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A Focus on Collections & Credit Fraud

Your Virtual Credit Manager

Best Practices for Handling Customers that Put a Low Priority on Paying Your Company Collectors face various challenges when dealing with past due balances, particularly when customers prioritize payments based on their financial situation, economic conditions, and internal processes.

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The CFPB’s Concerns with Medical Debt Credit Cards

RevCycle

In a 2022 report, the CFPB found that these cards can lead to higher costs for patients, as well as increased risk of debt collection and bankruptcy. Medical debt collectors may use aggressive tactics to collect debts, such as calling patients at work or threatening to sue. Work with debt collectors to resolve disputes.

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Member Alert: New York City Debt Collection Rule Issued This Week

RMAi Blog

DCWP has been working on revisions to this rule since November 2022. It was the subject of two public comment periods which RMAI and an industry coalition submitted detailed responses on December 19, 2022 and November 29, 2023. Unfortunately, the concerns that were raised largely fell on deaf ears.

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Reg F: Analysis & CFPB Commentary by General Counsel

RevCycle

Regulation F will be effective November 30, 2021 or, as recently proposed by the CFPB, January 29, 2022. 6,876 private actions were filed against debt collectors alleging violations of the FDCPA in 2020. Debt collectors are often forced to settle these cases regardless of merit because of the prohibitive cost of defending them.

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AR Data Management, AR Automation, & Accelerating Cash Flow

Your Virtual Credit Manager

Email YVCM about Consulting The Power of AR Automation An Overview of Order-to-Cash Software Solutions May 3, 2022 My first exposure to AR automation came in 1990 when I was credit manager at a mid-market, specialty metals manufacturer. June 7, 2022 There are many reasons receivables under perform.

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Superlative RM Celebrates Win in Hunstein Copycat Case

RMAi Blog

Defendants cited subsections within the FDCPA which allow debt collectors to serve legal processes on consumers and use telephones and telegrams to communicate with consumers, further noting that the communication in question was not an attempt to collect a debt (dunning letter).

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RMAI Update January 2023

RMAi Blog

They have published their Fall 2022 agenda which outlines a robust rulemaking agenda. Here are some recently introduced bills that might be of interest: New York SB 171 – This bill would create a private right of action against originating creditors and debt collectors for a violation of the Debt Collection Procedures Act.

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