Taurus Collect
OCTOBER 30, 2023
Navigating the convoluted terrain of debt collection can be a daunting task for businesses big and small. However, understanding the crucial steps in the debt collection process can empower businesses to retrieve owed money efficiently and legally, thus enhancing their financial health. It is in such circumstances that the expertise of business recovery specialists becomes invaluable.
True Accord
NOVEMBER 1, 2023
It’s hard to believe that the year is already winding down, but consumer debt certainly isn’t. And not having the right collection partner today can equate to missed recovery opportunities tomorrow. So what makes the end of the year such an important time to evaluate your current collections partner? Let’s take a look at some of the timely factors. Why Evaluate Your Collection Partner in Q4?
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On Guard
OCTOBER 31, 2023
Credit management, a term often associated with the finance department, turns out to be a dynamic process involving several departments within an organisation. Think sales, marketing, customer success and IT. The goal goes beyond making sure customers pay on time; it also includes maintaining and strengthening customer relationships. How do we achieve this ambitious goal?
Account Recovery
NOVEMBER 1, 2023
Being denied credit because of a negative item on a credit report is sufficient grounds for a plaintiff to have standing to sue, ruled a District Court judge in New York, but communicating information about an unpaid debt with the credit reporting agencies is not a violation of the Fair Debt Collection Practices Act, so […]
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.
FFGN COLLECT NY
OCTOBER 31, 2023
Real estate is big business in New York. You don’t need to own property to make money either. As a supplier or service provider, selling to co-ops and condos can be very lucrative. Just like the real estate business, debt collection in New York is also nuanced and has its challenges, especially when collecting money from co-ops and condos. According to the New York City Department of Finance, there are 4,310 co-ops and 3,078 condos in New York City with a total of 347,515 units.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Credit Corp
NOVEMBER 2, 2023
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: While this card does offer some limited cash-back perks, its real purpose is as a credit-building card. If you have poor or bad credit and want a Visa you don’t need a security deposit for, this may be an option to consider.
Account Recovery
NOVEMBER 3, 2023
A plaintiff’s attorney was caught lying after filing an “ill-conceived and poorly researched motion for an improper purpose” and then failed to attend a hearing that he was told by the judge that he and his client needed to attend, leading the judge to order the attorney to pay a $1,000 fine and have all […]
PDC Flow
NOVEMBER 1, 2023
Time is money. This is especially true for financial transactions between companies, where delays cause significant losses and missed opportunities. By eliminating the hurdles of traditional payment methods, business-to-business Automated Clearing House (B2B ACH) payments create a swift, secure way to navigate modern business operations. Business to Business ACH Debit Transactions B2B ACH refers to electronic payments made through an automated clearing house network – these are often facilitated
UK debt collections
NOVEMBER 2, 2023
Late payments are a quiet, yet powerful economic disruptor. Whilst they impact businesses of all sizes, studies have shown small and medium enterprises (SMEs) and freelancers are particularly at risk, with the impact of late payments leading to extreme financial instability, debt and even closing down. Freelancers are very often self employed or small one man businesses.
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
OCTOBER 31, 2023
Snapshot: The Secured Chime Credit Builder Visa® Credit Card 1 doesn’t have interest 4 or an annual fee, which makes it a great credit-building 2 option. You’ll have to open a Chime checking account and receive a qualifying direct deposit in order to apply. Pros Cons No annual fee. You can’t apply without a Chime checking account. No interest 4 You have to secure your credit limit with a deposit.
Account Recovery
NOVEMBER 3, 2023
Suit Accuses Collector of Ignoring Communication Channel Request, Demand Not to Verify Debt Judge Sanctions, Fines Plaintiff’s Lawyer Revenue Up at Encore as Company on Debt Buying, Hiring Sprees The Impact of Medical Debt on Consumers WORTH NOTING: With Daylight Savings Time ending this weekend, the political debate over whether to keep it or not […]
Consumer Finance
NOVEMBER 2, 2023
The economic and psychological damage inflicted by a crisis can linger for many years, and most people will not receive the type of extraordinary government assistance that large financial firms tend to receive.
Troutman Sanders
NOVEMBER 3, 2023
On November 1, New York Governor Kathy Hochul announced that the state’s Department of Financial Services (NY DFS) has amended its Cybersecurity Regulations to “enhance cyber governance, mitigate risks, and protect New York businesses and consumers from cyber threats.” According to the NY DFS, key changes in the regulations include: enhanced governance requirements; additional controls to prevent unauthorized access to information systems and mitigate the spread of an attack; requirements for m
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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.
Credit Corp
NOVEMBER 1, 2023
If you feel that your cost for health insurance is too high, you’re definitely not alone: A recent analysis from the National Health Interview Survey (NHIS) found that 7% of Americans did not have health insurance in the first three months of 2023. To help offset the costs and help Americans avoid crippling medical debt , the federal government offers tax relief for those with high-deductible plans if they choose to open a Health Savings Account to set aside funds to pay for medical costs.
Account Recovery
NOVEMBER 3, 2023
Renkim Corporation is thrilled to announce the strategic addition of four seasoned professionals to its technology team, underscoring the company’s commitment to innovation and digital transformation. Thomas Horrom Joins as Chief Information Officer (CIO)Renkim Corporation proudly welcomes Thomas Horrom as the new Chief Information Officer (CIO).
UK debt collections
OCTOBER 30, 2023
The number of insolvent restaurant companies is increasing week on week it has been reported. In new data, it has been revealed that the number of insolvent restaurant companies has has risen by 46% in the past year. The total increased from 1,517 in 2021/22 to 2,214 in 2022/23, amid rising costs of servicing debt and the squeeze on consumer spending, according to advisory firm Mazars.
NCBA Law Practice Management Blog
OCTOBER 29, 2023
Contingency firms scratch a bunch of lottery tickets, and sometimes get a (big) hit. I mean, it’s a little better than the lottery, because there is some skill involved; but, it is a lottery. So, when that endorphin rush of a big hit, um. hits – it’s easy to just plow that money into a new Maserati. But, you have other obligations , as well. The best strategy to employ, then, is to create a payoff sheet for settlements.
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.
Troutman Sanders
NOVEMBER 2, 2023
Join Troutman Pepper Partner Chris Willis and his colleagues Joe Reilly and Chris Capurso as they discuss the impact of state licensing laws on the consumer financial services industry. They tackle topics such as: When did licensing start and how did it grow into what it is today; Which entities are required to have a license and what happens if they engage in an activity that requires a license they do not have; What are the licensing requirements for various consumer lenders and nonlenders; Do
Account Recovery
NOVEMBER 2, 2023
The bad news: Yet another District Court judge has ruled that there is no safe harbor from a violation of the Fair Debt Collection Practices Act when using the Model Validation Notice. The good news: Sending a Model Validation Notice without a date is not a violation of the FDCPA, that judge has ruled.
Jimerson Firm
NOVEMBER 2, 2023
In Florida, significant changes to insurance regulations have taken effect as of December 2022, with the implementation of Senate Bill 2A. This comprehensive bill addresses several critical areas, including flood coverage disclosure, assignment of benefits, prompt pay laws, and, notably, mandatory binding arbitration limitations for insurance claims.
NCBA Law Practice Management Blog
OCTOBER 29, 2023
Law firms lack structure, generally; and, that’s also true of how they compensate their lawyers, beyond their salaries. And, that’s maybe the most dangerous game to be playing in the current hiring environment – because, if you can’t keep your current staff happy, they’re more likely to be able to find an alternate position, easier and faster than they ever have before.
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?
Troutman Sanders
NOVEMBER 2, 2023
As discussed here , on August 1, the two major national credit union trade associations — the National Association of Federal Credit Unions (NAFCU) and the Credit Union National Association (CUNA) — announced plans to merge and create a new organization called America’s Credit Unions. Today, CUNA announced that the organizations’ members voted overwhelmingly (94% of CUNA members and 86% of NAFCU members) in favor of the merger.
Account Recovery
NOVEMBER 2, 2023
Getting to Know John Russo of Stenger Law Judge Denies MVN Safe Harbor, But Rules Undated MVN Doesn’t Violate FDCPA OCC Updates Exam Procedures, Guidance for TCPA Compliance NY DFS Bolsters Cybersecurity Regulation Williams & Fudge, Inc.
Sawin & Shea
NOVEMBER 1, 2023
Rising healthcare costs are continually leaving thousands of Americans drowning in medical debt. In fact, medical debt is one of the most common types of debt reported on consumer credit reports. According to the Consumer Financial Protection Bureau, consumer credit reports show $88 billion in medical debt as of June 2021. However, it is expected that medical debts are much higher since not all medical debts are furnished to consumer reporting agencies.
Taurus Collect
OCTOBER 30, 2023
Understanding the art of debt collection can be a challenging task for any business, especially when the debtor refuses to pay despite many reminders. In such situations, engaging a collections agency becomes inevitable. What if there was a way to ensure you’re not spending resources without results? Welcome to the world of “ No Collection, No Fee Debt Collection ” – a strategy that puts your business first.
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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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