Account Recovery
JULY 23, 2024
The accounts receivable management industry lost a friend and a brother last week with the passing of Eric Foulk. Foulk, who most recently worked at TransUnion, had spent most of his career in the ARM industry, after he left the military. More details about Eric’s passing are available here. AccountsRecovery.
American Profit Recovery
JULY 17, 2024
By Matt: American Profit Recovery’s Annual Employee Week was awesome this year. We shared good food, played many in-office games, and had some great times at after-work events, including a picnic. We also received some of the coolest prizes. I wanted to share three things that I absolutely love about employee week. To start, I had a great time playing the team challenges, and it was so much fun watching everyone compete for team prizes.
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Enterprise Recovery
JULY 31, 2024
Consumer and business debt are two distinct types of debt that are handled quite differently. Consumer debt is the debt individuals incur for personal expenses, such as credit card debt, student loans, or mortgages. Business debt, however, refers to the debt incurred by businesses or organizations for various purposes, such as operational expenses, investment in assets, or expansion.
Consumer Finance
JULY 8, 2024
The CFPB took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying millions in penalties as well as paying redress to harmed consumers.
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.
Collections Law
JULY 29, 2024
When it comes to collecting business debt, the most critical steps occur before the goods or services are even purchased. This is when your business establishes control over the commercial relationship. By taking preemptive measures, you can set a solid foundation that will help you get paid, even if a creditor becomes delinquent. Our commercial collections litigation attorneys at Law Offices of Alan M.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
JULY 16, 2024
More than 1 in 3 American workers are living paycheck to paycheck, with little-to-no money left for savings after covering monthly expenses, according to a new survey from Bankrate.
Credit Corp
JULY 9, 2024
A bankruptcy can remain on your credit report for up to ten years from the filing date of Chapter 7 bankruptcy or up to seven years from the filing date of Chapter 13 bankruptcy. However, its impact on your credit score lessens over time as you rebuild your credit with responsible financial behavior. While bankruptcy may be a last resort, there are times where filing bankruptcy might make sense.
Enterprise Recovery
JULY 15, 2024
Retention marketing is the practice of implementing strategies and techniques to keep existing clients engaged and loyal to your business. While acquiring new customers is important, retaining existing ones is more valuable for the long-term success of your business. By focusing on client retention, you can build strong relationships, increase customer satisfaction, and ultimately drive revenue growth.
Consumer Finance
JULY 24, 2024
The CFPB released a report on payment processing companies that help school districts process children’s school lunch payments.
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.
True Accord
JULY 9, 2024
The dog days of summer are ahead, and with inflation and high interest rates still sticking around, consumers in the U.S. will be feeling the heat financially. Consumer sentiment and data-based indicators tell some of the story, but what better way to gauge the consumer financial landscape than by looking at how people spend their free time and money?
UK debt collections
JULY 18, 2024
Steps have been taken to claw back millions of pounds owed to Swansea Council after auditors warned that action was needed. At the end of January this year debtors owed the council £12.4 million, a council report said. This was money owed for upwards of one month, in some instances for more than a year, and in a small number of cases more than seven years – at which point the debt is written off.
Account Recovery
JULY 1, 2024
More than half of respondents to the latest ARMSights poll believe that the Consumer Financial Protection Bureau’s proposed rule prohibiting the reporting of medical debt credit reporting will have a “significantly” negative impact on their overall effectiveness to collect on medical debts.
Credit Corp
JULY 29, 2024
Worried about your credit score? We get it – credit is confusing. In many ways it feels like you have no control over this thing that determines whether you can get a car, apartment or even a new cellphone without a broken screen. But having a healthy credit score or even improving a bad credit score doesn’t require becoming an expert. Here are 9 easy ways to get you started, listed in order from easiest to most difficult. 1.
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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.
Taurus Collect
JULY 29, 2024
In today’s challenging economic climate, many businesses face the painful reality of unpaid invoices and debts. This problem can escalate quickly, leading to costly collection efforts that drain resources and time. Fortunately, there’s a solution: no collection no fee debt collection. This approach allows you to focus on running your business while experts handle your debt recovery without upfront costs.
Consumer Finance
JULY 23, 2024
The CFPB issued a circular explaining how companies may break the law by requiring employees sign broad nondisclosure or confidentiality agreements that deter whistleblowing.
Debt RR
JULY 2, 2024
In the dynamic world of business, managing cash flow is crucial. One of the most significant aspects of maintaining a healthy cash flow is effective accounts receivables (AR) management. Yet, many businesses struggle with overdue invoices and delinquent accounts, which can strain resources and hinder growth. Enter commercial collection agencies—specialized firms that can play a pivotal role in optimizing your AR functions.
UK debt collections
JULY 4, 2024
Cazoo Group Ltd has announced that the company is officially winding up, following the company’s extraordinary general meeting yesterday (July 2). Shareholders approved resolutions for the company to be placed in voluntary winding up, the appointment of voluntary liquidators and their renumeration at the EGM. The Securities and Exchange Commission notice from Cazoo says that it will be placed in voluntary liquidation based on the fact ‘it is unable to pay its debts’.
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.
Account Recovery
JULY 1, 2024
Supreme Court Overturns Chevron Doctrine; Limits Authority of Federal Regulators Like CFPB, FTC Weighing In on Impact of Chevron Ruling Judge Dismisses Debt Collection Class Action Against Software Provider Over Convenience Fees Industry Shares Views on Proposed Medical Debt Credit Reporting Rule Compliance Digest – July 1 Gulf Coast Collection Bureau Announces Rebrand to Gulf […]
Direct Recovery
JULY 31, 2024
Commercial debt collection agencies can be tremendously effective partners for almost any small business that offers credit to their customers. The right debt collection agency can act as your own personal accounts receivable department tasked with tracing down delinquent accounts, contacting debtors, negotiating payments, filing for judgments, and collecting payments.
Taurus Collect
JULY 29, 2024
Managing debt collection fees can be a daunting task for any business. An ineffective credit and collections process not only increases these fees but can also strain relationships with customers. In today’s competitive landscape, it is essential to streamline your approach to ensure timely payments while maintaining a positive image. This blog post will guide you through simple steps to completely overhaul your credit and collections process.
Consumer Finance
JULY 1, 2024
The CFPB published an edition of Supervisory Highlights sharing findings from examinations of auto and student loan servicers, debt collectors, medical payment products, and deposit and prepaid accounts.
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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.
Credit Corp
JULY 29, 2024
Collection accounts are bad for your credit score. These negative marks on your credit report indicate you might not pay your bills on time—or ever, which is why lenders don’t like to see them. Collection accounts can stay on your credit report for up to 7 years. This makes it harder to get approved for credit during that time. Learning how to remove collections from your credit report can help you clean up your credit history and open better financial doors in the future.
UK debt collections
JULY 4, 2024
Well established Gareth Hoskins Architects has announced a shock decision to cease their UK operations as a result of unpaid architect fees. In a statement, the practice cited an ‘outstanding six-figure debt’ for precipitating the decision amidst a difficult trading environment contributing to multiple project delays. In a trading update, the practice wrote: “Hoskins Architects Group Limited is sorry to announce that the directors of its UK trading subsidiary Gareth Hoskins Arc
Account Recovery
JULY 31, 2024
A District Court judge in New Jersey has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class-action lawsuit, but not on the merits as the defendant had sought. Instead, the judge ruled the plaintiff lacked standing to pursue his suit and dismissed the case.
NCBA Law Practice Management Blog
JULY 7, 2024
I talk to lawyers a lot about generating in-house content, that features them, and that is authentic to their personalities. Of course, I’m pushy: So, sometimes , attorneys get frustrated with me , and say : ‘Hey, I’ve got a lot going on!’ I get it. It’s tough to find the time – which is why it makes sense to specialize. Individual lawyers, then, should have ‘anchor’ content = the primary content you produce, that you can leverage in a number of different ways , and repurpose.
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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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