AGA
MAY 23, 2023
How to Rehabilitate a Debtor and Save a Profitable Customer By David Schmidt courtesy of Your Virtual Credit Manager Business customers pay for the goods and services they purchase from other companies. After all, a sale isn’t truly complete until it has been paid. Good customer purchases generate a profit for the seller, and I’m not just talking about gross margin.
FFGN COLLECT NY
MAY 22, 2023
Summons and complaints are the most important pleadings filed in debt collection litigation, which makes properly drafting summons and complaints incredibly important. A summons is a notice to the debtor that the creditor is filing a lawsuit against them. The complaint is the meat. It is where the creditor outlines the “legal cause of action” for the claim(s) the creditor has.
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Collections Law
MAY 23, 2023
The answer could be different in an individual situation, but in commercial situations generally? The earlier the better. As soon as your ordinary, reasonable debt collection efforts have failed. Ballpark, a substantial receivable that is over 60 days late requires immediate action. That action needs to be more than just hiring a collections agency.
CICM
MAY 24, 2023
We spoke to the Chartered Institute of Credit Management’s North West Branch Chair, Chris Hardman MCICM, about his career in Credit. Chris started out in college, studying engineering, and fell into finance. When Chris was approached by the operations director at his organisation about the trouble with their collections, his chance to ‘have a go’ at a role, turned into his lifelong career.
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.
Account Recovery
MAY 25, 2023
It appears as though the data breach at NCB Management Services has expanded and now involves more than 1 million consumers, after originally indicating that 500,000 consumers were affected when details were first released back in March.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
MAY 22, 2023
Today, the Consumer Financial Protection Bureau (CFPB) reached a settlement to resolve CFPB’s allegations that Citizens Bank violated consumer financial protection laws and rules that protect individuals when they dispute credit card transactions.
Prosperity Now
MAY 23, 2023
Remember back in 2021 when we celebrated Connecticut and Washington, DC becoming the first two locations to pass Baby Bonds
Account Recovery
MAY 26, 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?
Credit Corp
MAY 22, 2023
Your credit score may have dropped if you applied for a new card or line of credit or were late on payments or there was fraudulent behavior on your account, among other reasons. You check your credit score routinely, but one day, surprised, yougasp at the number, wondering, “Why has my credit score suddenly dropped!?” Don’t panic—there are a multitude of reasons why.
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.
Roths Child Law
MAY 26, 2023
Many individuals and businesses face financial challenges in today’s fast-paced and unpredictable economy. When debt becomes overwhelming and difficult to manage, filing for bankruptcy can provide a fresh start and relief from mounting financial burdens. However, despite its potential benefits, some people hesitate to consider bankruptcy a viable solution.
TCPA
MAY 26, 2023
Yesterday, Florida’s Governor signed HB 761, which makes significant changes to the Florida Telephone Solicitation Act (“FTSA,” Fla. Stat. § 501.059).
Account Recovery
MAY 26, 2023
Obtaining a settlement in a Fair Debt Collection Practices Act case does not necessarily make you the prevailing party and entitle you to attorney’s fees, a District Court judge in Texas has ruled in a case that was remanded back from the Court of Appeals for the Fifth Circuit.
On Guard
MAY 24, 2023
Predicting the future credit landscape is always difficult for companies, even in the best of times. However, it is clear that the quality of available data and the way it is delivered and used will determine this future picture. Live and up-to-date data are therefore crucial for financial professionals who want to make the right choices and minimise risks.
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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.
Roths Child Law
MAY 25, 2023
Financial hardship is not an easy thing for anyone to face. Sadly, the reality is that millions of people in the United States are struggling just to cover their household bills. When debt becomes insurmountable, it can feel like there are no options available. However, there are strategies that can help to provide debt relief. One option is to file for bankruptcy.
Sawin & Shea
MAY 24, 2023
Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and protects certain assets you may possess. Briefly, unsecured debts are not backed by any collateral. Unlike car and home loans, unsecured debt means that creditors aren’t able to reclaim property if you default. Credit card and medical debt are examples of unsecured debt.
Account Recovery
MAY 26, 2023
The New York State Department of Financial Services has fined OneMain Financial $4.25 million for violating the state’s cybersecurity regulations by failing to manage third-party service provider risk, access privileges, and for failing to maintain a formal application security development methodology. A copy of the consent order can be accessed by clicking here.
On Guard
MAY 24, 2023
Predicting the future credit landscape is always difficult for companies, even in the best of times. However, it is clear that the quality of available data and the way it is delivered and used will determine this future picture. Live and up-to-date data are therefore crucial for financial professionals who want to make the right choices and minimise risks.
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.
CICM
MAY 24, 2023
We spoke to the Chartered Institute of Credit Management’s North West Branch Chair, Chris Hardman MCICM, about his career in Credit. Chris started out in college, studying engineering, and fell into finance. When Chris was approached by the operations director at his organisation about the trouble with their collections, his chance to ‘have a go’ at a role, turned into his lifelong career.
Troutman Sanders
MAY 23, 2023
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities State Activities Federal Activities: On May 19, the Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) published a joint research report of Phase II of Project Cedar and the MAS’ Ubin+ Project, both of which seek to un
Account Recovery
MAY 26, 2023
Getting most of the state Attorneys General to agree on anything is like herding cats, so when most of them come together, it’s likely to be something big. Forty-nine AGs announced earlier this week that they were filing a joint lawsuit against a telecom company accused of facilitating billion of robocalls to consumers nationwide.
On Guard
MAY 24, 2023
Predicting the future credit landscape is always difficult for companies, even in the best of times. However, it is clear that the quality of available data and the way it is delivered and used will determine this future picture. Live and up-to-date data are therefore crucial for financial professionals who want to make the right choices and minimise risks.
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?
Consumer Finance
MAY 22, 2023
CFPB acordó con Citizens Bank por violar leyes que protegen a los individuos cuando disputan transacciones con sus tarjetas de crédito.
Jimerson Firm
MAY 22, 2023
Florida law allows for a private cause of action for a party’s violation of the Florida Building Code (the “Code”). See 553.84 of the Florida Statutes. There is no requirement for a party to have contact in order to bring a claim for a building code violation, thus, allowing a subsequent purchaser to bring a claim against the party that committed that violation.
Account Recovery
MAY 26, 2023
CLASS-ACTION ACCUSES COLLECTOR OF USING INCORRECT ITEMIZATION, VALIDATION DATES IN MVN Regulation F requires collectors to give consumers 30 days to request validation of a debt with the clock starting to tick five days — excluding legal holidays, Saturdays, and Sundays — after a notice is sent.
On Guard
MAY 22, 2023
October is security month at Visma, but online safety should happen all year round. We are discussing Red Teams and how they help to make the internet a safer place for everyone. With the high increase in cyber crime all over the world, many people and organisations are worried about becoming the next victim. In order to protect yourself, you’ll need to ask a fundamental question: how exactly can cyber criminals attack you?
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