Account Recovery

JANUARY 9, 2025

The credit card debt picture for consumers is getting uglier and uglier by the day. A pair of reports released this week paint a picture that is increasingly bleak for consumers, who are falling further and further behind on their credit card payments and paying less and less of their debts off every month. Nearly half (48%) of credit cardholders are carrying a balance month-to-month, according to Bankrate’s November 2024 data.

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Credit Card Debt 130

American Profit Recovery

JANUARY 6, 2025

Active listening is something our professional debt collectors practice and implement daily here. In fact, we would go as far as to say that it is one of the foundations of how we operate. In all aspects of life and business, listening is one of the most critical skills we can master. And as a collection agency working with small businesses and large organizations, it is a must for us to carry out our mission.

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Enterprise Recovery

JANUARY 10, 2025

As accounts receivable (A/R) become delinquent, your business expenses could fall behind. With every late-paying client, cash flow for payroll, rent, or other vendors falls short, threatening your company's bottom line and growth. The effectiveness of your A/R department may be one of the most important measurements to determine the success of your business.

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Collections 171

True Accord

JANUARY 7, 2025

The terms “omnichannel” and “multi-channel” are frequently used to describe consumer outreach strategies, and while they may sound similar, the differences between these approaches are crucial, especially for effective debt collection. Lets break down the key differences between omnichannel and multi-channel communications, particularly in the context of debt collection, and why these distinctions matter more than ever.

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Speaker: Victor C. Barnes, CPA, MBA

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.

Account Recovery

JANUARY 7, 2025

The Consumer Financial Protection Bureau this morning announced the release of its final rule prohibiting the inclusion of medical debt on consumer credit reports. This rule is expected to remove $49 billion in medical debt from credit reports, impacting approximately 15 million consumers. Additionally, it bars lenders from considering medical information in credit decisions, addressing concerns about the fairness and accuracy of medical debt in credit assessments.

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Lender Consumer Credit Loans Healthcare 246

PDC Flow

JANUARY 9, 2025

We are thrilled to announce PDCflow has been recognized with the Best Customer Support Badge by Software Advice , a leading software recommendation engine that helps businesses find the right software. This Best of badges program is an independent assessment that evaluates user reviews to help buyers identify highest-rated software companies in specific categories that offer the most popular solutions.

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Collections 76

Hudson Weir

JANUARY 10, 2025

Businesses rely on steady cash flow to operate smoothly, and unpaid invoices can create major hurdles With this in mind, you might wonder: what is a letter before action and how can it help recover debts? UK small businesses face an average of 22,000 in overdue payments, translating to an economic loss of 2.5 billion annually. In fact, customers paid nearly 50% of small businesses invoices late between June 2023 and June 2024, according to Apollo.

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Account Recovery

JANUARY 8, 2025

The Consumer Financial Protection Bureau yesterday announced it has filed a lawsuit against Experian, one of the nation’s largest credit reporting agencies, accusing it of systemic failures in handling consumer disputes. The suit could have widespread implications for credit reporting practices, debt collection, and consumer financial protections.

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Consumer Finance

JANUARY 6, 2025

Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to ban the inclusion of medical bills on credit reports used by lenders and prohibit lenders from using medical information in their lending decisions.

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Lender 145

Speaker: Kim Beynon, CPA, CGMA, PMP

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.

FFGN COLLECT NY

JANUARY 5, 2025

With the new year comes an increase in the minimum wage in New York. The new rate depends on the region where the employee works. As of January 1, 2025, the state minimum wage increased by $0.50. In many parts of New York, the minimum wage is now $16.50, more than double the $7.50 federal minimum wage. Will the new minimum wage affect debt collection?

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Credit Corp

JANUARY 9, 2025

While many people have at least some credit card debt, once it gets too high, it can be overwhelming and anxiety-inducing. Recent credit card debt statistics show the average American household has over $9,000 in credit card debt. This can harm your credit score by increasing your utilization rate. Learning how to pay off credit card debt can help improve your credit score and potentially reduce some of your financial stress.

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Credit Card Debt Debt Consolidation Debt settlement Loans 52

Account Recovery

JANUARY 9, 2025

A District Court judge in Illinois has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case, ruling the plaintiff lacked standing after alleging violations related to a disputed debt originating from identity theft. The background: The case stemmed from a credit card account fraudulently opened in the plaintiff’s name with a retailers branded credit card.

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Consumer Finance

JANUARY 6, 2025

The CFPB sued Experian, the nationwide consumer reporting agency, for unlawfully failing to properly investigate consumer disputes.

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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.

Collection Industry News

JANUARY 10, 2025

David Zhao signed up for a medical credit card while supine in a dentists chair, fluoride trays in his mouth. In December 2018, the consumer lawyer from Los Angeles went for a routine dentist appointment at Western Dental in San Mateo, in the suburbs of Northern California. Zhao was told by the dentist that his gums were receding. He needed a special mouthguard or hed have to have surgery, he recalls being told.

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Credit Corp

JANUARY 8, 2025

Closing a credit card can hurt your credit score by shortening the average length of your credit history. The older the credit card is, the more its closure can hurt your credit score. If youre thinking about closing a credit card you havent used for years, you might want to reconsider. Closing a credit card can actually lower your credit score by potentially reducing the length of your credit history, especially if youve had the account for a long time.

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Account Recovery

JANUARY 10, 2025

EDITORS 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!

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Original Creditor Fair Debt Collection Creditors Collections 130

Consumer Finance

JANUARY 5, 2025

The CFPB sued Vanderbilt Mortgage & Finance for setting families up to fail when they borrowed money to buy a manufactured home.

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Manufacturing Loans 143

Speaker: Joe Wroblewski, Senior Sales Engineer

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!

Burt and Associates

JANUARY 10, 2025

Financial health is the backbone of long-term success for small business owners. While revenue growth and customer acquisition are often the focus, effective debt management is equally critical. One tool that stands out in managing debts and ensuring steady cash flow is amortization —a concept that can make seemingly insurmountable debts manageable and predictable.

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Credit Corp

JANUARY 8, 2025

When you’re trying to build your savings, you might focus on only purchasing the necessities and not leaving much room for fun. But cutting down your entertainment budget doesn’t have to be boring. Below, we’ve compiled a list of 120+ things to do for free to keep you entertained while saving money. That way, you can enjoy your life without breaking the bank.

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Banks 52

Account Recovery

JANUARY 7, 2025

Ask a group of people to sum something up in one word and it paints an interesting picture. The words used by a handful of professionals from across the credit and collection industry to describe 2024 paint a picture of hope, of optimism, of an excitement for what the future is going to bring. Check out what has these executives so stoked about what happened in 2024 and what it will mean in 2025.

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Consumer Finance

JANUARY 9, 2025

Today, the CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms.

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Speaker: Cheryl J. Muldrew-McMurtry

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.

Collections Law

JANUARY 9, 2025

Before a business owner can file a mechanics lien for an unpaid construction or building debt, they must first establish a contract by filing a notice of contract. What is a notice of contract and why do you need it for a mechanics lien? At Law Offices of Alan M. Cohen & Associates LLC, our commercial collections attorneys have more than 50 years of experience helping Massachusetts business owners ethically collect their unpaid debts.

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Credit Corp

JANUARY 8, 2025

Understanding how credit works can be confusing, which is why many people ask, Should I pay off my credit card in full each month? It becomes even more confusing because some people recommend carrying a balance from month to month to boost your score. Making mistakes regarding how you use your credit cards can lower your score, raise your interest rates, and make it difficult to get a loan.

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Account Recovery

JANUARY 10, 2025

Fifty-three state financial regulatory agencies have imposed a $20 million penalty on Bayview Asset Management LLC and its affiliates Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings for inadequate cybersecurity practices and delayed compliance with state regulators. The coordinated enforcement action follows a 2021 data breach impacting 5.8 million consumers.

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Loans 130

Consumer Finance

JANUARY 6, 2025

The CFPB sued Experian, the nationwide consumer reporting agency, for unlawfully failing to properly investigate consumer disputes.

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Speaker: Melissa Hurrington

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