Optio Solutions

SEPTEMBER 19, 2023

Optio Solutions, a prominent player in the industry, has positioned itself at the forefront of compliance efforts, setting a gold standard for collections agencies. Compliance is not just a legal requirement but also a crucial element for long-term success in the collections industry, and for our clients, brand protection. Compliance: A Legal and Ethical Imperative… The post The Importance of Compliance in the Collections Industry appeared first on Optio.

Collections 104

Collections Collection Agencies Collections Agency 104

American Profit Recovery

SEPTEMBER 6, 2023

Collecting debt is just something a business of any size will have to do. It would be nice if all consumers paid their bills on time but the reality of running any business means you’ll have to deal with late and nonpaying customers. The topic of customers who do not pay can also be emotional, especially for small businesses. Many operating businesses just like you have developed deep relationships with customers over the years and when the payments do not come in, that strikes an emotiona

Collections 209

Collections Collection Agencies Collections Agency Fair Debt Collection 209

Qualco

SEPTEMBER 12, 2023

During a tightening cycle, central banks worldwide raise interest rates in an attempt to curb inflation. As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses. Consequently, non-performing and performing forborne exposures become more vulnerable to distress or default.

Collateral 105

Collateral Financial Institution Collections Loans 105

Collect More

SEPTEMBER 19, 2023

We had a call yesterday from someone who was owed $20,000. The invoices had been outstanding for over 2 months and every request for payment was met with an empty promise. In the last 2 weeks they’d stopped responding altogether. This lady was reluctant to push harder as she was worried she would lose them as a customer, a very common dilemma.

Banks 100

Banks 100

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.

Account Recovery

SEPTEMBER 21, 2023

The Consumer Financial Protection Bureau today announced it was beginning the rulemaking process to remove medical debts from consumers’ credit reports, removing the “leverage” that debt collectors use to “pressure” consumers into repaying unpaid medical debts.

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Debt collector 264

Consumer Finance

SEPTEMBER 20, 2023

The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports.

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Collections 145

American Profit Recovery

SEPTEMBER 8, 2023

Many organizations we encounter have waited far too long to implement a solid debt collection program. Because of this, many businesses suffer negative cash flow and these issues could have been prevented by being proactive with their collection activities. One of the main reasons we see businesses of all sizes hesitate on collection activity is because many feel they will alienate their customers and damage their reputation.

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Collections Bankruptcy Collection Agencies Collections Agency 223

Jimerson Firm

SEPTEMBER 29, 2023

In Florida, homeowners’ associations (“HOA”) are governed by Florida Statute Chapter 720. That chapter is known as the “Homeowner’s Association Act” (the “Act”). The Act governs issues ranging from member assessments to arbitration to conducting meetings. The Act is constantly evolving, and HOA board members, HOA property owners, and HOA property managers should review the Act periodically.

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Government Collections 105

Credit Corp

SEPTEMBER 13, 2023

Learning how to build credit can help if you have a bad credit score or want to improve your current score. You can start by getting a secured credit card, becoming an authorized user, or getting a cosigner on a loan. If you have bad credit due to derogatory marks, those marks can stay on your credit report for up to seven to ten years, depending on the type of mark.

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Collection Agencies Collections Agency Loans Financial Institution 105

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

Account Recovery

SEPTEMBER 29, 2023

Collector Facing FDCPA Suit Over Voicemails Judge Denies MTD in FDCPA Case Over Creditor Name, Dispute Disclosure Warren Warns Future of CFPB, Other Regulators is at Stake Before Supreme Court Ed. Dept.

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Creditors Government 147

Qualco

SEPTEMBER 25, 2023

Small and medium-sized enterprises (SMEs) are the backbone of the global econom y , driving both financial and social growth. Yet , the y often face cha llenges like limited access to capital, primari ly due to a lack of information with banks and lengthy due diligence processes. The 4 th Industrial Revolution , or Industry 4.0 , is driven by technological advancements like Artificial Intelligence (AI) and Big Data analytics.

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Financial Institution Manufacturing Banks 98

Consumer Finance

SEPTEMBER 13, 2023

The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments

Loans 145

Loans Student Loans Student loans 145

Prosperity Now

SEPTEMBER 18, 2023

In the Fall of 2022, the Tax Equity Funders Network and Prosperity Now came together to pose the question: what if we could change the tax system so that families of color struggling to make ends meet could get their taxes filed with little hassle and with low to no cost? What could that world look like?

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Collection Agencies

Roths Child Law

SEPTEMBER 21, 2023

Filing for bankruptcy is a significant decision that can be simultaneously stressful and a source of relief for those who choose this path. When someone files for bankruptcy, an essential provision called the automatic stay comes into play. This turn of events is fundamental to the bankruptcy process. Bankruptcy is a complex procedure that aims to give debtors a fresh start while ensuring creditors get as much repayment as possible.

Debtor 96

Debtor Creditors Bankruptcy Repossession 96

Credit Corp

SEPTEMBER 20, 2023

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers. Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Snapshot: This is an entry-level student credit card with great perks, especially for those who travel via Uber or order with Uber Eats regularly.

Creditworthiness 105

Creditworthiness Credit Management Education 105

Account Recovery

SEPTEMBER 28, 2023

Getting to Know Scott Hoffman of Harvest Strategy Group Washington Supreme Court Rules for Agency Sued for Enforcing Judgment BNPL Users Carrying More Debt, More Worries than Non-BNPL Users Senate Bill Seeks to Align Pay at CFPB with Other Federal Agencies Pro Com Services of Illinois, Inc. Embraces Digital Transformation with Skit.

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Judgment 147

True Accord

SEPTEMBER 12, 2023

If your business and collection partners aren’t utilizing email in your debt recovery strategy, you’re leaving vital engagement opportunities (and potential collections) on the table. There are plenty of reasons why digital communications are the way to go , but reaching out through email is especially important in collections. Surveys show that 59.5% of consumers prefer email as their first choice for communication, and 14% of bill-payers prioritize payments that offer lower-friction paym

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Collections Debt Recovery 89

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

SEPTEMBER 6, 2023

The CFPB published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.

Government 142

Government Financial services Banks 142

Micro Bilt

SEPTEMBER 13, 2023

If you're looking to gather detailed information on a customer, a license plate lookup tool might be the right way to go. By simply entering data on a car (e.g., VIN, license plate number, tag number, etc.), you can access detailed records on the vehicle and its owner in seconds.

Banks 86

Banks 86

PDC Flow

SEPTEMBER 7, 2023

Keeping a credit card on file is a convenient best practice for companies that know they will need to take payments later, once an order has been fulfilled or work is completed. What Does Card on File Mean? Card on file (COF) transactions allow companies to capture and store payment details from customers. The details are securely stored so the business can process transactions in the future without requesting those same details again.

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Retrieval Construction Collections 79

Credit Corp

SEPTEMBER 7, 2023

The average American net worth varies due to many factors, with some people making far more than others. If you’re behind the national average, it may seem difficult to catch up, but whether you have bad credit or a lot of debt, you can still begin building your net worth by learning how to generate passive income. Passive income is a great way to generate more income, pay down your debt, and start saving and investing for your future.

Government 105

Government Banks Trade Loans 105

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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

Account Recovery

SEPTEMBER 27, 2023

The number of consumers who have had a medical debt sent to a collection agency has increased in 2023 compared with last year, and more than one-third of consumers owe at least $1,000, according to the results of a survey released this week by Debt.com.

Collection Agencies 147

Collection Agencies Collections Agency Collections Healthcare 147

True Accord

SEPTEMBER 27, 2023

The goal of a recovery operation is to maximize profitability by efficiently recovering money lent to consumers— while maintaining consumer loyalty. This means that measuring the success of a recovery strategy goes beyond just dollars and cents and into consumer-centric metrics as well. But how do teams measure overall portfolio performance, and what are the most important portfolio-level key performance metrics (KPIs)?

Debt Recovery 84

Debt Recovery Loans Collections Financial services 84

Consumer Finance

SEPTEMBER 18, 2023

Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.

Lender 141

Lender Financial services 141

Micro Bilt

SEPTEMBER 14, 2023

Debt collection isn't usually enjoyable, but it's a necessary part of any lending institution. Leaving too much outstanding debt out at one time can lead to financial instability and, in the worst case, insolvency. We saw this recently with the 2023 bank failures nationwide, leading to a mini-financial crisis. Keep reading.

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Collections Banks 76

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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.

Collections