American Profit Recovery
MAY 5, 2023
No matter the size of your business, your organization will always encounter consumers that have challenges meeting their financial obligations. For a whole host of reasons, consumers can either be late in paying you, or stop paying your business altogether. We always advise the organizations we work with to have an internal debt collection strategy prior to issuing accounts to a collection agency.
Enterprise Recovery
MAY 26, 2023
When you're growing a business, a late-paying client can be frustrating. You have to dedicate time and resources to figure out what happened and why. You have to pull yourself together enough to have a conversation about money - something that's not easy for many people. The most important thing to remember is that your business fulfilled its part of the deal, and now your client owes your business.
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Enterprise Recovery
MAY 19, 2023
With the "unprecedented" events of the past few years, businesses are looking to become more efficient in all areas of their organizations. An area that is often overlooked due to its manual processes is accounts receivable. Even though payments by check have declined since 2019, thirty percent of B2B clients are still writing checks and sending them in the mail.
Enterprise Recovery
MAY 12, 2023
Debt collections may not be the most enjoyable part of back office operations, but it's absolutely necessary. Unfortunately, some of your business clients will miss a payment or more due to various reasons. If you've signed an agreement and fulfilled your part, they still owe you. What happens when business debt goes to collections?
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.
American Profit Recovery
MAY 3, 2023
By Angela: I have had the pleasure of sitting in on plenty of interviews throughout my career with American Profit Recovery. During this time, I have noticed some common things potential candidates are always looking for. One of the biggest is that they want an opportunity for growth, a company they can make a nice living at and a good working environment.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
MAY 31, 2023
The Consumer Financial Protection Bureau published an issue spotlight on digital payment apps heavily used by consumers and businesses.
Credit Corp
MAY 10, 2023
Though FICO® and VantageScore® ranges start at 300, most new credit users don’t start this low. In fact, if you’ve never taken out credit or applied for a loan, you might not have a credit score at all. When applying for credit cards and loans, you begin to build credit, but you may be wondering—what does your credit score start at? Most people’s initial credit scores are between 500 and 700 points, depending on the steps taken when establishing credit.
Prosperity Now
MAY 23, 2023
Remember back in 2021 when we celebrated Connecticut and Washington, DC becoming the first two locations to pass Baby Bonds
Enterprise Recovery
MAY 5, 2023
Estimates say that the number of freelancers entering the marketplace is growing at a compound annual growth rate of 15%. Enterprise company layoffs and the demand for more flexibility after the pandemic are two of many reasons that more people are considering freelancing. If you're ready to hang out your shingle, you definitely want to make sure you're on steady ground, so preparation and planning are necessary.
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.
American Profit Recovery
MAY 2, 2023
If you are a consumer struggling with debt, you’ll want to pay attention to one of the best pieces of consumer advice we can provide you. If you have an outstanding debt and you are being contacted by a collection agency, pick up that phone, answer that e-mail or respond to that text message. You’ll start the process of getting out of debt and lower your anxiety at the same time.
Account Recovery
MAY 15, 2023
The moratorium on student loan payments has cost the federal government $160 billion in lost assets and the federal government should be ordered to force individuals with unpaid student loan debts to start repaying them, according to a nonprofit think-tank that is seeking a preliminary injunction against the Department of Education.
Consumer Finance
MAY 22, 2023
Today, the Consumer Financial Protection Bureau (CFPB) reached a settlement to resolve CFPB’s allegations that Citizens Bank violated consumer financial protection laws and rules that protect individuals when they dispute credit card transactions.
Credit Corp
MAY 30, 2023
Bankruptcy can happen to anyone—despite their best efforts. And while most people understand that bankruptcy is generally bad for them, many don’t realize the details of how it can impact you. Read below to find out what happens to your credit score after bankruptcy and what you can do to repair your credit afterward. What Happens to Your Credit Score after Bankruptcy?
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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.
Prosperity Now
MAY 11, 2023
Every year on Mother’s Day I send my mom flowers—just like millions of other people across the country.
Troutman Sanders
MAY 17, 2023
As discussed here , D.K. et al. v. United Behavioral Health et al. is a case that has been carefully watched in the health benefits space for its potential to change what health plan administrators must include in adverse benefit determination letters. On May 15, 2023, the Tenth Circuit issued its opinion affirming the district court and significantly heightening the notification requirements for adverse benefit determinations on medical necessity grounds.
Fico Collections
MAY 17, 2023
Home Blog Feed test FICO World 23: Unleashing the Power of FICO Platform Creating next-generation customer experiences Tue, 05/16/2023 - 17:07 Saxon Shirley by Stephanie Covert EVP, Software expand_less Back to top Wed, 05/17/2023 - 16:25 An Engine for Next-generation Customer Experiences FICO World 2023, is an embodiment of the collective vision and dedication of leaders, change agents, and revolutionaries like our clients, who are shaping the future of customer experiences.
Account Recovery
MAY 31, 2023
During this, The Great Resignation Era, I thought it would be helpful to start a regular posting of different jobs within the accounts receivable management industry that I have found online. Please make sure to do your own due diligence before applying for a position included here or accepting any offers.
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.
Consumer Finance
MAY 3, 2023
The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.
Credit Corp
MAY 30, 2023
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. You can request the removal of hard inquiries from your credit report by pointing out unauthorized checks or going through a formal dispute process with major credit agencies.
Prosperity Now
MAY 14, 2023
As Small Business Week came to a close, I found myself reflecting on the super-performers of small business -- minority-owned
Troutman Sanders
MAY 2, 2023
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 1 of this special series provides a general overview of the rule, including: What the rule is designed to do; The definition of a small business for the purpose of this r
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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.
Payment Savvy
MAY 16, 2023
Our current era has been shaped by digitization with a fundamental impact on all sectors, including banking and finance, where it has brought unprecedented convenience, security, and efficiency. The backbone of these developments is none other than America’s Automated Clearing House (ACH) which facilitates seamless electronic transactions between banks and financial institutions within its network.
Account Recovery
MAY 31, 2023
A District Court judge in Ohio has approved a settlement in a Fair Debt Collection Practices Act class-action lawsuit that will see the defendant pay $500,000 in fees and costs after it was accused of pursuing collection activity against individuals who had participated in a separate settlement of an FDCPA case in which the defendant …
Consumer Finance
MAY 30, 2023
The Consumer Financial Protection Bureau (CFPB) has ordered installment lender OneMain Financial to pay $20 million in redress and penalties for failing to refund interest charged to 25,000 customers who cancelled purchases within a purported “full refund period,” and for deceiving borrowers about needing to purchase add-on products to receive a loan.
Credit Corp
MAY 16, 2023
Guest post by FitMoney.org Have you ever been online shopping and, right before you confirm your purchase, you see an offer to not pay everything today? These offers are a fairly new type of loan becoming increasingly popular across online retailers known as Buy Now, Pay Later. Buy Now, Pay Later programs offer an appealing way to shop online without paying in full at the time of purchase.
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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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