Account Recovery

JANUARY 9, 2025

The credit card debt picture for consumers is getting uglier and uglier by the day. A pair of reports released this week paint a picture that is increasingly bleak for consumers, who are falling further and further behind on their credit card payments and paying less and less of their debts off every month. Nearly half (48%) of credit cardholders are carrying a balance month-to-month, according to Bankrate’s November 2024 data.

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Credit Card Debt 130

American Profit Recovery

JANUARY 6, 2025

Active listening is something our professional debt collectors practice and implement daily here. In fact, we would go as far as to say that it is one of the foundations of how we operate. In all aspects of life and business, listening is one of the most critical skills we can master. And as a collection agency working with small businesses and large organizations, it is a must for us to carry out our mission.

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Collections Debt collector Collections Agency Collection Agencies 173

Enterprise Recovery

JANUARY 10, 2025

As accounts receivable (A/R) become delinquent, your business expenses could fall behind. With every late-paying client, cash flow for payroll, rent, or other vendors falls short, threatening your company's bottom line and growth. The effectiveness of your A/R department may be one of the most important measurements to determine the success of your business.

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Collections 146

Consumer Finance

JANUARY 6, 2025

Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to ban the inclusion of medical bills on credit reports used by lenders and prohibit lenders from using medical information in their lending decisions.

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Lender 145

Speaker: Debra L. Robinson

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.

Account Recovery

JANUARY 7, 2025

The Consumer Financial Protection Bureau this morning announced the release of its final rule prohibiting the inclusion of medical debt on consumer credit reports. This rule is expected to remove $49 billion in medical debt from credit reports, impacting approximately 15 million consumers. Additionally, it bars lenders from considering medical information in credit decisions, addressing concerns about the fairness and accuracy of medical debt in credit assessments.

Lender 246

Lender Consumer Credit Loans Healthcare 246

True Accord

JANUARY 7, 2025

The terms “omnichannel” and “multi-channel” are frequently used to describe consumer outreach strategies, and while they may sound similar, the differences between these approaches are crucial, especially for effective debt collection. Lets break down the key differences between omnichannel and multi-channel communications, particularly in the context of debt collection, and why these distinctions matter more than ever.

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Collections Debtor 94

Consumer Finance

JANUARY 6, 2025

The CFPB sued Experian, the nationwide consumer reporting agency, for unlawfully failing to properly investigate consumer disputes.

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Account Recovery

JANUARY 8, 2025

The Consumer Financial Protection Bureau yesterday announced it has filed a lawsuit against Experian, one of the nation’s largest credit reporting agencies, accusing it of systemic failures in handling consumer disputes. The suit could have widespread implications for credit reporting practices, debt collection, and consumer financial protections.

Loans 130

Loans Collections 130

Hudson Weir

JANUARY 10, 2025

Businesses rely on steady cash flow to operate smoothly, and unpaid invoices can create major hurdles With this in mind, you might wonder: what is a letter before action and how can it help recover debts? UK small businesses face an average of 22,000 in overdue payments, translating to an economic loss of 2.5 billion annually. In fact, customers paid nearly 50% of small businesses invoices late between June 2023 and June 2024, according to Apollo.

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Debt Recovery Creditors Government Collections Agency 59

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.

Banks

FFGN COLLECT NY

JANUARY 5, 2025

With the new year comes an increase in the minimum wage in New York. The new rate depends on the region where the employee works. As of January 1, 2025, the state minimum wage increased by $0.50. In many parts of New York, the minimum wage is now $16.50, more than double the $7.50 federal minimum wage. Will the new minimum wage affect debt collection?

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Garnishment Collections Judgment 52

Consumer Finance

JANUARY 5, 2025

The CFPB sued Vanderbilt Mortgage & Finance for setting families up to fail when they borrowed money to buy a manufactured home.

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Manufacturing Loans 126

Account Recovery

JANUARY 10, 2025

EDITORS 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 (855) WEB-RECON or email admin@webrecon.net today!

Original Creditor 130

Original Creditor Fair Debt Collection Creditors Collections 130

PDC Flow

JANUARY 9, 2025

We are thrilled to announce PDCflow has been recognized with the Best Customer Support Badge by Software Advice , a leading software recommendation engine that helps businesses find the right software. This Best of badges program is an independent assessment that evaluates user reviews to help buyers identify highest-rated software companies in specific categories that offer the most popular solutions.

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Collections 52

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Collection Agencies

NCBA Law Practice Management Blog

JANUARY 5, 2025

If youve been following the news about lawyers use of artificial intelligence, youll know that hallucinations have been an issue. When a generative AI tool, like ChatGPT , hallucinates , it essentially makes things up. Now, thats a problem if, say, youre an attorney adding a court case to a legal brief, that youll submit to the court. Theres a whole line of caselaw , about how bad this can be, starting with Mata v Avianca.

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Lawyers Law Firms Judgment Creditors 52

Consumer Finance

JANUARY 6, 2025

The CFPB sued Experian, the nationwide consumer reporting agency, for unlawfully failing to properly investigate consumer disputes.

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Account Recovery

JANUARY 9, 2025

A District Court judge in Illinois has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case, ruling the plaintiff lacked standing after alleging violations related to a disputed debt originating from identity theft. The background: The case stemmed from a credit card account fraudulently opened in the plaintiff’s name with a retailers branded credit card.

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Fair Debt Collection Retail Banks Collections 130

Burt and Associates

JANUARY 10, 2025

Financial health is the backbone of long-term success for small business owners. While revenue growth and customer acquisition are often the focus, effective debt management is equally critical. One tool that stands out in managing debts and ensuring steady cash flow is amortization —a concept that can make seemingly insurmountable debts manageable and predictable.

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Retail Acquisition Loans Debt Recovery 52

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.

Collections Law

JANUARY 9, 2025

Before a business owner can file a mechanics lien for an unpaid construction or building debt, they must first establish a contract by filing a notice of contract. What is a notice of contract and why do you need it for a mechanics lien? At Law Offices of Alan M. Cohen & Associates LLC, our commercial collections attorneys have more than 50 years of experience helping Massachusetts business owners ethically collect their unpaid debts.

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Mechanic’s Liens Construction Commercial Collection Lawyers 52

Consumer Finance

JANUARY 9, 2025

Today, the CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms.

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Account Recovery

JANUARY 10, 2025

Fifty-three state financial regulatory agencies have imposed a $20 million penalty on Bayview Asset Management LLC and its affiliates Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings for inadequate cybersecurity practices and delayed compliance with state regulators. The coordinated enforcement action follows a 2021 data breach impacting 5.8 million consumers.

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Loans 130

Credit Corp

JANUARY 8, 2025

Personal loans are a flexible type of financing that allows you to borrow money from banks and lenders and use that money however you see fit. You can typically use these loans however you want, with some offering interest rates as low as 5.91%. For references, thats lower than most credit cards and other higher-interest forms of financing. However, knowing how to get a personal loan can help you find a lender who meets your needs, making it easier to qualify for the lowest rate possible.

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Personal loans Loans Lender Credit Unions 52

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Collections

NCBA Law Practice Management Blog

JANUARY 5, 2025

For anchor law firm software, like case management software even if you dont like what youre using, you may feel like youre stuck. With so much data stored in those systems, and so many integrations linked to them, it may seem impossible to move even if you have eyes for a new platform. However, while transitioning from one case management software to another is difficult its not impossible.

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Law Firms Creditors 52

Consumer Finance

JANUARY 7, 2025

The CFPB issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard setting body under the CFPBs Personal Financial Data Rights rule.

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Banks 88

Account Recovery

JANUARY 7, 2025

Ask a group of people to sum something up in one word and it paints an interesting picture. The words used by a handful of professionals from across the credit and collection industry to describe 2024 paint a picture of hope, of optimism, of an excitement for what the future is going to bring. Check out what has these executives so stoked about what happened in 2024 and what it will mean in 2025.

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Acquisition Collections 130

Account Recovery

JANUARY 10, 2025

A Florida Appeals Court has upheld the dismissal of a case that hinged on whether claims filed under the Florida Consumer Collections Practices Act (FCCPA) were assignable to third parties. This ruling could have significant implications for debt collection practices and the legal strategies employed by both consumers and collection agencies. The background: The case began when a residential tenant failed to pay rent for four consecutive months, prompting the defendant to post an 8-Day Notice on

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Fair Debt Collection Collections Agency Collection Agencies Consumer Collections 130

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.