Sat.Feb 18, 2023 - Fri.Feb 24, 2023

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The Role of Communication in Debt Collection

JMA

Debt collection is an essential process that helps businesses recover outstanding payments from their clients. The process of debt collection is made up of many key elements, one of which is the way in which you communicate. Effective communication plays a critical role in the debt collection process, as it can determine the success or. Read more » The post The Role of Communication in Debt Collection appeared first on JMA Credit Control.

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How to Reduce Past Due Invoices

PDC Flow

When a customer pays late, it may seem like no big deal. However, if you make a habit of accepting past due invoices from customers, you’ll start to notice it in your bottom line. To keep your business healthy, you should minimize how many overdue invoices your company has open at one time. How to Collect More Past Due Invoices For organizations with a large number of past due invoices, it’s essential to clear out as many unpaid accounts as possible to create a more manageable workload.

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Proactive Approach to Lower Accounts Receivable

Nexa Collect

Customer payments get delayed all the time. It may not always be worrisome right away, but not having an accounts receivables strategy can be devastating for your business. Consumers and businesses alike have ups and downs, and their financial situation can temporarily or permanently deteriorate. If you have outstanding AR from your customers, it is crucial to get paid on time before they prioritize other payments over yours.

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What Does Return Mobile ACH Payment Mean?

Payment Savvy

If you are using the Automated Clearing House (ACH) method to process customers’ transactions, you are likely to see three-digit codes if a problem arises. Whenever there is an issue with a direct debit or credit card transaction, one of the parties involved in the payment processing will send a code. This code is your key to fixing or at least identifying what has blocked the transaction.

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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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Debt Collectors vs Lawyers: Who to Choose for Debt Recovery

Taurus Collect

If you’re in debt, you may be wondering if it’s better to hire a debt collection agency or lawyer to help you recover the money you owe. Both professionals can help you get your debts paid, but there are some key differences between them that you should consider before making a decision. Here’s a quick overview of debt collectors vs lawyers to help you choose the right person for your situation.

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It’s important to have a career where we can help others

American Profit Recovery

By Delaney: “Thank you for helping me today.” “Thank you for reaching out and for being understanding and compassionate.” “Thank you so much for hearing me out, you don’t get that often.” These are just a few of the many compliments we hear daily at American Profit Recovery. We hear these kind words because our collectors are expertly trained on the job to be equipped for real-time problem-solving.

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Advice for Busy Business Owners

Enterprise Recovery

When you own your own business, something always demands your attention. Whether it's troubleshooting office issues like internet outages, customer service challenges, or trying to get paid, entrepreneurship is a busy vocation. To grow your business, you may need to adjust your focus from putting out fires to looking at your business differently. Adjust your perspective with this helpful advice for busy business owners.

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CFPB Orders TitleMax to Pay a $10 Million Penalty for Unlawful Title Loans and Overcharging Military Families

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) took action against a web of corporate entities operating under TMX Finance, broadly known as TitleMax, for violating the financial rights of military families and other consumers in providing auto title loans.

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FCC Issues Proposed Rule to Block Illegal Text Messages

Account Recovery

The chair of the Federal Communications Commission yesterday proposed a rule that would require mobile service providers to automatically block text messages that are “highly likely” of being illegal. Along with extending Do-Not-Call registry protections to text messages, the proposed rule require providers to block texts from upstream providers that are known to be transmitting … The post FCC Issues Proposed Rule to Block Illegal Text Messages first appeared on AccountsRecover

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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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What to Expect as Student Debt Cancellation Goes to Supreme Court

Nerd Wallet

Eliza Haverstock writes for NerdWallet. Email: ehaverstock@nerdwallet.com. Twitter: @elizahaverstock. The article What to Expect as Student Debt Cancellation Goes to Supreme Court originally appeared on NerdWallet.

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The Most Common Car Repairs You Have to Make

Credit Corp

Owning a car comes with costs that go beyond getting an auto loan or needing to insure your vehicle. Maintenance and repair costs can add up, and it’s essential to be prepared for those financially. In 2021, for example, individuals in the United States spent more than $194 billion on vehicle maintenance and repair. Find out about some of the most common car repairs below, including what they cost. 10 Common Car Repairs and What They Cost This list of car repairs isn’t comprehensive

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What Are Real-Time Payments? Everything You Need to Know

Payment Savvy

Real-time payments have revolutionized how we make financial transactions, providing unparalleled speed, convenience, and security. With real-time payments, money can be transferred almost instantly from one person to another, anywhere in the world. This makes it possible for people and businesses to send and receive money at a moment’s notice, without having to wait for traditional payment methods such as bank transfers or cheques to clear.

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Judge Recommends Dismissing FCRA, FDCPA Claims Against Creditors

Account Recovery

A Magistrate judge in Texas has recommended granting motions to dismiss filed by two creditors who were sued, along with a pair of collection agencies, for violations of the Fair Debt Collection Practices Act and the Fair Credit Reporting Act, among other claims, by an attorney who blamed the losses of separate lawsuits on poor … The post Judge Recommends Dismissing FCRA, FDCPA Claims Against Creditors 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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Legal Motor Vehicle Claim Recovery with Debt Recoveries Australia

Debt Recoveries

The recovery of vehicle repairs and associated costs as a result of an accident is one of the many arms of insurance claims recovery that Debt Recoveries Australia. These costs could include towing, salvage, assessment fees, loss of use and car rental costs. Many people are unaware that if they are at fault in a car accident, they may be entitled to make a claim against the at-fault party or their insurer for more than just the damage to their vehicle, including the cost of a temporary replaceme

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Average credit card debt statistics in the U.S. for 2023

Credit Corp

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. The average household credit card debt in America is $9,260, and the states with the largest amount of credit card debt are Alaska, Hawaii, and New Jersey.

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How Climate Change Can Impact Your Finances

Nerd Wallet

Spencer Tierney writes for NerdWallet. Email: spencer.tierney@nerdwallet.com. Twitter: @SpencerNerd. The article How Climate Change Can Impact Your Finances originally appeared on NerdWallet.

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Daily Digest – February 24. Complaint Accuses Firm of Pursuing Suit After ID Theft Claim; Title Lender to Pay $15M in Penalties

Account Recovery

COMPLAINT ACCUSES FIRM OF PURSUING COLLECTION SUIT AFTER CLAIM OF ID THEFT Anytime a complaint starts with the sentence “… is a disabled senior citizen and monolingual Spanish-speaker who lives on a fixed income,” you can bet what follows is likely not to be good. A collection law firm is being sued for violating the … The post Daily Digest – February 24.

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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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Classic Motorcycle brand facing liquidation due to customer dispute

UK debt collections

Classic Motorcycle Company Hesketh Motorcycles are facing liquidation after a winding up order was served on the company by a customer. Customer Paul Anderson, 57, first contacted Hesketh Motorcycles in May 2021 and paid a £10,000 deposit towards the last £30,000 Sonnet café racer model Hesketh were going to make. In emails seen by Motorcycle News, Hesketh Managing Director, Paul Sleeman, confirmed that a build slot for the Sonnet was available, and on May 26 further confirmed via email.

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$35 Million in Grants Available for Small Nonprofits

Fraser

The State of Michigan, Department of Labor and Economic Opportunity (LEO) and Michigan Nonprofit Association (MNA) have teamed up to help Michigan charities whose operations were impacted by the COVID-19 pandemic. Under this initiative, called the MI Nonprofit Relief Fund, grants in amounts between $5,000 and $25,000 will be awarded to selected entities with annual revenues total under $1 million.

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The No. 1 Reason Some People Aren’t Traveling This Year

Nerd Wallet

Sally French writes for NerdWallet. Email: sfrench@nerdwallet.com. Twitter: @SAFmedia. The article The No. 1 Reason Some People Aren’t Traveling This Year originally appeared on NerdWallet.

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Complaint Accuses Firm of Pursuing Collection Suit After Claim of ID Theft

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 Complaint Accuses Firm of Pursuing Collection Suit After Claim of ID Theft 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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The Fight for Financial Inclusion in the Deep South

Prosperity Now

In the Deep South, Hope Policy Institute , a Prosperity Now Community Champion, is a leader in community development and

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Adjustable-Rate Mortgages and Bankruptcy

Sawin & Shea

Adjustable rate mortgages have been on the rise in recent years. And although there are benefits to obtaining this type of mortgage, debtors often have to pay increased interest and monthly payments. These increased payments can put financial pressure on debtors, leading them to fall behind on their housing payments. If you’re at risk of losing your house because of missed mortgage payments, you need to take immediate steps to ensure that you retain your home.

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Best Travel Insurance That Includes Cancel For Any Reason Coverage

Nerd Wallet

Carissa Rawson writes for NerdWallet. Email: articles@nerdwallet.com. The article Best Travel Insurance That Includes Cancel For Any Reason Coverage originally appeared on NerdWallet.

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Title Lender to Pay $15M in Penalties for Overcharging Military Families

Account Recovery

An auto finance company will pay $15 million in fines and redress to consumers as a result of an enforcement action with the Consumer Financial Protection Bureau, the regulator announced yesterday. The lender was accused of making illegal loans to military families, altering documents so that the borrowers would not be identified as servicemembers, and … The post Title Lender to Pay $15M in Penalties for Overcharging Military Families 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?