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.

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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?

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Credit Scoring Collector Credit and Collections Credit Reporting Agencies 52

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.

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

CreditStrong for Business

SEPTEMBER 4, 2024

An original creditor owed an unpaid debt will often “charge off” a credit account and send it to a debt collection agency. Most collections will remain visible for seven years on your credit report. How Do Collections Affect Your Credit Score? The consumer’s existing credit score at the time.

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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.

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RMAi Blog

SEPTEMBER 13, 2024

Department of Treasury is also seeking information on the use of AI. The department issued a Request for Information on the uses, opportunities, and risks of AI in the financial services sector. On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report.

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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.

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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.

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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.

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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 ).

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Credit and Collections Law Firms Collector Credit Reporting Agencies 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.

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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.

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

Eastern Credit Management Services

FEBRUARY 2, 2024

In the dynamic landscape of debt collection, where regulations evolve, debtor behaviors change, and technology advances, staying ahead of the curve is crucial for success. Navigating Regulatory Changes Collection training seminars play a pivotal role in keeping professionals abreast of the ever-changing regulatory environment.

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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.

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

CreditStrong for Business

AUGUST 27, 2024

If a consumer has an unpaid debt on an existing credit account, the original lender will eventually close the account and charge off the bad debt. Generally, these debts are reported to the credit bureaus and remain as a negative entry on your credit history for seven years. How Long Does It Stay on My Credit Report For?

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MNS Credit Management Group

JULY 12, 2023

For instance, they could try internal or outside collection efforts or even file a lawsuit. Before the debt is deemed bad, collection measures may still be made. Let’s examine how financial organisations might lower the risk of lending money and boost collections. How may loan risks be diminished?

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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.

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MNS Credit Management Group

DECEMBER 2, 2022

Who are debt collectors? A corporation or agency that recovers money owing on past-due debts is known as a debt collector. Many businesses that owe money to creditors use debt collectors, who work for a fee or a portion of the total amount collected. Another name for a collection agency is a debt collector.

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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.

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Eastern Credit Management Services

OCTOBER 3, 2023

When it comes to debt collection, businesses are faced with a critical decision. Should they handle it in-house or outsource it to a professional debt collection agency like Eastern Credit Management Services (ECMS)? Resource Efficiency: Outsourcing debt collection saves your company time, manpower, and resources.

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Debt Collections Third Party Collections Collector Credit and Collections 52

Your Virtual Credit Manager

APRIL 23, 2024

History, other people’s experinces, is informative as well. ” (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. That’s what this article explores.

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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.

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Gaviti

JANUARY 7, 2024

Understanding the Challenges in A/R Collections Like many ERPs, Netsuite is a leading Enterprise Resource Platform (ERP) designed to optimize various business processes and includes various financial capabilities such as bank reconciliation, management of accounts payables and financial reporting. Inability to track collections performance.

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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.

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MNS Credit Management Group

SEPTEMBER 24, 2023

In addition to giving solicitors instructions to start legal proceedings, we also offer credit management services including sending letters of demand prior to legal action, a service that looks into a company’s history, credit reports, and status reports. When a client owes a business money, consumer collections take place.

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Due

APRIL 2, 2024

Life’s uncertainties—job loss, emergencies, foreclosures, bankruptcies—can severely damage credit. With a commitment to bouncing back, discipline, careful planning, concrete goals, and strategic choices, it is possible to recover from financial troubles and rebuild your credit status. Bad credit carries numerous disadvantages.

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MNS Credit Management Group

AUGUST 11, 2023

Debt collectors must use crucial tactics to do this, which guarantee a win-win situation for all sides. These vital techniques for effective debt collection in Singapore are covered in this brief guide. These vital techniques for effective debt collection in Singapore are covered in this brief guide.

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SAP Credit Management

AUGUST 9, 2023

The authorization trace provides not only information about the calling program but also about the call stack entry point, the activity type (read, write, or delete), and the file path. The data for the flat file interface analysis is collected with the file interface discovery tool.

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Gaviti

FEBRUARY 18, 2024

Even with the most streamlined and automated A/R management process and B2B collections best practices , customers don’t always pay on time. At this point, your business should move from handling the invoice in-house to managing it through one of the debt collection outsourcing services listed below. billion by 2025 in the U.S.

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MNS Credit Management Group

MAY 25, 2023

The main purpose of debt collection in any country is to find an amicable and smooth settlement of dues between a debtor and a creditor. However, in Indonesia, there are no specific rules regarding debt collection service companies. This also explicitly states that use of force in any debt collection activity is prohibited.

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Debt Collections Credit and Collections Collector Law Firms 52

MNS Credit Management Group

MARCH 2, 2023

Nowadays, there are two main methods of debt collection in Vietnam. The second option is to request assistance from a debt collection firm, which assists corporate clients in recovering their obligations. One must keep the following in mind when collecting debt in Vietnam: Vietnamese debt collection outside of court.

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Gaviti

DECEMBER 28, 2023

Collections calls typically rely on a team of individuals, each responsible for his or her own accounts. Although the idea is for the collections teams to build a rapport with their customers, the approach is flawed. Other inefficiencies of collections calls include: They are resource-intensive.

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Gaviti

FEBRUARY 17, 2024

For some customers, however, you’ll need another strategy altogether for collecting unpaid and overdue invoices: debt collection. The Key Components of Effective A/R Management The main aspect of A/R management is the collections of receivables. Streamlined credit management. These include: A streamlined dunning process.

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CreditStrong for Business

AUGUST 9, 2024

FICO, the model used by the majority of lenders, generates credit scores using the FICO® Score 8 version with a range beginning at 300 up to an 850 maximum score. However, certain industry-specific FICO credit score versions use a 250 to 900 range. Given that, 300 is often the lowest credit score. There is no “0” credit score.

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MNS Credit Management Group

MAY 28, 2022

The Debt collections business is primed for even greater transformation in 2022, which should come as no surprise. 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.

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RMAi Blog

MAY 12, 2023

Nat’l Credit Sys. , A debt collector unaware of the discharge, allegedly due to a bona fide error, sent several collection letters to the consumer regarding the past-due rent. The consumer filed a lawsuit claiming the debt collector, by seeking payment following the discharge, “violated 15 U.S.C. 21-3131, 2023 U.S.

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Collector Credit and Collections Law Firms Debt Collections 130

CreditStrong for Business

AUGUST 30, 2024

Good credit is essential for obtaining the financing many businesses need to grow their operations. If your business credit has suffered some setbacks, you’ll need to rebuild it before applying for new loans or credit cards. Repairing bad credit works a little differently from establishing it the first time.

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