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Listening to customers keeps them happier, boosts retention and helps companies identify areas of improvement. In debt collection, listening is a key skill to look for in a new hire. It is an essential part of consumer interactions, determining the success (or failure) of the calls your agents make. Deep Listening. Communication and collections professional Mary Shores is a vocal advocate of listening to consumers.
In today's environment, how do you transform your debt resolution function and create lasting success? Hoist Finance, the consumer debt purchaser working with banks and financial institutions across Europe, has had tremendous resultswith digital collections using the FICO® Platform. In fact, Hoist Finance and FICO just won the Best Use of Technology category in the Credit Excellence Awards 2021.
Source: site. President Joe Biden‘s push for Federal Trade Commission rules protecting consumer data privacy highlights ties between tech companies’ power and the personal information they collect. Biden urged the FTC to write rules governing “the surveillance of users” in a wide-reaching executive order on competition, singling out unfair data collection practices that could damage competition and consumer privacy.
The Court of Appeals for the Seventh Circuit has affirmed the rulings from District Court judges in a consolidated appeal of seven Fair Credit Reporting Act cases in which the plaintiffs sued credit reporting agencies because they allegedly did not properly investigate claims that debts being reported by debt buyers on the plaintiffs’ credit reports … The post Appeals Court Affirms Ruling For Defendants in FCRA Cases Over Ownership of Debts appeared first on AccountsRecovery.net.
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?
Hey, internet: Remember millennials? Many of us have graduated from our lattes and leisurely brunches to become parents with jobs, car loans and perhaps even a mortgage. On our road to adulthood, we’ve experienced two global crises — a recession and a pandemic. Many of us are also still carrying mountains of student debt. These. Amrita Jayakumar writes for NerdWallet.
Construction equipment companies have an ongoing requirement for debt collection from businesses (and sometimes individuals) who do not pay the agreed-upon rental dues on time. Dealers of heavy construction equipment, like Bobcat , Kubota Center, and John Deere , forward accounts to a collection agency after their own reminders and requests to pay have failed.
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Construction equipment companies have an ongoing requirement for debt collection from businesses (and sometimes individuals) who do not pay the agreed-upon rental dues on time. Dealers of heavy construction equipment, like Bobcat , Kubota Center, and John Deere , forward accounts to a collection agency after their own reminders and requests to pay have failed.
The Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC) today announced the joint release of an enhanced version of the award-winning financial education curriculum, Money Smart for Older Adults. The enhanced version includes a new section to help people avoid “romance scams” and an updated resource guide.
On many of my webinars, attorneys have exhorted companies in the accounts receivable management industry from being creative, at least when it comes to making required disclosures. Getting cute or creative is rarely a good idea. Now, the Eighth Circuit Court of Appeals has jumped on board this train, ruling that the use or boilerplate … The post Appeals Court Rules Boilerplate Disclosures Do Not Turn Letter into FDCPA Communication appeared first on AccountsRecovery.net.
Stuffed with industry jargon and legalese, your home insurance policy isn’t exactly light reading — but that doesn’t mean you should toss it in a drawer without a glance. After all, the words in that policy could mean the difference between being completely covered for a disaster or having to pay thousands of dollars to. Sarah Schlichter writes for NerdWallet.
For those health care practitioners who want to reap the benefits of automating their account receivable (AR) processes, we offer here a few tips on how to make this transition from paper invoices and bills to streamlined digital AR functions and operations. Manual AR still constitutes an expensive financial loss for some providers, and while they may want to change things, many don’t know where to start.
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.
A core pillar of promoting and sustaining widespread access to credit is ensuring high levels of financial literacy. Unfortunately, the U.S. lags behind many other countries in financial literacy, meaning millions of Americans lack the resources they need to chart a healthier financial future. But thanks to nonprofit organizations like Operation HOPE — which collaborates with financial institutions, corporations, municipal agencies, and community organizations to help low- and mid-income America
APPEALS COURT AFFIRMS RULING FOR DEFENDANTS IN FCRA CASES OVER OWNERSHIP OF DEBTS The Court of Appeals for the Seventh Circuit has affirmed the rulings from District Court judges in a consolidated appeal of seven Fair Credit Reporting Act cases in which the plaintiffs sued credit reporting agencies because they allegedly did not properly investigate … The post Daily Digest – July 16.
A lot has changed in the travel world since the pre-pandemic days of 2019. Even if it seems like your life is going back to normal — you’re back in the office, you’re going out sans mask and your social calendar is once again busy — the travel industry is far from normal. Almost everything. Sally French writes for NerdWallet. Email: sfrench@nerdwallet.com.
On Wednesday, August 25, 2021 from 12:00 PM-1:00 PM, three of our partners will present Navigating the Post-Pandemic Era of Rapidly Escalating Construction Prices: A Panel Discussion on Trends, Tips and Best Practices. This lively panel discussion, hosted virtually, will discuss the hot button issue of the rapid escalation of construction material and labor prices that has been experienced across the construction industry during the post-pandemic economic recovery.
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.
A District Court judge in Michigan has granted a defendant’s motion for summary judgment in a Fair Credit Reporting Act case while also denying the defendant’s motion for sanctions, but noting that he was “troubled” by the plaintiff’s counsel’s conduct in the case and “expressly” warning that “continuing to file and pursue similar baseless claims … The post Judge Grants MSJ For Defense in FCRA Case, But Denies Motion for Sanctions Again
You may not own cryptocurrency or nonfungible tokens. You may not have a big Instagram following or run an online business. But if you do almost anything online, you probably have digital assets — electronic records that you own, control or license. Failing to make arrangements for those assets while you’re alive could cause unnecessary. Liz Weston writes for NerdWallet.
LEGAL ALERT // Urgent Guidance for Community Associations Regarding Property Inspections and Preparation. As the tragedy in Surfside continues to develop, like many around the country, we are struck by the senseless loss of lives. Our hearts go out to the victims and their families in this time of incomprehensible loss. When lives are at stake, be that in a condominium tower or a multi-level office building, there is no greater responsibility to look after than the safety of those who dwell, ga
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.
Student loan debt can be crippling. Trying to put money towards a house or a car, as well as paying all of your other bills on top of student loan debt, is often exhausting and can sometimes feel impossible. In America alone, the average student loan debt in 2021 comes to around $1.7 trillion. It’s no surprise then that thousands of individuals with student loan debt end up turning to bankruptcy for help.
A District Court judge in Michigan has dismissed class-action claims made by a plaintiff that debt collection calls made by a creditor to a consumer’s cell phone without consent in an attempt to reach the plaintiff’s brother violated the Telephone Consumer Protection Act because the equipment used by the defendant to make the calls did … The post Judge Dismisses TCPA Class Action Over Collection Calls appeared first on AccountsRecovery.net.
A wave of digital-first challengers to traditional banks has attracted millions of customers with free accounts and hassle-free sign-ups. But a recent report highlights some risks of entrusting money to neobanks, financial tech companies that partner with established financial institutions to provide banking services. The nonprofit news organization ProPublica reported July 6 that customers of.
On Friday, July 9, 2021, the Miami Herald covered the Surfside condo collapse in their latest news article, “ Condos’ reserve funds, delayed repairs under new scrutiny since Surfside tragedy.” Managing partner Charles Jimerson was quoted throughout the piece for his expertise in condominium law by the Miami Herald’s Mary Ellen Klas and Ana Ceballos of the Herald/Times Tallahassee Bureau.
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.
Halfway through 2021, e-commerce and consumer spending continue to see the impact of government stimulus payments while consumers look for new ways to invest and leverage their money. Simultaneously, all sectors of fintech grew during the pandemic , and this growth has not shown signs of stopping. Investment and lending platforms have grown in users by the highest percentage during the pandemic — with increases of 23 and 25 percent, respectively (McKinsey).
The “Getting to Know” series is sponsored by Applied Innovation. Applied Innovation is helping to shape the future of accounts receivable management. Product development is driven by customer feedback, agency profitability and compliance and includes platforms addressing client portal access, document management, payment negotiation, Regulation E focused electronic payment authorizations and TCPA communication authorization platforms. … The post Getting to Know William Marohn o
How to pay yourself as a business owner depends on the business structure, the stage of growth of your business and other factors. While paying yourself may not be the first thing that comes to mind as you’re building a business, knowing the factors to consider and using the correct payment method can set you. Amrita Jayakumar writes for NerdWallet.
Liquidating a company can be tough – but it is something many business owners have had to face. Sometimes, it is the only viable solution when trading difficulties make it impossible to continue. For directors and managers, one of the primary concerns is their staff. In this article, the Hudson Weir team explains what happens to employees when a company goes into liquidation, and the essential liquidation employee entitlements to be aware of.
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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