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When individuals or businesses fall behind in payments, the situation often results in frustration and a breakdown in communication for both the debtor and the creditor. Falling on hard times or being unable to meet financial obligations is never a smooth process, but there are steps creditors can take to create better relationships with debtors. Building positive relationships, or at least productive ones, goes beyond the baseline step of following the Fair Debt Collection Practices Act (FDCPA)
Just as technology has evolved leaps and bounds, so have consumer communication preferences, especially when it comes to debt collection. The Consumer Financial Protection Bureau (CFPB) recognized in Regulation F—rules updating the Fair Debt Collection Practices Act (FDCPA)—that consumers in debt want to communicate with debt collectors through digital channels, like email and SMS.
Buried inside a resolution introduced last week in the House of Representatives that seeks to codify that access to utilities, such as heat, water, and electricity are human rights is language that would ban the sale of uncollected household debt to collection agencies and filing “adverse” reports with credit reporting agencies, among other provisions.
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?
When selling your goods and services to another business, it's wise for both parties to sign a legally-binding agreement. This agreement will set expectations for both parties as well as provide proof of the arrangement if one of the parties doesn't come through. A contract is an invaluable record that you and your business client are willingly working together.
Disgruntled Airbnb guests are taking to Twitter and TikTok to vent about everything from cleaning fees to misleading listings. But they aren’t the only ones with complaints: Airbnb hosts themselves have become increasingly disillusioned with the platform and its disrespectful guests. On message boards and Facebook groups, hosts are sharing their own challenges and horror.
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Disgruntled Airbnb guests are taking to Twitter and TikTok to vent about everything from cleaning fees to misleading listings. But they aren’t the only ones with complaints: Airbnb hosts themselves have become increasingly disillusioned with the platform and its disrespectful guests. On message boards and Facebook groups, hosts are sharing their own challenges and horror.
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? Call … The post Collector Facing Class Action for Allegedly Shortening Validation Period appeared first on AccountsRecovery.net.
To encourage parties to transact with debtors in bankruptcy, the Bankruptcy Code in corporate bankruptcies provides highest priority to “administrative expenses,” which include “the actual, necessary costs and expenses of preserving the estate.” 11 U.S.C. § 503(b); id. § 507(a)(2). Section 365 of the Bankruptcy Code permits the assumption or rejection of any executory contract—a contract in which the parties have ongoing duties of performance to each other
Some would-be home buyers are rooting for a full-on housing market crash because prices have zoomed so far past the point of affordability. Please “crash faster so I might be able to own my own place one day,” a Twitter user pleaded. Another user tweeted, “Let’s hope there’s a housing market crash so people have. Holden Lewis writes for NerdWallet. Email: hlewis@nerdwallet.com.
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.
TAMPA, Fla. – Sept. 26, 2022 – ProVest, an industry leader in serving legal process,announced a new compliance solution for its clients. Clients can now follow each audit step taken on every job in the ProVest QA PDF document. Files can be exported and stored on the client’s system for easy retrieval and used as … The post ProVest Introduces a Compliance Solution appeared first on AccountsRecovery.net.
Anyone working in the collections space should be familiar with the federal Fair Debt Collection Practices Act (“FDCPA”) and its regulation, Regulation F; but did you know that there are multiple debt collection laws and regulations at the state and local level too? State and local laws and regulations often mirror aspects of the FDCPA, however, there are a handful which are remarkably different from the FDCPA.
Gas inflation has broken records at a dizzying pace: In June 2022, the national average gas price hit a high of more than $5 per gallon, according to data from the U.S. Energy Information Administration. Simultaneously, the Consumer Price Index, which measures how the cost of consumer goods and services changes over time, saw its. Hillary Crawford writes for NerdWallet.
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.
The Federal Communications Commission yesterday announced a Notice of Proposed Rulemaking that seeks to crack down on illegal and fraudulent text messages, finally taking action more than a year after initially announcing the proposal. The number of complaints received by the FCC related to unwanted text messages increased by 146% between 2019 and 2020, and … The post FCC Starts Rulemaking Process to Block Unwanted Text Messages appeared first on AccountsRecovery.net.
Medicare Part D notices (of either creditable or non-creditable coverage) are due for distribution prior to October 15th. . The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 requires entities who offer prescription drug coverage to notify Medicare Part D eligible individuals whether their prescription coverage is creditable coverage.
A leading Debt Collection Agency in the UK has been enlisted by the world’s longest running television soap to assist them with script writing for storylines. Coronation Street is watched by millions of television viewers every week in the UK and attracts a worldwide audience also. They are reportedly running a storyline involving Professional Debt Collectors and approach award-winning debt collection agency Federal Management for assistance.
Fraud is a persistent problem for the insurance industry, and it’s one we all pay for. The Coalition Against Insurance Fraud estimates it costs insurers $308.6 billion a year industrywide, leaving customers to recoup the losses with higher rates. People commit life insurance fraud to the tune of $74.7 billion a year, according to the. Katia Iervasi 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.
The threshold for establishing that you suffered a concrete injury in violation of the Fair Debt Collection Practices Act upon receiving a collection letter may be higher than its ever been for a plaintiff, but I think everyone can agree that claiming you did not even appear to read it is going to cause problems … The post Not Reading Collection Letter Leads Judge to Remand FDCPA Case Back to State Court appeared first on AccountsRecovery.net.
A recent federal court decision from the Northern District of Texas offers some useful lessons and insights for creditors relying on the Military Lending Act’s (MLA) safe harbors for verifying whether a consumer is a “covered borrower.”. In Greenwood v. Cottonwood Financial, Ltd. , 2022 WL 3754706 (N.D. Tex. 2022) ( see also court decision here ), the plaintiff obtained a high-APR cash advance from a lender that used status reports from a nationwide consumer reporting agency (CRA) to verify appl
Home. Blog. FICO. Meet Our 2023 FICO Decisions Awards Judges. Panel of 8 global experts to review outstanding results with AI, machine learning and digital transformation. Saxon Shirley. Thu, 05/12/2022 - 10:29. by Nikhil Behl. expand_less Back To Top. Thu, 09/29/2022 - 15:15. FICO has announced its panel of independent judges for the 2023 FICO® Decisions Awards , which honor businesses achieving outstanding results using analytics and decision management technology to grow their business, mana
Years ago, there were business travelers and there were leisure travelers, and nary did the perks of the high-flying former trickle down to the economy-focused latter. Airport lounges that offer cozy chairs, free buffet spreads and an open bar while you wait to board? Those were reserved for the business traveler in the tailored suit. Erin Hurd 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.
A nonprofit healthcare system that is already being sued by the Attorney General of Washington for its debt collection practices has now been spotlighted by The New York Times for the “pressure” it put on patients to pay their debts, even though they may have been eligible for charity care. The article shares details of … The post Article Details Collection Efforts of Nonprofit Hospital From Individuals Eligible for Charity Care appeared first on AccountsRecovery.net.
Please join Troutman Pepper Partner Chris Willis and his guests and colleagues Alan Wingfield and Brooke Conkle as they discuss the Federal Trade Commission’s (FTC) recent Notice of Proposed Rulemaking governing voluntary products in automobile finance transactions. During the podcast, they examine the requirements imposed on both advertising practices and the sales process and what it means for the automotive industry.
Greg Meese and Ed Purcell will be presenting a nation-wide webinar for Thomson Reuter’s West Legal Education Center entitled “Rules of the Road-Siting Small Wireless Facilities in the Public Rights-of-Way” on October 5, 2022 at 12:00 p.m. Fifth generation (“5G) wireless technology is the future of communications in the United States. Small wireless facilities, located in every city’s public right-of-way, will be needed to roll out these new 5G services.
While inflation is pushing up prices for almost everything else, Medicare is about to be less expensive. Medicare Part B premiums will go down for 2023, according to an announcement Tuesday by the Centers for Medicare & Medicaid Services, or CMS. The monthly premium for Medicare Part B will fall to $164.90 in 2023 for. Alex Rosenberg writes for NerdWallet.
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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