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We recently hit a 13,000 milestone on LinkedIn! To celebrate, here are 13 Best Practices in Credit Management and Collections. Have a Credit Policy Emphasise the importance your business places on managing financial risk by setting out your policies and procedures in a Credit Policy , which is made available to all staff. Having a Credit Policy defines what best practice looks like in your organisation and encourages consistency.
Navigating the intricate world of debt collection can be a challenging task for businesses of all sizes. It’s even more daunting when your focus should be on running and growing your business rather than chasing overdue payments. That’s why outsourcing debt collection services , particularly in key areas such as Manchester, can be the game-changer your business needs.
When it comes to reaching consumers, it’s no secret that email has surpassed phone calls as the preferred method of communication. In fact, 59.5% of consumers prefer email as their first choice for communication. But just because your business sends emails to consumers doesn’t mean that your messages make it to their inbox. And if that email never reaches the intended recipient, it doesn’t matter what that customer’s preferred method of communication may be.
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?
The legal process of collecting debt owed in New York typically starts by filing a summons and complaint or a motion for summary judgment in lieu of a complaint demanding the exact amount owed to you. If the case is handled properly, subject to having the requisite documents , you should be able to get a default judgment for the amount demanded without requiring the involvement of a judge.
More than 60% of Americans are living paycheck-to-paycheck, with the increased cost of everyday items like groceries and utilities straining household budgets, according to an online originator of personal loans. Even individuals making more than $100,000 per year have less savings to rely on and are struggling to make ends meet.
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More than 60% of Americans are living paycheck-to-paycheck, with the increased cost of everyday items like groceries and utilities straining household budgets, according to an online originator of personal loans. Even individuals making more than $100,000 per year have less savings to rely on and are struggling to make ends meet.
By Greg: Is it me, or did this summer fly by? I was blindsided the other day by my wife and daughter going school shopping. I mean, already ? It never ceases to amaze me how quickly the summer goes by. You can easily become overwhelmed by all the yardwork projects you haven’t started and all the fun family activities you talked about all winter but have not done yet.
In a November 2022 blog post on the value of homeownership, the United States Department of Treasury noted that “the benefits have largely been perceived to outweigh the costs” to households and to the U.S. economy. To be clear, Treasury states, “(t)he benefits from homeownership have not been shared equally.
A FAFSA is an application for financial aid that determines your eligibility. This application will not appear on your credit report, and does not affect your credit score. Congratulations on your high school graduation! You put in a lot of hard work to get that degree, and you deserve to celebrate. This might be your last summer of “freedom,” but that doesn’t mean you don’t have any responsibilities to take care of.
Well, that didn’t take very long. A District Court judge in Michigan has dismissed a lawsuit that challenged an initiative from the federal government seeking to forgive $39 million of student loan debt, determining the plaintiffs lacked standing to sue.
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.
State legislatures file, introduce and pass thousands of bills each year. This year, states introduced over 156,000 bills and passed 32,000 including resolutions.
In this episode of The Crypto Exchange , Troutman Pepper Partner Ethan Ostroff welcomes his colleagues Kim Phan and Addison Morgan to discuss the recent enforcement actions brought by the Federal Trade Commission (FTC) against Celsius Network and its co-founders. In addition to permanently banning Celsius Network from consumers’ assets, the FTC also fined the company a near record-breaking $4.7 billion.
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?
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.
Generally speaking, there are three types of reviews you’ll get online: great, middling and poor. You can ( and perhaps, should ) respond to every last one; but, each one requires a different level of tact. If you’re given a poor review online, you’re likely to be pretty peeved ; but, you can’t respond in kind, or release client confidences (ethics rules, people!
Keeping employees, particularly employees of color, supported, happy and engaged in the workplace To understand workplace culture, employee satisfaction, and
On August 1, Maryland’s Office of Financial Regulation (OFR) issued guidance to “provide clarity on how [the OFR] views Earned Wage Access [EWA] products and to describe the requirements entities offering these products must adhere to.” Unfortunately, the guidance largely fails to deliver the promised clarity. The OFR states that EWA products allow “consumers to obtain access to wages that they have earned but not yet received via employer payroll.
The Consumer Financial Protection Bureau yesterday announced a mortgage lender was being fined $1.75 million for providing illegal incentives to real estate brokers and agents for referring business to the lender, including cash payments, paid subscription services, and catered parties.
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.
Have you ever had to write a client’s name over and over again – so many times , that you mess it up? They really hate that. How about adding the last of 5 children to an estate plan ? Now, was her middle name Elise of Eliza ? Honestly, who even knows any more. These sorts of simple errors are really obnoxious for clients; but, it’s also totally understandable why attorneys commit them.
If you’re wondering “Can I file for bankruptcy without a lawyer?” The answer is yes. The option to file for bankruptcy without an attorney, known as Pro Se bankruptcy, is available under the United States bankruptcy law. Many individuals choose this path in an attempt to save money on attorney fees because it is one of the cheapest ways to file bankruptcy.
At a White House Roundtable on protecting Americans from allegedly harmful “data broker” practices, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the Bureau’s intention to expand the reach of the Fair Credit Reporting Act (FCRA) to data brokers. He stated, “Next month, the CFPB will publish an outline of proposals and alternatives under consideration for a proposed rule.
A computer glitch accidentally added an individual’s name to an apartment lease document, which was then assigned to a debt collector for recovery. When the individual disputed the debt, the collector sent an email to the creditor seeking additional information, then deleted the information from the individual’s credit report four months later.
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.
Navigating the complex world of debt collection can be a challenging task, especially when success rates are not always guaranteed. However, adopting a ‘No Cure No Pay’ approach to debt collection in the UK can significantly alter this landscape. This innovative strategy, which promises fees only upon successful collection of the debt, offers a risk-free avenue for businesses to recover their unpaid dues.
A year ago, we officially launched the Affordable Housing Network Steering Committee, affectionately referred to as the AHNSC by its members. The AHNSC is a 12-person committee and serves as a trusted advisor to Prosperity Now staff to help build, improve and engage the Network toward our mission of a housing system in which people of all races and economic backgrounds have access to affordable, safe and stable housing opportunities.
Corporate theft can happen in any workplace, but in the world of financial services, the theft can also create regulatory and litigation exposure for financial institutions. What type of employee is most likely to steal from the company or its customers? What can companies do to combat this? Partners Tracey Diamond and Evan Gibbs chatted with Troutman Pepper Partner Chris Willis about the popular movie Office Space, employee misconduct, and creative uses of technology to protect against corporat
Paying debts in the United States is optional for consumers and relies upon consumers feeling “morally bound” to repay the debts, according to an essay that was published last week and is starting to get picked up by different news sites across the country.
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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