Sat.Apr 08, 2023 - Fri.Apr 14, 2023

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How To Take Secure Payments Over the Phone

PDC Flow

Many customers still want the option to make a payment or ask questions to a live customer service agent. After all, a conversation with an employee is often the easiest way to resolve an issue. How can organizations take payments over the phone and still keep payment data secure? SURVEY SAYS: “Nearly 7 in 10 respondents (69%) said talking to a live agent by phone is one of their top three preferred methods of communication with a company’s customer service department.

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Consumer Complaints About Debt Collection Drop

Account Recovery

The number of complaints filed with the Consumer Financial Protection Bureau increased by 61% from 2021 to 2022, but that share of those complaints that were related to debt collection dropped by 50%, according to data released as part of a report analyzing the increase in complaints that was released by the U.S. PIRG Education … The post Consumer Complaints About Debt Collection Drop first appeared on AccountsRecovery.net.

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What to Know About Credit Utilization

Credit Corp

One of the key factors that determine your credit score is your credit utilization ratio. In fact, this ratio accounts for as much as 30% of your credit score. With this much influence on your credit score, it’s important to understand what credit utilization is, how to calculate it, and how it impacts your finances. This article delves deeper into the answers to these questions.

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Why Credit Scores are Crucial to Healthy Securities

Fico Collections

Home Blog FICO Why Credit Scores are Crucial to Healthy Securities The value of asset-backed security is determined by the cash flows generated by the underlying assets and understanding the predictability of those cash flows FICO Admin Thu, 08/22/2019 - 12:37 by Joe Zeibert expand_less Back To Top Wed, 04/12/2023 - 15:00 What you will learn: What can increase the value and liquidity of securities How FICO Score 10 T can help you better model cash flows and analyze securities Today there is ap

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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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31+ credit score statistics and facts in 2023

Credit Corp

Your credit score communicates with lenders your level of credit trustworthiness. As a result, those with higher credit scores qualify for higher credit limits and better interest rates. Your credit score will play a major role if you plan to purchase a house or apply for a loan in the future. Understanding credit scores and what they mean can improve your financial literacy.

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What to Include on Invoices so B2B Clients Pay on Time

Enterprise Recovery

Accuracy and details are crucial when invoicing business clients on retainer or for goods or services provided by your company. In fact, there are some attributes that can be added to invoices to prompt early payment or at least reduce the risk of late payments. Use these invoicing best practices so your B2B clients pay on time.

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Income Per Capita – Meaning

Payment Savvy

In today’s globalized world, understanding a country’s economic health is crucial to comprehending its overall well-being and development. There are several metrics that can be used to determine how well the country is performing, and one of them is called income per capita. In this article, we will be talking about what it is and why it’s so important for policymakers and economists to calculate it regularly.

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What Young Adults Should Know When Filing Taxes

Credit Corp

Guest Post by FitMoney As a parent of a teenager or young adult, you want to ensure that your child is financially secure and understands the importance of taxes. Filing taxes can often be confusing and intimidating, but it’s an important part of life when you start earning income. Once you know a few key concepts, filing your taxes doesn’t have to be so intimidating.

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USPS Raising Stamp Prices Again

Account Recovery

More money for the U.S. Postal Service means less money for companies in the accounts receivable management industry. The USPS announced this week a 4.8% increase in first-class stamp prices, from 63 cents to 66 cents, effective July 9. This marks the fifth price hike since early 2019 and a nearly one-third increase in stamp … The post USPS Raising Stamp Prices Again first appeared on AccountsRecovery.net.

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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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Testimony of CFPB Senior Advisor Brian Shearer on Junk Fees Before the Pennsylvania House of Representatives Consumer Protection, Technology, and Utilities Committee

Consumer Finance

Testimony of CFPB Senior Advisor Brian Shearer on Junk Fees Before the Pennsylvania House of Representatives Consumer Protection, Technology, and Utilities Committee

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Homes under the Hammer Presenters’ firm collapses with Debts of £3m

UK debt collections

A company fronted by Homes Under The Hammer presenter Martin Roberts has gone into administration with around £3m of debts. Filing on Companies House shows that an administrator was appointed yesterday for Asset Academy, which has laid off all its staff. Customers could lose money The Mirror reports that a number of potential customers could lose money after they paid out cash and got nothing in return.

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Late Appeals and Excusable Neglect: A Curious Case Where a Court Gives an Individual a Break

PBWT

Persuading a bankruptcy judge to find “excusable neglect” after missing a filing deadline is usually a tough sell. You’d think it would be particularly hard when the party seeking relief was “belligerent and disrespectful to the Court and opposing counsel.” But in a somewhat unusual case, a court put bad behavior aside and ruled that the party making the request passed the test.

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Collector Facing Class for Sending Conflicting MVNs

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 Collector Facing Class for Sending Conflicting MVNs first appeared on AccountsRecovery.net.

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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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An email is less intrusive than a phone call, finds N.D. Illinois while granting TrueAccord’s motion to dismiss

True Accord

By Katie Neill & Steve Zahn A court victory by TrueAccord Corp. (TrueAccord) in the Northern District of Illinois continues to showcase the benefits of digital collection as the court found receiving an email about a debt is less intrusive to consumers than receiving a phone call. Messer Strickler represented TrueAccord and filed the briefing in the case.

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Winter saw over 1.2 million overdue invoices in Scotland

UK debt collections

Scottish Businesses had over 1.2 million overdue invoices on their books this winter. Insolvency and restructuring trade body R3 analysed data from Creditsafe, revealing that 416,856 were due in December, 400,272 in January and 414,575 in February. Scotland saw the biggest month-on-month increase in late payments between January and February in the UK, with numbers rising by 3.6%.

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Supporting Black Entrepreneurs Through CDFIs: A Playbook for Long-term Growth

Prosperity Now

Small businesses play an integral role in our economy.

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Appeals Court Affirms Ruling Saying Text Platform was Not ATDS

Account Recovery

The Court of Appeals for the Ninth Circuit has affirmed a lower court’s summary judgment ruling in favor of a defendant that was accused of violating the Telephone Consumer Protection Act when it communicated with the plaintiff via text messaging, ruling that the platform used by the defendant did not meet the definition of an … The post Appeals Court Affirms Ruling Saying Text Platform was Not ATDS first appeared on AccountsRecovery.net.

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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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No Standing for Injunctive Relief: Eleventh Circuit Vacates Brain Performance Supplement Class Action Settlement

Troutman Sanders

On April 12, the Eleventh Circuit Court of Appeals vacated an $8 million class-action settlement for lack of standing. While the issue was not raised by the district court or either party on appeal, the court ruled that the plaintiffs lacked standing to seek injunctive relief because they did not allege they planned to purchase again the brain performance supplements at issue.

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Retail suppliers late payment worsening

UK debt collections

Small businesses supplying the automotive, retail industry and manufacturing sectors face the longest-ever wait for payment from some of the UK’s largest companies, according to Good Business Pays. Supplier late payment worsening for some Good Business Pays, which campaigns to stamp out bad payment practice and poor payment culture, analysed payment data that shows that the average number of days taken to pay suppliers has risen between February 2022 and February 2023.

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Applying for a Mortgage? 7 Things to Know Before You Start

Debt Guru

Considering buying a home? A lot of folks view home ownership as a significant goal and milestone – and with good reason: When you own a home, you build equity and you save money on your taxes. And in general, it’s cheaper to own than to rent (and there’s no landlord or property management company dictating things like what color you can paint your walls).

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Colorado Legislature Passes Medical Debt Collection Bill

Account Recovery

The Colorado legislature has passed a bill that caps the interest rate on medical debt, places new requirements on debt collectors collecting medical debt, and makes violations of the law an unfair or deceptive practice subject to additional penalties. The bill now goes to Gov. Jared Polis for his signature or veto. More details about … The post Colorado Legislature Passes Medical Debt Collection Bill first appeared on AccountsRecovery.net.

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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?

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What is a creditor matrix?

Roths Child Law

One of the primary reasons that you may be thinking about filing for bankruptcy is that you could benefit from the protection afforded by the automatic stay. If creditors stop demanding payment, you can catch your breath. If a foreclosure action is halted, you can work to save your home. If your wages are no longer garnished, you may be able to pay for everyday expenses.

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NY Guaranty Law Ruled Unconstitutional

FFGN COLLECT NY

Last week, a New York court ruled that the NY Guaranty Law passed during the pandemic, which prevented landlords from pursuing good guy guarantors and others for commercial property, is unconstitutional. Can you now bring a lawsuit in New York against guarantors, including those who signed good guy clauses ? During the onset of the pandemic, New York City faced a major crisis as Covid-19 cases skyrocketed and business revenues plummeted.

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Whitepaper | Economic uncertainty highlights the importance of proper credit management

On Guard

The finance professional’s role is dynamic, and the COVID-19 crisis has made it even more crucial in organisations, with an increasing involvement in (digital) strategy. Currently, the profession is once again facing a number of challenges. The turbulent economic situation is making organisations more cautious, resulting in fewer innovations and less investment.

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Supreme Court Rejects Petition to Intervene in $6B Student Loan Settlement

Account Recovery

The Supreme Court yesterday decided not to block a settlement that will cancel as much as $6 billion in unpaid student loans, after three colleges sought the high court’s intervention to detail the settlement. The three schools — Everglades College, Lincoln Educational Services Corp., and American National University — which are on a list of … The post Supreme Court Rejects Petition to Intervene in $6B Student Loan Settlement first appeared on AccountsRecovery.net.

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You Put in a Full Work Week. Shouldn’t Your Collections Software Do the Same?

Discover a modern, cloud-based collection system that never takes a rest day. MeridianLink® Collect is an intuitive platform with advanced customization options developed to simplify the collections process. Here are four ways MeridianLink Collect can support your team: Omnichannel communications Compliance rules & checklists Workflows & queues One interface with supporting integrations And that’s just the start.