Your Virtual Credit Manager

APRIL 23, 2024

Collectors are continually learning what works to get people to pay up and what doesn’t. Another thing trade creditors can study is companies that have defaulted or filed for bankruptcy. Despite efforts to negotiate with creditors, Hertz filed for Chapter 11 bankruptcy protection in May 2020. J.Crew Group, Inc.

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Bankruptcy Chapter 11 Credit and Collections Collector 130

MNS Credit Management Group

MAY 25, 2023

If a debtor does not pay his lawful debt, then he is construed as defaulting or being negligent in fulfilling his lawful obligations. This imposes certain obligations on the creditor to recover the debt. Firstly, the creditor must send a warning letter or reprimand (simas) to the debtor in accordance with Article 1238 of the civil code.

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Debt Collections Credit and Collections Collector Law Firms 52

MNS Credit Management Group

MAY 28, 2022

The latest modification to Reg F, lenders’ digital-first strategy to engaging with consumers, and the improving economy are all going to make things more difficult for third-party collectors. While debt defaults still have severe consequences and are sometimes accompanied by high fines, automation in debt collection offers a solution.

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FICO Blog

JANUARY 18, 2023

This frees up human collectors to spend more time with customers in forbearance situations that require empathy and consultation. Such cases might include employees, deceased customers, fraud, first-payment defaulters or customers without valid contact data. In September 2020 there were 111 initiatives listed.

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