Sat.Apr 29, 2023 - Fri.May 05, 2023

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Debt Collection Tips from an Expert

Debt Recoveries

It might be difficult to deal with debtors who are reluctant to pay. When seeking to collect debts, business owners and organisations confront a variety of challenges, and there are numerous reasons why a debtor might not pay on time. While some excuses can be valid, some might be personal, or they might just be putting off paying for their own convenience.

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Working in Debt Collections-Expectations vs Reality

American Profit Recovery

By Angela: I have had the pleasure of sitting in on plenty of interviews throughout my career with American Profit Recovery. During this time, I have noticed some common things potential candidates are always looking for. One of the biggest is that they want an opportunity for growth, a company they can make a nice living at and a good working environment.

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5 common reasons for filing bankruptcy

Roths Child Law

When many people run into financial troubles, they turn to bankruptcy. Bankruptcy is a process that helps businesses and consumers eliminate many or all of their debts so that they can move forward with a clean financial slate. There are many reasons why some individuals file for bankruptcy. Here are five common reasons below. 1. Decreased income or layoff Some employers cut employees’ hours to the point where they’re working part-time.

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Debt Relief Scammers Banned From Industry After Bilking Millions from Consumers

Account Recovery

A trio of individuals have been permanently banned from the debt relief industry and must forfeit assets to help pay off a partially suspended $17 million judgment as part of an enforcement action by the Federal Trade Commission, the agency announced yesterday. A copy of the stipulated order for permanent injunctions and monetary judgments against … The post Debt Relief Scammers Banned From Industry After Bilking Millions from Consumers first appeared on AccountsRecovery.net.

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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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CFPB Issues Advisory Opinion on “Zombie Debt”

Collection Industry News

On April 26, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion reminding the industry that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act (FDCPA). According to the CFPB, the impetus for issuing the advisory opinion was “a series of actions by debt collectors attempting to foreclose on silent second mortgages, also known as zombie mortgages, that con

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5 First Steps to Start a Freelance Business

Enterprise Recovery

Estimates say that the number of freelancers entering the marketplace is growing at a compound annual growth rate of 15%. Enterprise company layoffs and the demand for more flexibility after the pandemic are two of many reasons that more people are considering freelancing. If you're ready to hang out your shingle, you definitely want to make sure you're on steady ground, so preparation and planning are necessary.

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Bank Accused in FDCPA Class Action of Using Straw Law Firm to Collect on Debt

Account Recovery

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 … The post Bank Accused in FDCPA Class Action of Using Straw Law Firm to Collect on Debt first appeared on AccountsRecovery.net.

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CFPB Report Highlights Costly Credit Cards and Loans Pushed on Patients

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.

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How communicating with a debt collector can resolve your debt

American Profit Recovery

If you are a consumer struggling with debt, you’ll want to pay attention to one of the best pieces of consumer advice we can provide you. If you have an outstanding debt and you are being contacted by a collection agency, pick up that phone, answer that e-mail or respond to that text message. You’ll start the process of getting out of debt and lower your anxiety at the same time.

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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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How to Write a Credit Dispute Letter

Credit Corp

If you’ve got an error of your credit report, it’s up to you to find it, dispute it, and fix the error. Formally disputing an error involves writing a formal dispute letter to the creditor as well as the appropriate credit bureau reporting the inaccuracy. Sounds like a piece of cake, right? Not always. Errors are not all created equal—and unless you’re specific and provide evidence for your claim, you risk having your dispute denied.

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Collection Law Firm Fighting CFPB CID Plans to Ask Supreme Court to Intervene

Account Recovery

A collection law firm fighting a Civil Investigative Demand from the Consumer Financial Protection Bureau is planning on appealing its case to the Supreme Court, and has asked the Court of Appeals for the Second Circuit to hold off issuing its final ruling in the case. A copy of the motion in the case of … The post Collection Law Firm Fighting CFPB CID Plans to Ask Supreme Court to Intervene first appeared on AccountsRecovery.net.

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CFPB’s Section 1071 Final Rule (Part 1): A General Overview

Troutman Sanders

Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 1 of this special series provides a general overview of the rule, including: What the rule is designed to do; The definition of a small business for the purpose of this r

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CFPB Proposes New Consumer Protections for Homeowners Seeking Clean Energy Financing

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.

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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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What Is the Difference Between Chapter 7, 11, and 13 Bankruptcies?

Credit Corp

If you decide to file for bankruptcy, you must next decide which type of bankruptcy is right for you. Most individuals have three options, and understanding Chapter 11 vs. Chapter 13 vs. Chapter 7 is important in making the right decision. Bankruptcy can be complex, and even a small mistake in how you file can substantially change the outcome of your case.

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CFPB Says Healthcare Organizations Steering Consumers to ‘Costly’ Medical Credit Cards

Account Recovery

The Consumer Financial Protection Bureau yesterday issued a report detailing the use of credit cards specifically for healthcare expenses, noting that the popularity of the cards has increased beyond just being used for elective procedures and that consumers may be biting off more than they can chew, ultimately setting them up to fall behind on … The post CFPB Says Healthcare Organizations Steering Consumers to ‘Costly’ Medical Credit Cards first appeared on AccountsRecovery.net.

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Independent Contractor Bills Introduced in Michigan House of Representatives

Fraser

Are your workers properly classified? Even though the Michigan Legislature is currently mired in the often months-long process of passing a budget, there is a package of mostly non-spending bills in the Michigan House of Representatives that businesses should be keeping an eye on. The multi-bill package ( HB 4390 et seq.) would create one of the strictest standards for defining an independent contractor and provides for significant penalties for those employers that misclassify workers.

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Prepared Remarks of Director Rohit Chopra at the American Association of Healthcare Administration Management

Consumer Finance

Director Chopra delivered remarks at the May 4, 2023, meeting of the American Association of Healthcare Administration Management's Government Relations Committee and Executive Board

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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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Number of CCJs rises in the UK by nearly 15% in 2023 Q1

UK debt collections

The total number of judgments registered in the British Isles in Q1 2023 was 262,941. Compared to same period last year, the total number of judgments in this quarter increased by 14.21%. The total number of ‘ satisfied’ (or fully paid) judgments in this quarter was 48,962 , which represents a year-on-year increase of 9.65%. 97.43% of all judgments processed were from the England and Wales jurisdiction.

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Judge Grants Partial Summary Judgment for Plaintiff in FDCPA Case

Account Recovery

A District Court judge in Arizona has granted a plaintiff’s motion for partial summary judgment in a Fair Debt Collection Practices Act case, while also ruling that the statutory limit of $1,000 for a violation of the statute applies to each of the defendants in FDCPA cases and does not represent the maximum that a … The post Judge Grants Partial Summary Judgment for Plaintiff in FDCPA Case first appeared on AccountsRecovery.net.

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How to Get Something Off Your Credit Report

Credit Corp

According to the Federal Trade Commission , around 25% of people have errors on their report that could affect their credit score. There’s a one in four chance that errors on your report are dragging your score down unfairly—which can end up costing you thousands of dollars. Luckily, you have the right to review your credit reports and challenge inaccurate items.

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Superior Court Upholds Connecticut Department of Banking’s Decision Imposing a $750,000 Fine on a Mortgage Lender for its Unlicensed Employees Engaging in Activities That Required a License

Troutman Sanders

On April 19, the Superior Court of Connecticut issued an opinion affirming the Connecticut Department of Banking’s (DOB) decision to issue a $750,000 fine against a mortgage lender for allowing its unlicensed employees to engage in activities that required a license. In 1st Alliance Lending, LLC (1st Alliance) v Department of Banking , 1st Alliance appealed the DOB’s decision arguing the department overstepped its authority.

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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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Chapter 7 bankruptcy: Exempt vs. non-exempt assets

Roths Child Law

Too many low-wage earners who could benefit from filing for bankruptcy shy away from the process because they’ve heard that doing so will cost them their property. This is a myth. In reality, Chapter 13 filers don’t risk the liquidation of their non-exempt assets and the vast majority of Chapter 7 filers retain ownership of all of their assets, as well.

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Daily Digest – May 5. Bank Accused in FDCPA Class Action of Using Straw Law Firm; Judge Grants Partial Summary Judgment for Plaintiff in FDCPA Case

Account Recovery

BANK ACCUSED IN FDCPA CLASS ACTION OF USING STRAW LAW FIRM TO COLLECT ON DEBT A patsy. A scapegoat. A sap. A dupe. A class action lawsuit is accusing a bank of using a law firm as a front to collect on its own debts, allegedly violating the Fair Debt Collection Practices Act by sending … The post Daily Digest – May 5. Bank Accused in FDCPA Class Action of Using Straw Law Firm; Judge Grants Partial Summary Judgment for Plaintiff in FDCPA Case first appeared on AccountsRecovery.net.

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Eastern District of Pennsylvania Holds That Differentiating Service Is an “Advertisement” and Defendant’s Intent in Sending Fax Is Irrelevant

TCPA

The Eastern District of Pennsylvania recently reaffirmed that an objective “four corners” standard governs whether faxes are “advertisements” that must meet the TCPA’s consent requirement.

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Compound Interest: Can You Charge Interest on Top of Interest?

FFGN COLLECT NY

Let’s say you provided a loan to a borrower. The borrower had been paying as scheduled but now comes to you and says they are having a cash flow problem. The borrower asks for a temporary pause on payments and says they will start making payments again after that period ends at a higher interest. The original payment terms accounted for 10% interest.

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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?