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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
Self-service portals are an empowering way to get consumers back on track. In fact, research from McKinsey found that consumers who digitally self-serve resolve their debts at higher rates and are significantly more likely to pay in full. Just take into consideration that surveys have found that four in 10 have used an online portal supplied by a financial institution for bill pay, while only a quarter have paid by phone, mailing a check, or in person.
A bill has been introduced in the House of Representatives that aims to combat fraudulent practices in the credit repair industry. The bill, called the Ending Scam Credit Repair Act (ESCRA) was introduced by Rep. Wiley Nickel [D-N.C.] and Rep. Young Kim [R-Calif.]. The big picture: The bill, H.R. 9991, targets CROs that exploit consumers by charging high fees without delivering on promises to improve credit scores, aiming to ensure transparency and accountability in the industry.
Whether you’re using your devices for work or just for fun, making sure everything stays secure is more important than ever. It doesn’t take much for cyber-criminals to try and take advantage of us, especially in this digital age. With technology intertwining so deeply with our lives, having a good grasp on cybersecurity is essential. As we browse the internet and travel with our gadgets, being vigilant can save us from lots of headaches, like losing personal data.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
A District Court judge has dismissed a Fair Credit Reporting Act and Fair Debt Collection Practices Act lawsuit filed by a consumer against a collection operation that was accused of obtaining information from the consumer’s credit report without a permissible purpose and for failing to initiate collection activity prior to access her credit report.
Podcast About Transcript About Welcome and Industry Insights (0:00 – 1:20) The conversation opens with a broad overview of the topics for this episode, including collections, legal issues, tech trends, and industry updates. CFPB’s Proposed Rule on Medical Debt (1:21 – 2:40) A discussion about the CFPB’s proposed rule to limit medical debt’s impact on credit reports.
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Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Podcast About Transcript About Welcome and Industry Insights (0:00 – 1:20) The conversation opens with a broad overview of the topics for this episode, including collections, legal issues, tech trends, and industry updates. CFPB’s Proposed Rule on Medical Debt (1:21 – 2:40) A discussion about the CFPB’s proposed rule to limit medical debt’s impact on credit reports.
Getting to Know Mike Cowguill of Capio Judge Dismisses FCRA, FDCPA Case Over Permissible Purpose Allegations Credit Repair Overhaul Bill Introduced in Congress Biden Administration Punishes MOHELA Over Loan Servicing Errors WORTH NOTING: How to avoid sharing election misinformation … Classic books that any reader should have in their library and on their must-read lists … Which actor lost $50 million because of a corrupt accountant?
The Department of Education has taken action against the Missouri Higher Education Loan Authority (MOHELA), one of the nation’s largest federal student loan servicers, for mishandling hundreds of thousands of applications for repayment plans. It has decided to temporarily halt assigning new accounts to the servicer after it failed to process over 460,000 applications for income-driven repayment plans, according to a published report.
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