Account Recovery
JULY 12, 2024
Electricity prices in the United States have surged nearly twice as much as overall inflation, posing a significant challenge for consumers and utility debt collectors alike. The Bureau of Labor Statistics recently reported a 4.4% increase in electricity costs compared to June of last year, surpassing the overall inflation rate of 3%.
Consumer Finance
JULY 8, 2024
The CFPB took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying millions in penalties as well as paying redress to harmed consumers.
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Credit Corp
JULY 9, 2024
A bankruptcy can remain on your credit report for up to ten years from the filing date of Chapter 7 bankruptcy or up to seven years from the filing date of Chapter 13 bankruptcy. However, its impact on your credit score lessens over time as you rebuild your credit with responsible financial behavior. While bankruptcy may be a last resort, there are times where filing bankruptcy might make sense.
UK debt collections
JULY 8, 2024
A total of 879 UK businesses filed for administration in the first six months of 2024 – a 42% and 16% increase compared to 2022 and 2023 respectively, according to analysis by full-service law firm Shakespeare Martineau. Retail, manufacturing, construction , real estate and hospitality were the worst-hit sectors for the second year in a row, accounting for 57% of all administrations.
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Finance Transformation Myths Busted Over 75% of organizations struggle to define the right success metrics to benchmark the impact of their finance transformation investment. Whether you are just initiating your digital transformation journey or planning to pitch your next AI project to leadership, without the right metrics and a rigorous tracking process - all your efforts might go to waste!
Account Recovery
JULY 12, 2024
The Senate Committee on Health, Education, Labor, and Pensions (HELP), yesterday held a hearing to discuss the issue of medical debt in the United States and explore potential solutions to alleviate this burden. The hearing is a follow-up to a bill introduced by Sen. Bernie Sanders [I-Vt.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Taurus Collect
JULY 11, 2024
Creating a transformative end-to-end collections strategy is crucial for businesses. It involves carefully managing and recovering debts while maintaining positive customer relationships. One important aspect of this strategy is no fee debt collection. This means businesses can recover their debts without extra costs. It’s about finding the balance between effective debt recovery and customer care.
UK debt collections
JULY 12, 2024
Xero, the global small business platform, today announced the findings of its ‘Settle Up’ report, which found 62 per cent of UK consumers surveyed expect tackling late payments to be a priority for government. For decades, policymakers pledged to address the power big businesses hold over small firms, which last year cost small businesses an estimated £1.6 billion.
Account Recovery
JULY 12, 2024
Collector Sued for Sending Letter, Text After Plaintiff Opted Out of Receiving Text Messages Judge Grants MTD in FDCPA Case Over Worker’s Comp Debt Senate Committee Holds Hearing on Medical Debt Utility Bills Spiking During Summer Heatwave WORTH NOTING: When seeking advice, it might be best to avoid asking people who went through similar situations […]
Consumer Finance
JULY 10, 2024
The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.
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.
NCBA Law Practice Management Blog
JULY 7, 2024
I talk to lawyers a lot about generating in-house content, that features them, and that is authentic to their personalities. Of course, I’m pushy: So, sometimes , attorneys get frustrated with me , and say : ‘Hey, I’ve got a lot going on!’ I get it. It’s tough to find the time – which is why it makes sense to specialize. Individual lawyers, then, should have ‘anchor’ content = the primary content you produce, that you can leverage in a number of different ways , and repurpose.
UK debt collections
JULY 7, 2024
A new study from infinitSpace also found more than one-in-seven commercial landlords believe their buildings are at risk of closing by 2029, amid affordability and mounting debt concerns. From early in the first lockdown in 2020, commercial landlords were banned from exercising most of the usual remedies available to them to enforce rent arrears that fell due during the period of the pandemic, as a measure to protect tenant businesses.
Account Recovery
JULY 12, 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?
Consumer Finance
JULY 9, 2024
La CFPB propone nueva normativa para facilitarles a los propietarios de viviendas recibir asistencia, cuando tengan dificultades para pagar sus hipotecas.
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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.
Payment Savvy
JULY 12, 2024
In the evolving world of small businesses, efficient payment processing is crucial. Online payments’ convenience and speed can boost customer satisfaction and streamline operations. However, the fees associated with payment processing can be a burden. Accepting online payments without incurring fees may sound appealing, but it’s not feasible.
Qualco
JULY 10, 2024
NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.
Account Recovery
JULY 12, 2024
A District Court judge in Florida has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case involving a worker’s compensation claim because the plaintiff failed to sufficiently allege a concrete injury, thus lacking the necessary standing to pursue the lawsuit.
Consumer Finance
JULY 8, 2024
Since late 2021, the CFPB has been analyzing the various vectors where fraud is being perpetrated today and is identifying the new ways where we expect fraud to be perpetrated in the future. Addressing these will require a range of policy tools and private-sector action.
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.
On Guard
JULY 9, 2024
Download the fintech baropaper Organisations, according to finance professionals, prefer to get paid via iDEAL (33%). Among their customers, iDEAL is also the favourite payment method (36%). This is according to the FinTech Barometer, the annual survey by credit management software specialist Onguard, for which 304 CFOs, finance managers and finance professionals were surveyed.
Credit Corp
JULY 9, 2024
Ignoring student loans can damage your credit score, lead to wage garnishment, and accrue interest and fees. It may also result in legal action, tax refund offsets, and impact co-signers, making it crucial to address repayment issues promptly with your loan servicer. Student loan debt in the United States stands at $1.727 trillion as of 2023. The repayment process may seem overwhelming if you’re among the more than 43 million borrowers with outstanding student loan debt.
Account Recovery
JULY 11, 2024
Getting to Know Richelle Rocazella of Axela Technologies Appeals Court Again Overturns Ruling on Whether Call Center Agents Should be Paid While Computers Boot Up Fewer People Deferring Healthcare Because of Costs: Study CFPB Proposes Rule to Help Homeowners Facing Foreclosure Strategy3 Enhances Expertise with Addition of Two Senior Consultants WORTH NOTING: How to keep […]
The Kaplan Group
JULY 9, 2024
Office loan defaults pose a high risk for major US financial districts, potentially signaling impending issues for large cities. A new study by The Kaplan Group analyzed office building data in key US financial districts to determine which are most at risk of a large number of loan defaults or even geo-centric office firesales. Districts at the most risk could predict which cities are at large risk of a firesale, but also which could likely repurpose their financial districts.
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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.
On Guard
JULY 9, 2024
Download the fintech baropaper Manual debtor management a reality for two in ten finance professionals Two in ten finance professionals (18%) do not use debtor management tools. This is according to the FinTech Barometer, the annual survey by credit management software specialist Onguard, for which 304 CFOs, finance managers and finance staff were surveyed.
Hudson Weir
JULY 8, 2024
In this article we’ll explain who pays redundancy money when a business is a) solvent, b) trading but struggling financially and c) closing down while insolvent. Many employees have specific rights if an employer makes them redundant, depending on factors such as their length of service at the company. These can include rights to redundancy pay, a notice period, consultation, a different role in the company and time off to find a new job.
Account Recovery
JULY 11, 2024
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support.
FFGN COLLECT NY
JULY 12, 2024
Proposed changes regarding the removal and reporting of medical debt may lead you to change how you do business if you rely on credit reports when deciding whether to grant credit, In June, the Consumer Financial Protection Bureau (CFPB) proposed some major changes related to the reporting of medical debt and consumer credit reports. More specifically CFPB Director Rohit Chopra proposed removing billions of dollars in medical debt from credit reports.
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For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.
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