June, 2024

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Getting to Know Zack Ali of Cedar Financial and Remote Scouts

Account Recovery

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.

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Bonding with coworkers during employee week

American Profit Recovery

By Greg: We’re a little less than two weeks away from our Annual Employee Week and I am so looking forward to it. This is a week we all look forward to. It is a chance for the ownership team to show their thanks for all our hard work, and for us all to spend some fun time together in and out of the office. We will be kicking off the week with a picnic on Monday night, an evening of bowling on Tuesday, and a trip to an Escape Room on Wednesday.

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Key Qualities and Skills for an Accounts Receivable Specialist

Enterprise Recovery

Certain qualifications and skills can make a difference in your business's financial success. Consider the following traits for your A/R specialist job description and hire someone who will ensure your financial records are solid and your clients pay on time. Here are some key qualities and skills to look for in an accounts receivable specialist.

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CFPB Proposes to Ban Medical Bills from Credit Reports

Consumer Finance

Today, the CFPB proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Scottish Man sent to prison after ‘trying’ to collect Business Debt

UK debt collections

A Scottish man who decided to recklessly act as a unlicensed Debt Collector recovering a business debt, has been punished in the courts for his unlawful actions. The man banged on a customers door and shouted threats in the middle of the night over an unpaid business debt. The unpaid business debt is believed to have been owed to the mans employer. Christopher Bett, 34, of Cardenden, appeared for sentencing at Dunfermline Sheriff Court.

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CFPB Proposes Rule to Ban Medical Debts from Credit Reports

Account Recovery

The Consumer Financial Protection Bureau today announced the next step in its plan to prohibit medical debts from being included on consumers’ credit reports, proposing a rule that would remove $49 billion of debts that are currently appearing on those reports.

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How to create and communicate payment expectations for customers

American Profit Recovery

Effective communication can solve many challenges in a business of any size. In fact, it is a mission-critical component of any type of business. Whether it’s internal or external communications, every business needs to make this a priority. When it comes to cash flow in an organization, this is a critical area where strong communication is key, and consistent communication can make a difference.

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The Role of a Credit Manager in Your Business

Enterprise Recovery

Credit managers can help your business by ensuring the smooth functioning of credit operations. They are responsible for assessing the creditworthiness of potential clients and managing credit limits to prevent late payments and minimize financial risks. They also play a vital role in collecting accounts receivable and bad debt. By understanding the role of a credit manager in your business, you can effectively utilize their expertise to optimize cash flow and maintain a healthy financial positi

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CFPB Launches Process to Recognize Open Banking Standards

Consumer Finance

Today, the CFPB finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule.

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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

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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Construction sector has the highest rate of Insolvencies

UK debt collections

The Construction sector was the worst hit industry for insolvencies in the year to April 2024, the Insolvency Service has revealed. Some 4,401 construction companies in England and Wales registered as insolvent in the period – 18 per cent of all businesses to do so. The figure is almost 500 more than the next worst-hit industry, wholesale and retail , which saw 3,906 insolvencies.

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Boost Your Credit Score: 8 Helpful Credit Monitoring Apps

Credit Corp

The credit monitoring apps chosen are based on rankings from reputable sites in the financial space. Credit.com is owned by Credit.com Holdings, LLC. Oquirrh Mountain Law Group, PC, d/b/a Lexington Law Firm is an independent law firm that uses Credit.com Holdings, LLC, as a provider of business and administrative services. Your credit score impacts your ability to obtain a credit card, purchase a home, or even rent an apartment.

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Public Prefers Medical Debt Forgiveness to Student Loan Debt Forgiveness: Poll

Account Recovery

With all the talk about medical debt this week as a result of the Consumer Financial Protection Bureau’s proposed medical debt credit reporting rule, it’s perhaps interesting to note that a majority of consumers feel forgiving medical debt is more important than forgiving student loan debt, according to the results of a new poll.

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A financial setback can happen to any consumer

American Profit Recovery

By Alexis: Let be honest, when we hear “collection agency” we automatically have negative connotations. There is an unspoken stigma surrounding collection agencies and people that have accounts in collections, but what people don’t realize is there are a lot of people that have accounts in collections. Having an account in collections should not be a source of shame.

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How Collection Agencies Minimize Effort and Maximize Results with the Right Software

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.

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A Busy Summer for the CFPB—And Consumers Will Benefit in the Long Run

True Accord

It’s already been a busy summer for the Consumer Financial Protection Bureau (CFPB)—Supreme Court rulings, fine print warnings, new registries, and more—all in the continued effort to better protect consumers’ financial health and wellbeing. Before we dive into the latest CFPB news, let’s have a refresher on what this bureau is and why it is so important: The Consumer Financial Protection Bureau, or CFPB, was formed in the wake of the 2008 financial crisis, under the Dodd-Frank Wall Street Refo

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CFPB Warns Against Deception in Contract Fine Print

Consumer Finance

The CFPB today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services.

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Business Insolvencies drop 6% in May

UK debt collections

Latest figures from the Insolvency Service have shown that there were 2,006 business insolvencies in England & Wales in May 2024, a decrease of 6% when compared to April 2024 figures (2,144) and 21% lower than the same month in the previous year. The business consisted of 271 compulsory liquidations , 1,590 creditors’ voluntary liquidations (CVLs), 126 administrations and 19 company voluntary arrangements (CVAs).

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Managing Compliance and Regulations in Collections in the UK: What Lenders Should Know

Taurus Collect

Managing compliance and regulations in collections can be challenging for lenders in the UK. Staying on top of these rules is essential to avoid penalties and ensure smooth operations. This blog post aims to provide clear guidance on what lenders need to know. We’ll cover key regulations and share tips for compliance. Understanding these elements can help lenders navigate the complexities of their industry.

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

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.

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Gulf Coast Collection Bureau Announces Rebrand to Gulf Coast Revenue Cycle Management

Account Recovery

Transforming to Better Reflect Comprehensive Healthcare Revenue Cycle Management Services Sarasota, FL – June 28, 2024 – Gulf Coast Collection Bureau, a leading provider of healthcare revenue cycle management services, is excited to announce its rebranding to Gulf Coast, a Revenue Cycle Management company (“Gulf Coast”).

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Unlocking Cash Flow: Why Every Small Business Needs a Bookkeeper

American Profit Recovery

If you’re a small business owner and you’ve been trying to do the books yourself, take a few minutes to understand why hiring a bookkeeper can be a game-changer for your small business. We know that some of you out there continue to try and do everything in your small business, including all the invoicing, bookkeeping, and financial duties.

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5 Tips for Navigating Corporate Disputes

Jimerson Firm

Navigating corporate disputes can feel like walking through a minefield. One misstep can result in costly and time-consuming legal battles that jeopardize relationships and the business. These five tips below can help you manage corporate disputes effectively without resorting to litigation. Tip #1: Know Your Governing Documents Knowledge is power during a corporate dispute.

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CFPB Creates Registry to Detect Corporate Repeat Offenders

Consumer Finance

The CFPB finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer financial protection laws.

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When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

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.

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Labour promises to crack down on Small Business Late Payment

UK debt collections

Labour says it will scrap business rates and crackdown on Small Business late payment as part of a package of measures to help small businesses. The party is also planning to boost small business exports by publishing a trade strategy and delivering clear advice to get new businesses exporting, and tackle anti-social behaviour with town centre police patrols.

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How Using Empathy in Debt Collections Can Boost Recover

Taurus Collect

Debt collection can be a tricky business. Many people owe money, but not everyone can pay it back on time. Using empathy can make a big difference. When debt collectors understand a person’s situation, they can offer better solutions. This helps collect the money owed and builds trust. Imagine a debt collector who listens and helps rather than just demands payment.

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District Court Judge Grants Motion to Compel Arbitration in FDCPA Case

Account Recovery

On remand from the Court of Appeals for the Third Circuit, a District Court judge in New Jersey has granted a defendant’s motion to compel arbitration after it was accused of violating the Fair Debt Collection Practices Act, The Background: The case arose from the defendant’s collection letters, which the plaintiff claimed were misleading and […]

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Business microloans: what entrepreneurs need to know

Credit Corp

A business microloan is a loan of up to $50,000 that the US Small Business Administration (SBA) funds to help entrepreneurs grow their businesses. These loans offer repayment terms of up to six years, and interest rates typically range from 8%–13%. If your business lacks sufficient cash flow, your growth can become severely limited and your business may struggle to continue operations and expand.

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10 Ways to Improve Payment Collections with Salesforce

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.