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Reputation is everything. This truth holds even more significance in industries where negative press can have far-reaching consequences. The collections industry is no exception. In an environment where bad press is the last thing anyone desires, brand protection is a paramount concern. In this landscape, adhering to regulations is crucial, and at Optio Solutions we… The post Brand Protection in the Collections Industry appeared first on Optio.
By Greg: Is it me, or did this summer fly by? I was blindsided the other day by my wife and daughter going school shopping. I mean, already ? It never ceases to amaze me how quickly the summer goes by. You can easily become overwhelmed by all the yardwork projects you haven’t started and all the fun family activities you talked about all winter but have not done yet.
Stop Supply- why doing so is your best chance to be paid. It always astounds us when we get sent debts to collect which are made up of multiple invoices. If you’re owed more than 5 invoices for the same customer at any one time then this could be why you’re not getting paid. So many businesses think that by doing more work they’re increasing their chances of getting paid but it actually has the opposite effect.
The Federal Trade Commission on Monday announced it had sued and obtained a temporary restraining order against a number of corporate and individual defendants accused of pretending to be affiliated with the Department of Education so that they could market student loan forgiveness programs that made false promises and collected millions in illegal upfront fees.
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?
Email for debt collection is more popular than ever and there are good reasons why. A thoughtful debt collection email strategy: Makes right party contact faster and easier Drives more traffic to self-serve channels, freeing up employees to do other work Saves money on operating costs by reducing postage costs Gives you more visibility into consumer engagement In an era where convenience and privacy are paramount, email offers a non-intrusive, easily accessible, discreet means of communication c
Do your business debt collections keep you up at night? It's frustrating to work with a client who neglects to pay their invoices, especially when you know their non-payment will affect your ability to be successful. More often than not, some of those invoices will remain unpaid unless you have the resources to follow up with them. Is outsourcing B2B debt collections the right choice for your business?
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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.
Do your business debt collections keep you up at night? It's frustrating to work with a client who neglects to pay their invoices, especially when you know their non-payment will affect your ability to be successful. More often than not, some of those invoices will remain unpaid unless you have the resources to follow up with them. Is outsourcing B2B debt collections the right choice for your business?
It’s Black Business Month and despite the progress made in recent years, Black entrepreneurs continue to face significant barriers that can hinder their success. Contrary to common perceptions, there is a lot of diversity within being Black in America. As our society continues to diversify, there are Black Americans that hail from Africa, from Latin America and the Caribbean and of a mix if races and ethnicities, all of which carries additional cultural considerations.
In this episode of Payments Pros , Josh McBeain welcomes Isaac Boltansky, managing director and director of policy research at BTIG to discuss the proposed Credit Card Competition Act led by Senator Durbin from Illinois. Josh and Isaac discuss the intricacies of the proposed legislation and how it would affect issuers, merchants, and consumers. Additionally, they address some of the skepticism that the bill is receiving from those in the industry and challenges that may come with the legislation
More than 60% of Americans are living paycheck-to-paycheck, with the increased cost of everyday items like groceries and utilities straining household budgets, according to an online originator of personal loans. Even individuals making more than $100,000 per year have less savings to rely on and are struggling to make ends meet.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
While it is by no means a pleasurable experience, the simple truth of the matter is that recessions are a part of life and something we should accept as an occasional occurrence. We are going to face them once in a while – there is no avoiding that fact. Depending on your perspective (and at the risk of sounding a little existential), the very fact that recessions are inevitable at some point means we are always approaching one.
If you’ve ever had to repair your credit, you know how much of a struggle removing inaccuracies from your reports can be. The bad news is that in many cases, after removing negative accounts from your credit history you may only see a slight increase or maybe even no change at all to your credit score. Why? Because you need a healthy credit profile to have a healthy credit score.
Keeping employees, particularly employees of color, supported, happy and engaged in the workplace To understand workplace culture, employee satisfaction, and
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
In our latest episode of The Consumer Finance Podcast, Chris Willis and his colleagues Stefanie Jackman, Joe Reilly, and Jonathan Floyd discuss the CFPB’s advisory opinion related to collection of time-barred debt. The discussion includes a look at the historical events that led up to this opinion, whether or not an FDCPA-covered debt collector can sue to collect a time-barred debt, how this opinion relates to state law analogs, and key takeaways for the industry.
Well, that didn’t take very long. A District Court judge in Michigan has dismissed a lawsuit that challenged an initiative from the federal government seeking to forgive $39 million of student loan debt, determining the plaintiffs lacked standing to sue.
What Are BINs? A Bank Identification Number (BIN) is the first four or six numbers found on any debit or credit card. Essentially, this set of digits specifies the financial institution that issued a payment card. Every BIN number can be checked to prevent fraud and ensure the protection of both merchants and consumers when shopping. When you run any BIN number through a checking system, you end up with accurate information about the geolocation, card issuer, and card type.
The Chase Freedom Unlimited® Credit Card is ideal for those who want to earn cash back on everyday purchases. You can earn anywhere from 1.5% to 5% cash back rewards. These points don’t expire and there’s no limit to how much you can earn. Basic Features Intro Apr: intro_apr_rate,intro_apr_duration Ongoing Apr: reg_apr,reg_apr_type Balance Transfer: balance_transfer_intro_apr,balance_transfer_intro_duration Annual Fee: annual_fees Credit Needed: credit_score_needed Additional Details Great intro
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.
In a November 2022 blog post on the value of homeownership, the United States Department of Treasury noted that “the benefits have largely been perceived to outweigh the costs” to households and to the U.S. economy. To be clear, Treasury states, “(t)he benefits from homeownership have not been shared equally.
Identity verification has become a crucial aspect of today’s business world, particularly for financial institutions and e-commerce companies. Unfortunately, keeping up with the latest techniques can be challenging, with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations constantly pushing the advancement of identity verification methods globally.
The Federal Communications Commission yesterday imposed a penalty of $300 million against the perpetrators of an illegal “auto warranty” robocall scam that purportedly made more than 5 billion robocalls to 500 million phone numbers during a three-month period of 2021.
Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.
When it comes to reaching consumers, it’s no secret that email has surpassed phone calls as the preferred method of communication. In fact, 59.5% of consumers prefer email as their first choice for communication. But just because your business sends emails to consumers doesn’t mean that your messages make it to their inbox. And if that email never reaches the intended recipient, it doesn’t matter what that customer’s preferred method of communication may be.
A FAFSA is an application for financial aid that determines your eligibility. This application will not appear on your credit report, and does not affect your credit score. Congratulations on your high school graduation! You put in a lot of hard work to get that degree, and you deserve to celebrate. This might be your last summer of “freedom,” but that doesn’t mean you don’t have any responsibilities to take care of.
A CURO Group Holdings Company, Heights Finance, formerly known as Southern Management Corporation, induced struggling customers into a fee-harvesting and loan-churning scheme.
State legislatures file, introduce and pass thousands of bills each year. This year, states introduced over 156,000 bills and passed 32,000 including resolutions.
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.
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