Optio Solutions

SEPTEMBER 19, 2023

Optio Solutions, a prominent player in the industry, has positioned itself at the forefront of compliance efforts, setting a gold standard for collections agencies. Compliance is not just a legal requirement but also a crucial element for long-term success in the collections industry, and for our clients, brand protection. Compliance: A Legal and Ethical Imperative… The post The Importance of Compliance in the Collections Industry appeared first on Optio.

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Collections Collection Agencies Collections Agency 104

American Profit Recovery

AUGUST 18, 2023

By Greg: Is it me, or did this summer fly by? I was blindsided the other day by my wife and daughter going school shopping. I mean, already ? It never ceases to amaze me how quickly the summer goes by. You can easily become overwhelmed by all the yardwork projects you haven’t started and all the fun family activities you talked about all winter but have not done yet.

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Collections 246

Nerd Wallet

JANUARY 11, 2023

Randa Kriss writes for NerdWallet. Email: rkriss@nerdwallet.com. The article Small-Business Trends: 6 Predictions for 2023 originally appeared on NerdWallet.

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Account Recovery

DECEMBER 15, 2023

The Consumer Financial Protection Bureau today announced that a medical debt collector — Commonwealth Financial Systems in Pennsylvania — is being shut down for failing to conduct reasonable investigations and failing to inform the credit reporting agencies that debts were being disputed by consumers.

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Debt collector 261

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.

Consumer Finance

NOVEMBER 27, 2023

The Consumer Financial Protection Bureau (CFPB) today ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law.

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Banks Government 145

Qualco

NOVEMBER 28, 2023

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

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Loans Credit Management Creditors Government 105

Account Recovery

AUGUST 16, 2023

More than 60% of Americans are living paycheck-to-paycheck, with the increased cost of everyday items like groceries and utilities straining household budgets, according to an online originator of personal loans. Even individuals making more than $100,000 per year have less savings to rely on and are struggling to make ends meet.

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Personal loans Loans 246

Nerd Wallet

JANUARY 3, 2023

Kate Wood writes for NerdWallet. Email: kwood@nerdwallet.com. Twitter: @[link]. The article New FHFA Credit Score Rules Could Broaden Homeownership Access originally appeared on NerdWallet.

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American Profit Recovery

NOVEMBER 14, 2023

The debt collection industry is a vital part of the US economy. And for many businesses, it is a critical part of the overall accounts receivables process. Many small businesses and larger organizations rely on the expertise and efforts of third-party collection agencies every day. And for good reason. Collection agencies are recovering substantial amounts of consumer debt and helping those businesses drastically improve much needed cash flow.

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Collection Agencies Collections Agency Collections Debt collector 252

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.

Enterprise Recovery

NOVEMBER 10, 2023

Debt collections between businesses (B2B) is the recovery of overdue payments for goods or services provided to another company. Understanding the intricacies of B2B debt collections is essential for businesses to manage their cash flow effectively and maintain healthy financial relationships with their clients. Businesses of all sizes often face delayed payments, invoice disputes, and communication difficulties.

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Collections 208

Account Recovery

NOVEMBER 10, 2023

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?

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Account Recovery

SEPTEMBER 21, 2023

The Consumer Financial Protection Bureau today announced it was beginning the rulemaking process to remove medical debts from consumers’ credit reports, removing the “leverage” that debt collectors use to “pressure” consumers into repaying unpaid medical debts.

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Debt collector 264

American Profit Recovery

SEPTEMBER 8, 2023

Many organizations we encounter have waited far too long to implement a solid debt collection program. Because of this, many businesses suffer negative cash flow and these issues could have been prevented by being proactive with their collection activities. One of the main reasons we see businesses of all sizes hesitate on collection activity is because many feel they will alienate their customers and damage their reputation.

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Collections Bankruptcy Collection Agencies Collections Agency 259

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.

American Profit Recovery

OCTOBER 18, 2023

For any size business, maintaining healthy cash flow is essential for survival and growth. For many organizations, managing overdue invoices and recovering outstanding debts can be a challenging and time-consuming task. This is where Business-to-Business (B2B) collection agencies come into play. However, the relationship between a collection agency, its clients, and their customers can be delicate.

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Collection Agencies Collections Agency Collections Manufacturing 254

American Profit Recovery

SEPTEMBER 6, 2023

Collecting debt is just something a business of any size will have to do. It would be nice if all consumers paid their bills on time but the reality of running any business means you’ll have to deal with late and nonpaying customers. The topic of customers who do not pay can also be emotional, especially for small businesses. Many operating businesses just like you have developed deep relationships with customers over the years and when the payments do not come in, that strikes an emotiona

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Collections Collection Agencies Collections Agency Fair Debt Collection 252

American Profit Recovery

NOVEMBER 17, 2023

When you’re in the process of hiring a debt collection agency for your organization, there are no doubt many questions on your mind. Hiring a new agency for your business can be a big step because of the important role they play in the overall health of your business. Generally speaking, many businesses are concerned with how effective their debt collection efforts will be, how their customers will be treated, the protection of data and if the agency has a level of proficiency within their

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Collection Agencies Collections Agency Collections 248

Account Recovery

NOVEMBER 7, 2023

The Court of Appeals for the Eleventh Circuit yesterday overturned a lower court’s ruling that the Fair Credit Reporting Act and followed a number of other Appeals Courts in ruling that the Act does not require individuals demonstrate proof of actual damages in order to recover statutory damages.

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Collections 246

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!

Account Recovery

NOVEMBER 7, 2023

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?

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Account Recovery

OCTOBER 20, 2023

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?

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Account Recovery

OCTOBER 19, 2023

A District Court judge in Kentucky has granted a defendant’s motion for summary judgment and denied a plaintiff’s motion for the same in a Fair Debt Collection Practices Act case that centers around the Date of First Delinquency and its materiality in inducing the plaintiff to pay off the debt in question.

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Account Recovery

OCTOBER 6, 2023

A pair of defendants were found guilty yesterday by a federal jury after being accused of wire fraud and conspiracy to commit wire fraud and mail fraud in a scheme where they scammed individuals with a bogus system that purportedly would get their consumer debts, like credit cards, auto loans, and mortgages, discharged without having […]

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Loans 246

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

Collections

Account Recovery

NOVEMBER 15, 2023

The Attorney General of Pennsylvania yesterday announced she has filed a lawsuit against the owner of 20 apartment complexes, accusing it of unlawful leasing and illegal debt collection practices.

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Collections 245

Account Recovery

AUGUST 16, 2023

Well, that didn’t take very long. A District Court judge in Michigan has dismissed a lawsuit that challenged an initiative from the federal government seeking to forgive $39 million of student loan debt, determining the plaintiffs lacked standing to sue.

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Student loans Student Loans Loans Government 246

Account Recovery

AUGUST 23, 2023

The Federal Trade Commission on Monday announced it had sued and obtained a temporary restraining order against a number of corporate and individual defendants accused of pretending to be affiliated with the Department of Education so that they could market student loan forgiveness programs that made false promises and collected millions in illegal upfront fees.

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Student loans Student Loans Loans Education 246

Account Recovery

JULY 25, 2023

Attorneys Dale Golden, Charles McHale, Sangeeta Spengler and Joseph Proulx are joining forces with attorneys Xerxes Martin, Loraine Lyons, Patrick Watts, Heath Morgan, Jacob Bach, Matthew Bell, and Justin Han to create a highly experienced and geographically diverse law firm that will expand its support the accounts receivable management industry.

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Accounts Receivables Management Law Firms 246

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.

Banks