Account Recovery
JULY 1, 2024
More than half of respondents to the latest ARMSights poll believe that the Consumer Financial Protection Bureau’s proposed rule prohibiting the reporting of medical debt credit reporting will have a “significantly” negative impact on their overall effectiveness to collect on medical debts.
Consumer Finance
JULY 1, 2024
The CFPB published an edition of Supervisory Highlights sharing findings from examinations of auto and student loan servicers, debt collectors, medical payment products, and deposit and prepaid accounts.
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UK debt collections
JULY 4, 2024
Cazoo Group Ltd has announced that the company is officially winding up, following the company’s extraordinary general meeting yesterday (July 2). Shareholders approved resolutions for the company to be placed in voluntary winding up, the appointment of voluntary liquidators and their renumeration at the EGM. The Securities and Exchange Commission notice from Cazoo says that it will be placed in voluntary liquidation based on the fact ‘it is unable to pay its debts’.
Debt RR
JULY 2, 2024
In the dynamic world of business, managing cash flow is crucial. One of the most significant aspects of maintaining a healthy cash flow is effective accounts receivables (AR) management. Yet, many businesses struggle with overdue invoices and delinquent accounts, which can strain resources and hinder growth. Enter commercial collection agencies—specialized firms that can play a pivotal role in optimizing your AR functions.
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
JULY 1, 2024
Supreme Court Overturns Chevron Doctrine; Limits Authority of Federal Regulators Like CFPB, FTC Weighing In on Impact of Chevron Ruling Judge Dismisses Debt Collection Class Action Against Software Provider Over Convenience Fees Industry Shares Views on Proposed Medical Debt Credit Reporting Rule Compliance Digest – July 1 Gulf Coast Collection Bureau Announces Rebrand to Gulf […]
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
UK debt collections
JULY 4, 2024
Well established Gareth Hoskins Architects has announced a shock decision to cease their UK operations as a result of unpaid architect fees. In a statement, the practice cited an ‘outstanding six-figure debt’ for precipitating the decision amidst a difficult trading environment contributing to multiple project delays. In a trading update, the practice wrote: “Hoskins Architects Group Limited is sorry to announce that the directors of its UK trading subsidiary Gareth Hoskins Arc
On Guard
JULY 5, 2024
Following Visma’s example in 2022 , Onguard is now a member of the UN Global Compact Network Netherlands, officially committing to align its operations with the Ten Principles for responsible business practices and drive awareness in the corporate world. What is the UN Global Compact: The Ten Principles From environmental impact to equality, the world is not on track to meet the UN Sustainable Development Goals by 2030.
Account Recovery
JULY 5, 2024
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?
Payment Savvy
JULY 3, 2024
Understanding debit card processing fees is important for any business that takes card payments. These fees can add up, so knowing how much you’re being charged and how to reduce these costs can help you save money. What Are Debit Card Processing Fees? Debit card processing fees are charges that businesses must pay every time they accept a debit card payment.
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.
UK debt collections
JULY 1, 2024
An Insolvency practitioner for an accountancy firm has warned of a growing trend of ‘fresh air invoicing’ Stephen Grant of Azets, an accountancy and advisory firm with offices in Poole and Blandford, announced rising instances of financially strained firms issuing invoices unrelated to any trading transaction. The practice – coined ‘fresh air invoicing’ – deceives finance companies into advancing 70 per cent to 90 per cent of the falsely claimed invoice’
Credit Corp
JULY 1, 2024
If you don’t pay your credit card, it can lead to late fees, increased interest rates, being sent to collections, and damage to your credit. It could also result in legal action being taken against you. Credit cards offer several advantages over debit cards. For example, when you use a debit card, you can only spend as much money as you have in your bank account.
Account Recovery
JULY 5, 2024
This looks like one of those “I’m-not-a-lawyer-but-this-looks-like-something-you-should-be-aware-of-because-it-could-be-relevant-to-collections” type of rulings.
Payment Savvy
JULY 3, 2024
Debit cards have become an indispensable part of our financial lives, with the majority of American adults, spanning all demographics, now possessing at least one debit card. According to a 2022 study by Research and Markets on U.S. Consumer Payment Choice, an impressive 85% of adults in the United States use them as a payment method. As the preferred method for many, debit card transactions offer convenience, security, and immediate fund transfers, making them integral to modern commerce.
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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.
UK debt collections
JULY 2, 2024
Oxford United have been fined £3,500 and handed a suspended one-year transfer fee ban , as a result of the club accumulating 30 days or more of late payments in the 12-month period from 1 July 2023 to 30 June 2024. Initially, the U’s were issued with a three-transfer window fee restriction which would have seen them only able to sign free agents during that period of time.
Credit Corp
JULY 1, 2024
A prime credit score typically refers to a high credit score, usually above 720. It shows lenders that you have a history of responsibly managing credit and can qualify you for better loan terms and lower interest rates. Few numbers are as important as your credit scores. Lenders use them to determine if you qualify for auto loans, home loans, credit cards and other products.
Account Recovery
JULY 5, 2024
A federal jury has convicted a 44-year-old woman previously banned from operating in the collection industry of wire fraud and conspiracy to commit wire fraud as part of illegitimate debt collection operations that she was running.
On Guard
JULY 1, 2024
When he was a child, he wanted to become a pastry chef. At 21 years old, he had his own business providing IT services to small companies. And in his free time, he is a music producer! We proudly introduce Jordy Zijp, team lead at the CreditManager Customer Service department. At the end of 2023, the number of unsolved tickets at the Onguard Service Center dropped by an impressive 65%.
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.
Collection Industry News
JULY 1, 2024
This is the 34th edition of Supervisory Highlights. The findings in this report cover violations of law and consumer harm in the areas of auto and student loan servicing and debt collection, including credit card debt collections. This edition also presents findings in deposits and prepaid accounts as well as credit card account management with a focus on medical credit cards.
Credit Corp
JULY 1, 2024
Some of the best budgeting methods include proportional budgeting, zero-based budgeting, and reverse budgeting. This article was originally published on Arrest Your Debt and has been republished here with permission. A budget method sets out how an individual, company, or organization plans to spend money over time. Budgeting for beginners can be an extensive process, but a failure to budget is a quick path to long-lasting debt problems.
Account Recovery
JULY 5, 2024
A District Court judge in Texas has granted a preliminary injunction against the Federal Trade Commission’s rule to ban noncompete agreements, saying the agency does not have the rule-making authority to enact such a rule and that the plaintiffs suing the FTC are likely to succeed on the merits of their case.
UK debt collections
JULY 3, 2024
With tomorrow’s election looming, promises have been made by Politicians on how they each plan to combat late payment. All the major political parties are making pledges to tackle late payments that hurt business growth in the UK. The Conservatives, Labour and Liberal Democrats have all made promises to tackle the late payments crisis harming businesses.
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?
Collection Industry News
JUNE 29, 2024
Consumer debt continues to accelerate at an alarming rate—particularly credit card debt—driven by a culture of consumption. Credit card debt is one of the most worrisome due to the high interest rates charged by credit card companies, which can leave consumers with never-ending debt loads. A large part of this can be attributed to the surging prices as inflation has dramatically risen across the globe due to supply-chain issues from the pandemic and the war in Ukraine.12 Credit Card Debt: The Ba
Roths Child Law
JULY 3, 2024
There’s no question that much of Americans’ overall debt is medical debt. It’s also the type of debt most likely to be sent to a third-party collector. Debt sent to collections goes on a person’s credit report. There, it drives down their credit score. In discussing the Biden administration’s efforts to get and keep medical debt off Americans’ credit reports, Vice President Kamala Harris recently noted, “Credit scores determine whether a person can buy a home, whether they can buy a car, rent an
Account Recovery
JULY 5, 2024
FDCPA Class Action Accuses Collection Law Firm of Failing to Provide Complete Itemization Information in Letter Appeals Court Overturns Ruling on Concept of ‘Reasonable Consumer Behavior’ Banned Collector Convicted of Wire Fraud While Operating Illegal Collection Business Judge Blocks FTC’s Noncompete Rule From Going into Effect WORTH NOTING: The Caesar Salad turned 100 yesterday.
Account Recovery
JULY 3, 2024
The Court of Appeals for the Seventh Circuit issued a ruling this week on the topic of arbitration that at least one published report claims will allow defendants to effectively choose between court proceedings or arbitration hearings by doing nothing more than refusing to arbitration fees.
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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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