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The Consumer Financial Protection Bureau this morning announced the release of its final rule prohibiting the inclusion of medical debt on consumer credit reports. This rule is expected to remove $49 billion in medical debt from credit reports, impacting approximately 15 million consumers. Additionally, it bars lenders from considering medical information in credit decisions, addressing concerns about the fairness and accuracy of medical debt in credit assessments.
Active listening is something our professional debt collectors practice and implement daily here. In fact, we would go as far as to say that it is one of the foundations of how we operate. In all aspects of life and business, listening is one of the most critical skills we can master. And as a collection agency working with small businesses and large organizations, it is a must for us to carry out our mission.
Understanding the differences between business and consumer debt collections can profoundly influence your approach to developing an effective recovery strategy. This knowledge allows you to tailor your methods to suit the specific type of debt you are dealing with, ensuring that you employ the most appropriate techniques and adhere to relevant regulations.
The terms “omnichannel” and “multi-channel” are frequently used to describe consumer outreach strategies, and while they may sound similar, the differences between these approaches are crucial, especially for effective debt collection. Lets break down the key differences between omnichannel and multi-channel communications, particularly in the context of debt collection, and why these distinctions matter more than ever.
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?
If there are multiple outstanding invoices on your customer’s Statement then unfortunately my friend, you have a problem. When was the last time you cut off a debtor who owed you money? Said no when they asked you to do more work or provide more stock? Told them you’d only agree once they’ve paid you in full? If you’re like most small businesses the answer is never.
Many important aspects go into choosing payment collection software for your debt collection agency. Thinking about everything you must consider can be daunting. When examining your payment collection software, start with these four areas to decide if its doing all it can for your agency. 1. Security With the increase in data breaches in recent years, cyber security is a huge concern for businesses and consumers.
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Many important aspects go into choosing payment collection software for your debt collection agency. Thinking about everything you must consider can be daunting. When examining your payment collection software, start with these four areas to decide if its doing all it can for your agency. 1. Security With the increase in data breaches in recent years, cyber security is a huge concern for businesses and consumers.
Unresolved business debt can wreak havoc on your company’s financial health and well-being. As a Massachusetts business owner, it is easy to get frustrated by the lack of payment. However, there is much more to this than just emotional frustration. The negative ripple through your company is also financially detrimental. Carrying bad business debt on your books affects cash flow, credit ratings and overall business sustainability.
Artificial Intelligence (AI) technology is reshaping the way businesses operate, engage with customers, and achieve growth in today's data-driven world. By enabling digital efficiency, AI empowers organisations to adopt innovative strategies that enhance competitiveness and resilience. At QUALCO, we harness the power of AI to turn data into actionable insights, helping our clients navigate complex challenges and foster sustainable growth.
A new report from GoCardless , in partnership with the Federation of Small Businesses (FSB), has revealed an escalating late payments crisis threatening UK small businesses. A survey of over 2,000 small Business owners found that 45% are experiencing more late payments than a year ago, while 50% fear the situation will worsen in the next 12 months. For many, the delays are severealmost a quarter (24%) of SMBs report receiving payments up to 60 days late.
(Update as of 12/27/24): In a shocking turn of events, on December 26, 2024, the Fifth Circuit Court of Appeals reversed its own Order issued earlier this week (see below), resulting in a reinstatement of the injunction on filing beneficial ownership information (BOI) reports. This means that as of this blog post, there is no firm deadline on when you need to file your BOI.
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.
Businesses rely on steady cash flow to operate smoothly, and unpaid invoices can create major hurdles With this in mind, you might wonder: what is a letter before action and how can it help recover debts? UK small businesses face an average of 22,000 in overdue payments, translating to an economic loss of 2.5 billion annually. In fact, customers paid nearly 50% of small businesses invoices late between June 2023 and June 2024, according to Apollo.
Defaults on credit card debt have surged to their highest levels since the 2008 financial crisis, signaling worsening financial conditions for lower-income consumers amid persistent inflation and elevated interest rates. By the numbers: The big picture: Consumers are feeling the pinch as higher balances and borrowing costs erode their financial stability: Between the lines: The pandemic-era surge in savings and consumer spending gave credit card issuers confidence to extend credit to riskier bor
A business like yours likely has one goal when hiring a collection agency: to collect money from customers who pay late or have not paid at all. You may also want to work with a collection agency because you do not have the internal resources or the time to chase past-due invoices, and it is time-consuming. But another goal your business should remember is how a collection agency can help you retain your customers.
As accounts receivable (A/R) become delinquent, your business expenses could fall behind. With every late-paying client, cash flow for payroll, rent, or other vendors falls short, threatening your company's bottom line and growth. The effectiveness of your A/R department may be one of the most important measurements to determine the success of your business.
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.
Email has come a long way from the mass blast messagingdeveloping, customizing, and optimizing intelligent email strategies has shown success in both engagement and repayment rates in debt collection. But there’s more that goes into harnessing this channel than just hitting send and hoping for the best. Heres how creditors and collectors can strategically leverage email in debt collection communications to enhance engagement, maintain compliance, and drive repayments.
Your debt collection agency or accounts receivable (AR) departments top priority should be collecting as many payments as possible. But the way people communicate is different than it was even a decade ago. Modernize your AR staff and improve customer engagement tactics to keep up with customer expectationsemail, SMS and online payments. Is your customer engagement strategy in line with this goal?
Business owners in Massachusetts are likely familiar with the frustrations of trying to collect unpaid debts. At the Law Offices of Alan M. Cohen & Associates LLC, our aggressive and relentless commercial collections attorneys have more than 60 years of combined experience helping Massachusetts business owners collect their unpaid debts. Utilizing the collection tools allowed by law, our lawyers are ethical in their methods and innovative in their debt collection strategies.
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.
The debt collection industry is undergoing a transformative shift, driven by the rapid advancements in artificial intelligence (AI) technology. A new study by The Kaplan Group explores the impact of AI on debt collection, highlighting the key market trends, technological innovations, and operational benefits. Key Takeaway The AI debt collection market is projected to grow at a CAGR of 16.9%, reaching $15.9 billion by 2034.
Late payments are the primary culprit for causing cash flow problems for businesses according to two fifths (41%) of UK small and medium-sized enterprises (SMEs) while making sure the bills are paid was an issue for a third (32%) and having access to emergency cash (21%) was also top of the list. Thats according to Allstar , one of the UKs leading business, EV and fuel expense payment companies, which researched the issues plaguing the nations small businesses.
Looking to execute on a judgment but need more information about the judgment debtors assets to collect? If so, you might consider a debtors exam. A debtors exam provides an opportunity for the creditor to question the judgment debtor and discover information related to the defendants assets. The information sought is meant to identify assets that can be used to satisfy the plaintiff’s judgment.
If youre trying to find out what does IBR mean or what does IBR stand for in a business or banking context, thats understandable as there are some conflicting answers online. IBR stands for Independent Business Review. IBRs are comprehensive assessments of a company’s financial health and operational performance, typically conducted at the request of a bank or other lending institution.
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.
We’ve seen this ruling in other jurisdictions, so it’s not necessarily a surprise, but I don’t think we’ve seen a ruling on this type of case in North Carolina yet. A District Court judge there has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act lawsuit on the grounds that the plaintiff lacked standing because he had the claim assigned to him by the individual who actually owed the debt in question.
You may be a small business owner or a professional in the position of finance. You may be reading this and at the same time having challenges with cash flow. The main culprit could be late and non-paying consumers. Just about every type of business will encounter this challenge, and it’s imperative to implement a regular and consistent program for getting customers to pay you for what you have provided.
It can be easy to get frustrated and make assumptions about why your invoices aren't being paid on time. The problem is that your frustration doesn't solve or prevent the situation from happening. After years of recovering delinquent debt for B2B clients, we've identified many reasons behind late or unpaid invoices. Read on to discover the reasons behind unpaid invoices and how to tackle them effectively.
Keeping up with compliance in the debt collection industry can be a challengeespecially as artificial intelligence, machine learning, and other advanced technologies sweep through both the business and consumer sectors. In a webinar on January 29, 2025, industry experts Kelly Knepper-Stevens, TrueML Chief Legal Officer; Katie Neill, TrueAccord General Counsel and Chief Compliance Officer; and Lauren Valenzuela, Retain by TrueML Products General Counsel and Chief Compliance Officer, shared insigh
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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