Account Recovery
JUNE 20, 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.
American Profit Recovery
JUNE 16, 2024
If you’re a small business owner and you’ve been trying to do the books yourself, take a few minutes to understand why hiring a bookkeeper can be a game-changer for your small business. We know that some of you out there continue to try and do everything in your small business, including all the invoicing, bookkeeping, and financial duties.
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Consumer Finance
JUNE 17, 2024
The CFPB filed a proposed order that would require Freedom Mortgage Corporation to pay a $3.95 million penalty for submitting error-riddled mortgage loan data.
UK debt collections
JUNE 19, 2024
The Construction sector was the worst hit industry for insolvencies in the year to April 2024, the Insolvency Service has revealed. Some 4,401 construction companies in England and Wales registered as insolvent in the period – 18 per cent of all businesses to do so. The figure is almost 500 more than the next worst-hit industry, wholesale and retail , which saw 3,906 insolvencies.
Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius
4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor
Account Recovery
JUNE 21, 2024
DISCLAIMER: This article is based on a complaint. The defendant has not responded to the complaint to present its side of the case. The claims mentioned are accusations and should be considered as such until and unless proven otherwise.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
JUNE 17, 2024
The CFPB ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes.
UK debt collections
JUNE 21, 2024
Latest figures from the Insolvency Service have shown that there were 2,006 business insolvencies in England & Wales in May 2024, a decrease of 6% when compared to April 2024 figures (2,144) and 21% lower than the same month in the previous year. The business consisted of 271 compulsory liquidations , 1,590 creditors’ voluntary liquidations (CVLs), 126 administrations and 19 company voluntary arrangements (CVAs).
Account Recovery
JUNE 21, 2024
Complaint Accuses Collector of Not Reporting Debt to CRAs, Leaving Blank Voicemails Appeals Court Reverses Dismissal of FCRA Dispute Case California DFPI Makes Changes to Licensing Assessments, Report Experian Sues Plaintiff’s Attorney Firm, Alleging Fraud and Racketeering WORTH NOTING: Meet the man who invented the highway rest area … Concerns about losing their homes to […]
Taurus Collect
JUNE 16, 2024
Managing compliance and regulations in collections can be challenging for lenders in the UK. Staying on top of these rules is essential to avoid penalties and ensure smooth operations. This blog post aims to provide clear guidance on what lenders need to know. We’ll cover key regulations and share tips for compliance. Understanding these elements can help lenders navigate the complexities of their industry.
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
JUNE 16, 2024
The CFPB filed an order to resolve its lawsuit against James R. and Melissa C. Carnes for fraudulent transfers to avoid paying restitution and penalties.
Jimerson Firm
JUNE 19, 2024
Navigating corporate disputes can feel like walking through a minefield. One misstep can result in costly and time-consuming legal battles that jeopardize relationships and the business. These five tips below can help you manage corporate disputes effectively without resorting to litigation. Tip #1: Know Your Governing Documents Knowledge is power during a corporate dispute.
Account Recovery
JUNE 20, 2024
Getting to Know Zack Ali of Cedar Financial and Remote Scouts Judge Grants MSJ For Defense in FDCPA Case Over Different Debt That Was Disputed Student Loan Debt to Have ‘Major’ Influence on How 30% of Consumers Vote: Survey Chatbots are Transforming Financial Services: Report WORTH NOTING: What we might be able to learn from […]
Credit Corp
JUNE 15, 2024
A business microloan is a loan of up to $50,000 that the US Small Business Administration (SBA) funds to help entrepreneurs grow their businesses. These loans offer repayment terms of up to six years, and interest rates typically range from 8%–13%. If your business lacks sufficient cash flow, your growth can become severely limited and your business may struggle to continue operations and expand.
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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.
Collections Law
JUNE 20, 2024
Unpaid debts are an inevitable problem when running a business, and they can cause significant stress and headaches. At the Law Offices of Alan M. Cohen & Associates LLC, our commercial collections attorneys have more than 50 years of experience helping Massachusetts and out-of-state creditors seek judgments from their debtors and collect on unpaid debts.
Qualco
JUNE 21, 2024
The retail industry is experiencing a significant shift with the rising demand for flexible financing options at the point of sale (POS). A study by Forrester Research revealed that businesses adopting online POS financing solutions experienced a 32% surge in sales. By simplifying the application process and offering immediate financing options, retailers can significantly enhance the shopping experience, encouraging higher transaction volumes and increased average order values.
Account Recovery
JUNE 19, 2024
Third Circuit Again Affirms Lower Court Ruling in FDCPA Case About BK Discharge of Debt Verizon Using Generative AI to Improve Customer Service Interactions Reverse Mortgage Companies to Pay $20M in Enforcement Actions with CFPB 22 Companies Seeking Collection Talent WORTH NOTING: Why Juneteenth is a holiday for all Americans … A “once-in-a-lifetime” event is […]
Burt and Associates
JUNE 20, 2024
Tips for Finance Managers In today’s fast-paced business environment, finance managers face significant challenges in promptly closing financial accounts. Delays in financial close can lead to missed deadlines, increased stress, and potentially costly errors. This blog post will provide practical tips to help finance managers streamline their processes and achieve timely financial close, easing frustrations and alleviating fears of missed deadlines.
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.
Debt Free Colorado
JUNE 18, 2024
Know How to Stop Creditor Harassment & Wage Garnishment Debt can be a heavy burden. There is a solution if you’re struggling to keep up with your financial obligations. You may be considering Chapter 7 bankruptcy. Consulting with a Chapter 7 bankruptcy attorney in Boulder, CO, can help determine if it is the right solution. This can be a complex legal process.
Collection Industry News
JUNE 21, 2024
Bad debt in the personal loans sector is increasing, with defaults highest in the education segment and lowest in housing, according to an RBI report. Non-performing assets or NPA in education personal loans are at 3.6 percent, compared to 1.8 percent in credit cards, 1.3 percent in auto loans, and 1.1 percent in housing loans, as per the central bank’s Financial Stability Report for June 2024.
Account Recovery
JUNE 18, 2024
Collector Facing FDCPA Class Action for Attempting to Collect on Settled Debt State Court Judge Dismisses Hunstein Class Action Chopra Publishes Op-Ed Promoting Medical Debt Credit Reporting Rule CFPB, Owners of Payday Lending Company Accused of Hiding Assets, Reach $7M Agreement WORTH NOTING: The Boston Celtics made NBA history last night … The states with […]
On Guard
JUNE 17, 2024
Research by Onguard earlier this year showed that almost half of organisations in the Netherlands have to wait more than 30 days for their invoices to be paid. The findings are confirmed in a recent study by Allianz, unveiling an increase in global DSO by +3 days in 2023. A high Days Sales Outstanding (DSO) means that it takes longer for a company to collect money from its customers after making a sale.
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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!
UK debt collections
JUNE 20, 2024
Latest data published by the Department for Levelling Up , Housing and Communities (DLUHC) show unpaid council tax debt has reached a total of £6 billion as of 31stMarch 2024. This shows a 9% year-on-year rise and an 71% increase since before the pandemic – the total outstanding arrears stood at £3.5 billion in 2019 to 2020. Over the same period, the average amount of unpaid council tax debt per StepChange client has risen by over 50% from £1,146 in 2019 to £1,726 in 2023.
Collection Industry News
JUNE 18, 2024
Experts are torn about where exactly the housing market is headed in the latter half of the year. “Mostly, we think the housing market is going to improve over the next half of the year,” Glenn Kelman, chief executive of Redfin, a real estate brokerage site, said on a May 22 appearance on CNBC’s “Money Movers.” “We’ve hit rock bottom in the first quarter of 2024 and I would expect the housing market to do a little bit better,” Kelman said.
Account Recovery
JUNE 18, 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?
Account Recovery
JUNE 17, 2024
A District Court judge in Arizona has granted a motion to dismiss filed by the defendants in a Fair Debt Collection Practices Act case, ruling that the plaintiff already had one kick at the can in a nearly identical lawsuit against the defendants and thus can’t be allowed a second kick.
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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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