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BIN Checker: Understanding Bank Identification Numbers

Payment Savvy

A Bank Identification Number (BIN) is the first four or six numbers found on any debit or credit card. Since online banking systems have become more popular and virtual cards have become a norm, BIN numbers aren’t necessarily bank-issued. As we’ve mentioned earlier, banks aren’t the sole authority to issue a card.

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Bank Ecosystems: The Role of Data Ingestion

Fico Collections

In my previous blog post, I talked about how open banking can be leveraged to build a financial ecosystem and what capabilities are required to get the maximum value from it. Data needs to be fed, shared, enriched, stored and used in the banking ecosystem for several different decisions.

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12 Tips to Help Prevent Identity Theft

Credit Corp

This is less of an issue for in-person transactions, as you likely know and trust your local bank branch or credit union representative. These may include bank statements, mailed credit offers, receipts, medical bills, canceled or voided checks, and junk mail. If it’s anyone else, be sure to do your due diligence.

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What Should You Know If You Have Debts In Collections?

Taurus Collect

Having debts in the collection primarily means that a third party is pursuing you to retrieve payments for your debts on behalf of your creditors. NEVER share your bank account number, social security number, or other sensitive details over the phone to a debt collector until their legitimacy is verified.

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Important NACHA Changes: Account Validation

Payment Savvy

Starting March 19, 2021, the National Automated Clearing House Association (NACHA) will require businesses to perform online verification of bank accounts before they accept or process ACH payments. This network allows transfers from and to different banks for the payment of goods and services. Why the changes?

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Pros and Cons of Paperless Statements

Debt Guru

But banking and financial transactions might still make you leery. Whether it’s your monthly credit card or mortgage bill, your regular bank account statement, your quarterly 401(k) update, or another financially sensitive document, some of us prefer the piece of paper delivered to our mailbox. Con: Lost Access to Old Statements.

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Integrating Judicial and Extrajudicial Strategies in Portfolio Management

Qualco

Although 2022 saw a modest reduction in Non-Performing Exposures (NPEs) across the European Union, financial entities, including banks and servicers, are advised to proceed with heightened vigilance. This scenario underscores the pressing need for resilient and adaptable strategies in managing loan portfolios.