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Originally published in CreditToday. Anyone involved in trade collections has, or eventually will, encountered a customer who is hiding something and trying to deceive you. We may be heading for hard times this coming year, particularly with smaller businesses we sell to. That makes it more likely you will be hearing reasons invoices are not being paid that may be deceptive, off-putting, or simply untrue.
Dealing with debt collection issues can be overwhelming, especially when you are unsure if the person contacting you is legitimate or a scammer. When an account becomes past due, your creditor may attempt to collect the amount owed or hire a debt collection agency. While there are several legitimate debt collection agencies in the industry, you should not overlook the chances that a scammer might try to take advantage of your debts.
The number of people for whom their financial situation has worsened is outpacing the number of people for whom their financial situation has improved two-to-one, according to data released following a nationwide poll. The number of people who said their financial situation has gotten worse is up to 37%, from 290% in February, while the … The post Financial Situation Worsening for Consumers appeared first on AccountsRecovery.net.
Business grants may seem like the holy grail for small-business owners, since they offer cash you don’t have to pay back. But finding one can feel as futile as searching for lost treasure. “Everybody wants to know: How do I get free money for my business?” says Jenn Steinfeld, director of entrepreneurship and economic development. Rosalie Murphy writes for NerdWallet.
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?
On September 16, the Nevada Financial Institutions Division (NFID) introduced a bill draft request to the Nevada Legislature for the 2023 legislative session. If passed, the bill will adopt the Model Money Transmission Modernization Act (Act) into Nevada’s money transmission law. We previously blogged on the Act here. The language of the bill has not yet been published.
The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households.
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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.
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 … The post New Trend Accusing Collectors of Ignoring Cease Communication Requests appeared first on AccountsRecovery.net.
The Federal Reserve continued to shout from the rooftops Wednesday that it will do what it takes to get inflation under control. The central bank raised the overnight federal funds rate by 0.75 percentage point, an action that will raise the floor under other interest rates. By making it more expensive to borrow money, the. Holden Lewis writes for NerdWallet.
Filing for Chapter 13 bankruptcy can be both challenging and stressful. Although filing can help you eventually become debt free, the process itself can be confusing. One common question that filers have regarding the Chapter 13 process involves income increases and whether they affect payment plans. An increase in income will likely impact your Chapter 13 repayment plan, and you are obligated to report wage increases to your bankruptcy trustee.
Creating an effective compliance strategy is a crucial component of a business’s chance of success. Debt collection is highly regulated and must adhere to different regulations and laws like the FDCPA, Regulation F, and unique state laws—including regulations that may not be specifically focused on debt collection but still apply to the practice. Noncompliance with laws and regulations that govern or even parallel an industry can result in unhappy customers, litigation, reputational risks and/or
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 Kristina Hughes
Despite the headlines, college is still the surest path toward better lifelong earnings. But a degree is far more likely to pay off if you haven’t borrowed a small fortune to get it. The Free Application for Federal Student Aid, or FAFSA, is a key step in making college affordable. Applications for the 2023-24 school. Cecilia Clark writes for NerdWallet.
So, you and your little sister, Rachel, finally started that mitten-shaped decorative soap business you’ve always talked about – Nice! And your friend’s brother’s buddy helped you file for an LLC through the State of Michigan’s website and sent you the link to obtain an EIN from the IRS because the banks said you needed it to open a checking account.
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.
By: Pran Navanandan, Founder of Halsted Financial CHICAGO, IL and MOUNTAIN VIEW, CA, and Sept. 21, 2022 – At Halsted, we place a high value in our conversations. What else can tell us what borrowers experience, and how we can help them reach a resolution? To continue the effort to humanize each conversation, we recognized we … The post Halsted Financial Services Partners with Prodigal to Elevate Customer Experiences appeared first on AccountsRecovery.net.
You’ve probably heard the horror stories of crazy-high battery replacement costs for electric cars. Fears of battery failure, limited range and high purchase prices might make you wonder if buying a used EV is a smart decision. This answer is, it depends — it depends on the condition of the EV you choose and how. Philip Reed writes for NerdWallet. Email: articles@nerdwallet.com.
Merchant cash advance agreements are drafted in a way that offers an advantage to the lender. Since the documents anticipate a default in payment by the buyer, why then do merchant cash advance companies record judgments in New York? In the past, merchant cash advance companies and other lenders required their clients to sign a confession of judgment that could, in the event of default, be entered in New York without any further notice if and when the default occurred.
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.
Winning a collection lawsuit because the judge ruled there was not a sufficient chain of custody to prove the account was transferred by the original creditor to the entity purchasing the account is not enough evidence that a juror could use to conclude a false statement was made, ruled a District Court judge in Pennsylvania, … The post Dismissal of Collection Lawsuit Not Enough for Plaintiff to Pursue FDCPA Suit appeared first on AccountsRecovery.net.
The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Using a financial advisor for your investment needs is 100% on brand, but what about the other parts of.
Home. Blog. FICO. Retain and Grow Deposit Market Share as Interest Rates Rise. For deposit-taking institutions, a rising-rate environment presents both a challenge and an opportunity - and deposit price optimisation provides a strong solution. FICO Admin. Tue, 07/02/2019 - 02:45. by Neil Jennings. expand_less Back To Top. Fri, 09/23/2022 - 11:40. Following an unprecedented 10 years of record-low interest rates and multiple false dawns regarding rate increases, the return of inflation has finally
With the ubiquity of cloud software and sophistication in legal marketing on the rise, there is not a single thing you can’t track as a law firm, when it comes to marketing. First off, every web marketing campaign, from SEO to social media ads, come with identifiable criteria, that allows attorneys to track for ‘lead sources’, as well as for specific marketing campaigns.
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.
GETTING TO KNOW KRISTINA HUGHES OF RECEIVE REVENUE RECOVERY Kristina Hughes is the first member of her family to go to college, and now, three short years after joining Receive Revenue Recovery, she has been promoted to VP of Operations. Read on to learn more about Kristina, the situations that turn her into a procrastinator, … The post Daily Digest – September 22.
Want to build generational wealth? Education is key, financial experts say. Money shouldn’t be a taboo topic for families of color anymore, they add, so communication is vital, too. We asked eight Latino financial professionals for their advice on how to grow wealth, talk to children about finances and start a business — even amid. Benjamin Din writes for NerdWallet.
A recent federal district court opinion highlights the potential pitfalls associated with renewals of unsatisfied default judgments. The case, Sarah Pitera v. Asset Recovery Group Inc., No. 2:22-cv-00255-TL (W.D. Wash.), serves as a reminder that judgment creditors must still tread carefully when seeking to collect on, or revive, judgments from yesteryear.
For consumers, the past ten years have seen a clear shift from cash to debit card payments. The business world, however, has long preferred digital payment flows. But important changes are also taking place here. There are now quite a few companies that have crypto currencies on their balance sheet and payment processes are increasingly being automated.
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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