Gaviti

FEBRUARY 18, 2024

Emerging Trends in Debt Collection Outsourcing for 2024 Since a debt collection outsourcing agency needs to work with customers who already have strained relations with a business, they must provide outstanding customer service. In addition, it includes: Credit Monitoring and Management. Contact us and book a demo today.

Debt Collections 52

Debt Collections Credit and Collections Days Sales Outstanding Invoice to Cash 52

Abrigo

MAY 30, 2023

1, 2024, and report for the first time by June 1, 2025. 1, 2024, is the earliest compliance deadline. Despite the seemingly long runway to prepare, it's not too early to get a handle on the new requirements and how they will affect a bank or credit union.

Credit Unions 78

Credit Unions Credit and Collections Transactions Small Businesses 78

Your Virtual Credit Manager

JUNE 18, 2024

According to the US Census Bureau , for the 12 months ending May 2024, there were 5,441,745 new business formations accounting for nearly one out of five US enterprises. That’s why it is standard to ask on a credit applications the year in which the business was formed.

Bad Debt 100

Bad Debt Credit and Collections Credit Risk Credit Card Companies 100

Emagia

NOVEMBER 10, 2023

As NACM Connect ’s Great Lakes Conference closed the final in its trio of fall conferences in Ohio this week, experts from law practices like Lowenstein Sandler LLP and credit report giant Experian warned that corporate bankruptcy numbers are trending worse than any time since the pandemic began about 3 ½ years ago.

Bankruptcy 52

Bankruptcy B2B Credit Credit and Collections Credit Application 52

Trade Credit & Liquidity Management

MARCH 27, 2025

The 2025 Report on Employer Firms is an extensive compilation of findings from the 2024 Small Business Credit Survey (SBCS), which offers valuable insights into the financial circumstances and operational issues faced by small businesses across the United States.

Small Businesses 52

Small Businesses Credit Application 52

Biz2X

FEBRUARY 27, 2024

Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA), directing financial institutions to compile, maintain, and submit specific data on credit applications and lending decisions for women-owned, minority-owned, and small businesses, with the goal of fostering transparency, accountability, and fair lending practices.

Credit and Collections 52

Credit and Collections Credit Unions Small Businesses Credit Application 52

FICO Blog

MARCH 7, 2023

At the same time, examples of AI-powered financial institutions denying credit applications because of bias unwittingly loaded into the AI engines’ algorithms also eroded trust in AI for credit decisions. Systems used in banking and financial services are firmly in scope and could be enforced as early as the second half of 2024.

Credit Application 52

Credit Application 52

Biz2X

NOVEMBER 20, 2023

Understanding CFPB 1071 CFPB 1071 amends the Equal Credit Opportunity Act (ECOA) to mandate data collection and reporting concerning business credit applications to the CFPB. Lenders with at least 2,500 small business loan originations annually must begin data collection starting October 1, 2024.

Credit and Collections 52

Credit and Collections Small Businesses Transactions Credit Application 52

Biz2X

NOVEMBER 20, 2023

Understanding CFPB 1071 CFPB 1071 amends the Equal Credit Opportunity Act (ECOA) to mandate data collection and reporting concerning business credit applications to the CFPB. Lenders with at least 2,500 small business loan originations annually must begin data collection starting October 1, 2024.

Credit and Collections 52

Credit and Collections Small Businesses Transactions Credit Application 52