American Profit Recovery

JUNE 28, 2023

There have been many shifts in the debt collection industry over the past several years. And the trends and updates that many in the collection industry have worked hard on, are moving the industry in a positive way. Everything from enhanced technology, a better understanding of the career opportunities in the collection industry as well as forward progress in the collaboration between industry leaders and government at all levels.

Collections 130

Collections Debt collector Collection Agencies Collections Agency 130

Nexa Collect

JUNE 27, 2023

Chargebacks can be costly for a business, not just in terms of revenue, but also in operational overheads and potential damage to reputation. Here are some strategies to reduce chargebacks: Clear Product/Service Descriptions : Provide detailed and accurate product or service descriptions. This reduces the likelihood of a customer being dissatisfied or claiming that the product or service was not as described.

Education 130

Education Banks 130

JMA

JUNE 28, 2023

Effective debt collection is essential for businesses to maintain financial stability and ensure a healthy cash flow. While every business may do things a little differently, if they have a structured debt collection process in place, they can increase their chances of successfully recovering outstanding debts. If you’re not sure where to start with debt.

Collections 52

Collections 52

Account Recovery

JUNE 29, 2023

A District Court judge in Nevada has granted a defendant’s motion for judgment on the pleadings in a Fair Credit Reporting Act and Fair Debt Collection Practices Act case involving duplicative entries on the plaintiff’s credit report from a collection agency and a creditor related to the same debt, although the amounts of the debt […]

Fair Debt Collection 130

Fair Debt Collection Collection Agencies Collections Agency Judgment 130

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.

CICM

JUNE 29, 2023

Many different and sometimes unpredictable factors impact the credit industry. But what key predictions are the experts making right now? Digitisation The credit industry’s digitisation trend will continue, with a greater appetite to embrace AI, machine learning and blockchain. Credit functions will likely continue investing in technology to streamline operations, improve efficiency, and enhance the customer experience.

Lender 52

Lender Credit Management Trade Creditors 52

Nexa Collect

JUNE 29, 2023

“Buy Now, Pay Later” (BNPL) schemes have gained popularity as an alternative to traditional credit, offering consumers the ability to purchase items immediately and pay for them over time. While these services can be convenient, they also have several potential negative impacts on consumers : Overspending : BNPL schemes can encourage impulsive buying and overspending by creating the illusion that consumers are not actually spending money.

Retail 130

Retail Lender Loans 130

Account Recovery

JUNE 30, 2023

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?

130

130

American Profit Recovery

JUNE 26, 2023

We have a new collection manager here at American Profit Recovery and her name is Angela. She has been with American Profit Recovery for several years now and she has demonstrated the leadership qualities that can move a team in the right direction. If you are a regular reader of our blog then you have seen Angela, better known as Angie to her coworkers, contributing many articles about what it’s like to work here at American Profit Recovery, the culture we continuously build as well as th

Collections 130

Collections Collection Agencies Collections Agency 130

Collect More

JUNE 25, 2023

EOFY Demand template. Many people have asked us for this so without further adieu here is a demand you can use this week to hopefully get paid before Friday. Remember, to get them to pay, your customer MUST benefit. If they don’t then your invoice will just remain where it is, a problem for next Financial Year. Just add your debt amount next to the dollar sign and away you go.

100

100

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

Nexa Collect

JUNE 28, 2023

Improving your online business reputation is essential in today’s digital age, where customers frequently rely on online reviews and social media presence before making purchasing decisions. Here are steps to help you improve your online business reputation: Monitor Your Online Presence : Regularly monitor what is being said about your business online.

130

130

Account Recovery

JUNE 30, 2023

In what I imagine is a scenario that is all-too familiar inside collection agencies across the country, a District Court judge in Washington has granted a defendant’s motion for summary judgment after it was sued for violating the Fair Debt Collection Practices Act because it attempted to collect on an unpaid healthcare debt before it […]

Fair Debt Collection 130

Fair Debt Collection Healthcare Collections Collection Agencies 130

Consumer Finance

JUNE 26, 2023

CFPB issues order against payment processor ACI Worldwide Corp. and its subsidiary ACI Payments Inc. (ACI) improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. This is the CFPB’s first action addressing unlawful data handling practices in processing mortgage payments.

98

98

Prosperity Now

JUNE 28, 2023

Homeownership is largely regarded as one of the key pathways to gaining and maintaining wealth. For National Homeownership Month, we’re taking a closer look at some of the recent homeownership data relevant to Black families in the United States. While there are several cities for which the data show an increase in Black relocation over the past several years, our analysis focuses on Atlanta, Dallas, and Houston – cities in the Southern United States from which Black families had previously fle

97

97

Advertisement

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

Nexa Collect

JUNE 26, 2023

Financial fraud targeting senior citizens is a growing concern. It’s important to take steps to protect the elderly from scams and fraudulent schemes. Here are some measures that can help in preventing financial fraud for senior citizens: Educate and Inform : Educate seniors on the various types of scams they may encounter such as phishing emails, lottery scams, telemarketing scams, and elder financial abuse.

Education 130

Education Banks 130

Account Recovery

JUNE 30, 2023

When one of your collectors is lucky enough to get someone to pick up the phone, are they sure they are talking to a human on the other end of the line?

130

130

Fico Collections

JUNE 30, 2023

Home Blog Feed test Critical Ingredient to Identify Healthy Mortgage-Backed Securities FICO ® Score 10 T is the most commonly used score version in the market today Fri, 06/30/2023 - 16:25 JenniferPiccinino@fico.com by Joe Zeibert Vice President, Scores expand_less Back to top Fri, 06/30/2023 - 15:00 This post discusses: How liquidity is created in the secondary market How the FICO® Score can help investors better model cash flows Next steps for increasing value and liquidity Though the originat

Lender 96

Lender Loans Banks Creditworthiness 96

Qualco

JUNE 29, 2023

Effective communication is critical for successful debt collections in today's fast-paced world. However, relying solely on traditional channels such as telephone calls, printed letters , and SMS is no longer enough. These methods limit your outreach capabilities and fail to adapt to your customers' evolving needs. While telephone calls enable direct communication and customer engagement , they can be intrusive and often unwelcome.

Collections 87

Collections Banks Debtor Debt Management 87

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.

Nexa Collect

JUNE 26, 2023

There are various stress factors related to money. These stressors are influenced by a range of factors including cultural, economic, and personal. Here are some reasons why Americans in particular may experience stress about money: Cost of Living : In many areas in the United States, the cost of living has been rising faster than wages. This makes it difficult for individuals and families to keep up with expenses such as housing, healthcare, and education.

Healthcare 130

Healthcare Education Student Loans Student loans 130

Account Recovery

JUNE 30, 2023

The modern age is witness to a fascinating spectacle – debt knows no generational bounds.

Accounts Receivables Management 130

Accounts Receivables Management 130

True Accord

JUNE 29, 2023

In today’s financial landscape, regulators at both the federal and state level are driving accountability for companies when it comes to data protection and security. We see that with the express requirement in the Gramm-Leach-Bliley Act, or GLBA, Safeguards Rule —which went into effect on June 9, 2023—that organizations have one qualified individual to oversee the information security program, and that the qualified individual provides regular reports to the highest governing body of an organiz

Collections 81

Collections Financial Institution Debt collector Debt Recovery 81

Troutman Sanders

JUNE 27, 2023

On June 26, Florida Governor Ron DeSantis signed the Florida Commercial Financing Disclosure Law (FCFDL). As discussed here , the FCFDL mandates that covered commercial financing companies provide consumer-like disclosures for certain commercial financing transactions. The law also defines and prohibits specific acts by brokers of those transactions, including the collection of advance fees.

Manufacturing 59

Manufacturing Banks Loans Collections 59

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

Nexa Collect

JUNE 25, 2023

The professional life of a debt collector involves communicating with individuals and businesses to collect payments on overdue bills, loans, or other financial obligations. This job can be challenging but also rewarding for individuals who have strong communication and negotiation skills. Below, I outline various aspects of a debt collector’s professional life: Daily Tasks : A typical day for a debt collector might include making phone calls to debtors, sending letters or emails, negotiat

Debt collector 130

Debt collector Debtor Fair Debt Collection Education 130

Account Recovery

JUNE 30, 2023

COLLECTOR FACING FDCPA SUIT FOR ALLEGEDLY SENDING COMMUNICATION AFTER RECEIVING REFUSAL-TO-PAY LETTER JUDGE GRANTS MSJ FOR DEFENDANT IN FDCPA CASE OVER ATTEMPTS TO COLLECT DEBT THAT WAS LATER FORGIVEN HOW BOTS ARE BEING USED TO ‘TORTURE’ TELEMARKETERS. ARE COLLECTORS NEXT?

Collections 130

Collections 130

UK debt collections

JUNE 26, 2023

The number of insolvent businesses in England and Wales last month rose by 40 per cent year-on-year to the highest level since monthly records began in January 2019. Data from the Insolvency Service yesterday showed that 2,552 companies were declared insolvent last month, overwhelmingly through creditors’ voluntary liquidations, in which a company’s directors agree to wind up the business without a formal court order.

Construction 59

Construction Retail Manufacturing Trade 59

PDC Flow

JUNE 29, 2023

Small business financial management helps business owners, operators and managers know where money is being spent and how much profit is coming in. Without a background in accounting or bookkeeping, it can be hard to know the best way to manage small business finances – or even to understand the common terms, reports and tactics used. This glossary will help you learn more about the vocabulary and best practices of small business financial management.

Startups 58

Startups Retail 58

Advertisement

Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.

Collections