American Profit Recovery
OCTOBER 20, 2022
As the end of the year approaches, a question that many creditors grapple with is, “ Should I assign slow-pay/delinquent customers to collections around the holidays ?” The answer to that question should be a resounding “ Yes.”. There are many reasons why it benefits a business, as well as its customers, to have past-due accounts placed in collections during the holiday season.
Enterprise Recovery
OCTOBER 14, 2022
When making the decision to use commercial debt collection services, businesses should be choosy. Not only are you selecting a company that should be efficient in recovering what's owed to you, but your brand reputation is also at risk. The collections specialists will be speaking to your clients on your behalf. It's imperative that they're able to be a fair but authoritative representation of your company.
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Credit Management Company
OCTOBER 27, 2022
In November 2021, the new Consumer Finance Protection Bureau (CFPB) Debt Collection Rule went into effect. This rule limits how often a collector can contact a debtor while also establishing rules around social media and what information must be included in a voicemail. The act protects patients and makes it illegal for debt collectors to threaten consumers when trying to collect on medical accounts.
Enterprise Recovery
OCTOBER 7, 2022
If we think of cash flow as important as oxygen to the human body, then accounts receivable is as important as the lungs. When extending credit to clients or invoicing them for goods and services, we're expecting pure, clean cash to flow back into our business. If invoices remain unpaid or the client's credit is unreliable, then the cash flow becomes clogged, effectively killing the business.
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.
NACM
OCTOBER 26, 2022
The U.S. is in danger of reaching its $31.4 trillion debt limit sometime in 2023 if Republicans and Democrats can't agree to raise the limit. It was last raised in 2021.House Republicans are expected to use the vote to try and get the Biden administration to curb spending in exchange for support of a debt ceiling increase, per The Hill. "While the.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
American Profit Recovery
OCTOBER 11, 2022
Over the past couple of years, you may have noticed that our team has paid particular attention to tracking the compliments and kind words that consumers give our debt collectors. While many types of businesses only track numbers, we pay attention to what people are saying. Keeping track of the compliments that consumers have provided our debt collection team and others here on the staff has provided tremendous value and how we operate as a collection agency.
Consumer Finance
OCTOBER 12, 2022
Some financial institutions and colleges may be steering students to more expensive financial products.
Nexa Collect
OCTOBER 31, 2022
It is recommended to assign accounts for collections roughly when they are between 60-90 days past due for a maximum recovery rate. The recovery rate dips as the account gets old. The following chart demonstrates the relationship between the Account-age and Recovery-Rate. Still, there are some industries where the average recovery rate is better than others.
Enterprise Recovery
OCTOBER 1, 2022
Growing a new company isn't for the faint at heart. Employees must be passionate, willing to go the extra mile, and work long hours as part of a cycle of endless expectations. With so many American employees complaining of burnout and " quiet quitting ," startups are facing the same struggles as enterprise companies. Use these tips to inspire your startup employees to stay engaged.
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.
Nerd Wallet
OCTOBER 12, 2022
I heard a podcast last week about how runaway inflation in Argentina has caused everyone to party more. Why? When inflation gets really bad, there’s no reason to save cash for a later date since it will only get less valuable. So Argentines tend to spend their paychecks as soon as they come in, filling. Sam Kemmis writes for NerdWallet. Email: skemmis@nerdwallet.com.
Account Recovery
OCTOBER 27, 2022
The ruling from the Fifth Circuit Court of Appeals doesn’t “make sense” and is “without support in law,” the Consumer Financial Protection Bureau argues in a response to a motion for supplemental authority that was filed by TransUnion as it seeks to use the ruling to get a lawsuit filed by the CFPB against the … The post CFPB Responds to TransUnion Motion by Blasting Fifth Circuit Ruling appeared first on AccountsRecovery.net.
American Profit Recovery
OCTOBER 13, 2022
Our economy is changing rapidly and there has never been a better time for your business to do a health check. Everything seems to be rising for those running a small business. You’re battling rising costs of inventory, an increase in payroll costs, what you pay for transportation such as our lawn care clients and of course rising interest rates.
Consumer Finance
OCTOBER 25, 2022
Agency highlights surprise overdraft and surprise depositor fees.
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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.
Collect More
OCTOBER 9, 2022
The dreaded late fee. Loved if you’re the one charging and collecting them, hated if you’re the one paying them. But a late fee is a late fee right? Wrong. Whilst the concept itself is fine and we actively encourage the use of them, it is vital you do it the right way. Do’s: – Have a written agreement with your customer which covers the late fees.
Enterprise Recovery
OCTOBER 25, 2022
In a recent Forbes article, the contributor suggests that older entrepreneurs outperform younger startup founders and lists numerous examples. GoDaddy was founded by Bob Parsons at age 47. E-Trade started with Bill Porter at age 54. Leo Goodwin, the founder of Geico, was 50. The article goes on to state that as individuals age, they're more likely to build a successful company.
Nerd Wallet
OCTOBER 31, 2022
Home buyers are looking for ways to whittle down their mortgage rates. As a result, a once-popular home-selling tactic is making a comeback. It’s called a temporary buydown, and it was widely used when mortgage rates were zooming upward in the late 1970s and early 1980s. The revival of the temporary buydown is timely, as. Holden Lewis writes for NerdWallet.
Account Recovery
OCTOBER 18, 2022
The chair of the House Select Subcommittee on the Coronavirus Crisis has sent a letter to the Consumer Financial Protection Bureau, asking it to investigate the three major credit reporting agencies for possible violations of the Fair Credit Reporting Act, including potentially failing to investigate disputes filed by consumers. The 12-page letter, from Rep.
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.
American Profit Recovery
OCTOBER 31, 2022
We are entering a new type of economy in the coming months. If your small business wants to be prepared to weather the changing economic conditions, now is the time to act and put the systems in place to ensure your organization continues to thrive. You may already be seeing and experiencing the effects of our changing economy. Maybe your cost of goods has increased dramatically, or you have begun to see a trend in your accounts receivables, such as more people paying late.
Sawin & Shea
OCTOBER 26, 2022
When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. A variety of factors determine whether or not you’ll be able to discharge all of certain personal loans, including whether the loan is secured or unsecured and whether you file via Chapter 7 or Chapter 13 bankruptcy.
Prosperity Now
OCTOBER 13, 2022
As a proud Latina of maternal Puerto Rican descent, I adore Hispanic Heritage Month.
Debt Recoveries
OCTOBER 3, 2022
Recoveries are the Bermuda triangle of the claims process, where recoverable funds are all too often lost, forgotten, or not given the priority they deserve. To avoid the Bermuda triangle, gather all relevant information at the start of a claim. These will include quotes/invoices, Third Party information, insurance information, witness contact information, obtaining statements and applying for police reports, and so on.
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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.
Nerd Wallet
OCTOBER 27, 2022
The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Tesla CEO Elon Musk is set to finally complete his acquisition of Twitter on Friday, according to a Bloomberg.
Account Recovery
OCTOBER 27, 2022
In a joint appearance yesterday, President Joe Biden and Rohit Chopra, the Director of the Consumer Financial Protection Bureau announced new guidance that deems a pair of fees charged by financial institutions to “likely” be unfair and unlawful under existing law. The announcement is part of a crackdown on what the federal government is labeling … The post Biden, CFPB Take Next Step in Junk Fee Crackdown appeared first on AccountsRecovery.net.
Fico Collections
OCTOBER 12, 2022
Home. Blog. FICO. Risk-Aware Marketing to Personalize Telco Customer Engagement. Here's how technology from the banking space can help telcos compete with aggressively competitive sales and retention tactics. FICO Admin. Tue, 07/02/2019 - 02:45. by Tim Young. expand_less Back To Top. Wed, 10/12/2022 - 15:35. Telcos are entering a brave new world of aggressively competitive sales and retention tactics.
Sawin & Shea
OCTOBER 19, 2022
Difficult financial situations are never in our plans, so those who file for bankruptcy are often left with a lot of questions about what they can and can’t do once proceedings are completed. One of the confusing subjects surrounding bankruptcy is car buying. Individuals who file for bankruptcy and initially think they cannot buy a car will be glad to know that it is indeed possible.
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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.
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