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.
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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Enterprise Recovery
SEPTEMBER 15, 2023
Did you know that by optimizing your accounts receivable workflow, your cash flow can be boosted? Streamlining your processes and utilizing technology helps with faster payment cycles, fewer mistakes, and improved financial forecasting. Let's start with some best practices for improving your A/R - from invoicing to payment. How to streamline your accounts receivable workflow.
Consumer Finance
SEPTEMBER 20, 2023
The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports.
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.
Collect More
SEPTEMBER 19, 2023
We had a call yesterday from someone who was owed $20,000. The invoices had been outstanding for over 2 months and every request for payment was met with an empty promise. In the last 2 weeks they’d stopped responding altogether. This lady was reluctant to push harder as she was worried she would lose them as a customer, a very common dilemma.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
SEPTEMBER 28, 2023
Getting to Know Scott Hoffman of Harvest Strategy Group Washington Supreme Court Rules for Agency Sued for Enforcing Judgment BNPL Users Carrying More Debt, More Worries than Non-BNPL Users Senate Bill Seeks to Align Pay at CFPB with Other Federal Agencies Pro Com Services of Illinois, Inc. Embraces Digital Transformation with Skit.
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
Qualco
SEPTEMBER 25, 2023
Small and medium-sized enterprises (SMEs) are the backbone of the global econom y , driving both financial and social growth. Yet , the y often face cha llenges like limited access to capital, primari ly due to a lack of information with banks and lengthy due diligence processes. The 4 th Industrial Revolution , or Industry 4.0 , is driven by technological advancements like Artificial Intelligence (AI) and Big Data analytics.
Consumer Finance
SEPTEMBER 13, 2023
The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments
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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.
Credit Corp
SEPTEMBER 13, 2023
Learning how to build credit can help if you have a bad credit score or want to improve your current score. You can start by getting a secured credit card, becoming an authorized user, or getting a cosigner on a loan. If you have bad credit due to derogatory marks, those marks can stay on your credit report for up to seven to ten years, depending on the type of mark.
True Accord
SEPTEMBER 12, 2023
If your business and collection partners aren’t utilizing email in your debt recovery strategy, you’re leaving vital engagement opportunities (and potential collections) on the table. There are plenty of reasons why digital communications are the way to go , but reaching out through email is especially important in collections. Surveys show that 59.5% of consumers prefer email as their first choice for communication, and 14% of bill-payers prioritize payments that offer lower-friction paym
Account Recovery
SEPTEMBER 27, 2023
The number of consumers who have had a medical debt sent to a collection agency has increased in 2023 compared with last year, and more than one-third of consumers owe at least $1,000, according to the results of a survey released this week by Debt.com.
Micro Bilt
SEPTEMBER 13, 2023
If you're looking to gather detailed information on a customer, a license plate lookup tool might be the right way to go. By simply entering data on a car (e.g., VIN, license plate number, tag number, etc.), you can access detailed records on the vehicle and its owner in seconds.
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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.
Qualco
SEPTEMBER 12, 2023
During a tightening cycle, central banks worldwide raise interest rates in an attempt to curb inflation. As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses. Consequently, non-performing and performing forborne exposures become more vulnerable to distress or default.
Consumer Finance
SEPTEMBER 21, 2023
Under a recent CFPB enforcement action, customers who signed up for credit repair services that were marketed to them through telemarketing can cancel their credit repair services anytime.
Credit Corp
SEPTEMBER 7, 2023
The average American net worth varies due to many factors, with some people making far more than others. If you’re behind the national average, it may seem difficult to catch up, but whether you have bad credit or a lot of debt, you can still begin building your net worth by learning how to generate passive income. Passive income is a great way to generate more income, pay down your debt, and start saving and investing for your future.
PDC Flow
SEPTEMBER 14, 2023
With so many self-serve and digital payment options available, storing credit card information is an important consideration for businesses. Is your organization storing credit card information safely? Do you know the requirements you need to follow? Learn about risks, requirements and best practices of storing customer credit card information. Why is Storing Credit Card Information a Must for Digital Payments?
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?
Account Recovery
SEPTEMBER 27, 2023
WSJ Editorial Calls Out CFPB’s Medical Debt Credit Reporting Plan More Consumers Struggling to Pay Medical Debts; Cite Inflation as Culprit BK Filings Spike, Reach ‘Dangerous’ Level 24 Companies Seeking Collection Talent WORTH NOTING: Details on a solar eclipse, which parts of the U.S.
True Accord
SEPTEMBER 27, 2023
The goal of a recovery operation is to maximize profitability by efficiently recovering money lent to consumers— while maintaining consumer loyalty. This means that measuring the success of a recovery strategy goes beyond just dollars and cents and into consumer-centric metrics as well. But how do teams measure overall portfolio performance, and what are the most important portfolio-level key performance metrics (KPIs)?
Micro Bilt
SEPTEMBER 14, 2023
Debt collection isn't usually enjoyable, but it's a necessary part of any lending institution. Leaving too much outstanding debt out at one time can lead to financial instability and, in the worst case, insolvency. We saw this recently with the 2023 bank failures nationwide, leading to a mini-financial crisis. Keep reading.
Consumer Finance
SEPTEMBER 6, 2023
The CFPB published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.
Speaker: William Hord, Vice President of ERM Services
A well-defined change management process is critical to minimizing the impact that change has on your organization. Leveraging the data that your ERM program already contains is an effective way to help create and manage the overall change management process within your organization. Your ERM program generally assesses and maintains detailed information related to strategy, operations, and the remediation plans needed to mitigate the impact on the organization.
Credit Corp
SEPTEMBER 12, 2023
The top three vehicles with the cheapest insurance rates are the Subaru Outback at $1,512 per year, the Subaru Crosstrek at $1,516 per year, and the Honda CR-V LX at $1,517 per year. Nobody wants to pay too much for car insurance, so if you’re in the market for a new vehicle, it can be beneficial to know the cheapest cars to insure. You may not realize it, but your location can also determine how much you’re paying for car insurance.
PDC Flow
SEPTEMBER 7, 2023
Keeping a credit card on file is a convenient best practice for companies that know they will need to take payments later, once an order has been fulfilled or work is completed. What Does Card on File Mean? Card on file (COF) transactions allow companies to capture and store payment details from customers. The details are securely stored so the business can process transactions in the future without requesting those same details again.
Account Recovery
SEPTEMBER 26, 2023
The ink on the proposal from the Consumer Financial Protection Bureau to prohibit medical debts from being included on consumers’ credit reports — among other changes — is barely dry and already consumer advocates are pushing for more changes to be made in the area of medical debt, according to a published report.
Jimerson Firm
SEPTEMBER 27, 2023
The Fair Labor Standards Act (FLSA) provides important protections for American workers, ensuring they receive fair compensation for their labor. However, not all employees are covered by the minimum wage and overtime pay provisions of the FLSA. Enter the concept of “exempt employees,” a term referring to those who are exempt from these specific protections.
Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP
Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.
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