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B2B debt collection requires an understanding of effective strategies to mitigate delinquent accounts. This process involves implementing proactive measures so businesses can avoid issues such as unclear credit policies, inadequate communication, and poor documentation practices. Also, technology and professional debt collection services can enhance the ability to recover outstanding debts and maintain healthy financial operations.
Sometimes it’s better to be lucky than good. Today’s webinar just happens to be on the topic of legal collections (register here) so it’s entirely timely to write about a court ruling involving a judgment. A District Court judge in Kentucky has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case after it was sued for not informing the plaintiff that a debt was allegedly time-barred when it sent a letter informing the plaintiff of payment opti
The CFPB is distributing $1.8 billion to 4.3 million consumers charged illegal junk fees by credit repair companies including Lexington Law and CreditRepair.com.
While fewer than 20% of strategic decisions currently leverage AI in the Dutch finance sector, this figure is projected to surge to nearly 50% within the next five years. This is according to the latest Deloitte CFO Survey , based on a sample of over 130 Dutch CFOs from various sectors. The popularity of AI has surged with tools like ChatGPT, highlighting its ability to streamline work processes for some time now.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
If you run any sort of business, it is almost inevitable that someday, you will have to attempt to collect on an unpaid debt. Unpaid debts present numerous challenges for creditors. One such challenge is when a debtor claims not to have the funds to pay their unpaid debts. At the Law Offices of Alan M. Cohen & Associates LLC, our commercial collections attorneys have more than 50 years of combined experience helping our commercial clients in Massachusetts collect on their unpaid debts.
When you couple that the Consumer Financial Protection Bureau is making its largest-ever distribution from its Victims Relief Fund, and that it will be sending $1.8 billion to more than 4 million consumers, with the fact that those consumers were victims of bait-and-switch advertising undertaken by Lexington Law and CreditRepair.com, it’s worth mentioning.
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When you couple that the Consumer Financial Protection Bureau is making its largest-ever distribution from its Victims Relief Fund, and that it will be sending $1.8 billion to more than 4 million consumers, with the fact that those consumers were victims of bait-and-switch advertising undertaken by Lexington Law and CreditRepair.com, it’s worth mentioning.
The CFPB sued Comerica Bank for systematically failing its 3.4 million Direct Express cardholders - primarily unbanked Americans receiving federal benefits.
The supply chain is the backbone of every business, ensuring that products and services move smoothly from suppliers to customers. However, when unpaid debts and overdue invoices disrupt this delicate system, the effects can ripple far and wide. Late payments don’t just impact the immediate parties—they can trigger financial instability, strain relationships, and even jeopardise.
While fewer than 20% of strategic decisions currently leverage AI in the Dutch finance sector, this figure is projected to surge to nearly 50% within the next five years. This is according to the latest Deloitte CFO Survey , based on a sample of over 130 Dutch CFOs from various sectors. The popularity of AI has surged with tools like ChatGPT, highlighting its ability to streamline work processes for some time now.
A state Appeals Court in Wisconsin has affirmed the certification of a class in a Fair Debt Collection Practices Act case, agreeing with the lower court that the plaintiff’s claims were not mooted by an offer of individual relief made by the defendant. The background: The defendant sent the plaintiff a collection letter back in 2021, attempting to collect a debt owed to a third party.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Debt consolidation may temporarily lower your credit score due to hard inquiries and changes in credit utilization, but consistent, on-time payments can help improve it over time. Carrying debt, whether its through personal loans, credit cards, mortgages, or student loans, is common in America. And if youre struggling to keep up with your payments, youre not alone.
Despite Fed Cuts, Many Store Credit Cards Are Still Charging Customers Extreme Interest Rates Many credit cards offered by major retailers continue to charge exorbitant annual percentage rates, despite moves by the Federal Reserve to lower interest rates in the economy. In a report released Wednesday, the Consumer Financial Protection Bureau found that 19% of retail cards had APRs above 35%.
There has been plenty of complaints about social media platforms like TikTok dispelling some crazy myths and strategies for consumers to try and get out of paying a debt, but maybe it can help consumers get out of debt, too. Could you see instructing your collectors to suggest opening up a TikTok account as a means of getting a consumer to raise money to repay a debt?
Speaker: Alex Salazar, CEO & Co-Founder @ Arcade | Nate Barbettini, Founding Engineer @ Arcade | Tony Karrer, Founder & CTO @ Aggregage
There’s a lot of noise surrounding the ability of AI agents to connect to your tools, systems and data. But building an AI application into a reliable, secure workflow agent isn’t as simple as plugging in an API. As an engineering leader, it can be challenging to make sense of this evolving landscape, but agent tooling provides such high value that it’s critical we figure out how to move forward.
Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation.
When youre late on payments or stop making payments on a loan, the lender can repossess or repo the item youre financing to settle your debt. Knowing how to get a repo off your credit report can help you boost your score and minimize the impact of those negative items on your credit score. Lets take a closer look at how to remove repossessions from your report.
On November 1, the New York City Department of Consumer and Worker Protection (NYC DCWP)announcedthat the effective date for the amended debt collection rules has been officially moved to April 1, 2025. Late last month, wediscussedhow the NYC DCWP had delayed the enforcement of the new rules from December 1, 2024, to April 1, 2025, in response to industry concerns and a legal challenge filed by ACA International, Inc. and Independent Recovery Resources, Inc.
A pair of bills have been introduced in the House of Representatives by Rep. Maxine Waters [D-Calif.] that aim to provide regulators with more transparency about how companies in the financial services industry are using artificial intelligence. The bills were introduced days before the House Financial Services Committee holds a hearing on “How Technology is Shaping the Future of Finance.” Driving the news: One of the bills, H.R. 10263, titled the “Responsible AI Disclosure Act
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
The CFPB permanently banned Student Loan Pro and Judith Noh, its owner, from providing consumer financial products after violations of the Telemarketing Sales Rule.
While many financial service institutions can offer basic payment portals, these are often limited when it comes to collecting on delinquent accounts. TrueAccord delivers a robust difference. Self-serve options should be a key part of any collections operation. In fact, research from McKinsey found that consumers who digitally self-serve resolve their debts at higher rates, are significantly more likely to pay in full, and report higher levels of customer satisfaction than consumers who pay via
The Government has announced the launch of a new Fair Payment Code aimed at tackling late payments, with research showing that SMEs are on average owed £22,000 a year. It comes on top of an earlier announced consultation which will investigate the scale of the problem and best solutions. Tackling Commercial Late Payment The code, overseen by the Small Business Commissioner Liz Barclay, introduces a gold, silver, and bronze system to reward best payment practices and help smaller firms identify r
The Court of Appeals for the Sixth Circuit has affirmed a ruling in favor of a defendant in a Fair Debt Collection Practices Act case that was sued for allegedly not informing the plaintiff that the underlying debt in question was time-barred, ruling that the statute of limitations for the debt had not yet expired. The background: The case originated when the plaintiff, who had accrued several unpaid medical bills between 2011 and 2015, discovered that these debts had been reported to the credit
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
The CFPB took action against student lender Climb Credit and its investors, including 1/0 (“One Zero”), which if entered will require the companies to stop making representations in their advertising about the quality of the training programs at their partner schools and graduates’ hiring rates and salaries.
Companies that manage contracts without digital contract tracking rely on manual, outdated methods to stay organized. These processes are inefficient, cause human error, and lack scalability. Contract tracking software is a faster, more efficient way to handle and track contracts throughout an entire workflow. How to Manage and Track Contracts Its essential for your organization to know how to track contracts and other paperwork you send.
A new study by The Kaplan Group , a commercial collection agency, examines subscription saas companies are doing on collection against accounts receivables from 2020 to 2024, revealing significant shifts in payment patterns and operational efficiency. The software as a service industry’s financial health can be effectively gauged through its payment collection efficiency, particularly through metrics such as Days Sales Outstanding (DSO) and Accounts Receivable to Revenue ratios.
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? Call (855) WEB-RECON or email admin@webrecon.net today!
What’s holding finance teams back isn’t just process inefficiency. It’s culture gaps, reactive mindsets, and missed opportunities to lead real change. In an era of disruption, finance leaders can no longer afford to operate on autopilot and the most resilient teams aren’t just efficient—they’re connected, talent driven, and culture-focused. Join Melissa Hurrington for an exploration into how finance leaders can evolve beyond process and numbers to create adaptive, people-powered teams that thriv
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