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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.
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.
Understanding the differences between business and consumer debt collections can profoundly influence your approach to developing an effective recovery strategy. This knowledge allows you to tailor your methods to suit the specific type of debt you are dealing with, ensuring that you employ the most appropriate techniques and adhere to relevant regulations.
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.
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.
The Governor of Virginia has signed a medical debt collection bill into law that will place limits on how healthcare debts owed by Virginians are able to be collected. Driving the news: Virginia Governor Glenn Youngkin has signed HB 1725, also known as the Medical Debt Protection Act, into law. The legislation introduces new restrictions on the collection of medical debts, seeking to protect patients from aggressive collection practices and additional financial hardship.
Defaults on credit card debt have surged to their highest levels since the 2008 financial crisis, signaling worsening financial conditions for lower-income consumers amid persistent inflation and elevated interest rates. By the numbers: The big picture: Consumers are feeling the pinch as higher balances and borrowing costs erode their financial stability: Between the lines: The pandemic-era surge in savings and consumer spending gave credit card issuers confidence to extend credit to riskier bor
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Defaults on credit card debt have surged to their highest levels since the 2008 financial crisis, signaling worsening financial conditions for lower-income consumers amid persistent inflation and elevated interest rates. By the numbers: The big picture: Consumers are feeling the pinch as higher balances and borrowing costs erode their financial stability: Between the lines: The pandemic-era surge in savings and consumer spending gave credit card issuers confidence to extend credit to riskier bor
A bill has been introduced in the Senate by the chairman of the Senate Banking Committee that would expand the types of bills and debts that credit reporting agencies would use to determine consumers’ credit scores, with the objective of helping individuals considered to be “credit invisible.” S. 1465, the Credit Access and Inclusion Act, was introduced last week by Sen.
We’ve seen this ruling in other jurisdictions, so it’s not necessarily a surprise, but I don’t think we’ve seen a ruling on this type of case in North Carolina yet. A District Court judge there has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act lawsuit on the grounds that the plaintiff lacked standing because he had the claim assigned to him by the individual who actually owed the debt in question.
A business like yours likely has one goal when hiring a collection agency: to collect money from customers who pay late or have not paid at all. You may also want to work with a collection agency because you do not have the internal resources or the time to chase past-due invoices, and it is time-consuming. But another goal your business should remember is how a collection agency can help you retain your customers.
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology de
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.
A new bill introduced in the Illinois Senate seeks to amend the Fair Patient Billing Act, providing additional protections for patients facing medical debt. Senate Bill 1223, sponsored by state Sen. Laura Fine, introduces key restrictions on medical debt collection practices, particularly in cases where patients are appealing health insurance decisions.
There are many great career opportunities in the debt collection industry. And one of them is being a professional debt collector. Professionally trained debt collectors serve several purposes. They of course assist a business with improving cash flow by bringing late and non-paying customers to the table. And they help consumers navigate challenging financial situations.
Debt collectors have an enormous responsibility to every business they represent. On the one hand, a business hires a collection agency to collect from customers that have not paid them. And on the other hand, it’s important to understand that keeping your customers is of equal importance. Hiring a third-party collection agency is a big step for many businesses.
Calling customers in good times is pretty easy and stress-free for most of us. But calling them when they have not paid their bill is a different type of phone call. While using a collection agency can be a necessary part of your accounts receivable process, it is important for your business to use internal resources to try to resolve a past-due account before sending it to collections.
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.
You may be a small business owner or a professional in the position of finance. You may be reading this and at the same time having challenges with cash flow. The main culprit could be late and non-paying consumers. Just about every type of business will encounter this challenge, and it’s imperative to implement a regular and consistent program for getting customers to pay you for what you have provided.
After a five-year hiatus, the Department of Education will resume involuntary collections on federal student loans today, impacting millions of borrowers already in default. As of May 5, the department will begin garnishing wages, tax refunds, and Social Security payments for borrowers who have defaulted on their loans, a significant shift after a pandemic-era pause on collections.
Hiring a collection agency for your business can be an extremely smart move and a strategic advantage in improving your cash flow. If you have customers who are consistently late or who have not paid you at all, and those are piling up, it’s time to make that decision. However, effective debt collections happen when you have the proper documentation in front of you.
The Court of Appeals for the Third Circuit has overturned a summary judgment ruling in favor of a defendant that was sued for violating the Fair Credit Reporting Act because it reported an overdue balance to the credit reporting agencies after receiving notice that the balance was being disputed by the plaintiffs. The background: This case stems from a dispute between the plaintiffs and one of the defendants regarding a vehicle lease.
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!
In a case that was defended by Rick Perr and Monica Littman of Kaufman Dolowich, a New Jersey Appeals Court has affirmed a lower court’s dismissal of a case accusing a collection operation of violating the New Jersey Consumer Finance Licensing Act and the Fair Debt Collection Practices Act, agreeing with the state court judge that the NJCFLA does not allow for a private right of action.
📈 By the numbers: Total bankruptcy filings jumped 14.2% in 2024, continuing a multi-year rebound after more than a decade of decline. The 517,308 total filings for the year ending December 31, 2024, represent a significant increase from 452,990 in 2023, according to the Administrative Office of the U.S. Courts. This marks the highest volume of annual bankruptcy filings since 2020, though filings remain well below the post-Great Recession peak of 1.6 million in 2010.
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.
The South Carolina Supreme Court has changed its mind and will not issue a ruling in a case over whether a debt collector is required to send a right-to-cure notice to a consumer under state law before filing a lawsuit to collect on an unpaid debt. The Supreme Court had heard arguments in the case of Portfolio Recovery Associates v. Campney last month, but then issued a ruling in which it dismissed the case as “improvidently granted” which basically means it should not have heard the
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.
Put on your surprised faces … a new survey from Debt.com highlights growing concern among U.S. consumers about the impact of medical debt on their credit reports, with 9 in 10 Americans agreeing that medical debt should not appear on credit reports. This opinion comes just months after the Consumer Financial Protection Bureau implemented a rule to remove medical debt from credit reports.
If you are a consumer struggling with ongoing debt and a mountain of unpaid bills, please know there is hope. There are effective ways to tackle the stress of debt. If you have decided that enough is enough and you are ready to be disciplined and become financially healthy, sometimes some simple and consistent strategies can make a big difference in your life.
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.
EDITOR’S NOTE: The following article was written by the team at Prodigal After a slow start, tax refund processing has quickly caught up. By March 7, the IRS had processed 61.8 million returnsjust 1.8% behind last year’s figures. While the average refund amount has decreased slightly from February’s 7.5% year-over-year increase, it still remains 5.7% higher than in 2024, with most consumers receiving around $3,324.
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.
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