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A study that has been published in the American Journal of Preventive Medicine gives companies in the accountsreceivablemanagement industry that collect on studentloan debt another arrow in their quiver to convince individuals to pay off their debts — if you don’t do it, you have a higher risk of being diagnosed with … The post (..)
As expected, the federal government yesterday announced that it was extending the moratorium on making studentloan payments for an additional four months — to August 31 — but added in an extra wrinkle that will impact those in the accountsreceivablemanagement industry: The 7 million borrowers who are in default on their student … (..)
The moratorium on studentloan payments is coming to an end, and there are probably plenty of people in the accountsreceivablemanagement industry who are happy about that — most notably companies that specialize in collecting on unpaid studentloans.
Concerns about the impact of individuals having to start making their studentloan payments again on the economy are overblown, according to a report released by researchers from the Federal Reserve Board of New York.
The ending of various pandemic-era benefits including the pause on studentloan payments will impact consumers in the coming months. Read on for our take on what’s impacting consumer finances and our industry, how consumers are reacting, and what else you should be considering as it relates to debt collection in 2023.
Debt collection companies walk a fine line between business efficiency in their primary function (accountsreceivablemanagement), while at the same time needing to respect the fact that the debtor is a valuable client to the business for whom they are running collections. 4: False statements or representation.
A good credit score allows you to get better rates on car or mortgage loans just to name a few. If you fall into hard times, the inability to pay off your credit card bills or studentloans can result in your debts being transferred to a debt collection agency. Have a Professional Remove the Collection.
DEBT COLLECTORS, facing growing demands to freeze the collection of debt across the country amid the economic hardship caused by the coronavirus pandemic, are mobilizing their lobbyists to push back. In New York, residents are receiving a 30-day reprieve from the collection of state-owned medical and student debt.
The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. The California commissioner of financial protection and innovation recently issued proposed changes to the notice of rulemaking for acquiring a debt collection license under the Debt Collection Licensing Act.
The AccountsReceivableManagement and Revenue Cycle Management sectors are navigating significant headwinds that are reshaping how debts are collected heading into the final weeks of 2024, according to a report released recently by Corporate Advisory Solutions. Learn more.
Federal Activities: On April 19, the Consumer Financial Protection Bureau (CFPB) announced that the 30-day comment period on the CFPB’s proposal to delay the effective date of Regulation F, its Debt Collection Rule, is open.
A new president and a new Congress provides a good opportunity to look back on the past four years and assess the legacy and impact of the Biden administration on the credit and collection industry. AccountsRecovery asked a number of industry professionals to share their thoughts on how the Biden administration impacted collections.
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