American Profit Recovery

DECEMBER 29, 2022

Consumers and the business community should be comforted knowing there has been a consistent industry-wide effort in collections to humanize the process. More and more collection agencies understand the value and critical nature of tactful and respectful communications with consumers. Why is this important for the public to understand? Any business transaction should be conducted by interested parties that can come together.

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Debt collector Collection Agencies Collections Agency Collections 130

Collections Law

DECEMBER 1, 2022

Getting payment on late debt is not always an easy task. Thankfully, businesses do not need to go through this process on their own. Business owners can work with legal counsel to help locate and collect that money. At the Law Offices of Alan M. Cohen LLC, we have nearly 50 years of combined legal experience working to help our clients get the money they are owed.

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Enterprise Recovery

DECEMBER 9, 2022

The objective of an effective collections policy is to ensure that clients pay on time. The policy will also determine what happens when the client doesn't pay within the timeframe of their payment terms. When your business is struggling with cash flow or falling behind on collecting what's owed, it could be a sign that the policy needs updating. Here are signs that your B2B collections policy isn't working.

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Collections 211

True Accord

DECEMBER 29, 2022

When it comes to New Year’s resolutions, improving personal finances isn’t anything new. But as we look ahead to 2023, we see more and more Americans adding serious financial goals to their list. A recent Ascent survey found 66% of Americans plan on making a financial resolution. And your business should be paying attention to the New Year goals of consumers: it’s the ideal time to support your customers to pay off debt (one of the most common financial resolutions for 2023) by meeting them wher

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Credit Card Debt Collections 64

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.

American Profit Recovery

DECEMBER 23, 2022

Have you ever wanted to know the real story behind the debt collection industry? Want to get the inside scoop on how things really are in the world of debt collections? We got you covered here! There are untold amounts of myths regarding collection agencies and how they operate. And even more myths about how they interact and work with consumers. So we thought we would share a little bit of inside baseball when it comes to debt collections and debunk many of the myths that people share.

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Collections Collection Agencies Collections Agency Fair Debt Collection 221

Consumer Finance

DECEMBER 19, 2022

CFPB is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines.

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Loans Banks 145

Nerd Wallet

DECEMBER 30, 2022

Lauren Schwahn writes for NerdWallet. Email: lschwahn@nerdwallet.com. Twitter: @lauren_schwahn. The article 5 Ways to Build Your Credit Score in 2023 originally appeared on NerdWallet.

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Enterprise Recovery

DECEMBER 30, 2022

It's time that we review our blog posts from the past year to discover any trending topics for 2023. In previous years, we've used this annual review to learn insights on how we can do better for our readers. Let us know if there's a topic that we can do better for you in the upcoming year. Here are the Accounts Receivable and Business Collections Trends for 2023.

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Collections 226

Nexa Collect

DECEMBER 30, 2022

Simply writing-off the amount that is past due is a common approach among several businesses. We see this as leaving money on the table. The primary reason for not following up on receivables is that most businesses are short-staffed, and their staff have little or no time left after their primary job responsibilities are completed. Therefore, just after a few initial follow-ups, they let go of their debtors.

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Collection Agencies Collections Agency Debtor Collections 130

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

American Profit Recovery

DECEMBER 21, 2022

The team here at American Profit Recovery always takes time to ring in the holiday season. Working in the debt collection industry is fast-paced, and sometimes challenging and it is important for this organization to ensure the entire team gets a chance to experience everything this season has to offer. It has been a long tradition here to have many opportunities to celebrate the holidays.

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Collections 218

Account Recovery

DECEMBER 23, 2022

The Consumer Financial Protection Bureau has fined an international remittance company $700,000 for not refunding consumers after it made transfer errors, in a failure to comply with the Electronic Funds Transfer Act. A copy of the enforcement action against Servicio UniTeller can be accessed by clicking here. Between 2013 and 2021, the company allegedly did … The post CFPB Fines Remittance Company $700k For Failing to Provide Refunds first appeared on AccountsRecovery.net.

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Consumer Finance

DECEMBER 19, 2022

Today, the CFPB is ordering Wells Fargo to pay more than $2 billion in redress to over 16 million consumers and a $1.7 billion civil penalty for widespread illegal activity across its major product lines for which it has never been held to account.

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Banks 125

Nerd Wallet

DECEMBER 14, 2022

Adam Geinitz and his fiance, Jeremy, had planned to elope to Puerto Rico this past September. While weather reports indicated potential storms, the couple departed from their home in Colorado for their destination wedding anyway. But during their layover in New York, the storm worsened into what would become Hurricane Fiona. And as it became. Sally French writes for NerdWallet.

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Collection Agencies

Enterprise Recovery

DECEMBER 2, 2022

The holidays are a special time when your business breathes out a sigh as one year ends and another begins. Right? Before that happens, there is much to do! The end of the year signals the looming beginning of tax preparation and budget decisions. It also means closing out the books for the year and discovering delinquent receivables. Don't let past-due invoices ruin your holidays!

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Collections 185

Sawin & Shea

DECEMBER 13, 2022

Many people struggle with asking for help from a mortgage modification lawyer when they truly need it. And when it comes to needing financial help, that task is even more difficult. There is a negative stigma associated with financial assistance that makes many people feel embarrassed or ashamed. Some may feel that others will judge them harshly or assume they are poor managers of their resources.

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Lawyers Bankruptcy Loans Lender 105

Prosperity Now

DECEMBER 19, 2022

Last week, Director Rohit Chopra of the Consumer Financial Protection Bureau (CFPB or “the Bureau”) testified before Congress to provide

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Account Recovery

DECEMBER 22, 2022

The overall financial well-being of consumers is back to its pre-pandemic levels, which is not necessarily a good thing, according to data released yesterday by the Consumer Financial Protection Bureau, with a noticeable decline in financial health for Hispanics and individuals under 40. A copy of the full report can be accessed by clicking here. … The post Consumers’ Financial Well-Being on the Decline: CFPB first appeared on AccountsRecovery.net.

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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

DECEMBER 6, 2022

Today, the Consumer Financial Protection Bureau (CFPB) released research revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year because they are not always receiving the benefit of their right to rate reductions under the Servicemembers Civil Relief Act.

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Nerd Wallet

DECEMBER 27, 2022

Sally French writes for NerdWallet. Email: sfrench@nerdwallet.com. Twitter: @SAFmedia. The article Southwest Airlines’ Holiday Disaster: Now What? originally appeared on NerdWallet.

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Enterprise Recovery

DECEMBER 16, 2022

Losing a client after establishing a relationship and putting in work efforts can be disruptive to any organization. It's especially painful if you're working as an independent contractor, freelance, or as a growing business. The loss in revenue may mean that you need to find another client immediately. There are some practical steps you can take to bounce back.

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Payment Savvy

DECEMBER 2, 2022

Consumer shopping behavior has changed greatly during the last decade. Until recently, people made their credit and debit card payments with a bit of distrust because they were afraid of scammers stealing their card information through the card’s magnetic stripe. Luckily, advances in payment technologies have paved the way for an improved experience at checkout, and such fast, secure, and convenient payment methods as near-field communication (NFC) entered the game.

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Banks Retail 98

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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.

Collections

Prosperity Now

DECEMBER 18, 2022

Awe. That is the word that comes to mind when I look back at this past year at Prosperity Now.

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Account Recovery

DECEMBER 28, 2022

We were so close to what I think would have been our first ruling on the safe harbor of using the Model Validation Notice, but a District Court judge in Utah ruled a plaintiff lacked standing to pursue his Fair Debt Collection Practices Act lawsuit because the defendant purchased the plaintiff’s lawsuit during a sale … The post Judge Grants MTD in FDCPA Case Over Lack of Interest Disclosure on MVN first appeared on AccountsRecovery.net.

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Fair Debt Collection Collections 246

Credit Corp

DECEMBER 12, 2022

If your income falls under a certain amount, you could be eligible for a special credit by putting money into qualified retirement accounts. It’s called the saver’s credit, and it started in 2018. Wondering if you qualify? We’ve got all the information you need about the saver’s credit for 2022 tax returns and the 2023 tax year so you can maximize potential tax savings.

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Nerd Wallet

DECEMBER 12, 2022

AP. Abby Badach Doyle writes for NerdWallet. Email: abadachdoyle@nerdwallet.com. The article Co-Buying a House: How Platonic Partners Make It Work originally appeared on NerdWallet.

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For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.

Collections