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Personal and business bankruptcy filings in the U.S. have risen significantly, reflecting the impact of inflation, rising interest rates, and the end of COVID relief programs. This trend provides important insights for professionals in the credit and collection industry as they assess the financial health of consumers and businesses. By the numbers: According to the Administrative Office of the U.S.
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.
Late payments and past-due accounts can weigh down a business, impacting cash flow, operational efficiency, and overall growth. But how can business owners and financial managers spot these accounts early, understand the reasons behind delinquencies, and take proactive steps? Here’s a practical guide with tips and warning signs that can help you safeguard your accounts receivable and keep your financial health in check. 1.
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 Federal Trade Commission has filed a lawsuit and received a temporary restraining order freezing the assets and taking control over a Georgia-based debt collection agency, Global Circulation, Inc., after it was accused of using deceptive and abusive tactics to collect debts from consumers. The complaint, filed in the District Court for the Northern District of Georgia, alleges that the agency tricked consumers into paying more than $7.6 million by falsely representing debts and threatening e
Prosperity Now recently hosted the "Tax Truths: Boosting Financial Well-being for LMI Communities through Accessible Tax Support" webinar in partnership with Change Machine.
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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.
Prosperity Now recently hosted the "Tax Truths: Boosting Financial Well-being for LMI Communities through Accessible Tax Support" webinar in partnership with Change Machine.
Here’s the latest risk management guidance, published in October 2024, from B&N’s Attorneys Risk Management practice group. BN – Tip of the Month – ABA Standing Committee LPL Releases Profile of Legal Mal Claims – October 2024 The post Barron & Newburger’s Latest Risk Management Guidance appeared first on Barron & Newburger, P.C.
As the new year approaches, businesses often must adjust their rates. These changes could be driven by factors such as inflation, increased operational costs, or the need to invest in new technologies and services. For B2B companies and SaaS providers, staying competitive and maintaining high service standards often require periodic rate evaluations.
A class-action lawsuit has been filed this week against a collection agency after it was the victim of a ransomware attack and data breach. The breach, which occurred in June 2024, involved unauthorized access by cybercriminals who targeted the defendant’s computer systems using ransomware, specifically a threat actor known as “Play.” The breach was not detected until August, and affected individuals were notified last month.
As the financial sector rapidly evolves, driven by technological advancements, loan origination processes are experiencing profound changes. A key development is the growing adoption of Loan Origination Systems (LOS), which have become essential tools for financial institutions. According to recent forecasts from Future Market Insights , the global loan origination software industry is projected to grow at a CAGR of 13.4% from 2023 to 2033, reaching a market size of US$ 17,505.7 million by 2033.
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.
New research has shown that debt collectors are breaching national standards in 6% of visits to individuals facing enforcement. The study into doorstep interactions in civil enforcement – published by the Enforcement Conduct Board (ECB) – found a noticeable area in which the standards are least commonly met is in acknowledging and taking into account self-identified or obvious vulnerability.
Looking to domesticate a judgment based on an out-of-state arbitration award in New York? The process will differ depending on whether the debtor appeared during the confirmation process. New York differentiates judgments obtained by default from those obtained on the merits. If your judgment debtor participated in the underlying arbitration but failed to appear or oppose your application to confirm the arbitration award—so that the judgment was rendered by default—you will need to sue in New Yo
The Court of Appeals for the Ninth Circuit has affirmed a ruling in favor of a credit reporting agency sued for violating the Fair Credit Reporting Act but overturned a ruling in favor of a collection operation for allegedly violating the Fair Debt Collection Practices Act on the grounds of whether the plaintiff actually owed the debt to the creditor — a hospital.
In recent years, side hustles have gained significant traction as individuals seek additional income streams and entrepreneurial opportunities. A new study by The Kaplan Group examines search trends for various side hustles, the challenges associated with starting these ventures, and the geographic distribution of new business applications across the United States.
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.
The number of Welsh companies with overdue invoices on their books reached a 2024 high in September, according to new research from R3, the UK’s insolvency and restructuring trade body. Analysis of data provided by Creditsafe shows that 18,360 Welsh businesses had unpaid invoices on their books last month – the highest monthly total of the year so far.
Barron & Newburger, P.C. is pleased to announce the selection of five of its attorneys for Super Lawyers Magazine to its Super Lawyers and Rising Stars Lists for 2024 by Thompson Reuters: Francesca Di Troia — Rising Star in Civil Litigation in 2023 and 2024. Noah Fiedler – Super Lawyer in Professional Liability since 2022 Alyssa Johnson – Super Lawyer in Professional Liability, Creditor Debtor Rights, Civil Litigation since 2023, Rising Star from 2017-2022.
62% of Americans are now living paycheck to paycheck, according to recent research from PYMNTS Intelligence, highlighting a stark reality for many consumers today. For those living on the edge financially, every pay period is just enough to make it to the next — leaving them highly vulnerable to unexpected expenses. Why it matters: Paycheck-to-paycheck households are increasingly reliant on revolving credit and are carrying higher outstanding balances compared to financially stable consumers.
Nearly a third, 30%, of federal student loan borrowers say they’ve gone without food, medicine or other necessities because of their monthly bills. That grim finding comes from a new survey by the Consumer Financial Protection Bureau, conducted between October 2023 and January 2024, and including more than 3,000 responses from people with an active or recently active student loan account.
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.
A District Court judge in Florida has been forced to rule on competing motions for attorney’s fees in a Fair Debt Collection Practices Act case in which both sides are claiming victory, ruling partially in favor of both the plaintiff and the defendant. The judge decided that the plaintiff is entitled to recover some attorney’s fees, while the defendants are also entitled to recover some costs, but only after a particular offer of settlement was made.
A District Court judge in North Carolina has denied a defendant’s motion to dismiss a Fair Credit Reporting Act suit, ruling the plaintiff’s inability to subsequently get approved for an apartment sufficient for her to have standing, and questioned the defendant’s dispute investigation process is enough to keep the case alive. The background: The case centers on an alleged misreporting of a debt that the plaintiff never incurred.
The Consumer Financial Protection Bureau yesterday announced an enforcement action with one of the nation’s largest credit unions for charging illegal overdraft fees that will see the institution pay $95 million in fines and restitution to members. Driving the news: Navy Federal Credit Union has been ordered by the CFPB to refund more than $80 million to consumers and pay a $15 million civil penalty for charging illegal overdraft fees on checking accounts from 2017 to 2022.
PRA Group discussed the strides it has made in expanding its legal collection efforts while also announcing plans to close three of its six U.S. offices while transitioning impacted employees to work-from-home roles or offshore positions during a quarterly conference call with analysts after releasing its third-quarter earnings yesterday. By the Numbers: Legal Collections and U.S.
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.
Williams & Fudge, Inc. (“WFI”), an industry leading receivables management firm, is pleased to announce the promotion of Jon Balon from Vice President of Technology, Product and Innovation to Chief Technology Officer (CTO) effective November 1, 2024. This promotion is part of a broader corporate restructure aimed at supporting continued growth and strategic alignment.
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
Strategic hire brings fresh perspective and deep industry expertise to accelerate InDebted’s AI-powered transformation of collections. InDebted, the global third party collections solution for future-thinking organizations, today announced the appointment of Kristyn Leffler as Chief Product Officer. Leffler joins InDebted from one of the nation’s largest debt buyers, where she developed innovative, data-driven collections strategies.
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!
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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