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From the Virtual Credit Manager. There will inevitably be a day when you realize your collection efforts are not getting a delinquent customer to pay their bill. Despite all the correspondence, calls, excuses and possibly promises made, there still has been no progress. What can you do? The easy answer — refer the customer account to a Collection Agency when all else has failed to get you paid.
Many people think that bankruptcy is always the filer’s fault, but this isn’t the case. There are many reasons for bankruptcy that the person who’s filing couldn’t help. . Understanding some of the reasons why people need to turn to bankruptcy may help them to decide if they need to file. It could also help them to feel better about needing to file. .
Debt charity, StepChange has reported that September saw the cost of living being cited as the most cause of debt amongst its service users. Apparently more than one in five (22%) saying the ‘cost of living’ was a cause of difficulty for their finances. The proportion of clients with energy bill debt also continued to creep up. Among clients with a responsibility for paying dual fuel bills, the proportion of clients in arrears with these bills has increased by two percentage points f
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 Class-Action Accuses Collector of Violating FDCPA, Regulation F for Not Using MVN 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?
When it's your job to collect past-due invoices, what you say matters. And what you say will depend on your state of mind when you type the email or get on the phone. How you come across to your clients, especially when they're long-term business-to-business relationships, will determine how they react to you, your demands, or any negotiation tactics.
“Pig butchering” and other scams lead list of crypto-asset complaints.
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Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Brand loyalty is one thing, but when that loyalty is directed at a small business, it stands to benefit an entire community. The relationship between a small business and its customers is unique — rarely is it purely transactional. In fact, 37% of Americans say they purchase from small businesses to receive a more personal. Elizabeth Renter writes for NerdWallet.
CLASS-ACTION ACCUSES COLLECTOR OF VIOLATING FDCPA, REGULATION F FOR NOT USING MVN A class-action complaint has been filed against a collection agency, accusing it of violating the Fair Debt Collection Practices Act and the provisions of Regulation F because it did not use a Model Validation Notice and allegedly used false and deceptive means to … The post Daily Digest – November 11.
LENEXA, Kan., Nov. 8, 2022 — TrueAccord Corp , a debt collection company using machine learning-powered digital recovery solutions to improve consumer experience, today announced it joined the Visa Fintech Partner Connect program. Through Visa Fintech Partner Connect, TrueAccord is Visa Ready certified. This certification helps technology companies build and launch payment solutions that meet Visa’s global standards around security and functionality.
EFT payments are becoming increasingly popular as more and more people conduct their financial affairs online. But what exactly is an EFT payment? In this article, we will answer the question of what an EFT payment is, and we’ll also discuss the different types of ETF payments, the benefits of using EFT payments, and the risks associated with this type of payment.
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.
Though cryptocurrency can be an attractive investment, it’s more susceptible to scams than any other payment method. Over $1 billion has been reported stolen through crypto scams between January 2021 and June 2022, according to a report by the Federal Trade Commission. Crypto scams are a type of investment fraud that can take many forms, Brean Horne writes for NerdWallet.
The Consumer Financial Protection Bureau yesterday issued guidance that warns furnishers of information to credit reporting agencies — and the agencies themselves — about the perils of not conducting reasonable investigations when consumers submit disputes about items on their credit reports. Credit reporting agencies must promptly notify furnishers and provide all relevant information when a … The post CFPB Publishes Guidance Addressing ‘Shoddy’ FCRA Dispute Invest
Voluntary repossession is sometimes the best option for borrowers who can no longer afford their car payments. Rather than have your car seized involuntarily, you can give up your vehicle willingly to your lender. So how much does voluntary repossession affect your credit? Should I Allow a Voluntary Repossession with No Late Payments? Although voluntary repossession is a better option than having your vehicle repossessed against your will, it will negatively impact your credit score and history.
When consumer reporting companies and furnishers fail to investigate disputed information, consumers are left paying higher interest rates and face greater difficulty finding housing, employment.
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 investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. The Roth IRA can be an attractive retirement account to all types of investors. One reason is that Roth.
A District Court judge in Texas has granted a defendant’s motion for summary judgment in a Telephone Consumer Protection Act case ruling that a single wrong number placed by a collector to the plaintiff did not violate the statute, while also warning the plaintiff — who has “repeatedly” filed similar cases, without success — that … The post Judge Grants MSJ For Defendant in TCPA Case Over One Wrong Number Call appeared first on AccountsRecovery.net.
Barely a couple of decades ago, there were just a few options available for transferring money from one account to another, but the rise of internet banking has given way to a bunch of different services with different names, processes, fees, and waiting times. The banking world has, thankfully, moved on quite a bit from the days of telegram wires, and most transfers these days are quick, free of major hassle, and relatively secure.
With year-end quickly approaching, reducing taxes is on many people’s minds. It’s been a tumultuous few years, with many changes to people’s individual circumstances and tax laws at state and federal levels. Now is the time to focus on your year-end taxes and engage in estate and income tax planning opportunities. At Fraser Trebilcock, our tax attorneys have made sure you don’t have to start your preparations from scratch, with a two-part checklist of year-end tax considerations you should make
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.
GameFi is a blend of the words “gaming” and “finance,” referring to video games that are developed using blockchain technology. Aside from being a catch-all term for blockchain gaming, GameFi is a movement that is rapidly growing in popularity. The crypto research firm DappRadar reported over 800,000 daily unique active wallets across the GameFi market.
The Court of Appeals for the Sixth Circuit has upheld a lower court’s summary judgment ruling in favor of a credit reporting agency that was accused of violating the Fair Credit Reporting Act because it erroneously reported a father’s bankruptcy on his son’s credit report because the original petitions both had the son’s Social Security … The post Appeals Court Upholds Ruling for Defendant in FCRA Case Over BK Notation on Credit Report appeared first on AccountsReco
Last years Brighton Marathon winner employs debt collectors in an extraordinary step to collect his winnings. Alix Ramsier won the Brighton marathon last year and has employed Debt Collectors to recover his winnings. The company that acts as organisers of the Brighton Marathon is called Grounded events. Mr Ramiser from South Croydon is owed £2,000 for winning the Brighton 2022 marathon.
Even in a software company like PDCflow, people will never stop being essential. Customers will always have questions and need help based on their unique business needs. That’s why we maintain a live, in-house Customer Success team to provide the best support possible. Customer Success Specialist Ruth-Ann Bailey has only been with PDCflow for a short time but she is already a valuable member of the team.
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.
FTX, a major cryptocurrency exchange, is on the brink of collapse this week amid liquidity concerns and allegations of misused funds, followed by a large volume of withdrawals from rattled investors. The value of FTX’s native token, FTT, plummeted, taking other coins with it, including Ethereum and Bitcoin, which reached a two-year low as of. Dalia Ramirez writes for NerdWallet.
The National Consumer Law Center has released a report evaluating the impact of Regulation F in the six months after the rule went into effect on November 30, 2021. The report was based on the results of a survey of 117 consumer advocates nationwide, which included in-depth follow-up interviews with 22 of the survey’s respondents. … The post NCLC Issues Reg F Report Based on Survey of Consumer Advocates appeared first on AccountsRecovery.net.
In Hanrahan v. Statewide Collection, Inc., No. 21-16187 (9th Cir. Sep. 1, 2022) , the Ninth Circuit affirmed an award of attorneys’ fees in favor of the plaintiff in an action brought under the Fair Debt Collections Practices Act (FDCPA). The case makes clear that, although the amount is discretionary, attorney fee awards to prevailing plaintiffs are mandatory under the FDCPA.
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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