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Before sending any customer to a debt collection agency, it’s important for a business of any size to conduct its due diligence to try and resolve that matter. Having an established relationship with a reputable collection agency is an important part of your overall accounts receivable program. But it is critical for your business to understand how a customer got to the point of collection activity before implementation.
Blockchain barriers. Blockchain has been on the radar of finance professionals for some time. This is due to its perceived potential to help revolutionise the financial world. But it’s also been plagued by the fact that it’s a poorly understood term. Just a few years ago, there was a feeling of hesitation among finance professionals to adopt it in their organisation.
The Court of Appeals for the Seventh Circuit has upheld a lower court’s summary judgment ruling in favor of a defendant that was sued for violating the Fair Debt Collection Practices Act and Fair Credit Reporting Act by attempting to collect on a debt that was allegedly incurred as a result of identity theft, ruling … The post Appeals Court Upholds Ruling for Defendant in FDCPA, FCRA Case Over ID Theft appeared first on AccountsRecovery.net.
Unfortunately, many of us learn from hard lessons about money in adulthood. When you run a business, there are more hard lessons to learn, often at a high cost to your success. Certain expectations can actually be harmful to your business's cash flow. Take a look at these assumptions to see if you need to re-examine your thoughts around money and your business.
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?
Did you ever wonder why your customers are not paying you on time? It’s one of the more frustrating aspects of running any size business. Customers contact your business, you provide the service that you promised and then in some cases, you’re left to chase that customer for the money they owe you. And because you have other customers to serve, and a whole host of other obligations to run your business adequately, you and your staff now must expend time and other resources to get tha
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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.
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. The Federal Deposit Insurance Corp. insures up to $250,000 per depositor, per institution and per ownership category at member.
The operators of a debt relief scam have agreed to a permanent ban from the industry and will pay $425,000 out of a $5.3 million fine as part of a settlement that was announced by the Federal Trade Commission and the Attorney General of Florida. The FTC and Florida AG sued Gino de Paz, Grace … The post Debt Relief Scammers Banned From Industry, to Pay $425k in Penalties appeared first on AccountsRecovery.net.
The Consumer Financial Protection Bureau (CFPB) today released a report highlighting the complicated and burdensome nature of the medical billing system in the United States.
By Brian: It’s a satisfying feeling knowing that we can continue to help support small businesses and help consumers throughout the year regardless of what is happening across the country. It’s what we have always done since opening our doors. We have assisted consumers during events throughout the years such as recession and natural disasters that had a negative effect on the economy as well as during economic booms that had a positive effect, pulling together to help those in need.
Shortly after you file for Chapter 7 or Chapter 13 bankruptcy, you will receive a notice for your section 341 meeting of creditors. It’s an essential part of the bankruptcy process that usually takes place at the Federal courthouse, but currently is done over the phone or via a Zoom chat due to the pandemic. You might feel a bit intimidated thinking about your required appearance at the hearing, no matter how it takes place.
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 founder of a service that helps consumers respond to collection suits is calling out courts across the country for charging defendants filing fees when responding to lawsuits, saying the fees “block justice,” particularly in debt collection suits. George Simons, the founder of SoloSuit, shared his views in an article that was published last week. … The post Filing Fees Blocking Access to Justice in Collection Suits, SoloSuit Founder Argues appeared first on AccountsRecovery
Your home equity shouldn’t be the first line of defense when the roof falls in. But it can be a useful resource to seal a temporary financial gap, and most homeowners have a lot more wealth tied up in their property than they did a couple of years ago. In the third quarter of 2021, Barbara Marquand writes for NerdWallet. Email: bmarquand@nerdwallet.com.
National Consumer Protection Week in 2022 is March 6-12 and is meant to educate everyone about how to improve finances, avoid scams and fraud as well as educate consumers about their rights. This is a program established by the Federal Trade Commission and one that we fully embrace. Everyone here at American Profit Recovery understands that as a collection agency we need to be as transparent as possible.
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.
PRA Group reported this week that it made $34 million during the fourth quarter of 2021, up from $30 million in the same period a year earlier, while profits for all of 2021 were up to $183 million, from $149 million in 2020. Overall revenue at the company in the fourth quarter was $257 million, … The post Profits Up at PRA Group, Thanks to Improvements in Digital Collections, Internal Legal Capacity appeared first on AccountsRecovery.net.
Some couples mutually decide that they want to have a one-income household. But for others, the decision is made for them. The COVID-19 pandemic has left many in this situation, especially at its outset, when companies folded and jobs in hard-hit industries disappeared. And with schools and day cares closing so frequently, many couples may. Sara Rathner writes for NerdWallet.
My clients tell me that they are adjusting processes to overcome pressure from staffing shortages and economic uncertainty. The last two years have been extremely challenging and the forecast for the next year appears to be no better. Supply chain issues, staffing shortages, inflation, domestic and foreign unrest are just some of the issues that plague our economy.
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.
JUDGE REMANDS FDCPA CLASS ACTION BACK TO STATE COURT FOR LACK OF STANDING A District Court judge in New York has remanded a Fair Debt Collection Practices Act class-action lawsuit back to state court, ruling that the plaintiff did not suffer a concrete injury to keep the case in federal court. JUDGE GRANTS MOTION FOR … The post Daily Digest – February 28.
The filing lawsuits under the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), and the Telephone Consumer Protection Act (TCPA) increased dramatically in the first month of 2022 when compared to the number of filings in January and December 2021, per a report released recently by Web Recon LLC. The number of complaints filed with the Consumer Financial Protection Bureau (CFPB) also rose slightly when compared to the same time periods.
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 or securities. The events of 2021 didn’t always play out as expected. A lingering pandemic, a shifting government response and a wave. Andy Rosen writes for NerdWallet.
Today, the CFPB released a report on medical billing and collection practices in our country. Medical bills are the most common debt in collections reported on our credit reports. Our own review suggests that roughly 43 million people had medical bills on their credit report, in June 2021, with the total outstanding amount around $88 billion.
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.
A penny saved is a penny earned, the saying goes. But when it comes to the Fair Debt Collection Practices Act, especially on a debt in excess of $3,000, not suing a debt collector over a penny is the best way to save your money, according to a District Court judge in New York who … The post Judge Grants MTD in FDCPA Case Over $0.01 Discrepancy appeared first on AccountsRecovery.net.
Big change - like complying with sweeping Regulation F requirements or adding new tech - brings new, risky gaps in your collections compliance procedures. To avoid surging lawsuit, regulatory, and revenue risk and find those gaps, creditors and agencies need the best tool for the job: a risk and gap assessment.
Rental cars have become one of the hardest parts of traveling during the coronavirus pandemic. With rental car fleets a fraction of what they were before the pandemic, travelers often find sky-high prices when booking a rental car — if there are cars available at all. It’s gotten so bad that we have started to. JT Genter writes for NerdWallet. Email: travel@nerdwallet.com.
The High Court in London has issued a suspended Jail sentence against a former on-line Dragons Den star. High profile American entrepreneur Julie Marie Meyer MBE appeared as a ‘Dragon’ in a online version of the popular BBC television show Dragons Den in 2009. Meyer owes London Law firm Farrer & Co £200,000 in unpaid fees dating back to 2018.
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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