Account Recovery

AUGUST 13, 2024

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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Collection Industry News

AUGUST 13, 2024

Credit card debt is on the rise. Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly credit industry insights report from TransUnion. Credit card delinquency rates are also higher across the board, the New York Fed and TransUnion found.

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Account Recovery

AUGUST 13, 2024

The comments period regarding the Consumer Financial Protection Bureau’s proposed rule that would prohibit creditors from using medical debts when determining whether a consumer is eligible for credit closed yesterday. To provide insight into the tone of the comments being filed, AccountsRecovery.net is sharing some of those comments here. To date, 1,008 comments have been filed and are available to be viewed.

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Account Recovery

AUGUST 13, 2024

A District Court judge in Illinois has dismissed the remaining claim in a Fair Debt Collection Practices Act case against a defendant, citing a lack of subject matter jurisdiction because the plaintiff lacked standing to sue. The plaintiff, who initially alleged multiple violations of the bankruptcy provisions of the FDCPA, saw her case gradually dismantled until only the FDCPA claim remained.

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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.

Account Recovery

AUGUST 13, 2024

In what is a recipe for problems, the average credit card balance for consumers continues to trend upward while the number of consumers making more than the minimum payment on their card balances every month is going in the opposite direction, according to data released last week by TransUnion. Driving the news: The latest TransUnion Credit Industry Insights Report (CIIR) for the second quarter of 2024 reveals that the average credit card balance per consumer has surged to $5,897, up from $5,325

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Account Recovery

AUGUST 13, 2024

Collector Facing FDCPA Class Action Over Alleged Itemization Table Math Discrepancy Summarizing Comments Submitted to CFPB’s Medical Debt Credit Reporting Proposal Judge Dismisses Remaining FDCPA Claim in BK Case Credit Card Balances Keep Rising, While More Consumers Making Just Minimum Payments WORTH NOTING: Ideas and suggestions to help calm back-to-school nerves … Consumers across the […]

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Account Recovery

AUGUST 13, 2024

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?

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Account Recovery

AUGUST 13, 2024

The comments period regarding the Consumer Financial Protection Bureau’s proposed rule that would prohibit creditors from using medical debts when determining whether a consumer is eligible for credit closed yesterday. To provide insight into the tone of the comments being filed, AccountsRecovery.net is sharing some of those comments here.

Creditors 130

Creditors Collections 130

Account Recovery

AUGUST 13, 2024

A District Court judge in Illinois has dismissed the remaining claim in a Fair Debt Collection Practices Act case against a defendant, citing a lack of subject matter jurisdiction because the plaintiff lacked standing to sue.

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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.

Banks

Account Recovery

AUGUST 13, 2024

In what is a recipe for problems, the average credit card balance for consumers continues to trend upward while the number of consumers making more than the minimum payment on their card balances every month is going in the opposite direction, according to data released last week by TransUnion.

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