Account Recovery

SEPTEMBER 30, 2024

A District Court judge in Illinois has denied a plaintiff’s amended motion to certify a class in a Fair Debt Collection Practices Act case, ruling the plaintiff did not adequately follow instructions from the Seventh Circuit Court of Appeals in defining the limits of who could be included in the class. The background: The plaintiff filed this lawsuit because after disputing a debt, she received a letter from the defendant that included information about how she could dispute the debt.

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Fair Debt Collection Collections 245

American Profit Recovery

SEPTEMBER 26, 2024

American Profit Recovery is celebrating 20 years in business. However, we are not just celebrating being in business for two decades, we are applauding our vision come true and how we have built a reputable debt collection agency that has achieved what we set out to do in 2004. We came together because we saw an opportunity to improve just about every area of collections.

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Debt collector Collection Agencies Collections Agency Education 243

Enterprise Recovery

SEPTEMBER 6, 2024

Cash flow basics are important for startup leaders to ensure financial stability and growth. Positive cash flow indicates more money is coming into the business than going out, while negative cash flow suggests the opposite. Leadership should regularly monitor cash flow statements to identify trends, potential shortfalls, and opportunities for improvement.

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Startups 218

Consumer Finance

SEPTEMBER 11, 2024

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order against the student loan servicer Navient for its years of failures and lawbreaking.

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Student loans Student Loans Loans Financial services 145

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.

PDC Flow

SEPTEMBER 24, 2024

Effective team management transforms your office. It can create an environment where a multigenerational workforce comes together to make a winning team. But managing different generations in the workplace isn’t always easy. A good manager must take into account the backgrounds and experiences each employee brings to their work — experiences that change with every generation. 5 Generations in the Workplace Each of the five generations in the workplace has lived through unique times that shaped t

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Construction Healthcare Collections 97

Account Recovery

SEPTEMBER 27, 2024

In a case that was defended by Jacquelyn DiCicco of J. Robbin Law, a New Jersey Appeals Court has affirmed the dismissal of a consumer’s class-action lawsuit against a group of debt buyers, ruling that there is no private right of action under the New Jersey Consumer Finance Licensing Act, and that the plaintiff’s claims under the Consumer Fraud Act were not applicable in this debt collection context.

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Credit Card Debt Judgment Collections 246

American Profit Recovery

SEPTEMBER 18, 2024

“I have a lot of small invoices in my business that have not been paid. What should I do?” This is a common question our team gets from small and large businesses regarding lower dollar amount invoices that remain unpaid. Many businesses think it’s not worth the effort to implement collection activity on small invoices. But what if we told you that focusing on these in your business could add up to significant amounts of money recovered for your business.

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Collection Agencies Collections Agency Debt collector Collections 213

Enterprise Recovery

SEPTEMBER 13, 2024

Outstanding invoices can be devastating to businesses of any size. The ripple effects of unpaid invoices can lead to cash flow problems, making it difficult to cover operational costs, pay employees, or invest in growth opportunities. Small businesses often lack the financial cushion that larger enterprises might have. However, even large corporations are not immune; accumulating unpaid invoices can disrupt financial planning and hinder strategic initiatives.

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Collections 208

Consumer Finance

SEPTEMBER 4, 2024

The CFPB today issued its annual report on debt collection, which highlights aggressive and illegal practices in the collection of medical debt and rental debt.

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Collections 131

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.

Banks

PDC Flow

SEPTEMBER 26, 2024

The Consumer Financial Protection Bureau (CFPB) is an independent federal agency responsible for maintaining the safety of customers who interact with financial businesses. Because they create and enforce the regulations that govern the credit and collection industry, debt collection agencies know this organization well. But do you know the best way to handle a CFPB complaint about your business filed directly with the Bureau?

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Collections Collection Agencies Collections Agency Creditors 88

UK debt collections

SEPTEMBER 10, 2024

Over 3.6 million (72%) small and medium-sized enterprises (SMEs) have some form of outstanding late payment from customers, leaving them £96,772 out of pocket on average, according to new research from Aldermore’s SME Growth Index. The total value of late payments has increased from the end of 2023, up 41% from £68,715 with outstanding balances continuing to present huge challenges for SMEs.

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Government 89

Account Recovery

SEPTEMBER 24, 2024

The savings nest eggs that people built up during the COVID-19 pandemic are all but gone, according to new research from the JPMorgan Chase Institute. As savings dwindle, consumers are becoming more vulnerable to financial shocks, which could lead to lower spending and higher debt defaults. By the numbers: According to the institute’s latest Household Finances Pulse report, the cash reserves of U.S. households have been steadily shrinking since their pandemic-era peak.

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American Profit Recovery

SEPTEMBER 20, 2024

If you operate any type of seasonal business, you know there are ups and downs and fluctuations during your fiscal year. It’s important to have a game plan in place to manage the busy times and survive slower periods. We serve as a collection agency for seasonal businesses among others and we can tell you that cash flow can be a struggle for many that operate at different volumes during the year.

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Collection Agencies Collections Agency Collections 205

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Enterprise Recovery

SEPTEMBER 27, 2024

Building trust is paramount in the debt recovery process, and communication is the foundation of trust. Clients are more likely to cooperate and engage positively when informed about the collections process and their options. Clear and honest communication helps to demystify the debt recovery process, reducing any anxiety or confusion the client may have.

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Debt Recovery Collections 203

Consumer Finance

SEPTEMBER 30, 2024

The CFPB today issued guidance to prevent families from being targeted by illegal medical debt collection tactics for inaccurate or unsubstantiated bills.

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Collections 128

Jimerson Firm

SEPTEMBER 9, 2024

On July 1, 2024, HB 59 became effective. This bill created new requirements for Homeowners’ Associations (“HOA”) to provide copies of certain records to members of the HOA, including the HOA’s declaration of covenants, amendments to the declaration of covenants, and the HOA rules. HOAs, as well as Community Association Managers, must ensure that they are aware of these new changes, and ensure that they are in compliance.

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Government 75

UK debt collections

SEPTEMBER 2, 2024

New research by Upflow has found that over half of outstanding invoices (57%) are late, with a third of invoices (33%) taking longer than 90 days to be paid. Upflow says that throughout several industries, there is a worrying trend that if outstanding invoices are not paid on-time or within the first 30 days of becoming overdue, they have a high chance of still being outstanding 90+ days after the due date.

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Manufacturing Construction Healthcare Banks 88

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

SEPTEMBER 20, 2024

EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call (855) WEB-RECON or email admin@webrecon.net today!

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Collections Fair Debt Collection 246

American Profit Recovery

SEPTEMBER 27, 2024

By Delaney: Debt Collectors are faced with many hurdles when trying to contact consumers to pay on past due balances. Many of these hurdles come from pre-conceived notions about what it means to have an account sent to collections, or to be contacted by a collection agency. At American Profit Recovery, we do our best every day to change the perception of the collection industry in order to educate both consumers and prospective clients on what those things truly mean.

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Debt collector Collection Agencies Collections Agency Education 130

Enterprise Recovery

SEPTEMBER 24, 2024

With the announcement that the Federal Reserve cut interest rates by half a percentage point, inflation and interest rates are a primary news topic. If you own a small business, these economic fluctuations can have significant impacts. Understanding these cycles is vital to anticipate changes in the market and adjust business development strategies accordingly.

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Consumer Finance

SEPTEMBER 16, 2024

The CFPB today published guidance to help federal and state consumer protection enforcers stop banks from charging overdraft fees based on phantom opt-in agreements.

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Banks Financial services 111

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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.

Collections

Taurus Collect

SEPTEMBER 2, 2024

Debt collection often carries a negative connotation, but it doesn’t have to be that way. The art of ethical debt collection focuses on understanding the situation of those who owe money while still balancing the needs of the business. In this blog post, we’ll explore how companies can implement no fee debt collection practices that respect the dignity of individuals facing financial difficulties.

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Collections Debt collector Debtor Debt Recovery 64

UK debt collections

SEPTEMBER 17, 2024

The Intellectual Property Office (IPO) has issued a fresh warning to customers to beware of misleading requests for payments, sent by unsolicited organisations. These typically take the form of invoices requesting payment for trade marks, designs, or patents services. Such ‘services’ – once paid for – may simply never be provided, or may be of little or no benefit to the customer (for example, inclusion on an ‘exclusive online register’, not recognised by the IPO or any other official body).

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Trade Government 83

Account Recovery

SEPTEMBER 16, 2024

A District Court judge in Maryland has denied a defendant’s motion to compel arbitration in a Fair Debt Collection Practices Act (FDCPA) case, ruling that the defendant waived its right to arbitrate by engaging in prior litigation. The background: In August 2016, the plaintiff took out a personal loan that was sold and transferred through several financial entities, ultimately landing in the hands of the defendant.

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Collections Fair Debt Collection Personal loans Loans 246

American Profit Recovery

SEPTEMBER 9, 2024

By Sabrine: Who would have thought that a collection agency would have such great google reviews?! Prior to starting at American Profit Recovery back in 2017, I relied on APR’s reviews online to determine whether I would give this company a chance or not. Now, in 2024, the reviews are a tool used across our various departments daily as well as a talking point for potential employees coming in for interviews.

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Debt collector Collection Agencies Collections Agency Collections 130

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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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