Account Recovery
MAY 30, 2023
Putting perhaps the final nail in the moratorium on student loan payments is a clause in the deal worked out between President Joe Biden and House Speaker Kevin McCarthy to suspend the debt ceiling that ends the pause within 60 days after June 30 once the bill is signed into law.
JMA
MAY 29, 2023
Managing debts is a critical aspect of running a business, and understanding industry-specific challenges is key to successful debt collection and recovery. To make this easier, we have put together some information about the unique obstacles faced in various industries and provide practical solutions to manage debts effectively. Debt Management Challenges by Industry Debt management.
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Collections Law
MAY 29, 2023
You went to the trouble of getting a judgment against your delinquent debtor and now what? They still won’t pay. It’s enough to make you grind your teeth in frustration. Luckily, Massachusetts law offers a way to follow the money after a judgment goes unpaid. It’s called “Rule 69 discovery.” Rule 69 of the Massachusetts Rules of Civil Procedure gives creditors the power to enter into a discovery process after the judgment has been entered.
Account Recovery
MAY 31, 2023
During this, The Great Resignation Era, I thought it would be helpful to start a regular posting of different jobs within the accounts receivable management industry that I have found online. Please make sure to do your own due diligence before applying for a position included here or accepting any offers.
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.
JMA
MAY 29, 2023
Setting realistic debt recovery goals is crucial for businesses aiming to improve their financial health. In this article, we will walk you through the process of establishing achievable goals and tracking your progress. If you need assistance with debt recovery for your business in Australia, JMA Credit Control is here to support you every step. Read more » The post How to Set Realistic Debt Recovery Goals and Track Progress appeared first on JMA Credit Control.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
MAY 31, 2023
The Consumer Financial Protection Bureau published an issue spotlight on digital payment apps heavily used by consumers and businesses.
Account Recovery
JUNE 2, 2023
The governor of Nevada this week vetoed a bill that would have required collectors to provide payoff letters and satisfaction letters to individuals who request them while also creating a private right of action against collectors that failed to provide those letters, and revising the way collectors were required to notify individuals with unpaid medical …
Credit Corp
JUNE 1, 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. Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® or VantageScore 4.0®.
True Accord
JUNE 1, 2023
Outbound calling has been the main mode of collections for decades, but the cost of a call center or in-house full-time employees (FTEs) making calls is no longer justifiable when most consumers simply don’t answer the phone, on top of the mounting compliance restrictions limiting opportunities to call in the first place. But outbound dialing isn’t completely obsolete—digital-first omnichannel strategies can turn traditional call-and-collect operations around by integrating new digital channels
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
MAY 30, 2023
The Consumer Financial Protection Bureau (CFPB) has ordered installment lender OneMain Financial to pay $20 million in redress and penalties for failing to refund interest charged to 25,000 customers who cancelled purchases within a purported “full refund period,” and for deceiving borrowers about needing to purchase add-on products to receive a loan.
Account Recovery
JUNE 2, 2023
COLLECTOR FACING CLASS-ACTION FOR MAKING ‘FALSE’ DISCLOSURE ON BACK OF MVN The back of the Model Validation Notice is a blank canvas that collectors can use to provide some of the many additional disclosures that are required under different state laws.
Credit Corp
MAY 30, 2023
Bankruptcy can happen to anyone—despite their best efforts. And while most people understand that bankruptcy is generally bad for them, many don’t realize the details of how it can impact you. Read below to find out what happens to your credit score after bankruptcy and what you can do to repair your credit afterward. What Happens to Your Credit Score after Bankruptcy?
Fraser
MAY 31, 2023
The IRS has released its 2024 annual inflation adjustments for Health Savings Accounts (“HSAs”) as determined under Section 223 of the Internal Revenue Code. Specifically, IRS Revenue Procedure 2023-23 provides the adjusted limits for contributions to a HSA, as well as the high deductible health plan (“HDHP”) minimums and maximums for calendar year 2024.
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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.
Consumer Finance
MAY 31, 2023
Keeping money inside your nonbank payment app might feel the same as a keeping money in a traditional bank account. But the money in your app might not be held in an account at an FDIC member bank or NCUA member credit union and may not offer federal deposit insurance.
Account Recovery
JUNE 2, 2023
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?
Credit Corp
MAY 30, 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. You can request the removal of hard inquiries from your credit report by pointing out unauthorized checks or going through a formal dispute process with major credit agencies.
Fico Collections
JUNE 1, 2023
Home Blog Feed test Artificial Intelligence: From Hollywood to the Mainstream Artificial intelligence has gone from Hollywood concept to an everyday fact. This post explores applications and considerations for AI in financial services. Thu, 06/01/2023 - 09:03 Saxon Shirley by TJ Horan Vice President, Product Management expand_less Back to top Thu, 06/01/2023 - 09:00 Up until just a few years ago, artificial intelligence (AI) was something you mainly heard about in movies like 2001: A Space Odyss
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.
Consumer Finance
MAY 31, 2023
Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations.
Account Recovery
JUNE 2, 2023
A District Court judge in Pennsylvania has denied a defendant’s motion to set aside a default judgment against it in a Fair Debt Collection Practices Act and Fair Credit Reporting Act case, ruling that it has not submitted enough evidence to prove that service of the lawsuit was ineffective, and because default judgments have been …
Credit Corp
MAY 30, 2023
The number on your credit card is more than a passcode to payments when you swipe your card. Many of the digits have a specific meaning. Find out what a credit card number is, what it means, and why it matters. In This Piece What Is a Card Number? How to Tell the Credit Card Type by the First Four Digits Finding the Right Credit Card What Is a Card Number?
Troutman Sanders
JUNE 2, 2023
As any Wall Street litigator knows, in the securities industry, it is typical for brokerage firms to incentivize their employed financial advisers with significant upfront compensation at the beginning of a relationship or even at the beginning of each new financial year. These up-front payments are often structured as “forgivable loans” and memorialized in promissory notes.
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?
Fico Collections
JUNE 2, 2023
Home Blog Feed test Icing on the Cake: How the FICO Score and alternative data work best together Significant attention has been paid recently to the potential for use of alternative data to enhance the predictiveness and inclusiveness in credit scoring. Tue, 04/25/2023 - 18:03 JenniferPiccinino@fico.com by Can Arkali expand_less Back to top Fri, 06/02/2023 - 19:15 Significant attention has been paid recently to the potential for use of alternative data (i.e., consumer data not present in the tr
Account Recovery
JUNE 2, 2023
A healthcare provider that operates more than 100 hospitals and clinics in Minnesota and Wisconsin finds itself in the spotlight today for its policy of withholding care from patients who have unpaid medical debts.
Credit Corp
JUNE 1, 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. An ACH transfer is an electronic method of moving money from one bank to another via the Automated Clearing House (ACH).
NCBA Law Practice Management Blog
JUNE 2, 2023
If you’ve been following the legaltech news, even tangentially, you’ll likely have heard of the term ‘law practice management software’ – which is effectively a relational database for case management -- that can also include almost of the related data for your cases, in its cloud iteration, via integrations. And, if you’ve heard of case management software, you’ve probably also heard of ‘client portals ’, which is a way for law firms to share information hosted or available through the case man
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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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