Credit Management Company
FEBRUARY 8, 2022
The United States’ overall mortgage delinquency rate was 5.9% in November 2020. And it’s not just mortgages that are going unpaid. In every sector, people are failing to make their payments on their debt. As a business, you know how detrimental unpaid bills can be. It can undercut your margins, wreak havoc on your cash flow, and cause you to consider raising prices and cutting expenses.
On Guard
FEBRUARY 11, 2022
Many businesses had to seek short-term fixes for cash flow pressures during the pandemic. As the dust settles, now could be the perfect time to re-examine which Accounts Receivable (AR) solutions are the best long-term fit for your business. History repeats itself? The recession of 2008 placed a detrimental strain on businesses around the world. The accounts receivable departments took the brunt of the pain as companies conserved cash and payment days slowed.
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Account Recovery
FEBRUARY 11, 2022
LAS VEGAS — There’s a rule of thumb that is used to help people de-clutter their lives that says something along the lines of — keep track of the clothes you wear during a certain period of time, and if there are articles of clothing that you have in your closet, but don’t wear during … The post Panel Discusses Importance of Data Management appeared first on AccountsRecovery.net.
Enterprise Recovery
FEBRUARY 11, 2022
Depending on the type of customer or client, debt collections can look drastically different. Either can still be frustrating but one type of debt could actually be harmful to the overall business. Consumer-facing business, for instance, is more transactional. Businesses working together, exchanging goods or services, is likely part of a long-term relationship.
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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.
Nexa Collect
FEBRUARY 10, 2022
Although the best strategy to assign your accounts for collections is when they are 60-90 days past due , regardless of the time of year; however, December has several additional advantages. This is because of 2 reasons. 1. Clients who use the flat fee service can claim the cost as a business expense in taxes. 2. A large number of debtors receive tax refunds in the next few months, and they will likely prioritize that money paying off your debt, especially if a collection agency is involved.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
FEBRUARY 11, 2022
The Court of Appeals for the First Circuit has overturned a lower court’s ruling that a pair of credit reporting laws in Maine governing how certain debts are reported to credit reporting agencies are preempted by the Fair Credit Reporting Act, remanding the case back to the District Court to more accurately determine the scope … The post Appeals Court Overturns Ruling Preempting State Credit Reporting Laws in Maine appeared first on AccountsRecovery.net.
UK debt collections
FEBRUARY 9, 2022
Whilst the UK struggles to recover from the pandemic , its never been a better time for Businesses to use a Debt Collection Agency. Debt Collection Agencies do not just act for Businesses, there are many Debt Collection Agencies for individuals also. It is said that there was a 6% rise in Corporate debt due to the pandemic and thousands of Small Businesses in the UK have been left with a tide of unpaid invoices.
Jimerson Firm
FEBRUARY 11, 2022
A construction project to a screeching halt when a property owner files for bankruptcy, creating a serious risk of substantial losses for the contractor, as well as subcontractors and suppliers. This article will provide an overview of what happens when a property owner files for bankruptcy and what contractors and subcontractors can do with their construction lien rights in bankruptcy to try to protect their interests.
Fico Collections
FEBRUARY 10, 2022
When we talk about alternative data, we focus on how it can help bring millions more people into the mainstream credit ecosystem. An important benefit of finding new broad-based data sources and incorporating them into widely-used credit scoring models is the ability to provide greater visibility into the overall profile of an applicant population. FICO® Score XD 2 allows for exactly that.
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.
Account Recovery
FEBRUARY 9, 2022
The Attorney General of Georgia yesterday announced a settlement with a creditor accused of engaging in deceptive sales and marketing tactics while also allegedly violating the Fair Debt Collection Practices Act that will see the company pay nearly $150,000 in fines while also agreeing to make significant changes to its business operations. Rent-A-Center — which … The post Creditor Settles with Georgia AG Over Alleged Illegal Collection Practices appeared first on AccountsRecovery.ne
Sawin & Shea
FEBRUARY 9, 2022
Filing for chapter 13 bankruptcy can seem like a daunting task, but it’s often the right move for those who are facing foreclosure, repossession, or have exorbitant debts. If you’re thinking of filing for chapter 13 bankruptcy, you may have questions regarding how it will impact your credit score. In this blog, we discuss how chapter 13 bankruptcy affects your score, how long you can expect bankruptcy to remain on your credit report, and we share invaluable tips for building credit when you file
Jimerson Firm
FEBRUARY 10, 2022
When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency.
Nerd Wallet
FEBRUARY 10, 2022
Spirit Airlines and Frontier Airlines this week announced a definitive merger agreement under which the companies would combine, creating what the two are calling “America’s most competitive ultra-low fare airline.” Plenty of people have taken to social media and late-night talk shows to ridicule the idea of what many consider the worst airlines in America.
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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.
Account Recovery
FEBRUARY 11, 2022
A District Court judge in North Carolina has remanded three separate Hunstein cases back to state court, ruling that the plaintiffs in each did not suffer a concrete injury sufficient to have standing to sue in federal court. Copies of the rulings in the cases of Brown v. Alltran Financial, Asbury v. Credit Corp. Solutions, … The post Judge Remands Three Hunstein Cases Back to State Court for Lack of Standing appeared first on AccountsRecovery.net.
UK debt collections
FEBRUARY 11, 2022
BRITISH business is getting back on track – with resilient entrepreneurs up and down the country showing signs of recovery after overcoming the obstacles of the Covid-19 pandemic. The past two years have seen half of small businesses suffer significant financial setbacks, with 54 per cent having to introduce new emergency revenue streams to survive the winter months after Omicron and supply chain troubles.
Prosperity Now
FEBRUARY 8, 2022
As our community tax preparation veterans know, each new year and each filing season bring unique challenges, and this year
Nerd Wallet
FEBRUARY 11, 2022
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. One of the first things I noticed about my now-fiance (I’ll call him “Ezra”) was that he didn’t eat. Alana Benson writes for NerdWallet.
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For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.
Account Recovery
FEBRUARY 11, 2022
Nearly half of consumers have less than $1,000 in their savings account, and one-quarter of consumers have nothing at all, according to data that was released this week as part of the inaugural Aflac Care Index, a report aimed at raising awareness of consumers’ exposure to debt resulting from medical bills not covered by health … The post With or Without Health Insurance, Large Number of Americans Lack Funds to Cover Out-of-Pocket Expenses, Survey Shows appeared first on AccountsReco
UK debt collections
FEBRUARY 7, 2022
The government has announced a list of new measures to curb excessive car parking fines including a cap on the fees that parking debt collection agencies charge. It is said that Millions of motorists are set to benefit from a major government crackdown on rogue parking firms. This will see parking fines slashed and a clearer appeals system created. A package of new measures announced today aims to protect drivers from unfair and extortionate charges.
Better Credit Blog
FEBRUARY 11, 2022
Key Takeaways. BBB-accredited business with an “A” rating. Can reduce your debt by 30% on average. Rated the best debt relief company on Trustpilot. A Guide to Debt Settlement Services. If you’re on the brink of bankruptcy, a final option before filing is to try the services of a debt settlement firm. These companies aim to reduce the amount of money you owe by negotiating a lower fee with creditors, which makes getting back into the black more affordable.
Nerd Wallet
FEBRUARY 9, 2022
Let’s be honest — there’s nothing quite as exciting as the freedom of a bachelor or bachelorette party. Whether you’re heading out for a single night or skipping town on a multiday adventure, these parties can be as thrilling as they are costly. And they’re not getting any cheaper. According to a 2021 study by wedding. Carissa Rawson writes for NerdWallet.
Speaker: Lynnette Khalfani-Cox, The Money Coach®
Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?
Account Recovery
FEBRUARY 8, 2022
A group of six Democrats on the Senate Banking Committee, including Chairman Sen. Sherrod Brown [D-Ohio] and Sen. Elizabeth Warren [D-Mass.] released a letter they had sent to JPMorgan Chase seeking information on the mega-bank’s credit card collection process, citing reports indicating that the company is robo-signing documents when making the decision to sue individuals … The post Senators Open Inquiry into Chase’s Alleged Resumption of Robo-Signing Credit Card Collection Aff
PBWT
FEBRUARY 10, 2022
“[E]nsnared between his involvement in a business that is legal under the laws of Arizona but illegal under federal law,” one debtor’s chapter 13 petition was recently dismissed due to his undisputed violations of the Controlled Substances Act. In November 2020, Arizonan voters supported a ballot initiative legalizing recreational use of marijuana.
Hudson Weir
FEBRUARY 11, 2022
Insolvency can be an extremely challenging situation for an individual, both financially and emotionally. . While there are steps one can take to manage debt and recover from insolvency such as an individual voluntary arrangement or declaring bankruptcy , personal insolvency solutions such as these are a matter of public record. When declared insolvent, a person’s details are added to the Insolvency Register.
Nerd Wallet
FEBRUARY 10, 2022
There are at least 23 states that offer free community college tuition to some students. “Free” doesn’t necessarily mean your education will carry no cost. Students are often expected to cover fees, room and board and transportation. In addition, free community college often comes with requirements that limit who qualifies. For example, receiving free tuition.
Speaker: William Hord, Senior VP of Risk & Professional Services
Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?
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