Sat.Apr 13, 2024 - Fri.Apr 19, 2024

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4 Advantages of AI in Debt Collections

Qualco

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

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Arrear View Mirror: How to Collect More Money in Your Law Firm

NCBA Law Practice Management Blog

Law firms usually collect money in arrears, ie – we’ve done the work, now kindly pay us. Most often, that payment is collected via a standard invoicing process. A bill is sent to the client; then, the firm waits to get paid. And waits. And waits. That’s because the way that attorneys have always managed the process has placed the control of the situation exclusively in the hands of their clients.

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Oregon Gov. Signs Garnishment, Collection Bill into Law

Account Recovery

The governor of Oregon has signed a bill into law that raises the amount of money that can be protected by consumers from garnishments and keeps them from a “financial death spiral because of debt collection,” according to the sponsor of the bill.

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Insolvency rising again says Trade body

UK debt collections

INSOLVENCY activity has again increased in the south east, according to the UK’s insolvency and restructuring trade body. R3 figures showed a rise in this activity from 246 in February to 261 in March, remaining consistent with the 12-month high of 277 in March 2023. The body has warned trends are continuing to rise, following its analysis of data from Creditsafe.

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Solve Your Firms Automation Complexities Once and For All

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.

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Reshaping Debt Collections with the QCR Accelerator

Qualco

THE NEW ERA OF CONSUMER LENDING In today ’ s rapidly evolving financial landscape, the significant increase in consumer lending presents new challenges for financial institutions, particularly in managing collections. These challenges are compounded by reliance on outdated systems that are inefficient, manual-intensive, and costly to maintain. To address these issues, our latest blog explores the QCR Accelerator, a state-of-the-art , plug-and-play collection software specifically designed to str

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Daily Digest – April 19. Suit Accuses Collector of Contacting Plaintiff’s Brother; Appeals Court Affirms Ruling for Defendants in FDCPA Case

Account Recovery

Suit Accuses Collector of Contacting Plaintiff’s Brother Appeals Court Affirms Ruling for Defendants in FDCPA Case Appeals Court Affirms Arbitration Ruling in FDCPA Class Action Against Debt Buyer Ringleader of Student Loan Debt Relief Scam Settles with FTC WORTH NOTING: The cost of buying a home just hit another record high … The seven best […]

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Clone Wars: AI Video Generators Can Streamline Your Marketing Process

NCBA Law Practice Management Blog

Deep fake videos that are made without the subject ’ s permission are unquestionably evil. But, what if you could deep fake yourself, for good ? Well, if you are currently doing (or, if you want to be doing) video marketing, deep fakes may be the best thing going. How many times have you said to yourself, in seeking more time: ‘I wish I could clone myself ’.

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What Does “Six Figures” Mean and How Can You Earn It?

Credit Corp

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. The term “six figures” refers to any annual six-digit salary that falls within the $100,000 to $999,999 range. Securing a post-graduate degree or attaining a highly in-demand position can help you earn six figures over time.

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CFPB Updates Supervision Designation Procedures

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) issued a procedural rule to update how the agency designates a nonbank for supervision.

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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

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.

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Appeals Court Affirms Ruling for Defendants in FDCPA Case

Account Recovery

The Court of Appeals for the Third Circuit has upheld a summary judgment ruling in favor of the defendants in a Fair Debt Collection Practices Act case, ruling that the plaintiff’s claims were outside the FDCPA’s one year statute of limitations and his attempt to request verification of the debt “was untimely by many years.

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Duly Noted: AI Notetaking Apps Are Everywhere

NCBA Law Practice Management Blog

If you hate taking notes for meetings – and, really, who doesn’t : it’s the w ors t – there are lots of AI-based notetaking apps proliferating across the webconferencing world. If you haven’t tried them yet, now would be a good time, to test out the options. If you use Zoom , Microsoft Teams or Google Meet – each of the products have built-in notetaking features.

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Understanding the Florida Land Trust Act: When and When Not to Use a Land Trust

Jimerson Firm

Florida’s real estate landscape is dynamic and, at times, complex. One tool that real estate attorneys are often asked about and property owners often consider is the Florida Land Trust, governed by the Florida Land Trust Act, Sec. 689.071, Florida Statutes. This blog serves as an introduction to what a land trust is, explores the nuances of the Florida Land Trust Act (the “Act”), highlights when forming a land trust in Florida can be advantageous, and crucially, identifies when it might n

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CFPB Toma Acciones Contra Centro de Entrenamiento Intensivo de Programación BloomTech y su CEO Austen Allred, por Engañar a sus Estudiantes y Ocultar Costos de Préstamos

Consumer Finance

CFPB demanda al centro de entrenamiento intensivo BloomTech y a su gerente general Austen Allred, por ocultar costos de préstamos y engañar a sus estudiantes sobre índices de empleo.

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How Collection Agencies Minimize Effort and Maximize Results with the Right Software

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.

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Daily Digest – April 18. Getting to Know Eddie Antoniewicz of Royal Credit Union; Judge Dismisses FDCPA Suit Over Collection Disclaimer

Account Recovery

Getting to Know Eddie Antoniewicz of Royal Credit Union Judge Dismisses FDCPA Suit Over Collection Disclaimer Pathward Bank to Pay $700k in Fines, Penalties For Seizing Funds Paid to Debt Collectors CFPB Fines Vocational School for Deceiving Students, Hiding Finance Charges WORTH NOTING: What you eat during the day can have an impact on how […]

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Enabling Financial Integrity: A Blueprint for Responsible Debt Recovery

Qualco

Responsible debt collection practices have become vital for financial institutions looking to build trust, enhance customer relationships, and contribute to a fair financial landscape. Our report , " Enabling Financial Integrity: A Blueprint for Responsible Debt Recovery " , guides you to navigate critical legislation and strategic collection approaches t o align with the highest collection standards.

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Does Chapter 13 Wipe All of Your Credit?

Sawin & Shea

Chapter 13 bankruptcy is an invaluable financial tool for those struggling with overwhelming debt, and it can pave the way for a fresh start. Unlike Chapter 7 , Chapter 13 bankruptcy allows you to avoid liquidating your non-exempt assets. Instead, you pay a repayment plan over three to five years. While Chapter 13 is effective for debt relief, many worry about how this filing method may negatively affect their credit scores.

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CFPB Letter to Connecticut State Legislature on Barring Medical Bills on Credit Reports

Consumer Finance

A letter written by Brian Shearer, CFPB Assistant Director of the Office of Policy Planning and Strategy, to Senator Matt Lesser of the Connecticut State Senate

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

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.

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Getting to Know Eddie Antoniewicz of Royal Credit Union

Account Recovery

I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support.

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America’s debt problem is storing up trouble for the rest of the world

Collection Industry News

LondonCNN — The high and rising level of US government debt risks driving up borrowing costs around the world and undermining global financial stability, the International Monetary Fund has warned. The IMF said Wednesday that increased government spending, growing public debt and elevated interest rates in the United States had contributed to high and volatile yields — or interest rates — on Treasuries, raising the risk of higher rates elsewhere.

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2024 Fintech baropaper: Connecting generations on the path to digital transformation

On Guard

Each year, Onguard examines how financial professionals view current trends and developments, such as financial technologies, digital transformation, AI, and new payment methods. This study, titled the FinTech Barometer, has been conducted for the seventh time this year. A total of 304 finance professionals participated in the survey, of which 212 were working in financial management and 92 were financial employees.

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Judge Dismisses ‘Convenient Communication’ Case for Lack of Standing

Account Recovery

It might not be a ruling on the merits of the plaintiff’s claim, but a District Court judge in New York has dismissed a Fair Debt Collection Practices Act “only convenient way to communicate” case on the grounds the plaintiff did not suffer a concrete injury and does not have standing to sue.

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How To Optimize Cash Flow: Your Roadmap To Resilience!

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?

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Daily Digest – April 17. Judge Dismisses ‘Convenient Communication’ Case for Lack of Standing; Mass. AG Releases Guidance on Use of AI

Account Recovery

Judge Dismisses ‘Convenient Communication’ Case for Lack of Standing Mass.

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Daily Digest – April 16. Suit Accuses Law Firm of Filing False Affidavit of Service; CFPB Letters Demonstrate Support for State Medical Debt Credit Reporting Efforts

Account Recovery

Suit Accuses Law Firm of Filing False Affidavit of Service CFPB Letters Demonstrate Support for State Medical Debt Credit Reporting Efforts Judge Recommends Dismissal of FCRA ‘Permissible Purpose’ Case Against Collector Ed. Dept.

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Gov’t Cancels $7.4B in Student Loans

Account Recovery

The federal government announced on Friday that it had approved an additional $7.4 billion in student loan debt relief for nearly 300,000 borrowers, many of whom were signed up for the administration’s new income-driven repayment program.

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Daily Digest – April 15. Judge Grants MSJ for Plaintiffs in FDCPA Case Over Expletive-Laced Communications; Gov’t Cancels $7.4B in Student Loans

Account Recovery

Judge Grants MSJ for Plaintiffs in FDCPA Case Over Expletive-Laced Communications Gov’t Cancels $7.4B in Student Loans Oregon Gov.

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When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

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.