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Collector Facing Class Action for Undated MVN, Two Different Dates in Itemization Table

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 (855) WEB-RECON or email admin@webrecon.net today!

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Effective Year-End Business Budgeting Strategies for Financial Success

Enterprise Recovery

With just a few months left of the year, it's time to ensure that your business is well-prepared. Careful planning and allocation of financial resources can help your business seize new opportunities, overcome potential challenges, and achieve its growth objectives. By creating a financial roadmap that supports sustainable development and long-term success, you're positioning your business to thrive in the coming year.

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Collector Facing FDCPA Class Action for Filing Lawsuit

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 (855) WEB-RECON or email admin@webrecon.net today!

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Improving Cash Flow for Freelancers and Small Businesses

Enterprise Recovery

Failing to manage accounts receivable can result in delayed payments, hindering the ability to pay bills, meet payroll, and reinvest in your business. For freelancers and small businesses especially, it is imperative to prioritize strategies that will help keep accounts receivable in check and improve cash flow to meet expenses. Boost the financial stability of your freelance or small business by mastering accounts receivable management for a proactive cash flow.

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Solve Your Firms Automation Complexities Once and For All

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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CFPB Finalizes Personal Financial Data Rights Rule to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services

Consumer Finance

The CFPB finalized a rule to give consumers greater rights, privacy, and security over their personal financial data by requiring providers to unlock personal financial data for free.

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Small Business Bad debt increases by 127%

UK debt collections

The value of bad debt suffered by small businesses has surged by a staggering 127 per cent in the last six months, according to a report by SME funder, Bibby Financial Services (BFS). According to the latest SME Confidence Tracker from Bibby, businesses have written-off an average of nearly £40,000 in unpaid invoices in the last 12 months, up from an average of £17,500 in the spring.

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Effective Email Templates for Overdue Invoice Reminders

Enterprise Recovery

Do you tense up every time you run your business's aging report ? Instead of feeling helpless about delinquent accounts, you can stay calm and take proactive steps to manage the situation. By adopting a strategic approach, you can implement practical solutions to increase your success at recovering outstanding payments. Tired of chasing overdue invoices?

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CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures

Consumer Finance

The CFPB took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users.

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Q3 Industry Insights: Inflation and Interest Rates Drop, Christmas Comes Early

True Accord

The big inflation situation plaguing the U.S. for the past three years seems to be coming to an end, and it could be that American consumers are partially to thank. Tired of paying higher prices, consumers increasingly turned to cheaper alternatives, bargain hunted or simply avoided items they found too expensive, pressuring retailers to accommodate them or lose their business.

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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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6% of Debt Collection visits breaching National Standards

UK debt collections

New research has shown that debt collectors are breaching national standards in 6% of visits to individuals facing enforcement. The study into doorstep interactions in civil enforcement – published by the Enforcement Conduct Board (ECB) – found a noticeable area in which the standards are least commonly met is in acknowledging and taking into account self-identified or obvious vulnerability.

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Judge Denies MTD in FDCPA Case Over Texts Sent to Wrong Individual

Account Recovery

A District Court judge in Texas has denied a motion to dismiss filed by the defendants in a Fair Debt Collection Practices Act and Telephone Consumer Protection Act case, ruling the plaintiff — who received three text messages from one of the defendants that appear to have been intended for someone else — has standing to sue. The background: The plaintiff, who claims no connection to the debt in question, received multiple text messages over a short period intended for an unrelated i

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CFPB Takes Action to Curb Unchecked Worker Surveillance

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) issued guidance to protect workers from unchecked digital tracking and opaque decision-making systems.

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America’s Hottest Side Gigs Revealed

The Kaplan Group

In recent years, side hustles have gained significant traction as individuals seek additional income streams and entrepreneurial opportunities. A new study by The Kaplan Group examines search trends for various side hustles, the challenges associated with starting these ventures, and the geographic distribution of new business applications across the United States.

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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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Welsh Businesses seeing rise in Overdue Invoices

UK debt collections

The number of Welsh companies with overdue invoices on their books reached a 2024 high in September, according to new research from R3, the UK’s insolvency and restructuring trade body. Analysis of data provided by Creditsafe shows that 18,360 Welsh businesses had unpaid invoices on their books last month – the highest monthly total of the year so far.

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FTC Sues, Gets TRO Against Debt Collector

Account Recovery

The Federal Trade Commission has filed a lawsuit and received a temporary restraining order freezing the assets and taking control over a Georgia-based debt collection agency, Global Circulation, Inc., after it was accused of using deceptive and abusive tactics to collect debts from consumers. The complaint, filed in the District Court for the Northern District of Georgia, alleges that the agency tricked consumers into paying more than $7.6 million by falsely representing debts and threatening e

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Identifying Past-Due Accounts: A Guide for Business Owners and Financial Managers

Burt and Associates

Late payments and past-due accounts can weigh down a business, impacting cash flow, operational efficiency, and overall growth. But how can business owners and financial managers spot these accounts early, understand the reasons behind delinquencies, and take proactive steps? Here’s a practical guide with tips and warning signs that can help you safeguard your accounts receivable and keep your financial health in check. 1.

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CFPB and CMS Take Action to Stop Illegal Billing of Lowest-Income Medicare Recipients

Consumer Finance

The Consumer Financial Protection Bureau and the Centers for Medicare and Medicaid Services issued a joint letter to protect millions of Medicare beneficiaries living at or below the poverty line from unlawful medical bills.

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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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The Ultimate Guide to Loan Management Systems

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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New York’s Highest Court Will Finally Address the Foreclosure Abuse Prevention Act

Consumer Finance Watch

The Foreclosure Abuse Prevention Act (“FAPA”) has been heavily litigated since its enactment in December 2022. New York courts have issued conflicting decisions interpreting FAPA, including whether the statute applies retroactively to conduct that occurred prior to its enactment and whether retroactive application is unconstitutional. Lenders, mortgage servicers, and other financial institutions should take note that the Second Circuit has certified the question of FAPA’s retroactive application

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Profits Up at PRA Group as Company Announces Shift to Let More Collectors Work From Home

Account Recovery

PRA Group discussed the strides it has made in expanding its legal collection efforts while also announcing plans to close three of its six U.S. offices while transitioning impacted employees to work-from-home roles or offshore positions during a quarterly conference call with analysts after releasing its third-quarter earnings yesterday. By the Numbers: Legal Collections and U.S.

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CFPB Annual Report on FDCPA Activities (2024)

Burt and Associates

The Financialization of Debt: A Growing Concern in Medical and Rental Markets In a world increasingly shaped by the integration of finance into everyday life, the Consumer Financial Protection Bureau (CFPB) recently released a report that sheds light on two critical sectors affected by this trend: medical and rental debt. These areas, essential to basic human well-being, are becoming fertile ground for financial products and services that may not always prioritize consumer welfare.

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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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CFPB Sues Student Lender Climb Credit and Investment Firm 1/0 for Deceiving Borrowers About Coding Bootcamps and Vocational Programs

Consumer Finance

Today, the CFPB sued student lender Climb Credit and 1/0 (“one zero”) for misrepresenting the quality of the programs at their partner schools and making false claims about graduates’ outcomes.

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Loan Origination Systems: Transforming Consumer Lending for the Future

Qualco

As the financial sector rapidly evolves, driven by technological advancements, loan origination processes are experiencing profound changes. A key development is the growing adoption of Loan Origination Systems (LOS), which have become essential tools for financial institutions. According to recent forecasts from Future Market Insights , the global loan origination software industry is projected to grow at a CAGR of 13.4% from 2023 to 2033, reaching a market size of US$ 17,505.7 million by 2033.

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Common mistakes businesses make in debt collection and how to avoid them

Collections Law

In the world of business, collecting unpaid debts can feel like a never-ending battle. In addition, many companies unknowingly commit errors that hinder their efforts. Our commercial collections attorneys at the Law Offices of Alan M. Cohen & Associates LLC law have dedicated their legal careers to helping businesses collect their unpaid debts. Our attorneys have more than five decades of combined experience helping companies collect their unpaid accounts receivable.

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Daily Digest – November 5. Collector Facing Class Action for Undated MVN, Two Different Dates in Itemization Table; Judge Denies MTD in FDCPA Case Over Texts Sent to Wrong Individual

Account Recovery

Collector Facing Class Action for Undated MVN, Two Different Dates in Itemization Table Judge Denies MTD in FDCPA Case Over Texts Sent to Wrong Individual FTC Sues, Gets TRO Against Debt Collector Profits Up at PRA Group as Company Announces Shift to Let More Collectors Work From Home WORTH NOTING: A few tips on how to minimize political tension inside the workplace … Why consumers may be pessimistic about the state of the economy even though inflation is cooling … A huge number of e

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How To Optimize Cash Flow: Your Roadmap To Resilience!

Speaker: Genevieve Hancock, CPA

Cash flow isn’t just about balancing numbers - it's about ensuring your organization is positioned for both immediate stability and long-term success. Understanding that cash flow management fuels every decision, every opportunity, and every growth phase is critical. But how can you shift from simply managing cash to strategically optimizing it for resilience?