Direct Recovery
JUNE 7, 2022
Getting hassled about an outstanding collection account over social media is the last thing any consumer wants to deal with. Still, many collection agents argue that it is the most productive means of communication in 2022. Because of that, changes have been made to update the rules and regulations that govern those collection efforts and how they impact consumers.
Nexa Collect
JUNE 4, 2022
Many collection agencies have shut down recently due to the following reasons. Covid-19 Pandemic : Collection agencies were barred from collecting money in many states during the pandemic, impacting revenue from existing accounts. Moreover, the new business had stopped coming since people were not going to their offices and debt recovery was the last thought in their minds.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Account Recovery
JUNE 10, 2022
The Consumer Financial Protection Bureau yesterday announced it has opened an inquiry and is soliciting information from the public regarding debts that are owed by employees to their employers, often through requirements that employees pay for equipment, training, or other supplies. A copy of the announcement can be accessed by clicking here. The announcement from … The post CFPB Opens Inquiry Into Employer-Driven Debt appeared first on AccountsRecovery.net.
American Profit Recovery
JUNE 9, 2022
Every now and then we will hear this when talking to a consumer and it always reminds me just how important of a role a debt collector plays in the economy. While the person owing the debt may not understand, we have to walk a very thin line at times. This means understanding why the consumer was actually sent to collections. What is our client and many other businesses experiencing across the country that brought us to this point?
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.
Enterprise Recovery
JUNE 10, 2022
When your business contracts with another business, there's an expectation that both parties will honor their obligations, including paying on time. If your clients or business partners aren't following through, your accounts receivable department must devote time and resources in an attempt to collect. Or you can outsource the problem to a collections agency that focuses on this type of debt and respects your client/business relationship.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
JUNE 9, 2022
GETTING TO KNOW DALE WATTS OF ARMSTRONG AND ASSOCIATES Reading his answers, how could anyone not want to work for Dale Watts? I’m not sure about you, but he had me at forcing all his staff to take an hour-long lunch break every day. We could all stand to learn a little something from Dale, … The post Daily Digest – June 9. Getting to Know Dale Watts of Armstrong and Associates; Appeals Court Denies En Banc Request in FDCPA Case appeared first on AccountsRecovery.net.
Consumer Finance
JUNE 8, 2022
Today the Consumer Financial Protection Bureau (CFPB) took action against the owner of a student-loan debt relief company for allegedly withdrawing hundreds of thousands of dollars from student borrowers’ bank accounts, without authorization. The CFPB alleges that Frank Gebase, Jr. controlled a company that took the borrowers’ money after obtaining their names and account information from a previous student-loan debt-relief scammer that the CFPB shut down.
Prosperity Now
JUNE 9, 2022
State legislatures file, introduce and pass thousands of bills each year.
Nerd Wallet
JUNE 7, 2022
Home prices continued to reach for the sky in the first quarter of 2022, despite the fact that winter is typically the least expensive time of year to buy. With high prices paired with still-shrinking inventory, a competitive market became even more difficult to navigate. This report marks two years since NerdWallet began analyzing quarterly. Elizabeth Renter 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.
Account Recovery
JUNE 8, 2022
A District Court judge in Indiana has denied a plaintiff’s motion for reconsideration after partially granting a defendant’s motion for summary judgment, ruling that the Court did not make an error by misinterpreting Section 1692e(8) of the Fair Debt Collection Practices Act. A copy of the ruling in the case of Johnson v. Waypoint Resource … The post Judge Denies Plaintiff’s Motion for Reconsideration in FDCPA Case appeared first on AccountsRecovery.net.
Consumer Finance
JUNE 7, 2022
Today, the Consumer Financial Protection Bureau (CFPB) issued an order to terminate Upstart Network from its list of approved “no-action letters.” The CFPB had granted special regulatory treatment to Upstart by immunizing the lender from being charged with fair lending law violations with respect to its underwriting algorithm, while the “no-action letter” remained in force.
Fraser
JUNE 10, 2022
Five Stories that Matter in Michigan This Week – June 10, 2022; Legal, Legislative, and Regulatory Insights. Wayne County Announces $54 Million Fund for Small Businesses. A new $54 million fund to support small businesses, called the Wayne County Small Business Hub, was announced at last week’s Detroit Regional Chamber’s Mackinac Policy Conference (“Mackinac Conference”).
Nerd Wallet
JUNE 10, 2022
In this series, NerdWallet highlights people’s debt payoff journeys. This month, Kenley Young recounts how he combined lots of tools for cutting debt, with knowledge he gained working at NerdWallet, to wipe out credit card debt. Kenley Young Paid off: More than $20,000 in 5 years In the first week of 2022, I checked off. Kenley Young writes for NerdWallet.
Advertisement
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.
Account Recovery
JUNE 7, 2022
A bill has been introduced in the House of Representatives that would allow credit repair organizations to file direct disputes with furnishers on behalf of consumers, and require furnishers to respond directly to credit repair organizations with the results of a dispute investigation. Details about the bill – H.R.7919 – can be accessed by clicking … The post Bill Introduced in House to Allow CROs to Dispute Debts Directly With Furnishers appeared first on AccountsRecovery.net.
Consumer Finance
JUNE 8, 2022
The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into practices and financial products that may leave employees indebted to their employers. In today’s Request for Information, the CFPB seeks data about, and worker experiences with, these emerging practices and financial products referred to as employer-driven debt.
Public Citizen
JUNE 6, 2022
For the second time in the space of two weeks, the Supreme Court issued a narrow, but unanimous, decision against a company seeking arbitration. Today's decision in Southwest Airlines v. Saxon , like the one two weeks ago in Morgan v. Sundance, Inc. , involved an employment arbitration agreement, not a consumer agreement. And the specific issue decided today, concerning the scope of the Federal Arbitration Act's exclusion of arbitration agreements involving transportation workers, arises
Nerd Wallet
JUNE 9, 2022
Losing your job is stressful enough on its own. Meanwhile, you still need to put food on the table, a roof over your head and manage other financial obligations. While it may feel like everything is out of your control, there are steps you can take to manage your finances and resources you can use. Kelsey Sheehy writes for NerdWallet. Email: ksheehy@nerdwallet.com.
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.
Account Recovery
JUNE 10, 2022
In yet another sign that consumers are struggling financially, the number one reason why online payments declined in April was because of insufficient funds in their accounts, according to a published report. More than one-quarter of consumer payment declines were due to insufficient funds, compared with 18% in March, according to the report. After insufficient … The post Economic Data Continues to Show More Consumers Struggling to Make Ends Meet appeared first on AccountsRecovery.net.
Collection Industry News
JUNE 5, 2022
Source: site. The Consumer Financial Protection Bureau (CFPB)’s decision to establish supervisory powers over nonbank financial institutions will level the playing field and subject those companies to much-needed scrutiny, credit union trade groups informed the agency Tuesday. “These business models of nonbank providers often rely on avoiding accountability and prudent regulation,” Alexander Monterrubio, senior director of advocacy and counsel for consumer protection at the Credit Union Natio
UK debt collections
JUNE 9, 2022
As the UK’s economic situation continues to deteriorate, businesses in Yorkshire face a front-line battle against invoice late payment. Many Yorkshire based Businesses are starting to show signs of increasing financial problems. This is due to larger amounts of debt being owed and increasing numbers of businesses failing to pay invoices. Yorkshire is the biggest county in the UK.
Nerd Wallet
JUNE 10, 2022
As prices on goods and services continue to rise because of inflation, scaling back expenses isn’t the only way to free up cash to cover essentials. Credit cards can feature valuable perks for new applicants, whether your goal is to pay off debt or save on costs. Even if you already have a card, you. Melissa Lambarena writes for NerdWallet. Email: mlambarena@nerdwallet.com.
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?
Account Recovery
JUNE 6, 2022
A Bankruptcy Court judge in New York has certified a class of nearly 300,000 consumers for whom a furnisher failed to update their credit reports to discharged via bankruptcy from charged off while also sanctioning the furnisher for “repeated, lengthy, and willful discovery failures” including the submission of false affidavits and repeated misrepresentations to the … The post Judge Sanctions Defendant, Certifies Class of 300k Who Did Not Have Credit Reports Updated After BK Di
Public Citizen
JUNE 9, 2022
Here , from Business Insider. Painful reading, especially for those of us in education.
UK debt collections
JUNE 8, 2022
Letters being sent by a Debt Collection Agency to drivers who fail to pail Tyne Tunnel fees are “initimidating and misleading” debt charities have warned. The Debt Collection letters advise of potential fines and even criminal convictions. The letters also warn of further debt collection costs, high court orders and even bankruptcy. TT2 which is the Operator of the Tyne Tunnel said the wording in the debt collection letters was “fair and appropriate” and was in line with
Nerd Wallet
JUNE 6, 2022
Summer is a time for gathering with friends and family, but with more activity and travel comes increased risk of accident and injury. Some of these incidents could cost you thousands of dollars if you don’t have the right insurance coverage. Here’s how to make sure you’re properly covered for some common summer scenarios so. Ciarra Jones writes for NerdWallet.
Advertisement
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.
Expert insights. Personalized for you.
52 
Let's personalize your content