American Profit Recovery
JULY 23, 2020
Around this time last year I was in my third month of training. Every day I was thinking, “ What am I doing here? This isn’t the job for me. I don’t think I’ll ever be good at this.” Well, after being here for 15 months, I can look back and say I never thought I would have become good at being a Debt Collector, let alone still be here. I really have to thank the American Profit Recovery team for my growth here.
Account Recovery
JULY 24, 2020
It turns out there are some things that everyone in the Senate can agree on, and it actually pertains to the debt collection industry. The Senate yesterday unanimously passed S. 3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act from being garnished by debt collectors, similar to … The post Senate Passes Bill Preventing Collectors From Garnishing Stimulus Payments appeared first on AccountsRecovery.net.
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Nexa Collect
JULY 19, 2020
Invoicing is a critical part of the business cycle, but it’s oftentimes the most difficult. Customers expect to be billed for services rendered, of course, but that doesn’t mean they’re excited to receive them. Paying bills is almost universally considered a negative experience, and this is an association that’s hard to escape. As a result, there’s considerable value in working to make your invoices as painless as possible for your customers.
Enterprise Recovery
JULY 24, 2020
First party collections , in which your business relies to manage delinquent and non-paying accounts, are a valuable resource to get invoices paid. Getting your invoices paid on time helps ensure working capital and sets your business up for success. In house collections specialists, therefore, are beneficial and necessary, especially in a growing business.
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
JULY 21, 2020
By Joe W. I keep getting asked two questions by my friends and family, “Why are you calling consumers during Covid-19?” and “Why are businesses turning over debts during Covid-19?” They point out to me that many people are struggling during these unprecedented times, and they cannot pay their bills. I asked how anyone can know why a consumer has not resolved their account.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Nexa Collect
JULY 23, 2020
Businesses that are faced with collecting on delinquent invoices often don’t know where to begin. They tend to react with anger, the assumption being that the customer is intentionally trying to rip off their business. While this may feel warranted, it isn’t an ideal approach. A better assumption to start your collections process with is this: Very few people don’t pay their debts simply because they don’t want to.
Debt
JULY 21, 2020
When the House of Representative passed the $3-trillion HEROES Act on May 15, it all but guaranteed that a second stimulus check would arrive for Americans in need of financial help for COVID-19. How much that guarantee is worth and when it will be delivered is up to the U.S. Senate, which is debating the many […]. The post Details on the HEROES Act appeared first on Debt.org.
Consumer Finance
JULY 23, 2020
The Consumer Financial Protection Bureau announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records.
Account Recovery
JULY 24, 2020
The Department of Health and Human Services’s Office of Civil Rights (OCR) has levied a $25,000 fine against a healthcare provider to settle potential violations of the Health Insurance Portability and Accountability Act (HIPAA) for “widespread compliance issues” that were uncovered after a data breach occurred. A copy of the corrective action plan for Metropolitan … The post Healthcare Provider Fined $25k For Potential HIPAA Violations appeared first on AccountsRecovery.
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Nexa Collect
JULY 19, 2020
In one of our previous blogs, Using a Revenue Recovery Service to Recover debt , we discussed the risk undertaken by a business extending credit to another business, or consumer, by providing services in exchange for a promise of “due and proper consideration”. In layman’s terms, this means that a company extends credit to a customer by issuing an invoice for a product or service already provided and then expecting payment of such product or service in the near future.
Credit Corp
JULY 21, 2020
Did you know that buying a car before you buy a home could impact your ability to get a mortgage? A car loan affects your credit in several ways, and it also reduces the amount of income you have that’s not tied up in debt obligations. Find out more below about the relationship between buying a car and buying a home. Then, make an educated decision about what’s the better priority for you right now: an auto loan or a mortgage.
TCPA
JULY 20, 2020
Another court decision reminds us that conclusory allegations that an agency relationship exists should not be sufficient to impute TCPA liability on the alleged beneficiary of a messaging campaign.
Account Recovery
JULY 24, 2020
Jacksonville, FL – Rick Regan, Co-Founder, joins Imagined.cloud to head North American sales. Rick’s experience providing enterprise solutions in the ARM and BPO industries strengthens Imagined.cloud executive team. With over twenty years of proven client engagement, Mr. Regan brings the knowledge and understanding necessary to build lasting relationships within the industry.
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Sawin & Shea
JULY 22, 2020
It’s a smart choice to file for Chapter 13 bankruptcy. Your bankruptcy plan will allow you to catch up on payments and settle your debts while giving you a chance to keep your home treasured belongings. If you have a job but you’re struggling to make your payments every month, Chapter 13 can help. In fact, the U.S. courts have nicknamed Chapter 13 bankruptcy the “wage earner’s plan.”.
Jimerson Firm
JULY 22, 2020
Wage and hour lawsuits under the Fair Labor Standards Act (“FLSA”) make up a significant percentage of employment lawsuits in the United States, and particularly in Florida. That trend holds true in the financial services industry, despite such lawsuits being more commonly associated with lower paid jobs. Below, we discuss three of the most common wage and hour issues that commonly arise in the financial services industry.
Prosperity Now
JULY 22, 2020
As Congress moves into negotiations for a new stimulus bill, millions of Americans are still facing financial and health hardships
Account Recovery
JULY 24, 2020
SENATE PASSES BILL PREVENTING COLLECTORS FROM GARNISHING STIMULUS PAYMENTS The Senate yesterday unanimously passed S. 3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act from being garnished by debt collectors, similar to how Social Security payments are exempt from being garnished. APPEALS COURT UPHOLDS RULING FOR DEFENDANT … The post Daily Digest – July 24.
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?
Public Citizen
JULY 22, 2020
by Jeff Sovern. The argument that businesses should not be liable to consumers whom they carelessly infect with the coronavirus is based on the claim that if Congress does not outlaw such cases, we will see a tidal wave of lawsuits. Thus far, that argument has no basis in reality. In fact, if anything, consumer claims are getting lost in the undertow.
Credit Corp
JULY 20, 2020
According to the Consumer Financial Protection Bureau, around 2.3 million car loans originate every year. Car loans can take years to pay off. So when you finally pay it off, you might be wondering—now what? What happens when you pay off your car? What should you do with the money you were previously putting towards your monthly payments? We’ve got a few ideas, but keep in mind that everyone’s finances are different.
Titan Consulting
JULY 22, 2020
Key Takeaways. Interest rates have dropped to historic lows, making now a great time to refinance or take out a Home Equity Line of Credit (HELOC). Lower interest rates mean saving on variable rate loans like credit card balances and HELOCS. In light of the pandemic, Banks are raising lending requirements, and in some cases, pausing applications for HELOCS and other credit lines.
True Accord
JULY 22, 2020
The collection industry has come a long way since local door-to-door agents tracking their accounts on index cards, and yet there is still a dearth of data. Most agencies rely on age-old adages or instinct to make operational decisions. Our six years of working with millions of consumers to resolve their debts digitally has given TrueAccord unique insight into consumer behavior.
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?
Luftman, Heck & Associates.
JULY 21, 2020
People suffering under too much debt often choose to file for bankruptcy to get a fresh start. But what happens if you suffer additional setbacks, acquire more debt, and need additional help? Can you file for bankruptcy more than once in Ohio? If you have questions about bankruptcy and how often you can file, contact the experienced Cleveland bankruptcy attorneys at Luftman, Heck & Associates.
PDC Flow
JULY 21, 2020
Speaking to consumers about their delinquent accounts can stir up many (oftentimes negative) emotions. This can have a big impact on your debt collection calls. Retraining yourself and staff to replace negative or neutral phrases with positive language can produce the best call outcome possible. . To optimize your consumer interactions through positivity, first focus on tone, intentional language and breaking old habits that impact calls.
PBWT
JULY 23, 2020
Our February 26 post [1] reported on the first case dealing with the question whether a debtor in a pending Chapter 11 case may redesignate it as a case under Subchapter V, [2] the new subchapter of Chapter 11 adopted by the Small Business Reorganization Act of 2019 (“SBRA”), which became effective on February 19. [3] Our May 15 post [4] reported on three more cases, two of which permitted such an amendment [5] and one that did not. [6] There have been three more decisions permitting
Troutman Sanders
JULY 24, 2020
On July 13, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a study, entitled “Targeting Credit Builder Loans: Insights from a Credit Builder Loan Evaluation” and an accompanying practitioner’s guide – ultimately concluding that a credit builder loan (“CBL”) could increase the likelihood of establishing a credit record for consumers without one, and could help improve the credit scores of those with no current outstanding debt.
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