RMAi Blog

MAY 12, 2023

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. 1692e (demanding payment of a debt not owed) and 15 U.S.C.

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Collector Credit and Collections Law Firms Debt Collections 100

SAP Credit Management

JULY 19, 2023

Since Objects in SAP Real Estate Management (SAP RE) itself are Cost Objects – despite of Settlement Units which are plain Cost Collectors – one of these buckets must suit to reflect P&L figures in Central Finance. Cost Centers Internal Orders WBS Elements CO-PA Objects. Actually not all data is needed from table VICAINTRENO.

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RMAi Blog

MARCH 14, 2023

Nevada AB 223 – This bill would require debt collectors to provide a payoff letter within 10-days of a consumer request. New York AB 1035 – This bill would prohibit debt collectors from communicating with consumers through the use of email, text messaging, or private communication tools offered by social media companies.

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SAP Credit Management

DECEMBER 20, 2022

I am a collector of old computers and software and have a passion for these vintage systems. It’s nice to see that all of these transactions were already available in this early version, and that the core functionality was already present. SM51 – Overview of Processes.

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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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RMAi Blog

JANUARY 13, 2023

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. There, the plaintiff sued after a debt collector used letter vendor to send a collection letter.

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Law Firms Collector Credit and Collections Debt Collections 100

RMAi Blog

APRIL 12, 2023

Nevada AB 223 – This bill would require debt collectors to provide a payoff letter within 10-days of a consumer request. New York AB 1035 – This bill would prohibit debt collectors from communicating with consumers through the use of email, text messaging, or private communication tools offered by social media companies. NPAS, Inc. ,

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Your Virtual Credit Manager

JANUARY 9, 2024

Two weeks ago we recapped the three most read articles from 2023: identifying red flags, understanding why customers pay late, and the secrets of successful collectors. Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics. There is nothing wrong with that.

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Due

APRIL 16, 2023

Data collectors record the prices of these items every month to determine whether they have fallen or risen overall. A CPI data collector goes to a store and selects an item from a pre-selected category. Then, the data collector will randomly choose one of the sizes and track its price every month.

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CreditStrong for Business

SEPTEMBER 12, 2024

The company that has furnished or reported unpaid debts or other forms of adverse payment history to the credit bureaus is typically a third-party debt collector; however, it might be the original lender associated with the debt such as a bank or credit card company. Among the most commonly deployed tools are debt validation letters.

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CreditStrong for Business

OCTOBER 8, 2024

Your utility provider won’t report missed payments, but they may sell your account to a debt collector. The collector will report a collection account, which can then do serious damage to your credit. As a result, they don’t report your payments, so those payments will not build good credit. What Bills Affect My Credit Score?

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Credit Scoring Collector Credit and Collections Credit Reporting Agencies 52

Due

APRIL 2, 2024

While collectors might be on your back, open accounts should be your highest priority. The lower your present credit utilization, the better your credit score. Thus, a collector who agrees to freeze reporting your account will help tremendously. Your late payment history can remain on your credit report for 7 to 7.5

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Credit Scoring Bankruptcy Credit and Collections Chapter 7 72

Collenda

JULY 31, 2024

Building upon the Tailored Support Guidelines (TSG) introduced during the Covid-19 pandemic, the FCA aims for these measures to be an enduring element of a lender or debt collector’s Consumer Duty. Lenders are asked to extend support not only to those already in arrears but also to customers at risk of payment difficulties.

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Gaviti

DECEMBER 28, 2023

Inappropriate reactions on the part of the customer or collector during a collections call may make the situation worse. Aggregating data from collections calls is challenging and doesn’t offer a holistic view into the customer’s present financial situation. They deliver poor visibility into customer information.

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FICO Blog

JANUARY 18, 2023

This frees up human collectors to spend more time with customers in forbearance situations that require empathy and consultation. Bruce Curry returned to a perennial theme in debt collection: the opportunities presented by advanced analytics. Ulrich Wiesner presented this advice on how to improve contact data quality.

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Debt Collections Credit and Collections Collector Transactions 52

Gaviti

JUNE 10, 2024

If your business is scaling and expanding into new geographic regions, it may present challenges in collecting receivables. You’ll want to offer the right technology to ensure your customer payment data and information is secure, yet also provide a wide range of payment methods at the same rates your customers are used to.

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Payment Portals Electronic Funds Transfer Credit and Collections Cash Applicator 52

MNS Credit Management Group

SEPTEMBER 24, 2023

Equipment There must be open lines of contact between local collectors, banks, and clients for debt recovery efforts to be fruitful and successful. With this strategy, you must examine your invoice creation process and ensure that each of the elements listed below is present: A billing date.

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Debt Collections Credit and Collections Collector Credit Management 52

Gaviti

FEBRUARY 18, 2024

Its experienced PCS debt collectors are knowledgeable of relevant regulations such as HIPAA and legal processes necessary to recover debt. Collecting debt presents challenges in complying with various regulations, not to mention cultural and language barriers. It has a “no money, no fee” approach to collections. Digital wallets (e.g.,

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

Fundera

SEPTEMBER 23, 2019

A cash flow forecast is a model that estimates your business’s future financial position from a cash flow perspective in order to responsibly manage your finances in the present. Be a Diligent Collector. Work on being a diligent collector. But slow-paying or late-paying clients are a primary cause of cash flow problems.

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Electronic Funds Transfer Collector Cash Forecasting Credit and Collections 45

tillful

MAY 17, 2023

Unfortunately, derogatory marks cause your credit scores to drop and alert future creditors that you present a higher credit risk. Once the statute of limitations has passed, the creditor or collector isn’t able to take any legal action to try and force you to pay the debt. What is a derogatory public record ?

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Bankruptcy Credit and Collections Credit Reporting Agencies Credit Scoring 52

Fundera

JULY 23, 2019

While they’re not the only quote-based company, there is a history of high-risk businesses being presented with unfavorable pricing or contracts because they have fewer options. While they don’t work with all high-risk businesses, they do work with debt collectors, casinos, pawn shops, and more. Is PaymentCloud Right for You? .

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Credit and Collections Collector Transactions Credit Card Payments 40

Due

MARCH 3, 2023

Having an employer who matches your contributions AND maxing out your 401k plan before the end of the year can also present a problem. Credit collectors are trained to increase your anxiety levels to sky-high levels when you have bad credit. A contribution limit of $30,000 applies to people 50 and older.

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Credit Scoring Bankruptcy Medical Billing Brokerages 105

Priority Credit Management Corporation

APRIL 21, 2021

I present a credit literacy segment at local high schools for their Career and Life Management or CALM classes. I review this topic through the lens of a debt collector and a parent. And since it's Financial Literacy Month in the U.S. but I believe should be every month), I thought it would be a timely discussion. That is $82,266.00

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Due

MAY 24, 2023

million to an anonymous Asian collector after her death, making it the most expensive engagement ring ever. In addition to four smaller boxes filled with gold-plated presents, the invitation came in a pink box with golden embellishments. First on the list is the engagement ring of Elizabeth Taylor, given to her by Richard Burton.

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Due

MARCH 3, 2023

Having an employer who matches your contributions AND maxing out your 401k plan before the end of the year can also present a problem. Credit collectors are trained to increase your anxiety levels to sky-high levels when you have bad credit. A contribution limit of $30,000 applies to people 50 and older.

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Credit Scoring Bankruptcy Medical Billing Brokerages 64

RMAi Blog

APRIL 14, 2025

New York AB 5537 / SB 4271 This bill would establish a state-wide debt collector license in New York under the authority of the Department of Financial Services (the same agency that licenses the banking and insurance industries and which for the last 11 years has promulgated rules for debt collectors). RMAI is in strong opposition.

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RMAi Blog

NOVEMBER 25, 2024

First, the Court analyzed the FDCPA’s provision, breaking it down into three principles: The basic prohibition: A debt collector may not “communicate with a consumer” in connection with any debt collection at (i) any unusual time or place, or (ii) a time or place known or which should be known to be inconvenient to the consumer. See 15 U.S.C.

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RMAi Blog

MARCH 14, 2025

However, federal courts in Wisconsin have held that consumers can seek damages under the FDCPA against debt collectors that file collection actions when no right-to-cure notice was provided. Relying on the representations of the creditor, the debt collector reported the consumers account to the CRAs as undisputed. See Bahena , 363 F.

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JSP Credit Management

APRIL 19, 2022

Therefore we have chosen to embrace the opportunities that have been presented to us and yes, it has involved some risk, but it has also involved some reward too and that is what we have benefited from in hindsight. We cannot say that it came as a surprise to be asked such a question.

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Due

NOVEMBER 12, 2024

With a wide array of designs, materials, and colors to choose from, they make meal presentations more appealing. Along with jams, nuts, and olives, cheese boards are often accompanied by small dishes or bowls, enhancing their presentation. For collectors and book lovers alike, they are must-haves for any bookshelf.

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RMAi Blog

JANUARY 14, 2025

2025 Webinar Programming Register for our February 4th webinar, Innovation and Future Trends in the Accounts Receivable Management Industry, sponsored by Collectors Insurance Agency, Inc. where our presenters will explore how cutting-edge technologies and practices are shaping the future of debt collection and debt buying.

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