RMAi Blog

MARCH 11, 2025

The Court of Appeals of Wisconsin, District I, recently held that the National Bank Act does not preempt the Wisconsin Consumer Acts requirement to send a notice of right to cure to a borrower in default prior to filing a collection action. BACKGROUND A Wisconsin borrower defaulted on two credit card accounts issued by a national bank.

Credit and Collections 130

Credit and Collections Collector Default 130

Your Virtual Credit Manager

OCTOBER 24, 2023

As with any other task, some people are better at debt collections than others. This includes people who are not comfortable in a collection role, which is a common situation in smaller organizations, especially for those that doesn’t have formal credit and collections training or experience. The good news.

Collector 130

Collector Credit and Collections B2B Credit Debt Collections 130

RevCycle

JULY 26, 2023

In recent years, there has been a growing trend of medical debt credit cards being offered to patients. The Consumer Financial Protection Bureau (CFPB) is concerned about the risks associated with medical debt credit cards. Aggressive debt collection practices. Loss of credit reporting protections.

Collector 182

Collector Credit and Collections Medical Billing Debt Collections 182

Your Virtual Credit Manager

FEBRUARY 25, 2025

A customer that pays on time does not require any collection efforts. Those who sometimes pay on time only require a collection effort when they pay late; getting them to pay is usually not difficult. Since they are abusing your credit terms, why not require them to pay with a credit card when they place an order?

Bad Debt 130

Bad Debt Credit and Collections DSO Debt Collections 130

Your Virtual Credit Manager

JUNE 4, 2024

Successful collections require the coordination of a variety of activities: timely and accurate invoices and payment posting, monthly statements, email reminders and other dunning notices as well as telephone calls. A Cautionary Tale… As a corporate credit manager, I periodically was tasked with other finance department activities.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

Your Virtual Credit Manager

JUNE 27, 2023

Some have good credit, others are clear risks. The first evidence a business fits this persona is when their payment history — both references and credit bureau report — indicates they pay all their vendors promptly. When that happens, it is time to review their credit again.

Collector 26

Collector Credit and Collections High-Risk Accounts Accounts Receivable (AR) 26

Your Virtual Credit Manager

DECEMBER 26, 2023

In our case, we found our readers had an affinity for articles on identifying collection risks and the best ways of dealing with past due balances. We then provide situation intelligence regarding the causes of past due balances, and finally reveal seven habits common to successful collectors.

Collector 130

Collector Credit and Collections Default Third Party Collections 130

Your Virtual Credit Manager

JANUARY 16, 2024

If you sell on open credit terms, you need to plan on having to expend time and resources collecting from those customers that don’t pay when due. No matter how much effort you put into evaluating customer credit, some customers will not live up to your expectations. You need to be doing the right things.

Debt Collections 130

Debt Collections Collector Credit and Collections Bad Debt 130

RMAi Blog

FEBRUARY 13, 2025

LLC, President Elect Brian Williams, Crown Asset Management, LLC, Treasurer Joe Barbito, Orbita Capital Group, LLC, Secretary Brett Soldevila, Security Credit Services, LLC, Past President Michael Cassidy, Velocity Portfolio Group, Inc., Mellisa Massey, National Credit Adjusters, Director Mark Ravanesi, TrueAccord, Director Andrew J.

Law Firms 130

Law Firms Third Party Collections Credit and Collections Collector 130

Credit Absolute

DECEMBER 20, 2022

A past due or delinquent account can quickly be turned over to a collections department or agency that will then become responsible for collecting the debt. Debt collectors can be intimidating to consumers, especially when their attempts to collect a debt lead to daily calls, emails, letters, and text messages.

Collector 97

Collector Credit and Collections 97

Your Virtual Credit Manager

JANUARY 30, 2024

The evolution of Accounts Receivables (AR) automation has revolutionized our collection strategies. Previously, decisions were largely left to the discretion of individual collectors, resulting in subjective and inconsistent approaches. For a more in depth discussion of systematic collections, click here.

Credit and Collections 130

Credit and Collections Collector Accounts Receivable (AR) Days Sales Outstanding 130

Your Virtual Credit Manager

APRIL 16, 2024

Despite advances in workflow automation and payment technology, collecting commercial receivables is not getting any easier. Employ Technology: Automated billing systems, debt collection software, auto-cash, and other tech tools effectively streamline your cash conversion process. check, ACH, credit card, etc.),

Accounts Receivable (AR) 130

Accounts Receivable (AR) Debt Collections Credit and Collections Collector 130

Your Virtual Credit Manager

AUGUST 2, 2024

Tuesday, August 6, 2024 1:30 PM Eastern Daylight Time (EDT) Learn More & Register Special offer for readers of Your Virtual Credit Manager: This session will discuss how to optimize cash flow and working capital for your enterprise by applying the best collection strategy to each customer.

Collector 100

Collector Credit and Collections Credit Management 100

CreditStrong for Business

FEBRUARY 25, 2025

If a collection account is deleted, does your credit score increase ? The short answer is that it depends on the credit-scoring model used to evaluate your credit. If a collection account appears on your credit, it highlights a crucial issue with your financial health, which you should immediately work to improve.

Credit Scoring 52

Credit Scoring Credit and Collections Medical Billing Collector 52

Your Virtual Credit Manager

NOVEMBER 29, 2022

Photo by Ralph Hutter on Unsplash Confronted with high interest rates and inflation, and heading into a what is increasingly looking like a recession, small- and medium-sized businesses (SMBs) will probably need to use a Collection Agency more than they have in the past.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Default Collector 130

Your Virtual Credit Manager

NOVEMBER 1, 2022

Photo by Kenny Eliason on Unsplash Effective collections is the single most important factor for achieving reliable cash inflows. Effective collections can also reduce bad debt losses by compensating for a liberal or weak Credit Control function. The solution to the collections challenge therefore starts with Prioritization.

Credit and Collections 130

Credit and Collections Past Due Invoices Bad Debt Accounts Receivable (AR) 130

Your Virtual Credit Manager

JUNE 6, 2023

People who are new to business collections are inclined to fall into one of several patterns. Seldom does a new collector appreciate the need for a balanced, holistic approach to debt collections. In time, as they become more familiar with the process of collecting, their productivity increases.

Debt Collections 100

Debt Collections Collector Credit and Collections Default 100

Your Virtual Credit Manager

FEBRUARY 14, 2023

Photo by NoWah Bartscher on Unsplash Collecting past due balances takes skill, but not rocket science level skill. Once you have made a few collection calls it gets easier. Furthermore, in a commercial credit environment you seldom are dealing with the owner, but rather an employee and the money is not coming out of their own pocket.

Collector 100

Collector Credit and Collections Credit Management Small Businesses 100

RMAi Blog

FEBRUARY 6, 2023

Debt collection agencies are among the companies looking for solutions that can help them transform, and 2023 will be the year that voice-led tech will challenge the status quo of the ARM industry, especially when companies can deploy it within a day. When collecting debt, phone calls are still an extraordinarily effective medium.

Debt Collections 100

Debt Collections Collector Credit and Collections 100

Your Virtual Credit Manager

JULY 2, 2024

Moreover, if you are trying to collect from a small business, you may have to deal with the owner, who will have a lot on their plate in addition to their debt to your company. New to collections? You should attend Introduction to Business/Commercial Collections on Tuesday, July 16 at 1:30 PM EDT. annualy, forever.

Collector 130

Collector Debt Collections Past Due Invoices Credit and Collections 130

SAP Credit Management

AUGUST 3, 2023

With the SAP Cloud ALM raw data API you can send and receive observability data to any backend with no specific vendor requirements and benefit of the automatic instrumentation agents to collect without requiring any code changes or specific integrations for popular frameworks and languages. Traces track the progression of a single request.

Collector 155

Collector 155

RMAi Blog

OCTOBER 4, 2024

On October 1 st , 2024, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced actions to reduce the burden of medical debt and address medical debt collection practices in a coordinated event with the White House. Collecting amounts not owed due to Federal or State law. Collecting unsubstantiated medical bills.

Medical Billing 130

Medical Billing Collector Debt Collections Credit and Collections 130

Your Virtual Credit Manager

MARCH 5, 2024

Finding the time and resources to accomplish all the collection activities required to do a good job is a constant challenge. Most small companies come up short because when there isn’t a dedicated employee responsible for credit and collections, the owner or CFO have more important things to do.

Past Due Invoices 100

Past Due Invoices Credit and Collections Collector Accounts Receivable (AR) 100

Your Virtual Credit Manager

NOVEMBER 7, 2023

If their collection efforts are more aggressive than yours, the customer will tend to pay your competitor sooner, while you end up waiting for this mutual customer to accumulate additional funds to pay you. They are an important reason for formulating credit and collection policies and procedures, but not every lapse is an act of commission.

Credit and Collections 100

Credit and Collections Collector Credit Management Small Businesses 100

RevCycle

MAY 14, 2021

Regulation F and the CFPB commentary are over 900 pages of regulatory changes to everyday operational matters faced by the debt collection industry. Regulation F covers a broad range of consumer debt collection activity under the 1978 Fair Debt Collection Practices Act (FDCPA). Without further ado, here are our thoughts.

Collector 130

Collector Debt Collections Credit and Collections 130

Trade Credit & Liquidity Management

APRIL 30, 2025

.” The quote rings true for wanderers, but for a manager—especially a Credit Manager—there’s a harsher reality: “You will fail if you know where you want to go but have no plan on how to get there.” Threats : Unforeseen economic downturns could erode customer creditworthiness and collection results.

Cash Forecasting 52

Cash Forecasting Days Sales Outstanding DSO Credit and Collections 52

Your Virtual Credit Manager

JANUARY 3, 2023

Over time, AR Ledgers unfortunately tend to collect “Clutter.” Clutter can also cause new orders to be placed on a credit hold when it otherwise would have been automatically released. Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

RMAi Blog

SEPTEMBER 13, 2024

On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report. The report stated that the CFPB received approximately 109,900 debt collection complaints in 2023. The number one complaint type was “attempts to collect debt not owed.”

Collector 130

Collector Law Firms Credit and Collections Debt Collections 130

Your Virtual Credit Manager

JUNE 11, 2024

My first exposure to the power of accounts receivable (AR) automation came in 1990 when I was credit manager at ERICO Fasteners, a mid-market, specialty metals manufacturer. During the 10 years I’d been in business credit, I had never seen anything like it. Photo by ThisssEngineering RAEng on Unsplash In the Beginning.

AR Automation 130

AR Automation DSO Collector Accounts Receivable (AR) 130

RMAi Blog

SEPTEMBER 25, 2024

The bill also prohibits using any medical debt listed on a credit report as a negative factor when making credit decisions and gives individuals more room to address their medical bills before debt collection and reporting actions can take place. This bill will be effective on January 1, 2025.

Credit Reporting Agencies 130

Credit Reporting Agencies Medical Billing Debt Collections Credit and Collections 130

RMAi Blog

OCTOBER 14, 2024

In This Update Earlier this month, the CFPB issued an Advisory Opinion reminding debt collectors of their obligation to comply with the Fair Debt Collection Practices Act and Reg F’s prohibitions on false, deceptive, or misleading representations in the collection of medical debt (see RMAI’s October 4, 2024 Member Alert ).

Credit and Collections 130

Credit and Collections Law Firms Collector Credit Reporting Agencies 130

SAP Credit Management

AUGUST 9, 2023

The data for the flat file interface analysis is collected with the file interface discovery tool. Additionally, the data collector provides filter capabilities to exclude system files, such as SAP-transport-management-related file accesses. transport system interfaces) are filtered out and not displayed in the results list.

Collector 135

Collector Dashboards Transactions 135

Eastern Credit Management Services

JUNE 10, 2019

“You’re a Bill Collector, you collect overdue accounts; thus you must be one”, you would not believe how often we hear this day today. The truth is yes, we collect overdue accounts, but we are not Bill Collectors by definition; we are an extension of your business.

Collector 52

Collector Debt Collections Credit and Collections Credit Management 52

Your Virtual Credit Manager

JULY 16, 2024

Keeping these latter two groups under control requires collection efforts. Photo by Michael Starkie on Unsplash ) At a fundamental level, collections involves contacting customers to collect the money they owe you. Collections becomes more challenging when the customer objects. Keep upping the pressure until you are paid.

Collector 100

Collector Accounts Receivable (AR) Past Due Invoices Credit and Collections 100

Gaviti

SEPTEMBER 6, 2023

Cash Application: A New Era of Accuracy and Efficiency As Gaviti is a platform built by collectors for collectors, we understand the challenges that come with manual cash application processes – the potential for errors, time-consuming matching tasks, and the overall drain on resources.

Cash Applicator 98

Cash Applicator Credit Application Collector Bad Debt 98

CreditStrong for Business

JULY 29, 2024

When a consumer has an unpaid debt, the lender will generally conduct their own in-house collection efforts for approximately 30 to 60 days. If the debt remains unpaid for 90 days, most original creditors will forward the account to a third-party debt collection agency. Can You Remove Paid Collections From Your Credit Report?

Credit Scoring 52

Credit Scoring Collector Credit and Collections Credit Reporting Agencies 52

Your Virtual Credit Manager

APRIL 23, 2024

” (Photo by Devon MacKay on Unsplash ) This applies to credit and collections as well as anything else. Collectors are continually learning what works to get people to pay up and what doesn’t. Do you need help with Customer and Portfolio Risk Analysis, or are there Past-Due Accounts you are trying to collect?

Bankruptcy 130

Bankruptcy Chapter 11 Credit and Collections Collector 130