Account Recovery
SEPTEMBER 21, 2023
The Consumer Financial Protection Bureau is trying to build more guardrails around how companies in the financial services industry use artificial intelligence, issuing a warning that when sending credit denial letters to consumers, lenders must receive accurate and specific reasons and not just a checklist detailing why a credit request was denied.
Collect More
SEPTEMBER 19, 2023
We had a call yesterday from someone who was owed $20,000. The invoices had been outstanding for over 2 months and every request for payment was met with an empty promise. In the last 2 weeks they’d stopped responding altogether. This lady was reluctant to push harder as she was worried she would lose them as a customer, a very common dilemma.
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Direct Recovery
SEPTEMBER 20, 2023
Once an outstanding debt reaches time-barred status and is no longer collectible, there is little that a creditor can do to recover the amount owed, so the best approach to handling time-barred debt is to avoid getting to that point in the first place. If you want to ensure that your outstanding balance doesn’t fall into time-barred territory, here are six tips to help you stay on top of your collections.
Consumer Finance
SEPTEMBER 20, 2023
The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports.
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.
Optio Solutions
SEPTEMBER 19, 2023
Optio Solutions, a prominent player in the industry, has positioned itself at the forefront of compliance efforts, setting a gold standard for collections agencies. Compliance is not just a legal requirement but also a crucial element for long-term success in the collections industry, and for our clients, brand protection. Compliance: A Legal and Ethical Imperative… The post The Importance of Compliance in the Collections Industry appeared first on Optio.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Credit Corp
SEPTEMBER 20, 2023
Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers. Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Snapshot: This is an entry-level student credit card with great perks, especially for those who travel via Uber or order with Uber Eats regularly.
Consumer Finance
SEPTEMBER 18, 2023
Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.
Prosperity Now
SEPTEMBER 18, 2023
In the Fall of 2022, the Tax Equity Funders Network and Prosperity Now came together to pose the question: what if we could change the tax system so that families of color struggling to make ends meet could get their taxes filed with little hassle and with low to no cost? What could that world look like?
Account Recovery
SEPTEMBER 22, 2023
Yesterday, the Consumer Financial Protection Bureau announced it was beginning the rulemaking process to remove medical debt from consumers’ credit reports.
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.
Credit Corp
SEPTEMBER 20, 2023
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. One of the best ways to grow your wealth is to take advantage of a high-yield savings account and make money from the interest.
Consumer Finance
SEPTEMBER 21, 2023
Under a recent CFPB enforcement action, customers who signed up for credit repair services that were marketed to them through telemarketing can cancel their credit repair services anytime.
Roths Child Law
SEPTEMBER 21, 2023
Filing for bankruptcy is a significant decision that can be simultaneously stressful and a source of relief for those who choose this path. When someone files for bankruptcy, an essential provision called the automatic stay comes into play. This turn of events is fundamental to the bankruptcy process. Bankruptcy is a complex procedure that aims to give debtors a fresh start while ensuring creditors get as much repayment as possible.
Account Recovery
SEPTEMBER 22, 2023
CFPB Announces Rulemaking to Remove Medical Debt From Credit Reports Reaction to CFPB’s Medical Debt Announcement Judge Denies MTD in Case Against Owners of Payday Lending Company Accused of Hiding Millions to Avoid Fines Suit Accuses Collector of Ignoring Request to Only Communicate via Email WORTH NOTING: The world’s best pizza maker shares his tips […]
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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.
NCBA Law Practice Management Blog
SEPTEMBER 22, 2023
I’ve got some surprising news: some lawyer didn’t invent the idea of CRM software. Neither were the relational databases that serve as the backbone for law practice management softwares built for law firms. But, that’s okay. Because lots of software is derivative – including within the legal vertical, where there are uncountable numbers of copycats of Clio and RocketMatter , which introduced the first cloud-based case management softwares to lawyers.
Direct Recovery
SEPTEMBER 17, 2023
Cash flow is commonly said to be the lifeblood of any good business, so it only makes sense that the best companies would want to do everything in their power to increase cash flow. Improving the debt collection rate is one of the easiest ways to increase cash flow for any company extending credit to its customers. These debt collection rate improvements can impact a business’s cash flow in four different ways, which means there are four good reasons you should be thinking about upgrading
Troutman Sanders
SEPTEMBER 22, 2023
In Perrong v. Bradford et al , the plaintiff alleged that the defendant, an elected official, violated the Telephone Consumer Protection Act (TCPA) by calling his residential phone using a prerecorded message and an automatic telephone dialing system (ATDS). He further alleged that his telephone number was registered with both the national and Pennsylvania Do Not Call registries.
Account Recovery
SEPTEMBER 22, 2023
The Company Welcomes Software and Payments Industry Leader Nick Babinsky DALLAS, Sept. 21, 2023 — Solutions by Text (SBT), creator of FinText (™), an embedded messaging and payments platform for consumer finance businesses, today announced the appointment of Nick Babinsky as its Chief Product Officer.
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.
NCBA Law Practice Management Blog
SEPTEMBER 22, 2023
There are two primary ways that attorneys look to fill jobs in their law firms. First, they access their personal network s ; and, next: they look at traditional job posting services, like ZipRecruiter or Indeed. B ut , wh at if you strike out there ? W ha t’s ne xt? Well, social media services have job posting options, as well. And, they may be better than the traditional alternatives.
Consumer Finance
SEPTEMBER 21, 2023
Gracias a la acción de la CFPB, Clientes pueden cancelar en cualquier momento los servicios de reparación de crédito que les hayan vendido con telemarketing.
Troutman Sanders
SEPTEMBER 21, 2023
In the latest episode of Payments Pros , hosts Carlin McCrory and Keith Barnett are joined by James Rowe and Nanci McKenzie from Affirmative Technologies to discuss Automated Clearing House (ACH) originator risk. Affirmative Technologies is one of the nation’s leading technology providers in ACH processing and risk management software. The company provides innovative electronic payment solutions to a wide variety of businesses, including financial institutions, third party payment processors, an
Account Recovery
SEPTEMBER 21, 2023
Getting to Know Shannon Battani of Unifund Judge Dismisses Most Counts in FDCPA Case Over Disputed Debt CFPB Denies Petition in Student Loan BK Collection Discharge Investigation CFPB Publishes Guidance on Use of AI in Credit Decisions WORTH NOTHING: Why a cyberattack is to blame for your inability to find Clorox wipes … Tips to […]
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?
Sawin & Shea
SEPTEMBER 20, 2023
If you’re in a financial bind, your best option might be to seek a fresh start through Chapter 7 bankruptcy. However, you may be concerned that doing so could cause you to lose your biggest investment – your home. In most cases, you don’t forfeit your home when you file for Chapter 7 bankruptcy. What is Chapter 7 Bankruptcy? Filing for Chapter 7 bankruptcy , also called liquidation bankruptcy, allows you to discharge all or most of your debt.
FFGN COLLECT NY
SEPTEMBER 19, 2023
When vacating a judgment entered against you is it better to make a regular motion or move by order to show cause? In order to decide, you’ll need to understand what the two are and the key differences between them. Notice of Motion In non-emergency situations, a party seeking a court order would proceed by notice of motion. The notice of motion would include a date for the proposed hearing and the type of relief or order the party seeks.
Troutman Sanders
SEPTEMBER 21, 2023
Join us for the third episode in a special three-part series covering the CFPB’s intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, Ethan Ostroff, and Ron Raether discuss the potential implications of regulating data brokers under the FCRA, and how this might affect data brokers as well as other types of entities, including users, consumer reporting agencies, and resellers.
Account Recovery
SEPTEMBER 20, 2023
Consumers in America continue to head toward a cashless — and maybe even checkless — future when it comes to making payments, according to a study released this week by a payment provider for the financial services 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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