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Delivering communications to your customers has always been a compliance challenge with the plethora of laws, regulations, court decisions, and regulatory guidance in the debt collection space. Today with more communication channels available and regular communication from debt collection regulators—via consent orders, compliance bulletins, supervisory highlights, and even press releases—your compliance management systems and design must be flexible and easy to update.
Financial misinformation is rampant, and it could be hurting your credit score. A new NerdWallet survey finds that Americans hold many misconceptions about their credit, some of which could seriously damage their scores. Here are three common credit score myths and how to guard against them. Myth 1. Leaving a balance on your credit card. Erin El Issa writes for NerdWallet.
Recoveries are the Bermuda triangle of the claims process, where recoverable funds are all too often lost, forgotten, or not given the priority they deserve. To avoid the Bermuda triangle, gather all relevant information at the start of a claim. These will include quotes/invoices, Third Party information, insurance information, witness contact information, obtaining statements and applying for police reports, and so on.
It’s not an option open to every defendant, but a defendant has found one way to defeat a Hunstein copycat case — a vague disclosure made during a bankruptcy filing. A copy of the ruling in the case of Dervitz v. ARS National Services can be accessed by clicking here. The plaintiff filed a class-action … The post ‘Vague’ BK Reference Kills Hunstein Class Action 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?
Growing a new company isn't for the faint at heart. Employees must be passionate, willing to go the extra mile, and work long hours as part of a cycle of endless expectations. With so many American employees complaining of burnout and " quiet quitting ," startups are facing the same struggles as enterprise companies. Use these tips to inspire your startup employees to stay engaged.
Making money with Bitcoin (BTC) has become increasingly difficult in 2022. Prices have tumbled following a crypto crash. Promises of free Bitcoin are often scams. Bitcoin mining, once accessible to individual investors, is now so competitive that it’s rarely a profitable venture for those with small setups. However, it’s still possible to make money with.
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Making money with Bitcoin (BTC) has become increasingly difficult in 2022. Prices have tumbled following a crypto crash. Promises of free Bitcoin are often scams. Bitcoin mining, once accessible to individual investors, is now so competitive that it’s rarely a profitable venture for those with small setups. However, it’s still possible to make money with.
On June 23, the Consumer Financial Protection Bureau (CFPB) issued a final rule , prohibiting consumer reporting agencies (CRAs) from reporting adverse information resulting from human trafficking on survivors’ credit reports. This rule took effect on July 25. The CFPB’s final rule amends Regulation VII, the Fair Credit Reporting Act’s (FCRA) implementing regulation, to comply with the 2021 Debt Bondage Repair Act’s credit reporting requirement.
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 Maryrose Diaz of
If we think of cash flow as important as oxygen to the human body, then accounts receivable is as important as the lungs. When extending credit to clients or invoicing them for goods and services, we're expecting pure, clean cash to flow back into our business. If invoices remain unpaid or the client's credit is unreliable, then the cash flow becomes clogged, effectively killing the business.
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. If you’ve worked hard to pay off your house, taking on mortgage debt in retirement may sound as appealing.
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.
House Bill Proposes to Establish a Version of the Telephone Consumer Protection Act in Michigan. The federal Telephone Consumer Protection Act seeks to stop unwanted telephone solicitation. Michigan House Bill 6307, the Michigan Telephone Solicitation Act (the “MTSA”), would enact similar restrictions on a state level. Why it Matters: If enacted, Michigan would follow in the footsteps of other states, such as Florida, Oklahoma, and Washington, who have implemented similar protections for residen
A nonprofit healthcare system that is being sued by the Attorney General of Washington and which was the subject of a profile in The New York Times for the “pressure” it put on patients to pay their debts has announced it is going to refund payments made by more than 700 low-income patients who were … The post Hospital Sued for ‘Aggressive’ Collection Efforts Refunds Payments from Low-Income Patients appeared first on AccountsRecovery.net.
When it comes to the cost of car batteries, electric vehicles take the trophy for the most expensive type. Depending on the make and model of your vehicle, a battery can run you between $4,000 and $20,000. If you own your electric vehicle long enough to need to replace the battery, this maintenance will be. Whitney Vandiver writes for NerdWallet. Email: wvandiver@nerdwallet.com.
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.
Home. Blog. FICO. Buy Now, Pay Later: BNPL Fraud and Regulatory Update. Buy now, pay later or BNPL financing is experiencing tremendous growth, but that growth can bring potential growing pains like fraud and regulatory scrutiny. by TJ Horan. expand_less Back To Top. Fri, 10/07/2022 - 14:10. This headline a year ago left me scratching my head: “ How buy now, pay later became a $100 billion industry.
GETTING TO KNOW MARYROSE DIAZ OF GRANT MERCANTILE AGENCY Maryrose Diaz may have gotten her start in collections because she spoke Spanish, but that is nothing more than a footnote in a career that has seen her become a well-known and well-respected member of the ARM industry. More details here.This content is sponsored by Applied … The post Daily Digest – October 6.
Please join Consumer Financial Services Partner Dave Gettings and his colleagues Ethan Ostroff, Brooke Conkle, and Jon Kenney as they discuss the Third Circuit’s recent decision in the Bibbs case, particularly the Third Circuit’s treatment of “pay status” allegations and what we can expect to see going forward. Ethan Ostroff advises companies on compliance issues and interactions with regulators concerning the Fair Credit Reporting Act, while also defending furnishers, users, and specialty consu
Rising interest rates and uncertain economic conditions are intensifying a slowdown in financing-related activity among small businesses, according to the newest release of the NerdWallet Small-Business Financing Index. The NerdWallet Small-Business Financing Index evaluates factors such as loan delinquency rates, loan volumes, credit card use and optimism among small-business owners.
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.
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 Plaintiff Sues Collector, Claiming Defendant Told Her Not to Show Up For Court Hearing appeared first on AccountsRecovery.net.
Please join Troutman Pepper Partner Chris Willis and his guest and fellow Partner Glen Trudel as they discuss credit card rewards and loyalty programs and the co-brand relationship. Topics include: The importance of the co-brand credit card pairing; Issues, concerns, or risks that both the merchant and the card issuer encounter in co-brand rewards programs; and Current trends in the marketplace for credit card rewards programs.
October is the new Black Friday. At least that’s the impression some retailers give. Target and Amazon head into the month hot with big discount events this week and next, respectively. Shoppers may find the early sales a worthy way to save money on gifts now. But don’t panic if you’re not feeling the holiday. Tommy Tindall writes for NerdWallet. Email: ttindall@nerdwallet.com.
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.
The new economic landscape is pushing businesses that manage Big Ticket NPLs to adapt to the challenges of the post-pandemic era. Digital collections tools and self-service platforms are on the rise and have empowered lenders to work more efficiently with their customers. While a digital-first approach may bring increased collections rates for customers with unpaid bills and missed installments, that is not the appropriate method for portfolios mostly comprised of Big Ticket mortgages and SME lo
PLAINTIFF SUES COLLECTOR, CLAIMING DEFENDANT TOLD HER NOT TO SHOW UP FOR HEARING A plaintiff on Social Security has filed a lawsuit claiming she was told by a collector that had filed a collection lawsuit not to show up for a court hearing because the case was going to be dismissed. More details here.This content … The post Daily Digest – October 7.
Banking groups are taking issue with a report by Senator Elizabeth Warren (D-MA) regarding the prevalence of fraud on Zelle, the popular peer-to-peer (P2P) payment service. In an October 3 joint statement , the Consumer Bankers Association, American Bankers Association, Bank Policy Institute, and The Clearing House expressed their collective disagreement with the report’s conclusions that fraud and theft are rampant and growing on the platform, banks are not refunding when customers were fraudul
It looks like the days of extended elite status and reduced elite status requirements are over. Delta announced some major changes today that will make it harder to qualify for most tiers of Delta elite status. For the first time since 2015, Delta has upped how much spending you need to do to qualify for. Sally French writes for NerdWallet. Email: sfrench@nerdwallet.com.
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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