Trending Articles

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Judge Dismisses FDCPA Case Over Request for Email Communication Only

Account Recovery

A District Court judge in Oklahoma has dismissed yet another “inconvenient” time or place case under the Fair Debt Collection Practices Act in which a plaintiff mails a letter to the defendant requesting or demanding that all future contact between the parties be conducted via email, ruling that both the FDCPA and Regulation F gave the defendant the authority to respond via traditional mail and not via email.

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CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama

Consumer Finance

The CFPB and DOJ took action to end Fairway Mortgage Corporation’s illegal mortgage lending redlining against majority-Black neighborhoods in the greater Birmingham, Alabama area.

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Celebrating 20 years-how it started and how it’s going

American Profit Recovery

American Profit Recovery is celebrating 20 years in business. However, we are not just celebrating being in business for two decades, we are applauding our vision come true and how we have built a reputable debt collection agency that has achieved what we set out to do in 2004. We came together because we saw an opportunity to improve just about every area of collections.

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Boost Collections by Training Debt Recovery Skills

Enterprise Recovery

Effective debt recovery is a cornerstone of financial management. Without an efficient approach to collecting outstanding debts, businesses can suffer from cash flow issues, leading to operational challenges and potential financial instability. Skilled debt recovery ensures that the company can maintain its liquidity, meet its financial obligations, and reinvest in growth opportunities.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Map shows where Bailiffs in London are most used to collect debts

UK debt collections

The London Borough of Croydon sends out the highest number of bailiffs in all of England and Wales to collect debts, according to a new interactive map. It sent out the most bailiffs for debt collection in London between 2022 and 2023, a staggering 86,295 referrals, with 36,122 of these referrals for council tax arrears. Martin Lewis’s charity, The Money and Mental Health Policy Institute, has said councils’ use of bailiffs for debt collection is “grotesque”, and “aggress

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Overcoming Challenges as Debt Collectors

American Profit Recovery

By Delaney: Debt Collectors are faced with many hurdles when trying to contact consumers to pay on past due balances. Many of these hurdles come from pre-conceived notions about what it means to have an account sent to collections, or to be contacted by a collection agency. At American Profit Recovery, we do our best every day to change the perception of the collection industry in order to educate both consumers and prospective clients on what those things truly mean.

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The Importance of Communication in Debt Recovery

Enterprise Recovery

Building trust is paramount in the debt recovery process, and communication is the foundation of trust. Clients are more likely to cooperate and engage positively when informed about the collections process and their options. Clear and honest communication helps to demystify the debt recovery process, reducing any anxiety or confusion the client may have.

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CFPB Takes Action Against Arbitration Platform Ejudicate for Deceiving Student Borrowers

Consumer Finance

The CFPB banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer products after it misled borrowers about its neutrality and initiated sham arbitration proceedings.

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Law firm ‘disappears’ owing £37.5m to Creditors

UK debt collections

The administrators of a collapsed Liverpool law firm have admitted they do not know if creditors will receive a return, amid ongoing uncertainty over exactly how the business came to grief. Joint administrators from Quantuma handling the affairs of McDermott Smith gave an update this month on progress, but said it could be another two years for the business to be liquidated.

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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

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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Minnesota’s Debt Fairness Act Now in Effect

Account Recovery

A new medical debt law went into effect in Minnesota this week, and following the lead of that state’s Attorney General, it might be helpful to review the details of the Debt Fairness Act to make sure nobody overlooks anything that they need to be doing. The Debt Fairness Act, which took effect on October 1, introduces significant changes to debt collection practices, particularly regarding medical debt.

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Steps to Create a CFPB Complaint Process for Agencies

PDC Flow

The Consumer Financial Protection Bureau (CFPB) is an independent federal agency responsible for maintaining the safety of customers who interact with financial businesses. Because they create and enforce the regulations that govern the credit and collection industry, debt collection agencies know this organization well. But do you know the best way to handle a CFPB complaint about your business filed directly with the Bureau?

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Stay Secure: Mastering Cyber Safety in a Digital World

Debt Guru

Whether you’re using your devices for work or just for fun, making sure everything stays secure is more important than ever. It doesn’t take much for cyber-criminals to try and take advantage of us, especially in this digital age. With technology intertwining so deeply with our lives, having a good grasp on cybersecurity is essential. As we browse the internet and travel with our gadgets, being vigilant can save us from lots of headaches, like losing personal data.

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CFPB Takes Action Against Wrongful Auto Repossessions and Loan Servicing Breakdowns

Consumer Finance

The CFPB published a new edition of Supervisory Highlights describing the agency’s supervisory findings related to illegal practices in auto finance, including lenders repossessing consumers’ cars after the borrower made timely payments or received loan extensions.

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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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Government slammed over plans that will fuel Private Rent Arrears

UK debt collections

Government Ministers are being urged to do more to prevent tenants building up private rent arrears, not allow them to get bigger as currently planned. The call comes as the government’s Renters’ Rights Bill proposes increasing the amount of arrears a tenant can build from two to three months of rent before landlords can serve notice to repossess a property.

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Oklahoma District Court Judge Dismisses Class-Action Component of FDCPA Suit

Account Recovery

A District Court judge in Oklahoma has dismissed the class-action component of a Fair Debt Collection Practices Act lawsuit, while also dismissing some of the claims, after the defendant was accused of not sending a collection lawsuit summons to the plaintiff’s correct address, which it allegedly had. The background: The case started when the defendant, a collection law firm, filed a lawsuit against the plaintiff to collect an alleged debt.

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What Happens If Your Non-Paying Customer Dies During the Debt Collection Process?

FFGN COLLECT NY

What happens to balances owed when your non-paying customer dies during the debt collection process? How do you enforce your right to get paid? The answer depends on whether your non-paying customer was an individual, sole proprietor, or closely held business, compared to an officer of a corporation with more than one officer. Here’s why. Individual Liability Generally, an individual is responsible for their debt.

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Shareholder Agreement Clauses And Company Insolvency

Hudson Weir

This guide focuses on why a shareholder agreement is relevant in the event of insolvency and the roles it plays to safeguard the interest of shareholders. But first – what is a shareholder agreement exactly? A shareholders agreement is a document which outlines their status and rights in a company. It has a significant function of formulating the framework structures by defining the shareholders’ responsibilities of a company, its processes of decision making and control of disputes.

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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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CFPB Takes Aim at Double Billing and Inflated Charges in Medical Debt Collection

Consumer Finance

The CFPB today issued guidance to prevent families from being targeted by illegal medical debt collection tactics for inaccurate or unsubstantiated bills.

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The Low Friction Way For Consumers to Repay: Self-Serve Options for Debt Collection

True Accord

After months of inflation woes, both economists and consumers are starting to see a glimpse of optimism.In the first interest rate cut since the early days of the Covid pandemic, the Federal Reserve announced in September 2024 that it is slicing half a percentage point off benchmark rates. So it’s not surprising that Americans are getting more confident that inflation is cooling off, but optimism for the U.S. economy doesn’t extend to personal finances—consumer expectations for going delinquent

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Judge Dismisses Most Claims in FDCPA Class-Action

Account Recovery

A District Court judge in Virginia has dismissed the majority of claims against several defendants in a Fair Debt Collection Practices Act class-action lawsuit, but allowed one key claim against a collection agency to proceed. The background: The lawsuit accused several companies, including three different collection operations of violating the FDCPA and the Virginia Consumer Protection Act in their attempts to collect on the plaintiff’s unpaid student loans.

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How To Properly Name Your Non-Paying Customer in a Debt Collection Case

FFGN COLLECT NY

Properly naming a non-paying client is of the utmost importance in New York debt collection. Failing to properly name the defendant can jeopardize your entire case. Here’s why it’s so important to properly name your non-paying customer — and how to do so. Assume your company had an agreement with John Smith, LLC to provide services for Mr. Smith, and you dealt personally with John Smith.

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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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How to Avoid Mistakes with the Right Debt Management Software

Qualco

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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Consumer advisory: Pause and review your rights when you hear from a medical debt collector

Consumer Finance

Getting a call from a debt collector about medical costs can feel like it’s making a painful situation worse. Don’t pay just to make it go away. Know your rights and check the facts.

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AI in credit management: Useful but limited? 

On Guard

The surge in popularity of ChatGPT in late 2022 has put AI in the spotlight for its potential to streamline work processes in every business, including the finance sector. How do organisations perceive and leverage AI to optimise their processes and what is the role of the finance professional in this landscape? This is what we attempted to explore in our latest research, entitled “ The future of credit management: AI and the role of the finance professional ”, deriving input from 30 interim pro

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Appeals Court Vacates Summary Judgment Award in FDCPA Case, Dismisses for Lack of Standing Instead

Account Recovery

In a case defended by David Grassi and Chad Echols at Frost Echols, along with Brad Armstrong at Moss & Barnett, the Court of Appeals for the Eighth Circuit has vacated a lower court’s summary judgment ruling in favor of a defendant in a Fair Debt Collection Practices Act case, only to have the case dismissed because the plaintiff lacked standing to sue in the first place.

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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.