Account Recovery
SEPTEMBER 12, 2024
Three reports released by the Census Bureau this week delve into the state of household income, poverty, and health insurance, providing important insights into the state of consumers’ finances. For the first time since 2019, household income improved on a year-over-year basis between 2022 and 2023, growing 4%, while the official poverty rate fell slightly.
Consumer Finance
SEPTEMBER 11, 2024
Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order against the student loan servicer Navient for its years of failures and lawbreaking.
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Account Recovery
AUGUST 27, 2024
A recent field note from the Federal Reserve Bank of Boston reveals that, despite a significant drop in inflation, 59% of U.S. adults surveyed in May are still highly concerned about future price increases. This concern persists even though the inflation rate decreased from a peak of 9% in June 2022 to about 3% by June 2023. As inflation rates have gradually declined over the past two years, households remain significantly concerned about rising prices, with many turning to credit cards and loan
Enterprise Recovery
SEPTEMBER 6, 2024
Cash flow basics are important for startup leaders to ensure financial stability and growth. Positive cash flow indicates more money is coming into the business than going out, while negative cash flow suggests the opposite. Leadership should regularly monitor cash flow statements to identify trends, potential shortfalls, and opportunities for improvement.
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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
American Profit Recovery
AUGUST 23, 2024
By Ian: Just over four months ago, I joined the customer service team at American Profit Recovery. I was immediately impressed by the warmth and helpfulness of my colleagues – I’ve enjoyed getting to know them and learning from them, and it’s easy to see why they get such great reviews from our clients. As someone who is new to the collections industry and new to customer service, I wasn’t sure what to expect when I started, other than that it would be unique compared to any work I had done befo
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
AUGUST 30, 2024
The Consumer Financial Protection Bureau yesterday announced a $2.25 million civil penalty against New Day Financial for deceiving veterans and active-duty servicemembers in connection with cash-out refinance loans. This action comes after the CFPB found that the lender provided misleading cost comparisons to borrowers in North Carolina, Maine, and Minnesota, falsely making its loans appear less expensive than they were.
Enterprise Recovery
AUGUST 30, 2024
A business credit score is crucial for your company's financial health and reputation. It reflects your ability to manage credit responsibly and can impact your ability to secure financing, negotiate favorable terms with suppliers, and attract potential business partners. A strong business credit score demonstrates your reliability as a borrower and opens up opportunities for growth and expansion.
American Profit Recovery
SEPTEMBER 9, 2024
By Sabrine: Who would have thought that a collection agency would have such great google reviews?! Prior to starting at American Profit Recovery back in 2017, I relied on APR’s reviews online to determine whether I would give this company a chance or not. Now, in 2024, the reviews are a tool used across our various departments daily as well as a talking point for potential employees coming in for interviews.
Consumer Finance
AUGUST 26, 2024
The CFPB published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card.
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
SEPTEMBER 10, 2024
Over 3.6 million (72%) small and medium-sized enterprises (SMEs) have some form of outstanding late payment from customers, leaving them £96,772 out of pocket on average, according to new research from Aldermore’s SME Growth Index. The total value of late payments has increased from the end of 2023, up 41% from £68,715 with outstanding balances continuing to present huge challenges for SMEs.
Enterprise Recovery
AUGUST 23, 2024
Credit management is a vital aspect of financial health for any business, influencing cash flow, profitability, and overall stability. Effective credit management ensures a company can meet its obligations to suppliers, employees, and creditors while maintaining the liquidity necessary for day-to-day operations. Let's explore how strategic credit management can propel your business toward sustained success and stability.
True Accord
SEPTEMBER 12, 2024
TrueAccord proved more effective for late-stage collections and better aligned with online lender’s empathetic approach to financial services. For one online lender, providing online personal loans to underserved consumers was not only a core service for their business but also a key part of their company mission. This tech-enabled financial platform offers safe, simple, and affordable credit access to consumers with varied financial histories who lack traditional options, emphasizing empathy an
Consumer Finance
AUGUST 28, 2024
The CFPB took action against repeat offender New Day Financial (NewDay USA) for deceiving active duty servicemembers and veterans seeking cash-out refinance loans.
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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.
UK debt collections
SEPTEMBER 12, 2024
The Charity, National Debtline says action is needed to improve debt collection practices at a effectively-bankrupt authority. Financially-stricken Birmingham City Council sent almost 60,000 debts to bailiffs last year – as a charity warned the tactic risked pushing those who owed cash to despair. The authority said it referred more than 58,500 cases in 2023-24, with the number increasing again following a drop after the pandemic.
Account Recovery
SEPTEMBER 12, 2024
Getting to Know Joey Nichols of CBC Judge Grants MSJ for Defense in FDCPA, TCPA Case Over Attorney Representation CFPB Orders TD Bank to Pay $28M For Credit Reporting Issues Household Income Grows in 2023 Regina Slowey Joins Barron & Newburger, P.C. as New President and CEO WORTH NOTING: What you need to know about home energy rebates that are on the way … Habits to help you stay out of credit card debt … Do you have a dime worth $500,000 in your pocket or change jar?
Jimerson Firm
SEPTEMBER 9, 2024
On July 1, 2024, HB 59 became effective. This bill created new requirements for Homeowners’ Associations (“HOA”) to provide copies of certain records to members of the HOA, including the HOA’s declaration of covenants, amendments to the declaration of covenants, and the HOA rules. HOAs, as well as Community Association Managers, must ensure that they are aware of these new changes, and ensure that they are in compliance.
Taurus Collect
SEPTEMBER 2, 2024
Debt collection often carries a negative connotation, but it doesn’t have to be that way. The art of ethical debt collection focuses on understanding the situation of those who owe money while still balancing the needs of the business. In this blog post, we’ll explore how companies can implement no fee debt collection practices that respect the dignity of individuals facing financial difficulties.
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
SEPTEMBER 10, 2024
The CFPB ordered TD Bank to pay $7.76 million to tens of thousands of victims because of the bank’s illegal actions.
FFGN COLLECT NY
SEPTEMBER 11, 2024
A debt collection attorney is an attorney like all others. All attorneys graduate from law school with a JD, or juris doctor. All attorneys receive this degree, regardless of their specialty or focus during their career. Some attorneys may choose to further their legal education by pursuing a secondary degree, such as an LLM (master of laws). Attending and successfully graduating from law school does not qualify one to practice law.
Account Recovery
SEPTEMBER 12, 2024
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
Jimerson Firm
SEPTEMBER 11, 2024
Part I: New Educational and Regulatory Requirements for HOA Board Members, Community Association Managers, and Homeowners’ Associations On July 1, 2024, CS/CS/HB 1203 became effective, which created significant changes impacting homeowners’ associations (“HOA”) in Florida. Those changes include new educational requirements for community association managers and HOA directors, access to certain HOA records, prohibitions against a HOA limiting or placing requirements on the interior of a home, an
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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.
The Kaplan Group
SEPTEMBER 10, 2024
A new study by The Kaplan Group analyzing Bureau of Labor Statistics (BLS) wage data provides insights into the disparities in salaries across states and occupations within the United States. By examining mean annual salaries, the study identifies the highest-paying states, occupations, and metropolitan areas. Key Takeaways Massachusetts is the state with the highest mean annual salary at $80,330 , while Mississippi lags behind as the only state below $50,000 Management Occupations offers the hi
Consumer Finance
AUGUST 27, 2024
Gaming marketplaces increasingly mirror banking and payment systems but use design tricks to encourage spending, and our children are often the primary audience. Here are steps to help protect your family.
UK debt collections
SEPTEMBER 6, 2024
A debt advice charity has urged Warrington Borough Council to improve debt recovery methods after bailiffs were instructed 6,432 times in a year. New findings following a Freedom of Information Request revealed Warrington Borough Council sent 6,432 debts to bailiffs in 2022/23 – although the council says this was due to a backlog after suspending debt recovery for a three-year period during the pandemic.
Account Recovery
SEPTEMBER 12, 2024
A District Court judge in Nevada has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act and Telephone Consumer Protection Act case that dealt with a new debt being placed with the defendant for collection after the plaintiff had notified the defendant she was being represented by an attorney with respect to other debts the defendant was already trying to collect from her.
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Finance Transformation Myths Busted Over 75% of organizations struggle to define the right success metrics to benchmark the impact of their finance transformation investment. Whether you are just initiating your digital transformation journey or planning to pitch your next AI project to leadership, without the right metrics and a rigorous tracking process - all your efforts might go to waste!
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