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The US government has thrown a slew of laws on collection agencies, making bad-debt recovery harder and costlier. Lower recoveries mean, low recoveries and extensive loss for businesses and doctors. Our government’s intention behind these laws is not wrong, but the ground reality is different. . Extra costs to comply with these laws would be passed on to businesses /creditors, who are already unwilling to pay the current costs associated with hiring a professional debt collector.
Home. Blog. FICO. The State of Responsible AI in Financial Services. The third annual State of Responsible AI in Financial Services report released today, alerting the industry to come together and self-regulate its use of AI. FICO Admin. Thu, 12/19/2019 - 16:29. by Scott Zoldi. Chief Analytics Officer. expand_less Back To Top. Wed, 01/18/2023 - 22:50.
COMPLAINT ALLEGES ATTEMPTS TO COLLECT MADE AFTER RESPONDING TO CFPB COMPLAINT THAT THEY WOULD STOP Is telling a collector that you “will not be paying these accounts” the same as refusing to pay? Is that an interpretation that a collector should make? A consumer has filed a lawsuit against a collector for violating the Fair … The post Daily Digest – January 20.
As a business owner, it's important to stay on top of your accounts receivable, especially when it comes to business-to-business (B2B) transactions. Accounts receivable refers to the money that your clients owe your company for goods or services that have been provided but not yet paid for. B2B accounts receivable management can be a bit more complex than consumer (B2C) accounts receivable, so it's important to understand how to manage your accounts effectively.
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?
Fed Chairman Jerome Powell is increasing the interest rates, which has triggered an economic slowdown. People have been losing jobs, the housing market has already slowed down, and we read news about job losses almost daily. Most economists believe that a recession is inevitable. Impact of Rising Interest rates on Consumer Debt. Credit Card Debt: Higher monthly payments since they charge a higher interest rate.
Jackie Veling writes for NerdWallet. Email: jveling@nerdwallet.com. The article 3 Steps to Consolidating Credit Card Debt in the New Year originally appeared on NerdWallet.
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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.
Jackie Veling writes for NerdWallet. Email: jveling@nerdwallet.com. The article 3 Steps to Consolidating Credit Card Debt in the New Year originally appeared on NerdWallet.
RMAI is pleased to announce that the Keynote Address at the 2023 RMAI Annual Conference will be given by Dan Simmons, Senior Director of Research at TransUnion, who will speak on recent trends affecting the receivables management industry. The Keynote Address is sponsored by Metropolitan Partners Group. The 2023 RMAI Annual Conference will be held … The post RMAI Announces Keynote Address by Dan Simmons, Revealing Key Data and Trends, at the 2023 RMAI Annual Conference first appeared on A
The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that automatically renew unless the consumer affirmatively cancels, and trial marketing programs that charge a reduced fee for an initial period and then automatically begin charging a higher fee.
If you are looking for ways to send bulk marketing emails to potential customers who have not given explicit consent to receive communications from you, you will likely come across the latest trend – email warmup service. What is an Email Warmup Service? Used primarily by email marketers, an email warmup service is nothing but bots that send hundreds of emails each month from your account to their own ( dummy ) mailboxes.
Throughout the latter half of 2022, filing for bankruptcy became a reality for many high-profile crypto firms. The resurgence of “crypto winter” has brought many crypto-related entities to their proverbial knees. Indeed, in November 2021, the total cryptocurrency market capitalization reached an all-time high of approximately $3 trillion. That figure has decreased substantially, and today hovers around $850 billion — a 70% drawdown.
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.
A lot of the things we use and are amazed at every day started with “wouldn’t it be cool if … ” It’s that kind of commitment to improvement that also drives Reid Miller and why he has been able to carve out a career as someone who helps companies solve problems. Read on to … The post Getting to Know Reid Miller of DAKCS first appeared on AccountsRecovery.net.
Ryan Brady writes for NerdWallet. Email: rbrady@nerdwallet.com. Twitter: @reallyryanbrady. The article Is It Illegal to Drive Without Insurance? originally appeared on NerdWallet.
If you’re struggling with overwhelming debts, Chapter 7 bankruptcy could be your best option. Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. Before turning to this option, you need to know who can declare Chapter 7 bankruptcy, disqualifying factors, and the overall filing process.
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.
A District Court judge in Arizona has partially granted a plaintiff’s motion for summary judgment after it was sued for violating the Fair Debt Collection Practices Act because it attempted to collect on a debt that was incurred as a result of a worker’s compensation claim, while also ruling that relying solely on the information … The post Judge Grants MSJ for Plaintiff in FDCPA Case Over Worker’s Comp Claim first appeared on AccountsRecovery.net.
Opening your small business was the fulfillment of a dream. However, the last few years have not been easy for small businesses in New Mexico and across the country. For many, business fell low and debt piled high. When the Small Business Reorganization Act went into effect in 2020, it established subchapter 5 as a debt relief option for small business owners.
Jae Bratton writes for NerdWallet. Email: jbratton@nerdwallet.com. Liz Weston, CFP® writes for NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston. Sean Pyles writes for NerdWallet. Email: spyles@nerdwallet.com. Twitter: @SeanPyles. The article Smart Money: How to Complain, and Saving for Your Kids’ Future originally appeared on NerdWallet.
New software opens the door to easier workflow processes and simpler daily tasks. This can impact team structures and job titles or even create new responsibilities – like making sure tools are working right and providing a good return on investment. Right now, the most impactful way people are using tech in business is with digital communication. Channels like email and SMS messages help reach customers faster about how, when and where to pay.
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.
During this, The Great Resignation Era, I thought it would be helpful to start a regular posting of different jobs within the accounts receivable management industry that I have found online. Please make sure to do your own due diligence before applying for a position included here or accepting any offers. This is merely meant … The post 21 Companies Seeking Collection Talent first appeared on AccountsRecovery.net.
In 2022 we started to see the toll inflation and economic stressors are taking on consumer finances. Inflation remained a top concern as the Fed tried to rein it in with rate hikes, and the higher costs and interest rates may have caused consumers to stretch their budgets as far as possible (or farther – holiday spending, anyone?), leading to a precarious financial outlook in 2023.
Jae Bratton writes for NerdWallet. Email: jbratton@nerdwallet.com. Liz Weston, CFP® writes for NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston. Sean Pyles writes for NerdWallet. Email: spyles@nerdwallet.com. Twitter: @SeanPyles. The article Smart Money: Your Money in 2023: Homebuying and Selling originally appeared on NerdWallet.
Creditors and debt collectors may rest assured that they are not violating the Fair Debt Collection Practices Act (FDCPA) when sending debt-collection communications prior to any knowledge of a debtor’s bankruptcy filing. In Carrasquillo v. CICA Collection Agency, Inc. , the district court for the District of Puerto Rico relied on a Third Circuit case when finding a debt collector lacked the requisite knowledge and intent to violate § 1692e of the FDCPA.
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.
AURORA, Colo., Jan. 17, 2023 — Wakefield, a leading healthcare revenue cycle solutions company, announced today that Healthcare Receivables Group (HRG) has joined the Wakefield organization. Together, the two companies will leverage combined capabilities to provide a wide array of revenue cycle solutions, including Accounts Receivable and cash flow resolutions to healthcare providers across the United States.
Florida law provides that community associations may collect assessments from unit owners to cover operating and maintenance costs. If a unit owner fails to pay, the association may record the unpaid assessment as a lien against the property and eventually file for foreclosure. However, to perfect the assessment as a lien and foreclose, the association must follow the statutory guidelines in Florida Statute Chapter 718.
A recent opinion issued by the district court for the Middle District of Florida rejected a credit union’s attempt to dismiss claims under the Fair Credit Reporting Act (FCRA) and Electronic Funds Transfer Act (EFTA) arising out of the alleged mishandling of a disputed charge and subsequent reporting to credit reporting agencies (CRAs), finding the claims too fact-specific to dispose of at such an early stage.
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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