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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.
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
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.
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.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
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.
Did you know that by optimizing your accounts receivable workflow, your cash flow can be boosted? Streamlining your processes and utilizing technology helps with faster payment cycles, fewer mistakes, and improved financial forecasting. Let's start with some best practices for improving your A/R - from invoicing to payment. How to streamline your accounts receivable workflow.
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Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Did you know that by optimizing your accounts receivable workflow, your cash flow can be boosted? Streamlining your processes and utilizing technology helps with faster payment cycles, fewer mistakes, and improved financial forecasting. Let's start with some best practices for improving your A/R - from invoicing to payment. How to streamline your accounts receivable workflow.
The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports.
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.
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.
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.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
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.
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.
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
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?
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
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
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.
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.
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.
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.
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.
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.
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)?
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.
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.
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.
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.
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.
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.
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.
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