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If you plan to outsource your accounts receivable to an aggressive collection agency, then kindly read this article and be aware of all the risks you are taking. Times have changed when collectors could easily put aggressive pressure on debtors or use forceful tactics to recover your money, without any repercussions. There are well-defined debt collection laws, both at the federal and state level, that prohibit debt collection companies from using abusive, unfair or deceptive practices to collec
Feeling crushed by debt is one of the most stressful situations possible, but there are options. If you find yourself saddled with more debt than you can reasonably pay off in a timely manner, you can always file for bankruptcy. Filing for bankruptcy is a serious step, and one that often has a bit of a negative connotation, as some people worry that it’s a sign they failed in some way, or they might worry that they’ll carry around a financial stigma for a while that will affect their
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.
NAVIENT TO CANCEL $1.8B IN STUDENT LOANS UNDER DEAL WITH STATE AGS A deal was announced yesterday between student loan servicer Navient and 39 state attorneys general that will see the company pay $145 million in restitution and cancel $1.7 billion in delinquent private student loans to settle claims it took advantage of individuals when … The post Daily Digest – January 14.
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?
While individuals attempt to keep their New Year's resolutions, new and growing businesses can also prepare for the year ahead. By setting up for success in January and February, you and your business are getting ahead of the curve so the rest of the year runs smoothly. This task list will set up success for business owners in the new year.
This article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies. 2021 was a year of financial strain for many Americans: Household debt and the overall cost of living increased, while median household income decreased, according to NerdWallet’s annual household debt.
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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.
This article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies. 2021 was a year of financial strain for many Americans: Household debt and the overall cost of living increased, while median household income decreased, according to NerdWallet’s annual household debt.
The Consumer Financial Protection Bureau (CFPB) today released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills.
Statutory penalties under the Fair Debt Collection Practices Act and the Fair Credit Reporting Act should be tied to inflation and are being devalued because they represent monetary amounts that have not kept up with the times, according to an essay published by the National Association of Consumer Advocates. The FCRA, enacted in 1970, and … The post NACA Calls for FDCPA, FCRA Penalties to be Increased appeared first on AccountsRecovery.net.
In a January 10 report titled, “Virtual Currencies: Additional Information Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking,” the Government Accountability Office (GAO) identified virtual currency kiosks as one reason driving an increase in the use of crypto payments to facilitate illegal activities, such as human and drug trafficking.
If you’ve built enough equity in your investment property, you may have considered getting a home equity line of credit, or HELOC, to make improvements, consolidate debt or even buy a new property. You can get a HELOC on an investment property and tap into its equity, but there are strict qualification requirements, they aren’t. Linda Bell writes for NerdWallet.
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.
The “Getting to Know” series is sponsored by Applied Innovation. Applied Innovation is helping to shape the future of accounts receivable management. Product development is driven by customer feedback, agency profitability and compliance and includes platforms addressing client portal access, document management, payment negotiation, Regulation E focused electronic payment authorizations and TCPA communication authorization platforms. … The post Getting to Know Jennifer Whipple
Are you drowning in debts? If so, you are not alone. The pandemic left many Americans unemployed and without the means to pay off their debts. However, you can get rid of the financial and emotional pressure of being a debtor by filing for Chapter 7 or Chapter 13 bankruptcy. Both Chapters can help you start anew and discharge your debts, but they work differently.
An additional insured endorsement changes an insurance policy to expand coverage to a person or organization that isn’t named in the original policy. You may need to add other parties to your business insurance policy if you lease space or work as a subcontractor. To break the term down further, an “additional insured” is a. Rosalie Murphy writes for NerdWallet.
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.
GETTING TO KNOW JENNIFER WHIPPLE OF COLLECTION BUREAU SERVICES In what might be a first for the “Getting to Know” series, a participant has taken the best advice she has ever received and turned that into some pretty good advice of her own. “Adapt, adjust, and overcome” writes Jennifer Whipple — and if that doesn’t … The post Daily Digest – January 13.
Last year we published a highly successful The 11 Commandments of Digital Banking eBook that introduced the 11 commandments: Digital lift-and-shift is not a strategy! Friction – not inherently good or evil. Be personable in this impersonal channel. Respect the data. Engage me, teach me – feed by TikTok obsession. Use your branch wisely! Respect my time and match my effort.
Would you jump on the opportunity to fly “private” for the price of a normal airline seat? That’s the experience JetSuiteX promised when it launched in 2016. Now known as simply JSX, the public charter airline has since expanded to dozens of routes along the West Coast and is expanding eastward. But what does flying. JT Genter writes for NerdWallet.
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.
If you’ve spent any time on Credit.com, you might’ve heard about ExtraCredit by now. Maybe you’ve read a few of our articles about ExtraCredit. Or maybe you’ve seen an article about ExtraCredit written up on another site (more on that later). Either way, we’re hoping that we’ve piqued your interest just a little bit. Let’s say that you’re interested, but you’re a bit hesitant to make the leap.
BUFFALO, N.Y. – Mark Lesinski, Owner and President at Landmark Strategy Group, LLC, is a volunteer with FeedMore WNY, a nonprofit organization dedicated to feeding neighbors in need across Western New York. The organization encompasses both a food bank and the area Meals on Wheels program. Mr. Lesinski joined in a warehouse packing day on … The post Landmark Strategy Group’s Mark Lesinski Helps Pack Holiday Meals on Wheels appeared first on AccountsRecovery.net.
UK’s Small Businesses are under serious threat and must act now according to one industry expert. It has been reported that 440,000 Small Businesses in the UK could be forced out of Business by a current late payment crisis. The Federation of Small Businesses (FSB) has called for urgent government intervention to improve the way small Businesses are paid.
Fiat currency is a term that describes the money you use every day. The U.S. dollar is a fiat currency, as are most other modern currencies circulating around the world. Fiat currencies’ values are generally supported by the economic power of a government. This kind of money is different from an asset-backed currency, which derives. Andy Rosen writes for NerdWallet.
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.
On January 14, 2022, the Consumer Financial Protection Bureau announced it has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel. The lawsuit alleged that the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act.
The Bankruptcy Appellate Panel, Ninth Circuit, has overturned a bankruptcy’s court ruling that awarded a debtor attorney’s fees after a debt collector filed proofs of claim that were time-barred. A copy of the ruling in the case of LVNV Funding v. Andrade-Garcia can be accessed by clicking here. The debtor filed for Chapter 7 bankruptcy … The post BK Appeals Court Overturns Attorney’s Fee Award Over Time-Barred Claims appeared first on AccountsRecovery.net.
What is contract management? Simply put, contract management is the process of managing the negotiation , creation, sending or receiving of contracts between parties. However, that process will look drastically different for a large corporation with the luxury of a contract manager and staff versus a small business with just a few employees. What does contract management look like within your own company?
Comparison shopping is crucial if you want to save money on car insurance. Here’s why: Insurers look at similar factors, but they have their own “secret sauce” when it comes to setting rates. So two companies can charge wildly different rates for the same driver. How to compare car insurance quotes First of all, every. Kayda Norman writes for NerdWallet.
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
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