person-to-person cases of the virus has not significantly improved,” it said … The post Idaho Extends Work From Home Guidance Until End of Year appeared first on AccountsRecovery.net.

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We were built for this

American Profit Recovery

When you make taking care of your employees your main mission as an organization, you never think that a pandemic could show you just why this is so critical to a business. While we miss the family atmosphere that once was our corporate office, the team-like way in which everyone rowed the same way, and the personal manner we help each other grow in a face to face environment, we have seen some of the most amazing teamwork during COVID-19 that we have ever seen.

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Is Invoice Factoring Good for Your Company?

Nexa Collect

Invoice factoring can be an appealing way for businesses with outstanding accounts receivables to raise needed cash quickly. Factoring companies will purchase blocks of a business’s unpaid invoices, fronting between 85 and 90% of their total value. The business is then charged a fee every week until the last invoice is paid by the customer, at which point the factoring company will release the remaining 10 to 15%.

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Judge Grants MTD in FDCPA Case Over Lack of Standing

Account Recovery

A District Court judge in Florida has granted a defendant’s motion to dismiss after it was sued for violating the Fair Debt Collection Practices Act because it lumped the principal, interest, fees, and expenses it was owed into one amount when filing a proof of claim after the plaintiff filed for bankruptcy protection. The judge … The post Judge Grants MTD in FDCPA Case Over Lack of Standing appeared first on AccountsRecovery.net.

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What No Student Loan Payments Until 2021 Means for You

Nerd Wallet

You don’t have to make another federal student loan payment in 2020. Now is the time, though, to decide what to do before your bill arrives in January 2021. Federal student loan borrowers were already in an automatic interest-free pause on payments as part of the original coronavirus relief bill, known as the CARES Act. Anna Helhoski is a writer at NerdWallet.

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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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Update on the Second Round of Stimulus Checks

Debt

There are signs that another round coronavirus relief – and the $1,200 second stimulus check that’s the featured centerpiece in it – may not happen after all. Democratic leaders Nancy Pelosi (D-Calif.) and Chuck Schumer (D-N.Y.) have not spoken with Treasury Secretary Steven Mnuchin or White House Chief of Staff Mark Meadows in five days […]. The post Update on the Second Round of Stimulus Checks appeared first on Debt.org.

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How Effective Are Collection Agencies?

Nexa Collect

Collecting outstanding debt isn’t an easy process. If a consumer has allowed their obligations to go into delinquency they’re usually either experiencing significant financial difficulty, they’re grossly irresponsible, or they have no intention of paying. None of these situations are amenable to fast debt recovery. Companies will generally try to collect on their outstanding accounts internally before passing their most egregious cases on to an external debt collection agency.

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NYC Extends Enforcement Grace Period for Language Access Rule

Account Recovery

The New York City Department of Consumer Affairs has extended the period through which it will not issue any enforcement actions for violations of its new language access rule until October 1. The grace period was set to expire on August 26. No reason was given for the extension, but it will be very much … The post NYC Extends Enforcement Grace Period for Language Access Rule appeared first on AccountsRecovery.net.

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17 Accessible Small-Business Ideas

Nerd Wallet

Maybe you’re looking to supplement your full-time income with a side business. Or perhaps you’re finished with the 9-to-5 and ready to be your own boss. In either case, coming up with a killer small-business idea is the first step on the path to entrepreneurship. Focus on your strengths, skills and experience. You can perform. Steve Nicastro is a writer at NerdWallet.

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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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The Sixth Circuit Adopts Expansive Interpretation of ATDS

TCPA

In Allan v. Pennsylvania Higher Education Assistance Agency, the Sixth Circuit weighed in on the definition of an ATDS, joining the Second and Ninth Circuits in reading it expansively.

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Application of the Business Judgment Rule to Community Association Board of Directors

Jimerson Firm

The board of directors of community associations are responsible for making important decisions affecting the community and its members. As a result, disputes sometimes arise between the association and its members. In the event the dispute evolves into a lawsuit, the business judgment rule will protect directors from personal liability so long as they did not breach their fiduciary duty.

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Daily Digest – August 10. Judge Denies Defendant’s MSJ in FDCPA Case; Ratifications Not Enough to Protect CFPB’s Actions, Amicus Briefs Argue

Account Recovery

JUDGE DENIES DEFENDANT’S MSJ IN FDCPA CASE OVER LACK OF LICENSE A District Court judge in Hawaii has denied a defendant’s motion for summary judgment after it was sued for violating the Fair Debt Collection Practices Act because it sued to collect on an unpaid debt yet was not registered in the state as a … The post Daily Digest – August 10.

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What a Payroll Tax Deferral May Mean for Your Paycheck and Taxes

Nerd Wallet

An executive action President Trump issued Saturday on the deferral of payroll taxes could put more money in your pocket soon. Much is still unknown about how the order will be implemented, but experts say to keep a few things in mind before making plans for that extra cash. 1. It’s temporary Many employees have. Tina Orem is a writer at NerdWallet.

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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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Second Round of Stimulus Checks

Debt

Democrats and Republicans have made it official: The (second stimulus) check is NOT in the mail! And probably won’t be anytime soon. The $1,200 direct payment that millions of Americans were counting on for financial help during the COVID-19 crisis, was done in by negotiating teams that apparently weren’t interested in negotiating. Democratic leaders Nancy […].

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Term Life vs. Whole Life Insurance: Which Is Best for You?

Credit Corp

Taking out a life insurance policy is a great way to protect your family’s financial future. A policy can also be a useful financial planning tool. But life insurance is a notoriously tricky subject to tackle. One of the hardest challenges is deciding whether term life or whole life insurance is a better fit for you. Not sure what separates term life from whole life in the first place?

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President Signs Order Extending Student Loan Forbearance Program

Account Recovery

President Trump on Saturday signed a number of executive orders related to the coronavirus pandemic, including one that will extend a forbearance plan on student loans through the end of the year, taking action while Congress continues to debate another stimulus package. The president also indicated that the program will be extended even beyond that, … The post President Signs Order Extending Student Loan Forbearance Program appeared first on AccountsRecovery.net.

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Feeling Out of Control? These Money Moves Could Help

Nerd Wallet

Behavioral economist Dan Ariely and his colleagues at Duke University’s Center for Advanced Hindsight have a pact. Every week, the group of 50 people picks one small business in Durham, North Carolina, and each person spends $100 there. A one-time $5,000 infusion wouldn’t make a difference to Amazon, Costco or any other large retailer, but. Liz Weston is a writer at NerdWallet.

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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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Coronavirus and the Real Estate Market

Debt

Dorothy surely wasn’t thinking of life in a COVID-19 pandemic when she clicked those heels in the “Wizard of Oz” and opined that ‘there’s no place like home.’ But her words have proven true in 2020. In times of a contagious virus and high unemployment, home ownership and home sales are increasing. That may seem […]. The post Coronavirus and the Real Estate Market appeared first on Debt.org.

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Credit 101: What Is Revolving Utilization?

Credit Corp

According to Experian, the average credit score in the United States was just over 700 in 2019. That’s considered a good credit score—and if you want a good credit score, you have to consider your revolving utilization. Revolving utilization measures the amount of revolving credit limits that you are currently using, and it accounts for a large portion of your credit score.

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Compliance Digest – August 10

Account Recovery

I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.

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4 Ways to End Your Car Lease Early

Nerd Wallet

You’re hardly driving anymore. But how do you turn in your leased car without losing a small fortune? Because of the pandemic and the sagging economy, many people are asking this same question. The good news is that the once-rigid leasing process has become a bit more flexible thanks to new online information and resources. Philip Reed is a writer at NerdWallet.

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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.