True Accord
SEPTEMBER 27, 2023
The goal of a recovery operation is to maximize profitability by efficiently recovering money lent to consumers— while maintaining consumer loyalty. This means that measuring the success of a recovery strategy goes beyond just dollars and cents and into consumer-centric metrics as well. But how do teams measure overall portfolio performance, and what are the most important portfolio-level key performance metrics (KPIs)?
Account Recovery
SEPTEMBER 27, 2023
The number of consumers who have had a medical debt sent to a collection agency has increased in 2023 compared with last year, and more than one-third of consumers owe at least $1,000, according to the results of a survey released this week by Debt.com.
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Credit Corp
SEPTEMBER 27, 2023
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Can you pay a loan with a credit card? Yes, paying a loan with a credit card is sometimes possible. Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off.
JMA
SEPTEMBER 26, 2023
For any business, cash flow is king. You need consistent cash coming in the door to pay for ongoing expenses like payroll, rent, inventory and more. When a customer fails to pay an invoice, it throws a wrench in the cash flow machine and can leave your business strapped for working capital. This issue is. Read more » The post Why Unpaid Invoices are Hurting Your Business appeared first on JMA Credit Control.
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.
NACM
SEPTEMBER 29, 2023
? On today's episode of Extra Credit: A recent eNews poll revealed that one quarter of credit professionals use ChatGPT in some capacity for their work. Hear about the advantages and disadvantages of using ChatGPT in the credit department.⭐ Hear from Justin Cowart; Elliot Jenneman, Alejandro Ojeda-Nonzioli; and Marty Smith!
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
SEPTEMBER 26, 2023
Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends.
Jimerson Firm
SEPTEMBER 29, 2023
In Florida, homeowners’ associations (“HOA”) are governed by Florida Statute Chapter 720. That chapter is known as the “Homeowner’s Association Act” (the “Act”). The Act governs issues ranging from member assessments to arbitration to conducting meetings. The Act is constantly evolving, and HOA board members, HOA property owners, and HOA property managers should review the Act periodically.
Qualco
SEPTEMBER 25, 2023
Small and medium-sized enterprises (SMEs) are the backbone of the global econom y , driving both financial and social growth. Yet , the y often face cha llenges like limited access to capital, primari ly due to a lack of information with banks and lengthy due diligence processes. The 4 th Industrial Revolution , or Industry 4.0 , is driven by technological advancements like Artificial Intelligence (AI) and Big Data analytics.
Account Recovery
SEPTEMBER 28, 2023
Getting to Know Scott Hoffman of Harvest Strategy Group Washington Supreme Court Rules for Agency Sued for Enforcing Judgment BNPL Users Carrying More Debt, More Worries than Non-BNPL Users Senate Bill Seeks to Align Pay at CFPB with Other Federal Agencies Pro Com Services of Illinois, Inc. Embraces Digital Transformation with Skit.
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.
Consumer Finance
SEPTEMBER 26, 2023
Today, the CFPB issued its annual report on Home Mortgage Disclosure Act data.
Credit Corp
SEPTEMBER 27, 2023
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. The cash envelope system is a budgeting tool that helps you develop self-discipline by only spending the allotted amount of cash from labeled envelopes each month.
Jimerson Firm
SEPTEMBER 27, 2023
The Fair Labor Standards Act (FLSA) provides important protections for American workers, ensuring they receive fair compensation for their labor. However, not all employees are covered by the minimum wage and overtime pay provisions of the FLSA. Enter the concept of “exempt employees,” a term referring to those who are exempt from these specific protections.
Account Recovery
SEPTEMBER 27, 2023
WSJ Editorial Calls Out CFPB’s Medical Debt Credit Reporting Plan More Consumers Struggling to Pay Medical Debts; Cite Inflation as Culprit BK Filings Spike, Reach ‘Dangerous’ Level 24 Companies Seeking Collection Talent WORTH NOTING: Details on a solar eclipse, which parts of the U.S.
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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.
Troutman Sanders
SEPTEMBER 29, 2023
According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), and Telephone Consumer Protection Act (TCPA) were back up for the month of July. Complaints filed with the Consumer Financial Protection Bureau (CFPB) were also up for the month. WebRecon reports the overall statistics for consumer litigation in August as follows: 492 FCRA cases were filed, representing a 6.5% increase from July; 376 FDCPA cases were fil
NCBA Law Practice Management Blog
SEPTEMBER 29, 2023
There are a number of different ways to look for new staff as a law firm, whether you’re seeking attorneys, paralegals or administrat ors. But, it’s also kind of a crapshoot. And, it’s also sort of true that the best hires usually come from your personal network. Now, if you’re an experienced attorney who owns a law firm, the problem is that you may not know the people you want to hire.
Sawin & Shea
SEPTEMBER 27, 2023
Filing for bankruptcy can provide you with a much-needed second chance when it comes to your finances. If you are a victim of debt collector harassment, it’s important to know the debt collection laws, and consider your options for debt relief. However, the process of going through Chapter 7 can be complicated and stressful to ensure you can keep what you need to continue living your life even after bankruptcy.
Account Recovery
SEPTEMBER 26, 2023
The ink on the proposal from the Consumer Financial Protection Bureau to prohibit medical debts from being included on consumers’ credit reports — among other changes — is barely dry and already consumer advocates are pushing for more changes to be made in the area of medical debt, according to a published report.
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
SEPTEMBER 29, 2023
On September 21, the Eastern District of Wisconsin denied a motion to partially dismiss a class action complaint alleging violations of the Telephone Consumer Protection Act (TCPA), holding that the Do Not Call provision of the TCPA applies to text messages. In Reimer v. Kohl’s, Inc. , the plaintiff provided his cell phone number to the defendant to receive promotional text messages.
Prosperity Now
SEPTEMBER 27, 2023
There are few nine-digit combinations that can be as useful as an Individual Taxpayer Identification Number (ITIN), but many people are not aware of its various applications. We’re here to demystify the ITIN.
Burr Forman
SEPTEMBER 27, 2023
On September 21, 2023, the CFPB announced it is undertaking a rulemaking process to remove medical bill tradelines from consumer reports and prohibit creditors from relying on medical bills during underwriting. Under the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA) and the Dodd-Frank Act, the CFPB is required to consult with representatives of small entities that would likely be directly impacted by the CFPB’s proposed regulations.
Account Recovery
SEPTEMBER 26, 2023
Collector Facing Class Action Over Fee in Itemization Table, Not Putting Anything on Back of MVN Judge Denies Defendant’s MSJ, Certifies Class in Case Over Info Visible Through Envelope Window TrueML Closing ERC’s Operation in Jacksonville; 164 Workers Affected Advocates Push for More Medical Debt Changes in Wake of CFPB Announcement WORTH NOTING: Why business […]
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
SEPTEMBER 29, 2023
Yesterday, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Second Circuit to reverse a district court’s decision finding a furnisher’s investigation of a consumer’s dispute and subsequent furnishing of the disputed information to be reasonable under the Fair Credit Reporting Act (FCRA).
TCPA
SEPTEMBER 26, 2023
Plaintiff Andrew Perrong is no stranger to the Eastern District of Pennsylvania, and on September 18, 2023, yet another of Perrong’s suits was partially dismissed on ATDS grounds. Perrong v. Bradford, et al., No. 2:23-cv-00510, 2023 WL 6119281 (E.D. Pa. Sept. 18, 2023). You can read our prior coverage of Perrong decisions here and here. … Continue reading "Another Day, Another ATDS Suit Dismissed in E.D.
Jimerson Firm
SEPTEMBER 29, 2023
Featured in the September 2023 Issue Partner’s Perspective: Navigating the Skilled Construction Labor Shortage In an ever-evolving landscape of business challenges, few issues have gripped the construction industry as tightly as the shortage of skilled labor. The headlines are dominated by statistics that tell a sobering tale of the struggle faced by construction businesses across the nation.
Account Recovery
SEPTEMBER 25, 2023
In a case that was defended by Rick Perr and the team at Kaufman Dolowich, a District Court judge in Illinois — on his own motion — has granted summary judgment in favor of a defendant on the remaining two counts in a Fair Debt Collection Practices Act case, ruling that using a local number […]
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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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