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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
A business like yours likely has one goal when hiring a collection agency: to collect money from customers who pay late or have not paid at all. You may also want to work with a collection agency because you do not have the internal resources or the time to chase past-due invoices, and it is time-consuming. But another goal your business should remember is how a collection agency can help you retain your customers.
It can be easy to get frustrated and make assumptions about why your invoices aren't being paid on time. The problem is that your frustration doesn't solve or prevent the situation from happening. After years of recovering delinquent debt for B2B clients, we've identified many reasons behind late or unpaid invoices. Read on to discover the reasons behind unpaid invoices and how to tackle them effectively.
Unresolved business debt can wreak havoc on your company’s financial health and well-being. As a Massachusetts business owner, it is easy to get frustrated by the lack of payment. However, there is much more to this than just emotional frustration. The negative ripple through your company is also financially detrimental. Carrying bad business debt on your books affects cash flow, credit ratings and overall business sustainability.
Speaker: Alex Salazar, CEO & Co-Founder @ Arcade | Nate Barbettini, Founding Engineer @ Arcade | Tony Karrer, Founder & CTO @ Aggregage
There’s a lot of noise surrounding the ability of AI agents to connect to your tools, systems and data. But building an AI application into a reliable, secure workflow agent isn’t as simple as plugging in an API. As an engineering leader, it can be challenging to make sense of this evolving landscape, but agent tooling provides such high value that it’s critical we figure out how to move forward.
Keeping up with compliance in the debt collection industry can be a challengeespecially as artificial intelligence, machine learning, and other advanced technologies sweep through both the business and consumer sectors. In a webinar on January 29, 2025, industry experts Kelly Knepper-Stevens, TrueML Chief Legal Officer; Katie Neill, TrueAccord General Counsel and Chief Compliance Officer; and Lauren Valenzuela, Retain by TrueML Products General Counsel and Chief Compliance Officer, shared insigh
Latest data from Money.co.uk has found that on businesses are facing 47-day payment delays. The FSB has described late payments as one of the biggest problems facing small businesses and with the Government announcing plans to crack down on late payments with stricter laws to help smaller businesses and grow the UK economy The research highlights the problem.
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Latest data from Money.co.uk has found that on businesses are facing 47-day payment delays. The FSB has described late payments as one of the biggest problems facing small businesses and with the Government announcing plans to crack down on late payments with stricter laws to help smaller businesses and grow the UK economy The research highlights the problem.
A new bill introduced in the Illinois Senate seeks to amend the Fair Patient Billing Act, providing additional protections for patients facing medical debt. Senate Bill 1223, sponsored by state Sen. Laura Fine, introduces key restrictions on medical debt collection practices, particularly in cases where patients are appealing health insurance decisions.
If youre trying to find out what does IBR mean or what does IBR stand for in a business or banking context, thats understandable as there are some conflicting answers online. IBR stands for Independent Business Review. IBRs are comprehensive assessments of a company’s financial health and operational performance, typically conducted at the request of a bank or other lending institution.
Conversations about money are challenging, no matter the situation. However, they are necessary when proposing a deal with a potential client. As a B2B debt collections company, we thought we'd share some tips to help make these discussions easier. Navigating financial discussions with B2B clients can be challenging, but mastering these skills can build healthy business relationships and secure timely payments.
Business owners in Massachusetts are likely familiar with the frustrations of trying to collect unpaid debts. At the Law Offices of Alan M. Cohen & Associates LLC, our aggressive and relentless commercial collections attorneys have more than 60 years of combined experience helping Massachusetts business owners collect their unpaid debts. Utilizing the collection tools allowed by law, our lawyers are ethical in their methods and innovative in their debt collection strategies.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Direct mail is the old-school method for reaching consumers regarding their debt, but over time several factors have reduced the effectiveness of letters in collection communicationsconsumer preference and cost being the most prevalent. But specific state compliance regulations and other use cases prove that snail mail still has its place in the omnichannel mix.
In a new report, the Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase sector, has called on the Government to improve its debt collection methods for collecting debts to help service users more effectively and boost collections revenues. The report praises the accomplishments of the Government Debt Management Function and the Treasurys cross-government Fairness Group but highlights the need for continued progress and a focus on local government.
📈 By the numbers: Total bankruptcy filings jumped 14.2% in 2024, continuing a multi-year rebound after more than a decade of decline. The 517,308 total filings for the year ending December 31, 2024, represent a significant increase from 452,990 in 2023, according to the Administrative Office of the U.S. Courts. This marks the highest volume of annual bankruptcy filings since 2020, though filings remain well below the post-Great Recession peak of 1.6 million in 2010.
The debt collection industry is undergoing a transformative shift, driven by the rapid advancements in artificial intelligence (AI) technology. A new study by The Kaplan Group explores the impact of AI on debt collection, highlighting the key market trends, technological innovations, and operational benefits. Key Takeaway The AI debt collection market is projected to grow at a CAGR of 16.9%, reaching $15.9 billion by 2034.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
The debt collection industry is evolving rapidly, driven by advancements in technology, changing consumer expectations, and an increasing need for efficient recovery solutions. With the U.S. debt collection market generating approximately $12.5 billion in revenue in 2023, the industry is expected to continue growing over the next decade. Heres a closer look at the key… The post The Future of Debt Collection: Trends Shaping the Industry first appeared on Optio.
Looking to domesticate a judgment in New York and wondering if its worth the expense? Consider the following: Except for judgments obtained for medical services, New York is extremely liberal when it comes to judgment enforcement. The New York Civil Rules of Civil Procedure allow collection attorneys to execute judgments right away. Most judgment enforcement is done by the collection attorney without leave of court, which leads to quick action.
An official notice from the Judicial Conference of the United States was just published announcing that certain dollar amounts in the Bankruptcy Code will be adjusted upward by 13.2004%, perhaps the largest increase to date. Inflation adjustments are made to certain Bankruptcy Code dollar amounts every three years, and these new amounts will apply to cases filed on or after April 1, 2025.
Say goodbye to credit card stresssee if Chapter 7 bankruptcy is your solution. Credit card debt relief often seems unattainable, but there is a way forward. Chapter 7 bankruptcy can help clear debt and give you a fresh start. But how do you know if its the right choice? Will it erase all your debt, or are there limits? A Greenwood Colorado bankruptcy attorney can explain your options and make sure you dont risk losing assets you want to keep.
What’s holding finance teams back isn’t just process inefficiency. It’s culture gaps, reactive mindsets, and missed opportunities to lead real change. In an era of disruption, finance leaders can no longer afford to operate on autopilot and the most resilient teams aren’t just efficient—they’re connected, talent driven, and culture-focused. Join Melissa Hurrington for an exploration into how finance leaders can evolve beyond process and numbers to create adaptive, people-powered teams that thriv
Maybe it’s a coincidence or maybe it’s a sign of the expected ramp-up in enforcement and attention that state attorneys general are going to be paying to the financial services industry broadly, including companies in credit and collections, but the Attorney General of New York has issued a guide aimed at protecting residents of The Empire State from “predatory” debt collectors.
Cheryl S. Chang and Jessica A. McElroy AB 238, also referred to as the Mortgage Deferment Act, to add Title 19.1 3273.20 et seq. (the Mortgage Deferment Act or the Act), was introduced in the California legislature on January 13, 2025, … Continue reading → The post AB 238 Mortgage Deferment Act for California Wildfire: Mortgage Forbearance Relief appeared first on Consumer Finance Watch.
This guide explores what active proposal to strike off means and what can happen next if this action is suspended, either by the business in question or another party such as a creditor. ‘Striking off’ refers to the removal of a limited company from the UK’s official register of businesses, maintained by Companies House , so that it ceases to exist.
Islamic Supply Chain Finance (ISCF) is not just a financial modelits a values-driven approach that addresses key Islamic Supply Chain Finance challenges while prioritising fairness, transparency, and sustainability. With the global ISCF market projected to reach $6.67 trillion by 2027 , businesses worldwide are increasingly adopting this transformative system to align with ethical principles and operational efficiency.
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.
An official notice from the Judicial Conference of the United States was just published announcing that certain dollar amounts in the Bankruptcy Code will be adjusted upward by 13.2004%, perhaps the largest increase to date. Inflation adjustments are made to certain Bankruptcy Code dollar amounts every three years, and these new amounts will apply to cases filed on or after April 1, 2025.
The debt collection process can be tricky. Collection agencies must follow regulations strictlyor youll find your business in jeopardy. Compliance can be even harder when scammers actively try to disrupt your debt collection practices through call baiting. Why is call baiting done and what can debt collectors do to prevent the practice? Heres what debt collection experts David Kaminski, Partner at Carlson & Messer LLP, Kelly Parsons-OBrien, President at Pacific Credit Services, and Mike Chee
A District Court judge in Florida has granted a plaintiff’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling that a collection law firm used an invalid garnishment order to collect on the subject debt. The decision, issued by Judge William F. Jung of the District Court for the Middle District of Florida, found that the defendants misrepresented the legitimacy of the garnishment order, ultimately coercing the plaintiffs employer into paying the debt.
Every business owner knows the frustration of chasing unpaid invoices. You send polite reminders, follow up with calls, and stillradio silence. But why do customers avoid paying their debts, even when they have the means to do so? Its easy to assume that all late payments are due to financial hardship, but the reality is. Read more » The post The Hidden Psychology Behind Unpaid InvoicesAnd How to Overcome It appeared first on JMA Credit Control.
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.
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