Sat.May 04, 2024 - Fri.May 10, 2024

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Navigating Debt Collection Challenges in the Tech Industry

Enterprise Recovery

The tech industry is known for its rapid growth and innovation but faces unique challenges regarding debt collection and non-paying clients. Understanding the intricacies of debt collection in this sector is essential for companies to recover payments and maintain financial stability. Learn more about the complexities of debt collection within the tech industry and the strategies for successful payment recovery.

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How to Properly Evaluate a Debt Collection Agency

Direct Recovery

There is a time in every business story when managing the accounts receivable becomes too big for the core team. Many companies hire a collection agency to handle their problematic or delinquent accounts when that happens. This can be a big help in alleviating some of the workload from your best people, allowing them to focus on what they do best. But if you aren’t careful and hire the wrong agency, it can also be a complete waste of time.

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Settlement Agreements Binding Without Signature

Jimerson Firm

The ultimate test of a binding settlement agreement is whether the parties to the agreement have a “meeting of the minds,” which is a mutual understanding of the essential terms of the agreement. At least one court in Florida has now ruled emails between attorneys can constitute an enforceable settlement agreement if the parties’ counsel had clear and unequivocal authority from the client to settle the case and correspondence between the parties’ attorneys showed that no essential terms of

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Bills Introduced in Congress to Cancel All Medical Debt

Account Recovery

A quartet of lawmakers, led by Sen. Bernie Sanders [I-Vt.] yesterday announced that they are introducing bills in the Senate and House of Representatives that would wipe out all existing medical debt and remove it from consumers’ credit reports, among other changes.

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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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Can Debt Collectors Access My Credit Report?

Direct Recovery

Are you under the impression that the only people who can see your credit report are the ones you authorize when applying for new credit? That is not exactly the case. Believe it or not, debt collectors can actually pull your credit report, and they don’t even need your permission to do so. Even if you work to keep up with your credit report, you might be surprised to find sudden changes that debt collectors might encounter, or even cause themselves.

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From Bars to Business: Overcoming Barriers to Entrepreneurship for Formerly Incarcerated People 

Prosperity Now

As we look back on April’s Second Chance Month, it is important to remember that every year, more than 600,000 people are released from prison and given a chance to build a new life. Discriminatory hiring practices and other barriers often present obstacles to securing stable employment.

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Bill Introduced in House to Amend FDCPA

Account Recovery

A bill has been introduced in the House of Representatives to amend the Fair Debt Collection Practices Act in order to include additional information when sending the validation notice while also expanding the requirements before filing collection lawsuits. What It Is: H.R.

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Eleventh Circuit Affirms Dismissal of FCRA Claims Since Alleged Inaccurate Information Was Not Objectively and Readily Verifiable

Consumer Finance Watch

Financial institutions, credit furnishers, debt collectors, and other businesses reporting consumer information to credit reporting agencies should take note that the Eleventh Circuit Court of Appeals has declined to impose a bright-line rule that only purely factual or transcription errors are actionable under the Fair Credit Reporting Act (“FCRA”).

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CFPB Takes Action to Require National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency to Pay More than $5 Million for Student Loan Servicing Failures

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today took action against National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency for multi-year servicing failures.

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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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Invoice Formatting Tips: 5 Ways to Make Sure You Get Paid First

Direct Recovery

The best way to maximize your collection efforts is to minimize the number of collections you have in the first place, and reducing the number of accounts in collections starts with formatting your invoices. Invoices are the primary means of asking your customers to pay you for services rendered, but their effectiveness can vary dramatically depending on whether or not they include the following five essential elements.

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Daily Digest – May 10. Suit Accuses Collector of Leaving Voicemail That Wasn’t Limited Content Message; Judge Grants MTD in FDCPA Case Over Reported Debt Following Cease-and-Desist

Account Recovery

Suit Accuses Collector of Leaving Voicemail That Wasn’t Limited Content Message Judge Grants MTD in FDCPA Case Over Reported Debt Following Cease-and-Desist Profits Up 25% at Encore Capital NJ Appeals Court Affirms Ruling Over Motion to Vacate Default Judgment WORTH NOTING: Workers who left their jobs during the COVID-19 pandemic are starting to regret it […]

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How To Liquidate A Company With No Money: Your Options

Hudson Weir

Understanding how to liquidate a company with no money can be complex – and daunting – for any business owner. Running a business can be a rollercoaster and sometimes, in spite of your best efforts, you may find yourself facing the difficult decision of liquidating your company. This process becomes even more challenging if your business has no money.

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CFPB Report Highlights Consumer Frustrations with Credit Card Rewards Programs

Consumer Finance

The CFPB issued a new report finding consumers encounter numerous problems with credit card rewards programs.

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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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5 Key Lessons from The Psychology of Money by Morgan Housel

Direct Recovery

Legend has it that Morgan Housel wrote a large chunk of the first draft of The Psychology of Money in the same format as every other financial advice book, but then he took a hard left turn and chucked that draft into the trash. Housel had spent a large portion of his life breaking down complex financial topics into short blog posts, so why should writing a book be any different?

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Judge Grants MTD in FDCPA Case Over Reported Debt Following Cease-and-Desist

Account Recovery

A District Court judge in the District of Columbia has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case filed by a pro se plaintiff, ruling the plaintiff did not provide sufficient evidence in his complaint to state a claim.

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What Is Plaid and Is It Safe to Use? Everything You Need to Know

Payment Savvy

Plaid has rapidly become a common platform for seamlessly sharing your financial data with trusted apps and services. Whether you’re using a budgeting app, investing platform, or peer-to-peer payment solution, chances are you’ve encountered Plaid. This powerful technology bridges the gap between your bank accounts and various digital financial tools.

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Unlawful Freezing of Bank Accounts Requires Bank To Refund Monies With Penalties

FFGN COLLECT NY

In April, following an investigation by Attorney General Leticia James’ office, Pathward (formerly known as MetaBank) was required to refund money to account holders after unlawfully sending frozen deposits to creditors. In addition to refunding the monies, the bank also had to pay penalties for the unlawful freezing of the bank accounts. Between 2016 and 2022, Pathward wrongfully froze 1,400 bank accounts belonging to New Yorkers.

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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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Can Debt Collectors Report Collections on My Credit Report Without My Social Security Number?

Direct Recovery

One of the most common misunderstandings about the debt collection industry is that many consumers believe that debt collectors can only come after them if they provide a social security number at the time the debt is incurred. However, those consumers often find that this is not the case once those debts make their way onto a credit report. These misunderstandings are surprisingly common in the medical debt collection space, as many hospital patients are treated and released without ever provid

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Daily Digest – May 9. Getting to Know Ryan Herber of Preferred Group of Tampa; Bills Introduced in Congress to Cancel All Medical Debt

Account Recovery

Getting to Know Ryan Herber of Preferred Group of Tampa Bills Introduced in Congress to Cancel All Medical Debt Judge Grants MSJ For Defendant in FDCPA Case Over Reporting of Alleged Disputed Debt Fed Proposes Opening Payment Networks on Weekends WORTH NOTING: In honor of Mother’s Day, a bouquet of advice for new moms and […]

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Reducing Online Shopping Cart Abandonment: 7 Best Practices

Payment Savvy

Cart abandonment is a major issue faced by ecommerce businesses. With almost 7 out of 10 shoppers abandoning their carts, online businesses face an uphill task to increase sales and profits. While it’s nearly impossible to eliminate cart abandonment, there are steps to reduce it. This guide contains those steps – and much more! Below are 7 best practices on how to reduce cart abandonment, thus increasing sales and profit for your ecommerce business.

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3 ideas for sustainability in fintech

On Guard

Did you know that in 2023 we, at Onguard, sent 6.241 empty cans for recycling? Sustainability is not a sprint, it’s a marathon, and a difference comes with a few small steps every day. This is why we are excited to join Visma’s Sustainability Month this May, as an opportunity to reflect and record our specific actions for a more sustainable future. Running through the whole of May, the idea of Visma Sustainability Month is not only to review our corporate actions but also to spark discussion and

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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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Bailout: Are Accounts Receivable Sinking Your Profitability?

NCBA Law Practice Management Blog

Lots of small and solo law firms have staggering amounts of accounts receivable; and, even if those numbers are not sky high , for you – smaller amounts are still vexing. Accounts receivable end up counting against your profitability, because these reduce the amount of gross revenue you collect = the top line for your profit margin. So, the more you collect : the more you make.

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Judge Grants MSJ For Defendant in FDCPA Case Over Reporting of Alleged Disputed Debt

Account Recovery

In a case that was defended by Xerxes Martin and the team at Martin Golden Lyons Watts Morgan, a District Court judge in Oklahoma has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling the “dispute” that the plaintiff alleged to have made during a conversation with a […]

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What Is Shop Pay?

Payment Savvy

In the fast-paced world of e-commerce, where every click counts and every second matters, providing customers with a seamless checkout experience is absolutely necessary. One crucial aspect of achieving this goal is through the implementation of efficient and user-friendly checkout solutions. Enter Shop Pay – a game-changing checkout software developed by Shopify, designed to streamline the purchasing process and elevate the online shopping experience to new heights.

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FinTech Baropaper 2024: New technologies make the finance department future-proof.

On Guard

But are the ready for it? According to nearly half of finance professionals (45%), AI is the technology with the greatest impact on financial processes. This is evidenced by the FinTech Barometer, the annual survey by Credit Management Software Specialist Onguard. For this survey, 304 CFOs, financial managers, and finance employees were interviewed.

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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?