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You might perceive that all calls from a collection agency are nothing more than a standoff between a consumer and a debt collector. However, that is far from an accurate representation of how today’s interactions with consumers unfold. In fact, here it is quite the opposite. And despite the media’s perception of the collection industry, when we get people on the phone, and we get to a place where a cordial conversation begins to occur, we go to great lengths to get to know the consu
The Consumer Financial Protection Bureau should “halt” the implementation of its debt collection rule and “fix” it by reducing the number of call attempts, requiring consumers to opt in to receive electronic communications, and prohibit the collection of time-barred debt, as a means of improving consumer protection and stemming the influx of consumer complaints, which … The post Advocacy Report Calls on CFPB to Make Changes to Debt Collection Rule appeared first on
The COVID-19 pandemic has taken a financial toll on nearly all of us. Forced redundancies, business closures, dropped contracts and general economic instability have brought financial hardships to some more than ever. At the same time, missed rent payments and increased debt-to-credit ratios have produced a credit-ratings crunch across the board. COVID-19 loans for bad credit are on the rise—but do they deliver, or do they make things even worse?
Today, the Consumer Financial Protection Bureau (CFPB) issued a report that warns of widespread evictions and foreclosures once federal, state, and local pandemic protections come to an end, absent additional public and private action. Over 11 million families are behind on their rent or mortgage payments: 2.1 million families are behind at least three months on mortgage payments, while 8.8 million are behind on rent.
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 title may grab you but let’s be clear, debt collections is not sales and it is not selling anything. However, some of the core strategies that allow a sales executive to be successful can be viewed as some of the same traits you should be implementing in your collections. Let us explain. There are always great lessons to be had and new things to be learned if you’re looking in the right places in the world of business.
GETTING TO KNOW ANDREW SCHWARTZ OF GORDON & REES You have to love a lawyer who brings his own eggs into work in the morning before defending the industry before a federal judge. Andrew Schwartz may be known for helping overturn the written dispute requirement within the Third Circuit Court of Appeals, but there is … The post Daily Digest – March 4.
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GETTING TO KNOW ANDREW SCHWARTZ OF GORDON & REES You have to love a lawyer who brings his own eggs into work in the morning before defending the industry before a federal judge. Andrew Schwartz may be known for helping overturn the written dispute requirement within the Third Circuit Court of Appeals, but there is … The post Daily Digest – March 4.
Commercial debt recovery, also called corporate collections or B2B debt collections, is used specifically to recover delinquent business customer accounts. Not to be confused with consumer debt collections where the delinquent account holder is an individual, commercial debts refer only to businesses. To clear up any confusion, we'll cover what's different and why.
Businesses that thrive are the ones who go after every opportunity and advantage they can acquire in order to improve their cash flow and secure their working capital. ‘ Fortune favors the bold ’, and in business, you’ve got to explore beyond your comfort zone in order to hunt bigger rewards and add them to your bottom-line. You may have heard of cost segregation studies as a property owner’s way to tax benefits, but while the overall idea is appealing, the complex process and the prospect of in
When the price of oil spiked during the February deep freeze, I started using a gas price app and was amazed to find that the cost of fuel in my area varied by 70 cents a gallon. By purchasing the cheapest gas, I could save $8.40 each fillup and as much as $220 a year. Philip Reed writes for NerdWallet. Email: Preed@nerdwallet.com. The article Put the Cap on Gas Prices: 6 Ways to Save at the Pump originally appeared on NerdWallet.
The Consumer Financial Protection Bureau yesterday made a pair of announcements — delaying the enactment date of a rule that was set to go into effect July 1 and filing a lawsuit against a payment processor and its former chief executive for aiding clients that were taking advantage of individuals by tricking them into purchasing … The post CFPB Issues NPRM to Delay Compliance With QM Rule; Sues Payment Processor appeared first on AccountsRecovery.net.
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.
Kids are expensive. According to the USDA , raising a child can cost well over $200,000, not including the cost of college. Investing for their future is important, but teaching them smart financial habits , including how to invest for themselves, can give them a head start—and give you some financial breathing room. Credit.com’s Tips for Teaching Kids about Investing.
After a year of little to no travel, you’re probably ready to get back out and explore the world once it’s safe. But just because you’ve gotten your vaccine or coronavirus case rates are dropping doesn’t necessarily mean everything is returning to normal. In fact, the travel world is still far from it. If you. Sally French writes for NerdWallet. Email: sfrench@nerdwallet.com.
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 Andrew Schwartz
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.
This post originally appeared on The Financially Independent Millennial. Are you wondering how to pay off debt fast, if you think you have no money? In this article, I’ll cover some strategies you can do today to pay off debt fast. The best way to learn how to pay off debt fast, even with no money, is by reducing spending, increasing income, and using the leftover monthly surplus to pay debt.
ITASCA, IL – Brown & Joseph is pleased to announce it has been honored as a recipient of the Daily Herald Business Ledger’s 2021 Annual… The post Brown & Joseph named 2021 Annual Awards of Business Excellence Honoree appeared first on Brown & Joseph, LLC.
Shopping for their first home in New Jersey, Alyse Storzieri and her boyfriend Robert Engel faced a tough market. So when they found a house they loved last June, the couple followed their real estate agent’s advice to make their offer stand out. They went over the asking price, tripled their down payment amount and. Kate Wood writes for NerdWallet.
Performant Recovery has filed a notice with the state of Oregon that it is planning on laying off 60 employees at its location in Grants Pass, Ore., and will not bring back 31 employees who had been furloughed, citing the COVID-19 pandemic and changes to student loan collections as the reasons for the layoffs. The … The post Performant to Lay Off 90 at Oregon Location appeared first on AccountsRecovery.net.
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.
As a small business, you need to make money in order to grow. Unfortunately, cash flow can usually wind down to a trickle if you don’t have enough business funds to keep it afloat. And although loans may be your best bet in this situation, you might be worried about having to pay it back in a certain amount of time. Does this sound like you? If so, then don’t panic.
Considering Chapter 13 bankruptcy? Then you’re probably wondering how long it will take. Chapter 13 bankruptcy takes a bit longer than Chapter 7, but it may be the best plan for you. Let’s look at the factors that determine how long a bankruptcy takes so you can get an idea of your bankruptcy’s timeframe. If you’d like to pin down exactly how long your specific bankruptcy will take, contact Sawin & Shea for a free consultation.
There are a few obvious ways to learn how much money you spend on groceries every month: You can add up receipts, view your credit card transaction history or track your spending with a budget app. But figuring out how much you should spend on groceries isn’t quite as straightforward. Here’s how to work grocery. Lauren Schwahn writes for NerdWallet.
The number of individuals who are at least three months behind on their mortgages has increased by 250% in the past year, and 11 million renters and homeowners are at risk of losing their homes to foreclosure or eviction, according to a report issued by the Consumer Financial Protection Bureau this week. Collectively, almost $90 … The post CFPB Report Reveals 11 Million People at Risk of Losing Homes appeared first on AccountsRecovery.net.
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.
This post originally appeared in the The Financially Independent Millennial. Are you looking for part-time weekend jobs in your area? Indeed, millions of Americans are looking to make a little extra money by working on the weekends. They might need to supplement their income, keep themselves busy on weekends, among other reasons. Or, perhaps it’s a student who needs to earn a little extra money to help pay student loans.
Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard in 2015 and wound down business operations in March 2019.
If a flood wrecks your house and belongings, and you don’t have flood insurance, you may feel as though you’ve lost everything. But once the floodwaters recede, help is available to get you back on your feet. Your first step: Check your insurance. Although your homeowners policy likely won’t cover flood damage, your auto policy. Sarah Schlichter writes for NerdWallet.
JUDGE DENIES MOTION TO CERTIFY CLASS IN FDCPA SOL SUIT A District Court judge in Delaware has denied a motion to certify a class in a lawsuit that alleged a collector violated the Fair Debt Collection Practices Act by falsely representing the legal status of a debt when it sent settlement offers on time-barred debts … The post Daily Digest – March 3.
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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