Account Recovery
JANUARY 15, 2025
A District Court judge in Florida has denied a defendant’s motion to dismiss claims it violated the Fair Debt Collection Practices Act and the Florida Consumer Collections Practices Act in a ruling that seems potentially problematic in terms of the definition of debt collector and when a debt is in default. The background: The case stems from a parking fee dispute at a private garage in Miami.
Enterprise Recovery
JANUARY 10, 2025
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.
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Account Recovery
JANUARY 7, 2025
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.
American Profit Recovery
JANUARY 6, 2025
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.
Speaker: Debra L. Robinson
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
Consumer Finance
JANUARY 6, 2025
Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to ban the inclusion of medical bills on credit reports used by lenders and prohibit lenders from using medical information in their lending decisions.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
JANUARY 2, 2025
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
American Profit Recovery
JANUARY 9, 2025
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.
Consumer Finance
JANUARY 6, 2025
The CFPB sued Experian, the nationwide consumer reporting agency, for unlawfully failing to properly investigate consumer disputes.
Hudson Weir
JANUARY 10, 2025
Businesses rely on steady cash flow to operate smoothly, and unpaid invoices can create major hurdles With this in mind, you might wonder: what is a letter before action and how can it help recover debts? UK small businesses face an average of 22,000 in overdue payments, translating to an economic loss of 2.5 billion annually. In fact, customers paid nearly 50% of small businesses invoices late between June 2023 and June 2024, according to Apollo.
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.
UK debt collections
JANUARY 15, 2025
Didsbury Gin was founded by best friends and gin lovers Liam Manton and Mark Smallwood in 2017, who according to the brands website, wanted to take gin to the next level. A year after founding the brand, the pair won a 75,000 (US$88,952) grant after appearing on BBC television series Dragons Den , which in return would take a 10% stake in their business.
Account Recovery
JANUARY 8, 2025
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.
True Accord
JANUARY 15, 2025
Email has come a long way from the mass blast messagingdeveloping, customizing, and optimizing intelligent email strategies has shown success in both engagement and repayment rates in debt collection. But there’s more that goes into harnessing this channel than just hitting send and hoping for the best. Heres how creditors and collectors can strategically leverage email in debt collection communications to enhance engagement, maintain compliance, and drive repayments.
Consumer Finance
JANUARY 13, 2025
The CFPB sued Capital One for cheating millions of consumers out of more than $2 billion in interest.
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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.
Collections Law
DECEMBER 27, 2024
Watching your debtor continue business as usual while they owe you money can be incredibly frustrating. You have a judgment in hand, yet your debtor seems unfazed, conducting transactions and collecting payments without a second thought to what they owe you. Its enough to make any business owner in Massachusetts feel powerless. The good news is that you are not powerless.
FFGN COLLECT NY
JANUARY 5, 2025
With the new year comes an increase in the minimum wage in New York. The new rate depends on the region where the employee works. As of January 1, 2025, the state minimum wage increased by $0.50. In many parts of New York, the minimum wage is now $16.50, more than double the $7.50 federal minimum wage. Will the new minimum wage affect debt collection?
Account Recovery
JANUARY 9, 2025
A District Court judge in Illinois has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case, ruling the plaintiff lacked standing after alleging violations related to a disputed debt originating from identity theft. The background: The case stemmed from a credit card account fraudulently opened in the plaintiff’s name with a retailers branded credit card.
PDC Flow
JANUARY 9, 2025
We are thrilled to announce PDCflow has been recognized with the Best Customer Support Badge by Software Advice , a leading software recommendation engine that helps businesses find the right software. This Best of badges program is an independent assessment that evaluates user reviews to help buyers identify highest-rated software companies in specific categories that offer the most popular solutions.
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.
Consumer Finance
JANUARY 6, 2025
The CFPB sued Experian, the nationwide consumer reporting agency, for unlawfully failing to properly investigate consumer disputes.
NCBA Law Practice Management Blog
JANUARY 5, 2025
If youve been following the news about lawyers use of artificial intelligence, youll know that hallucinations have been an issue. When a generative AI tool, like ChatGPT , hallucinates , it essentially makes things up. Now, thats a problem if, say, youre an attorney adding a court case to a legal brief, that youll submit to the court. Theres a whole line of caselaw , about how bad this can be, starting with Mata v Avianca.
Enterprise Recovery
JANUARY 3, 2025
It's the perfect time for B2B sales professionals to reevaluate client relationships. Trust and loyalty will go a long way in staying in front of mind when your clients are making major budget decisions. If you're not already planning to connect with your clients this month, let this be a reminder. Strengthening client relationships is the perfect resolution for B2B sales professionals in the new year.
Account Recovery
DECEMBER 26, 2024
New York Gov. Kathy Hochul this week signed a sweeping package of bills to enhance consumer data protection in New York into law. While the package tackles various digital safety issues, one law stands out for debt collection professionals: S5703B/A1035B, which bans the use of social media platforms for debt collection. The details: The newly enacted law prohibits debt collectors from using social media platforms to communicate with consumers about unpaid debts.
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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.
FFGN COLLECT NY
JANUARY 14, 2025
A guaranty is a written promise by one person to pay another’s debt. In a commercial setting, a guaranty is typically the promise of an owner or officer to pay the debt of a corporate entity should it default on its obligation. A commercial guaranty provides additional security and consideration for the creditor. It’s an additional incentive for the corporate entity to fulfill its obligations.
Consumer Finance
JANUARY 5, 2025
The CFPB sued Vanderbilt Mortgage & Finance for setting families up to fail when they borrowed money to buy a manufactured home.
Jimerson Firm
JANUARY 14, 2025
In todays digital age, cybersecurity has become a critical concern for businesses and individuals alike. With increasing cyber threats and data breaches, it is essential to understand the legal frameworks that govern the protection of information systems. In Florida, specific statutes and regulations address cybersecurity, imposing obligations on organizations to safeguard sensitive data and ensure compliance with state laws.
On Guard
JANUARY 14, 2025
When starting your career as a pedagogist and a dance teacher, you dont expect to end up excelling in B2B sales. But these two might not be so far apart. For Natascha, the link is clear: persuasion and instilling enthusiasm. This is her story. She has been working at Onguard for 24 years, she loves philosophy and art, and she is Onguards go-to person for sustainability, a former active member of the work council, the organisations Unicef project team member, and a gender diversity advocate.
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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.
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