Enterprise Recovery
JULY 31, 2024
Consumer and business debt are two distinct types of debt that are handled quite differently. Consumer debt is the debt individuals incur for personal expenses, such as credit card debt, student loans, or mortgages. Business debt, however, refers to the debt incurred by businesses or organizations for various purposes, such as operational expenses, investment in assets, or expansion.
Account Recovery
AUGUST 2, 2024
More than 90% of households can handle a $400 expense shock, with low-income households showing unexpected resilience, according to a report released this week by The JPMorganChase Institute. By the Numbers: Key Findings: Additional Insights: The Bottom Line: The new data reveals a more optimistic view of American financial resilience than previously thought.
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Consumer Finance
JULY 29, 2024
There’s no question that our economy and society rely on banks just like we rely on our power grid and our transportation network. Congress put in place guardrails to ensure the ownership and control of this critical infrastructure promotes resiliency and is free of conflicts of interest.
Collections Law
JULY 29, 2024
When it comes to collecting business debt, the most critical steps occur before the goods or services are even purchased. This is when your business establishes control over the commercial relationship. By taking preemptive measures, you can set a solid foundation that will help you get paid, even if a creditor becomes delinquent. Our commercial collections litigation attorneys at Law Offices of Alan M.
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.
Credit Corp
JULY 29, 2024
Worried about your credit score? We get it – credit is confusing. In many ways it feels like you have no control over this thing that determines whether you can get a car, apartment or even a new cellphone without a broken screen. But having a healthy credit score or even improving a bad credit score doesn’t require becoming an expert. Here are 9 easy ways to get you started, listed in order from easiest to most difficult. 1.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
JULY 31, 2024
Director Rohit Chopra outlined recent efforts to combat price gouging and unfair practices in financial services, focusing on private equity involvement, junk fees, and credit card interest rates.
UK debt collections
JULY 31, 2024
An arrest warrant has been issued for Katie Price, after she failed to attend a court hearing relating to her bankruptcies. Insolvency and Companies Court Judge Catherine Burton said Ms Price had received “very clear warnings” that she must attend the hearing on Tuesday. The former glamour model had not responded to HM Revenue & Customs (HMRC) over her debts, a court heard.
Taurus Collect
JULY 29, 2024
In today’s challenging economic climate, many businesses face the painful reality of unpaid invoices and debts. This problem can escalate quickly, leading to costly collection efforts that drain resources and time. Fortunately, there’s a solution: no collection no fee debt collection. This approach allows you to focus on running your business while experts handle your debt recovery without upfront costs.
Account Recovery
AUGUST 2, 2024
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?
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.
Consumer Finance
JULY 29, 2024
Industrial banks require special attention from the FDIC Board of Directors given the unique risks they pose.
UK debt collections
AUGUST 1, 2024
A new SME insights report by Dojo has revealed that an estimated 110,940 SMEs are at risk of going bust due to having no cash left to support business operations. The study also revealed that over 30% of SMEs cited rising inflation and high interest rates as their biggest challenge for 2024. Additionally, 1 in 6 SME owners felt unconfident to some extent in their understanding of the term ‘cash runway’ – the number of months a business has until cash runs out. 2% of businesses said that they hav
Taurus Collect
JULY 29, 2024
Managing debt collection fees can be a daunting task for any business. An ineffective credit and collections process not only increases these fees but can also strain relationships with customers. In today’s competitive landscape, it is essential to streamline your approach to ensure timely payments while maintaining a positive image. This blog post will guide you through simple steps to completely overhaul your credit and collections process.
Account Recovery
AUGUST 2, 2024
A District Court judge in Connecticut has denied a defendant’s motion to compel arbitration in a Fair Debt Collection Practices Act class-action lawsuit, ruling the defendant — a debt buyer that purchased the account from the original creditor — did not have specific documentation reflecting the assignment of the plaintiff’s account.
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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.
Consumer Finance
AUGUST 1, 2024
The CFPB and other federal financial regulatory agencies announced a joint proposed rule to establish data standards for certain information collections submitted to financial regulatory agencies.
UK debt collections
JULY 29, 2024
Late payments to UK small businesses surged over the last three months, with payments delayed by more than a week on average, according to the latest research by Xero. Payments to small businesses were made 7.3 days late, on average, between April and June. This is an increase of 1.8 days compared to the January and March Quarter, and represents the largest quarterly increase for four years, when pandemic uncertainty prompted a short-term spike.
Direct Recovery
AUGUST 1, 2024
The debt collection process is a necessary evil for anyone who extends credit to clients, customers, or other businesses. In an ideal world, everyone would earn plenty of money to pay all of their obligations on time, but in the real world, we are not always quite so fortunate. When things get difficult and payments are missed, debt collectors are the ones that get tasked with tracking and collecting what is owed as efficiently as possible.
Account Recovery
AUGUST 2, 2024
A significant portion of insured, working-age Americans are grappling with unexpected medical bills and insurance coverage denials, which can lead to financial strain and delayed healthcare, according to the results of a survey conducted by The Commonwealth Fund.
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.
Credit Corp
JULY 29, 2024
Collection accounts are bad for your credit score. These negative marks on your credit report indicate you might not pay your bills on time—or ever, which is why lenders don’t like to see them. Collection accounts can stay on your credit report for up to 7 years. This makes it harder to get approved for credit during that time. Learning how to remove collections from your credit report can help you clean up your credit history and open better financial doors in the future.
Roths Child Law
AUGUST 2, 2024
One of the challenging topics when filing for bankruptcy is whether or not to tell creditors. Should you inform your creditors about your plan to file for bankruptcy, or is it a bad idea? Here is what to know about this matter: What do you want to achieve? Your objective of notifying creditors about your plan can help you determine if doing so can be beneficial or not.
Direct Recovery
JULY 31, 2024
Commercial debt collection agencies can be tremendously effective partners for almost any small business that offers credit to their customers. The right debt collection agency can act as your own personal accounts receivable department tasked with tracing down delinquent accounts, contacting debtors, negotiating payments, filing for judgments, and collecting payments.
Account Recovery
AUGUST 1, 2024
Starting today, the Department of Education is going to begin informing 30 million individuals with unpaid student loans about their options, letting them know they have until the end of the month to notify their servicers if they wish to opt out of the forgiveness programs.
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?
Credit Corp
JULY 31, 2024
The hiring process includes several steps, such as submitting an application, attending an interview, and undergoing a background screening. In some cases, a prospective employer may even require a credit check. Find out why employers check your credit and discover how to prepare for this important step in the hiring process. Why Do Employers Check Your Credit?
Roths Child Law
AUGUST 2, 2024
Bankruptcy can help people who have large amounts of debt. Before you file for bankruptcy, you should understand what the process can do for you and your bankruptcy options. Here is what you should know: 1. What debts can you relieve with bankruptcy? There are many different kinds of debts. The debts you can resolve with bankruptcy include: Credit card debt Medical debt Loan debt However, not all forms of debt can be resolved with bankruptcy.
Consumer Finance
JULY 29, 2024
The United States recently renewed its special ties with the Federated States of Micronesia, the Republic of the Marshall Islands, and Republic of Palau, collectively the Freely Associated States.
Account Recovery
AUGUST 1, 2024
Here in the United States, 88% of healthcare customers consider clear and timely communication essential to their overall experience, up from 81% a year earlier, according to Smart Communications’ 2024 Global Benchmark Report, which emphasizes the growing importance of personalized and secure interactions in the healthcare industry.
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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.
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