Account Recovery
DECEMBER 17, 2024
The race to automate enterprise processes has shifted dramatically, with AI agents emerging as the next frontier in intelligent automation. For debt collection agencies, this presents an opportunity to optimize workflows, reduce costs, and tackle inefficiencies that traditional tools like Robotic Process Automation (RPA) and basic AI chatbots fail to address.
Consumer Finance
DECEMBER 19, 2024
The Consumer Financial Protection Bureau (CFPB) sued the operator of Zelle and three of the nations largest banks for failing to protect consumers from widespread fraud on Americas most widely available peer-to-peer payment network.
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Collections Law
DECEMBER 18, 2024
In the business world, extending credit is often necessary to build relationships and expand your customer base. But without the right protections, it can also lead to unpaid debts and financial headaches. Fortunately, a credit application contract is a powerful tool that sets the stage for successful transactions and protects your business interests.
UK debt collections
DECEMBER 17, 2024
BILLIONS of pounds in late payments are owed to self employed tradespeople across the UK, according to new research from Ford Pro. The vehicle manufacturers research found delayed or missing payments to tradespeople was reported as the major issue facing sole traders heading into 2025. Tradespeople are owed as much as 3.5 billion in overdue payments , which equates to an average of 3,942 each.
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.
Account Recovery
DECEMBER 18, 2024
A Washington man was sentenced yesterday to nearly two years in federal prison for his role in a multi-year debt consolidation scheme that defrauded consumers across Oregon and Washington. His business partner remains at large as legal proceedings continue. Driving the news: Javier Antonio Banuelas Urueta, 55, of Vancouver, Wash., received a 21-month prison sentence and was ordered to pay $115,750 in restitution for conspiring to commit and committing mail and wire fraud.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
PDC Flow
DECEMBER 19, 2024
Does your company offer expensive products or services, bill customers after the fact, or provide services on a monthly, or ongoing basis? Its time to evaluate and take advantage of your recurring billing software and set up better recurring payments for your business. Recurring billing is a common payment model companies used to charge customers at regular intervals instead of in a lump sum payment.
FFGN COLLECT NY
DECEMBER 15, 2024
Doing business with a delinquent customer? Applying current customer payments toward overdue accounts could cost you. Our client continued to sell to their customer, even though the customer was in arrears. However, the client changed the terms, requiring payment within a few days of shipment. The payments made were meant for the “newer” transactions.
Account Recovery
DECEMBER 20, 2024
Rep. Maxine Waters [D-Calif.], ranking member of the House Financial Services Committee, this week reintroduced H.R. 10509, the Comprehensive Debt Collection Improvement Act. This legislation, first introduced in 2021, seeks to modernize federal debt collection laws while offering stronger protections for consumers facing various types of debt. Key details: The proposed bill would bring several changes to current debt collection practices, including: Why it matters: Consumer advocacy groups have
Consumer Finance
DECEMBER 15, 2024
The CFPB released a special edition of its Supervisory Highlights describing a range of unlawful activities identified by CFPB examiners across student loan markets.
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.
JMA
DECEMBER 14, 2024
Running a small business has never been easy, but in todays fast-paced, unpredictable, and struggling economy, the challenges are more pressing than ever. Rising costs, tighter budgets, and increasing competition mean that maintaining a healthy cash flow is critical to survival. Unfortunately, unpaid invoices and overdue debts can quickly disrupt even the best-managed businesses, leading.
BN Lawyers
DECEMBER 19, 2024
Heres the latest risk management guidance, published in November 2024, from B&Ns Attorneys Risk Management practice group. BN – Tip of the Month – Cyber Incidents Create a Variety of Ethical Obligations – Nov 2024 The post Barron & Newburger’s Latest Risk Management Guidance appeared first on Barron & Newburger, P.C.
Account Recovery
DECEMBER 19, 2024
A District Court Judge in Washington has granted a motion to dismiss filed by all the defendants in a Fair Credit Reporting Act and Fair Debt Collection Practices Act case, ruling that the plaintiff failed to adequately allege that the defendants actions were impermissible under the law. The background: The case originated when the plaintiff reviewed her credit report and discovered what she described as unfamiliar entries.
Consumer Finance
DECEMBER 16, 2024
CFPB Finalizes Rule to Protect Homeowners on Solar Panel Loans and Other Home Improvement Loans Paid Back Through Property Taxes.
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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.
JMA
DECEMBER 14, 2024
Managing multiple debtors can feel overwhelming, especially for businesses trying to maintain healthy cash flow while juggling other priorities. Unpaid invoices, late payments, and inconsistent follow-ups can quickly snowball into financial stress, putting your companys stability at risk. For small to medium-sized businesses, efficient debtor management isnt just about recovering owed moneyits about preserving client.
On Guard
DECEMBER 18, 2024
The trends of today are shaping the trends of tomorrow. How has 2024 unfolded and what is expected for 2025? As this year has come to an end, we gathered a list of the top trends in credit management through the past year: Trends in credit management #1: Increasing DSO in European companies A high Days Sales Outstanding (DSO) means that it takes longer for a company to collect money from its customers after making a sale, significantly affecting its cash flow and, consequently, its smooth operat
Account Recovery
DECEMBER 20, 2024
A District Court judge in Oklahoma has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling that a subsequent text message to the plaintiff after she had requested communications be ceased did not violate the statute because it was an attempt to collect a separate debt. The background: The plaintiff received a text message from the defendant back in January attempting to collect on an unpaid debt owed to AT&T U-Verse.
Consumer Finance
DECEMBER 17, 2024
The CFPB announced several actions on credit cards, including a circular on rewards programs, research on retail cards, and a tool to explore cards.
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.
Enterprise Recovery
DECEMBER 20, 2024
As the year-end approaches, businesses can take a step back and reflect on their achievements and challenges. Conduct a thorough review of key wins and setbacks. Identify the strategies that led to success and those that need improvement. This reflection provides valuable insights into what worked well and what didn't, allowing for more informed decision-making.
American Profit Recovery
DECEMBER 16, 2024
Late and non-paying customers can be emotionally draining for your small business. Whether you’re operating a lawn care company, veterinarian practice, heating and air conditioning business, or any other small operation, having customers who don’t pay on time is just part of being in business. While large organizations have their share of the same challenge, your small business can feel the pain of customers not paying far deeper.
Account Recovery
DECEMBER 17, 2024
The Consumer Financial Protection Bureau yesterday released a special edition of its Supervisory Highlights report, sharing its findings from examinations related to student loan refinancing, private lending, servicing, and debt collection. The report spotlighted violations that impact both federal and private student borrowers, particularly as 28 million federal borrowers resumed repayments after the COVID-19 pause.
Consumer Finance
DECEMBER 19, 2024
Director Chopra delivered remarks on consumers harmed by fraud on the Zelle payment network.
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?
UK debt collections
DECEMBER 16, 2024
An internationally recognised boatbuilding training collegeis set to close its doors in Suffolkfor the final timeas it heads into liquidation. The award-winning International Boatbuilding Training College (IBTC) has been based onthe edge of The Broads since 1975. Ideally situated on Sea Lake Road, Oulton Broad inLowestoft,IBTC has ensured that traditional boatbuilding skills have been preserved for almost 50 years.
Hudson Weir
DECEMBER 20, 2024
One way of stopping creditor legal action and getting some time back to settle company debts involves filing a notice of intention to appoint an administrator. This is a formal document filed by a company or its directors, which signifies the business owners intent to enter administration. Filing this notice is a crucial moment, enabling the business to secure some breathing space from creditors to explore recovery options.
Account Recovery
DECEMBER 16, 2024
Proposed amendments to New York Citys rules governing debt collection have drawn significant scrutiny from trade groups outside the collection industry, most notably the American Financial Services Association (AFSA), which submitted a comment letter last week regarding the proposed amendments. These regulations could fundamentally alter how creditors and debt collectors operate, potentially harming consumers while imposing onerous compliance burdens on financial institutions.
Consumer Finance
DECEMBER 16, 2024
Director Chopra presented a discussion draft of a new FDIC policy on the Annunzio-Wylie Anti-Money Laundering Act of 1992 at the December 2024 meeting of the FDIC Board of Directors.
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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.
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