On Guard

OCTOBER 9, 2024

The surge in popularity of ChatGPT in late 2022 has put AI in the spotlight for its potential to streamline work processes in every business, including the finance sector. How do organisations perceive and leverage AI to optimise their processes and what is the role of the finance professional in this landscape? This is what we attempted to explore in our latest research, entitled “ The future of credit management: AI and the role of the finance professional ”, deriving input from 30 interim pro

Credit Management 52

Credit Management 52

Account Recovery

OCTOBER 11, 2024

A District Court judge in Oklahoma has dismissed the class-action component of a Fair Debt Collection Practices Act lawsuit, while also dismissing some of the claims, after the defendant was accused of not sending a collection lawsuit summons to the plaintiff’s correct address, which it allegedly had. The background: The case started when the defendant, a collection law firm, filed a lawsuit against the plaintiff to collect an alleged debt.

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Fair Debt Collection Law Firms Collections 246

Consumer Finance

OCTOBER 9, 2024

The CFPB banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer products after it misled borrowers about its neutrality and initiated sham arbitration proceedings.

Student Loans 129

Student Loans Student loans Loans 129

UK debt collections

OCTOBER 8, 2024

Government Ministers are being urged to do more to prevent tenants building up private rent arrears, not allow them to get bigger as currently planned. The call comes as the government’s Renters’ Rights Bill proposes increasing the amount of arrears a tenant can build from two to three months of rent before landlords can serve notice to repossess a property.

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Government Repossession 80

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.

Burt and Associates

OCTOBER 10, 2024

Case Study: Alpha Plumbing Solutions vs. Beta Plumbing Contractors* Your browser does not support the audio tag. About Transcript About Commercial Debt Collection The segment introduces the topic of commercial debt collection, emphasizing that it is more than just numbers on a spreadsheet. It focuses on the strategies and psychology needed to bridge the gap between having a signed contract and receiving actual payment.

Debt Recovery 52

Debt Recovery Debtor Collection Agencies Collections Agency 52

Consumer Finance

OCTOBER 6, 2024

The CFPB published a new edition of Supervisory Highlights describing the agency’s supervisory findings related to illegal practices in auto finance, including lenders repossessing consumers’ cars after the borrower made timely payments or received loan extensions.

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Repossession Loans Lender 121

True Accord

OCTOBER 7, 2024

After months of inflation woes, both economists and consumers are starting to see a glimpse of optimism.In the first interest rate cut since the early days of the Covid pandemic, the Federal Reserve announced in September 2024 that it is slicing half a percentage point off benchmark rates. So it’s not surprising that Americans are getting more confident that inflation is cooling off, but optimism for the U.S. economy doesn’t extend to personal finances—consumer expectations for going delinquent

Collections 57

Collections Credit Card Debt Financial services Debt Recovery 57

FFGN COLLECT NY

OCTOBER 11, 2024

Properly naming a non-paying client is of the utmost importance in New York debt collection. Failing to properly name the defendant can jeopardize your entire case. Here’s why it’s so important to properly name your non-paying customer — and how to do so. Assume your company had an agreement with John Smith, LLC to provide services for Mr. Smith, and you dealt personally with John Smith.

Collections 52

Collections Trade Judgment 52

Account Recovery

OCTOBER 10, 2024

A District Court judge in Virginia has dismissed the majority of claims against several defendants in a Fair Debt Collection Practices Act class-action lawsuit, but allowed one key claim against a collection agency to proceed. The background: The lawsuit accused several companies, including three different collection operations of violating the FDCPA and the Virginia Consumer Protection Act in their attempts to collect on the plaintiff’s unpaid student loans.

Student Loans 246

Student Loans Student loans Fair Debt Collection Collection Agencies 246

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

Qualco

OCTOBER 11, 2024

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

Debt Management 52

Debt Management Credit Management Creditors Government 52

Credit Corp

OCTOBER 8, 2024

TEST 123 The post test123 appeared first on Credit.com.

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Payment Savvy

OCTOBER 8, 2024

In today’s fast-paced world, managing payments can be a hassle, especially if you have multiple bills, subscriptions, or memberships to keep track of. Missing a payment deadline can lead to late fees or service disruptions, creating unnecessary stress. To help combat this, many businesses and consumers turn to direct debit as an efficient, automated solution.

Banks 52

Banks Collections Government 52

Account Recovery

OCTOBER 10, 2024

I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology de

Lawyers 246

Lawyers Collections 246

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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.

Collection Agencies

Collection Industry News

OCTOBER 9, 2024

WASHINGTON – The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing [1] for the October – December 2024 and January – March 2025 quarters.

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Collections 40

Qualco

OCTOBER 11, 2024

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

Debt Recovery 52

Debt Recovery Collections Credit Management Creditors 52

UK debt collections

OCTOBER 11, 2024

New research by Direct Line has found that the average self-employed tradesperson is chasing £6,000 in late payments. The data has shown that 81 per cent of tradespeople are chasing late payments , with the average tradesperson chasing seven outstanding invoices A fifth (22 per cent) of tradespeople say pursuing late payments is taking time away from work whilst almost one in ten (eight per cent) tradespeople have been forced to write off an invoice of over £10,000 Half of tradespeople say they

Bankruptcy 101

Bankruptcy Judgment Collections 101

Account Recovery

OCTOBER 11, 2024

Plaintiff’s Attorney, Collection Operations, Facing FDCPA Class Action Over Unpaid Invoice Oklahoma District Court Judge Dismisses Class-Action Component of FDCPA Suit CFPB Bans Ejudicate from Arbitrating Financial Disputes After Engaging in Deceptive Practices How Large Language Models Can Revolutionize Consumer Engagement in Collections Remembering Larry Vasbinder: A Visionary in the Receivables Management Industry WORTH NOTING: The country is experiencing its worst whooping cough outbreak in

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Collections 243

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.

Collection Industry News

OCTOBER 5, 2024

More students are eligible for federal financial aid, but fewer high schoolers are pursuing a four-year degree. Increasingly, college is becoming a path for only those with the means to pay for it, many studies show. “We know there’s still work to do and people out there that need financial aid,” James Kvaal, Under Secretary of Education, told CNBC.

Education 40

Education Collections 40

Qualco

OCTOBER 10, 2024

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

Credit Management 97

Credit Management Creditors Government Collections 97

PDC Flow

OCTOBER 10, 2024

Digital communications are a huge part of business and customers expect you to use modern channels like email and text — even when it comes to sending and signing paperwork, or taking a payment. Your company’s communication and esignature software should come with flexible workflow management tools that do everything you need them to, all in one place.

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Account Recovery

OCTOBER 11, 2024

Large language models (LLMs) like ChatGPT are reshaping consumer interactions across industries. The credit and collection sector could be next. Why it matters: As collection agencies, debt buyers, fintechs, banks, and credit unions seek to improve consumer engagement, LLMs offer a potential solution for more natural and effective communication. Driving the news: Researchers at Purdue University have found that integrating AI-powered chatbots into autonomous vehicles (AVs) improves passenger-veh

Credit Unions 130

Credit Unions Credit Unions Collections Fair Debt Collection 130

Speaker: Genevieve Hancock, CPA

Cash flow isn’t just about balancing numbers - it's about ensuring your organization is positioned for both immediate stability and long-term success. Understanding that cash flow management fuels every decision, every opportunity, and every growth phase is critical. But how can you shift from simply managing cash to strategically optimizing it for resilience?

Financial services

Account Recovery

OCTOBER 10, 2024

While everyone wants to believe they are unique and special, consumers tend to ask the same types of questions during collection calls. Knowing the best way to answer those questions can make a huge difference in a company’s collection rates. In a recent webinar, sponsored by Peak Revenue Learning, a panel of professionals shared their strategies and best practices for tackling these frequent inquiries.

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Collections Education 130

Account Recovery

OCTOBER 9, 2024

If you go to a store or a website and they don’t have what you are looking for, do you settle for something similar or go somewhere else and get what you want? In a lot of cases, you’re not going to settle for what’s being offered to you. You’re going to go where they have exactly what you want. In a lot of ways, what is on your portal is the same experience.

Collections 130

Collections Credit Unions Credit Unions Retail 130

Account Recovery

OCTOBER 9, 2024

Judge Grants MSJ For Defendant in FDCPA Case Over Debt Amount Collection Manager Sentenced to 21 Months for Role in $2M Scam The Critical Role of Payment Options in Maximizing Collections 25 Companies Seeking Collection Talent WORTH NOTING: How much time and money you are losing by being stuck in traffic everyday … Human life expectancy has reached its maximum, according to new research … A lot of people think that Starbucks is not affordable, compared to other coffee chains …

Collections 130

Collections 130

Account Recovery

OCTOBER 9, 2024

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. This is merely meant to be a service to aggregate industry job opportunities into one convenient location.

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Accounts Receivables Management Collections 130

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