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With the onset of COVID-19, hiring & retention have become increasingly difficult in the debt collection industry. Not only that, but experts are predicting a major ramp-up in turnover as the pandemic begins to subside. Are you prepared? Employee onboarding experts, Mary Shores & Candace Burroughs , share their retention-boosting recruiting, interviewing, and onboarding best practices specifically for the debt collection industry.
Filing for bankruptcy is a process. As part of that process, the bankruptcy law requires that you get a certificate that evidences you did a pre-filing counseling session with an approved agency. Debt counseling (also called credit counseling) is required before you can declare bankruptcy. There is a pre-filing counseling and pre-discharge counseling.
Small Business late payment is severely hampering recovery from the pandemic according to new data. Delayed payment of invoices owed to SME’s over the past 12 months totals a shocking average of £130,445.05. Whilst late payment continues, this will only serve to hinder Small Business recovery in the second half of this year. The latest findings are according to survey data from Dun & Bradstreet.
The Federal Trade Commission has reached a $20 million settlement with a company accused of violating the Fair Credit Reporting Act by improperly obtaining individuals’ credit reports and the FTC’s Red Flags Rule for failing to implement an identity theft program. The company, Vivint Smart Homes, will pay a $15 million civil penalty and $5 … The post FTC Fines Company $20M For FCRA Violations appeared first on AccountsRecovery.net.
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?
I get it. It’s easy to shop on Amazon. Running low on toilet paper? Need lightbulbs? Want a bath caddy on a whim? With two clicks and even less thought, the item you need/want/desire is at your doorstep, often in 48 hours or less. Shopping locally requires more thought. Supporting small businesses is an intentional. Kelsey Sheehy writes for NerdWallet.
Collecting past due debts from your customers and clients is an unfortunate part of the accounts receivable process. It's 'unfortunate' because not every customer will pay on time but it doesn't have to be contentious or ugly. Your client will be aware of what they owe, when they owe and how to pay via your contract agreement. But even beyond that, there are steps you can take to ensure payment from your collections efforts.
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Collecting past due debts from your customers and clients is an unfortunate part of the accounts receivable process. It's 'unfortunate' because not every customer will pay on time but it doesn't have to be contentious or ugly. Your client will be aware of what they owe, when they owe and how to pay via your contract agreement. But even beyond that, there are steps you can take to ensure payment from your collections efforts.
Simple Answer: Once the bad debt entry hits the credit report, the fear in the debtor’s mind is gone. You just used the most effective tool in debt recovery before giving enough time to the debtor to settle your unpaid bills. The debtor thinks “ What worse can happen? “ Even if he makes payment later, the entry stays there, negatively impacting his credit score for the next 7 years.
A District Court judge in Washington has partially granted a defendant’s motion for summary judgment while denying a plaintiff’s motion for the same ruling in a Fair Debt Collection Practices Act case in which the defendant attempted to collect a debt from the plaintiff, who claims not to have incurred the debt in question. A … The post Judge Partially Grants MSJ for Defendant Accused of Attempting to Collect From Wrong Person appeared first on AccountsRecovery.net.
The average loan debt for a bachelor’s degree among the class of 2019 was $28,950, according to the most recent data available from The Institute for College Access & Success. The amount of debt you take on for college will depend on a variety of factors. The most important factors to consider are where you. Anna Helhoski writes for NerdWallet. Email: anna@nerdwallet.com.
In 2018, the Florida Legislature amended section 718.113 of the Florida Statutes to include a provision requiring that condominium associations allow unit owners to install electric charging stations in limited common element parking areas assigned to each unit owner. The statute does not apply to common element parking spaces. What’s the Difference?
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.
Debt can quickly mount if you don't aggressively address it early on. Many consumers who find themselves unable to pay their bills look to different debt relief options to gain a fresh financial start, including bankruptcy. Chapter 7 bankruptcy can provide you with that clean financial slate that you're looking for where you can wipe away most of your debts.
The “Getting to Know” series is sponsored by Applied Innovation. Applied Innovation is helping to shape the future of accounts receivable management. Product development is driven by customer feedback, agency profitability and compliance and includes platforms addressing client portal access, document management, payment negotiation, Regulation E focused electronic payment authorizations and TCPA communication authorization platforms. … The post Getting to Know Amy Stratz of FB
Anyone who hasn’t been a business owner may romanticize the idea of “being an entrepreneur.” It’s easy to picture glamorous CEOs who have it all together and take home large salaries. But if you have been an entrepreneur, you know the life of a business owner is rarely that simple, especially when it comes to a small. Meredith Wood writes for NerdWallet.
Hey debt fighters! I wanted to let you know about some upcoming FREE and low-cost events that I thought you might be into. And before we get started, I want… Related Posts: Come to My Money Party Tonight. Free Debt Workshop Tomorrow. Resources for Taking Care of Your Mental Health and Wealth. My New Podcast the Mental Health and Wealth Show Is Here.
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.
As a subcontractor, payment for your work is critical. If a subcontractor is not getting paid on a construction project, there are some important things to consider, including whether the general contractor has grounds to withhold payment, whether the subcontractor can stop the work, and how a subcontractor can best ensure payment from the general contractor.
There appears to be a racial component to consumer complaints filed with the Consumer Financial Protection Bureau, according to data released yesterday by the regulator, including complaints related to debt collection. Overall, consumers living in counties with the highest percentage of minority populations submitted four times as many complaints as those living in counties with … The post CFPB Publishes County-by-County Breakdown of Consumer Complaints appeared first on AccountsRecovery.n
Congress has appropriated more than $46 billion in emergency assistance to help cover back rent and utilities owed by struggling renters. But getting a share of that money isn’t automatic or guaranteed. Not everyone who’s behind on their rent qualifies for help. In addition, some states and cities require more paperwork than others, which can. Liz Weston writes for NerdWallet.
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.
Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.
DEFENDANT IN HUNSTEIN CASE HIRES NEW LAWYER, WHO CONFIRMS EN BANC PETITION WILL BE FILED The defendant in the Hunstein case out of the Eleventh Circuit Court of Appeals has hired a new lawyer, who confirmed that the company will be filing a petition with the Court for an en banc rehearing of the case. … The post Daily Digest – April 28. Defendant in Hunstein Case Hires New Lawyer; Judge Reverses Course, Undoes Certification, MSJ for Plaintiff in FDCPA Case appeared first on AccountsR
Could you afford to replace your entire wardrobe if your apartment caught fire? What about your phone, your laptop and all your furniture? If the answer is no, you probably need renters insurance. “Renters insurance can’t stop awful things from occurring, but it can make life a little easier if and when they do occur,”. Sarah Schlichter writes for NerdWallet.
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.
Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.
The American Civil Liberties Union of Washington has filed a class-action lawsuit against Pierce County, Washington, accusing it of violating the constitutional rights of individuals by using private collection agencies to recover unpaid court debts. The suit, filed in Washington state court, was filed on behalf of a 56-year-old man who was in jail when … The post ACLU Lawsuit Seeks to Stop County From Placing Unpaid Court Debts With Collection Agency appeared first on AccountsRecovery.net
Without a budget — or come to think of it, even with one — you may wonder how your average monthly expenses compare with “what’s normal.” The average monthly expenses reported here are from the 2019 Consumer Expenditure Survey conducted by the U.S. Bureau of Labor Statistics and released in September 2020 — the latest. Hal M. Bundrick, CFP writes for NerdWallet.
The patient experience in healthcare billing is an essential (often overlooked) part of the healthcare revenue cycle. Every medical organization understands that patients need to feel involved in their care during medical services but don’t always extend that importance when it’s time for patients to pay. As an extended business office (EBO) for a healthcare organization, what does the patient experience mean and how does your medical billing strategy play a part?
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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