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Most modern debt collection agencies are starting to use email for collection, or have it on the roadmap to implement soon. Consumers like the convenience of email and companies prefer advantages like: The cost savings of using email compared to traditional mail The possibility to reach consumers you otherwise wouldn’t Faster collection on accounts Even with the positive aspects of email for debt collection, one point of hesitation remains – sending validation notices.
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?
Debt collections between businesses (B2B) is the recovery of overdue payments for goods or services provided to another company. Understanding the intricacies of B2B debt collections is essential for businesses to manage their cash flow effectively and maintain healthy financial relationships with their clients. Businesses of all sizes often face delayed payments, invoice disputes, and communication difficulties.
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?
The Community Reinvestment Act (CRA), enacted in 1977, is a key piece of legislation meant to ensure that underserved communities get equitable access to credit. In late October, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule updating the regulations governing the CRA—the first such reform in over 25 years.
The Court of Appeals for the Eleventh Circuit yesterday overturned a lower court’s ruling that the Fair Credit Reporting Act and followed a number of other Appeals Courts in ruling that the Act does not require individuals demonstrate proof of actual damages in order to recover statutory damages.
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The Court of Appeals for the Eleventh Circuit yesterday overturned a lower court’s ruling that the Fair Credit Reporting Act and followed a number of other Appeals Courts in ruling that the Act does not require individuals demonstrate proof of actual damages in order to recover statutory damages.
Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. The latter grapple with this formidable challenge amidst evolving regulatory norms and economic instability. Last year, discussions around the standardisation of insolvency laws across the European Union garnered substantial attention.
The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps.
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. Have you ever wondered how miles work on credit cards and how they can benefit you? Everyone always talks about them, so they must be a good idea , right?
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?
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.
Small business owners have revealed that cash flow is the biggest challenge for nearly half of the respondents. Almost half (48%) of small to medium enterprises cited cash flow as the largest single challenge their business was facing, according to research by Millbrook Business Finance. This was followed by the cost-of-living crisis (32%) and energy prices (30%).
The CFPB took action against Citi, one of the globe’s largest banks, for intentionally and systematically discriminating against Americans of Armenian descent.
Judgment creditors are often faced with the question of how to collect an out-of-state judgment (also commonly referred to as a foreign judgment) in Florida. Generally, when a creditor obtains a judgment in another state, and the judgment debtor is located in the State of Florida, or assets the judgment creditor wants to obtain are located in Florida, the judgment creditor must “domesticate” the judgment in Florida.
FDCPA Suit Filed Over ‘Settlement’ Offer Made on Time-Barred Debt Judge Grants MTD in FDCPA Case Over Letter with ‘Minimum Payment’ and ‘Balance’ PRA Group Swings to Loss in 3Q, But Points to Strong Consumer Performance Going Forward Citi Fined $26M for Intentionally Denying Credit Applications from Armenian Americans WORTH NOTING: It’s satire, but it’s […]
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.
Yorkshire based Doubled Glazing giant Safestyle is facing liquidation. Only last week, the company, which has its HQ in Bradford, announced administrators had been appointed. Around 680 of its workers were made redundant as a result of the firm going into administration. The company failed after facing a series of pressures, including runaway inflation and poor consumer confidence, administrators said.
You would think that winning a judgment in your debt collection case would be the end of your legal ordeal. But it’s usually not. Just because a court has decided that your debtor does indeed owe you money, does not always mean that your debtor is actually going to pay the money they owe you. In fact, if they haven’t paid you yet, you most likely will have other battles to fight before you see any of your money.
Thinking about domesticating your out-of-state judgment in New York? If the out-of-state judgment was obtained on default, you may be concerned that moving to domesticate the judgment will lead the debtor to attempt to claim affirmative defenses. Can a previously defaulting defendant interpose an answer in a debt collection action that seeks to domesticate an out-of-state default judgment?
There are two types of text messages — SMS and MMS. SMS messages are traditional text messages in that they only contain text. MMS messages are similar to SMS, but they can contain multimedia, like video.
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.
Join Troutman Pepper Partner Chris Willis for a solo episode where he discusses a recent joint statement from the Consumer Financial Protection Bureau and the Department of Justice regarding the consideration of immigration status in credit underwriting — an issue that has plagued creditors for years. Chris provides listeners with important background on this matter, the history and impact of litigation on credit underwriting and immigration status, the content of the joint statement, and what s
No one would argue that we have been living through some turbulent economic times in the past several years. Factors like inflation, high interest rates, and economic uncertainty have found more and more Americans relying on credit cards to get by. In fact, Americans are at an all-time high when it comes to credit debt to the tune of $1 Trillion. On average, Americans individually carry about $7,951 in credit card debt.
Contingent liabilities are an important – but often complicated – part of business and accounting. In this article, we explain contingent liabilities including when you need to disclose them in your financial statements and their importance in insolvencies. For context, a liability is defined as a debt or a service owed by a company. These are different to expenses, which make up the costs of a company’s operations, referring instead to a company’s debts or obligations – but in that case, what a
Getting to Know Gary Adams of First Collection Services Videos Sent via Text Not a Prerecorded Message Under TCPA, Judge Rules New Medical Debt Screening Law Now in Effect in Minnesota Plaintiff’s Attorneys Seeking $29k in Fees on FDCPA Case that Settled for $10k DCM Services Names Steve Barker as Senior Vice President of Human […]
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.
In September, Prosperity Now launched the second iteration of the VITA Leadership Institute, through generous support from the Wells Fargo Foundation. The VITA Leadership Institute (VLI) aims to train a diverse class of ten emerging VITA leaders to build their capacity to expand and scale free, high-quality, and racially equitable tax preparation services for low-income taxpayers in their communities.
Earlier this year, a district court for the Middle District of Florida upheld a jury award of $225,000 in punitive damages in a debt collection case finding the defendant’s conduct “reprehensible” based on the physical harm caused to the plaintiff, the defendant’s indifference or reckless disregard of the harm it caused to the plaintiff, the plaintiff’s financial vulnerability, and the defendant’s repeated actions.
At this time of year, we like to look back at what the credit community has managed to achieve in 2023 at the Chartered Institute of Credit Management. So without much further ado, let’s explore our year: Qualifications and members 82% of studying members passed the Credit and Collections Qualification in 2023. It’s truly inspiring to witness the remarkable dedication of credit professionals in their pursuit of excellence.
The Consumer Financial Protection Bureau yesterday issued a Notice of Proposed Rulemaking that would give the Bureau the power to regulate tech companies like Apple and Google which are playing a larger role in the payments ecosystem in the United States.
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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