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Finding the time and resources to complete every collection activity needed to be done at the optimal time to be done is a constant challenge. Most small companies come up short because the owner or CFO have more important things to do and there isn’t a dedicated employee responsible for credit and collections.
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.
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.
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.”
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.
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 ).
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.
This is a very expansive definition which would include medical debt charged on a credit card, including a bottle of Tylenol purchased from a grocery store. RMAI is strongly opposed to this bill and is working with our Colorado lobbyist and other industry trade associations to get an exemption for credit card debt.
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.
CFPB expressed concern over social media influencers on platforms like TikTok and Instagram spreading misinformation about debt collections. The consumer didnt pay the providers bills, and eventually the provider retained a collection agency which reported the debts to credit reporting agencies. 1692, et seq.
The following bills of concern are a sample of the legislation that RMAI is currently engaging on behalf of the industry: California AB 1414 – This bill would exclude consumer credit accounts from the definition of “book account” which would force all litigation through a contract theory for litigation.
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. Prof’l Bureau of Collections of Md., 4th 823 (10th Cir. 4th 1236, 1240 (11th Cir.
Rebrand collections To create a successful pre-visit financial clearance process, savvy healthcare organizations are restructuring collections. While these teams may require the same amount of staff resources as the business office, they exact a much higher amount of collections. PAtient financial experience TIP: 2.
In the wake of the pandemic, CFOs found themselves with a new batch of supply chain and finance challenges — ones that have made it increasingly difficult to manage processes, collect cash and reach your accounts receivable goals. Historically, the processes within collections, cash application and credit management are highly manual.
Top 5 Debt Collection Posts of 2022: Crisis and Opportunity. As more people enter the collections queue due to rising costs and economic wobbles, our collections experts share their tips for early collections, digital approaches and more. Here are the top five posts from 2022 on debt collection trends. FICO Admin.
Professional is proud and honored to recognize Justin Murphy as he finalizes his year serving as the Washington Collectors Association (WCA) president. Justin, and the WCA, have positively influenced consumer collection laws to protect our clients and ensure they get the greatest recovery. Congratulations, Justin! .
Rebrand collections To create a successful pre-visit financial clearance process, savvy healthcare organizations are restructuring collections. While these teams may require the same amount of staff resources as the business office, they exact a much higher amount of collections. PAtient financial experience TIP: 2.
She recently was a guest speaker at a Billtrust webinar where the discussion focused on the most pressing cash application challenges burdening AR departments. Customers pay with paper checks or through electronic payment sources such as ACH, (virtual) credit cards, SEPA, accounts payables portals, etc. This can slow down business.
You might also like this webinar, "Consumer Lending 101.". Takeaway 3 Consumer compliance laws related to debt collection and preventing money laundering are also important for lenders. Regulation B, implementing the Equal Credit Opportunity Act (ECOA) for fair lending. Pandemic Issues. Consumer lending compliance spotlight.
Another aspect of the art and antiquities trade making it prone to money laundering is that it is difficult to place a value on these high-end items as the worth is based on the eye of the collector – the purchaser. Join this webinar to learn more: AML/CFT hot topics for 2023: Are you prepared? . FinCEN works on rules. Learn More.
The letter specifically noted several proposals including restrictions on creditors and consumer reporting agencies concerning medical information (Regulation V), credit card penalty fees (Regulation Z), identity theft and coerced debt provisions, data broker practices under Regulation V, and more. View RMAIs data broker comments here.
Additionally, it aims to explore methods for identifying and addressing debts incurred through coercion, assess the responsibilities of entities furnishing credit information, and review the current dispute resolution process. A Wisconsin borrower defaulted on two credit card accounts issued by a national bank. New York A.1356
In This Update Last week the CFPB released its final rule on removing medical debt from credit reports. Among the new regulatory restrictions, the final rule states that creditors can no longer use medical debt information in credit eligibility determinations unless specific exceptions apply. New York A.1356
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