RMAi Blog

SEPTEMBER 13, 2024

On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report. Medical debt, rental debt, and consumer complaints were among the topics focused on in the report. The report stated that the CFPB received approximately 109,900 debt collection complaints in 2023.

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RMAi Blog

DECEMBER 13, 2024

CFPB expressed concern over social media influencers on platforms like TikTok and Instagram spreading misinformation about debt collections. The collection agency provided an account itemization and threatened to pursue legal action if the bills werent paid. RMAI will collaborate with the CFPB on addressing these issues in 2025.

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Know-It Global

JUNE 20, 2023

By verifying the financial standing of companies before engaging in any transactions, you can mitigate the risk of working with fraudulent or unreliable entities. This is particularly crucial for businesses involved in high-value transactions or partnerships where the financial stakes are significant. Get a free business credit report!

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Know-It Global

OCTOBER 24, 2024

Document Everything: Keep detailed records of all communication, transactions, and agreements related to the debt. Engage Debt Collection Agencies: Utilise the services of debt collection agencies with experience in recovering debts globally.

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MNS Credit Management Group

MAY 3, 2023

After demonetization, the government closed all the channels for the creation and transfer of black money, resulting in stringent requirements for the accounting evidence supporting each transaction. In this article, we will explore the causes of these issues, their consequences in the b2b debt collection industry, and potential solutions.

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MNS Credit Management Group

JULY 18, 2023

use mobile money; and 19% make transactions online. Source: [link] ] Debt Collection And Recovery in Bangladesh We are a reputable debt collection agency that focuses in collecting debts in Bangladesh(বাংলাদেশে ঋণ). Easy-to-do business: Business operations are not very easy (ranked 45 out of 100).

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Emagia

FEBRUARY 20, 2025

By utilizing real-time data and analytics, companies can make informed decisions about extending credit, thereby minimizing the risk of bad debts. Collections Management Automation Automated collections management streamlines the process of identifying overdue accounts and initiating follow-ups.

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Eastern Credit Management Services

JUNE 13, 2023

This clarity will help debtors understand the urgency and importance of settling the debt promptly. Provide Detailed Account Information: Include a breakdown of the outstanding debt, providing a clear and itemized list of the products, services, or transactions for which payment is due.

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Professional Credit

MAY 5, 2022

Regulation F was introduced largely to update the Fair Debt Collection Practices Act (FDCPA), which was first enacted in 1977. The CFPB’s edits to Reg F contained a lot of changes for collection agencies. Any one will do, as long as any fees or payments applied after this date are provided to your collection agency as well. .

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Your Virtual Credit Manager

MARCH 19, 2024

Going forward, you should treat them as a new customer, but in the meantime, you still need to collect any existing debt. Collection Activity: Reach out to new management or ownership to confirm their awareness of outstanding debts and re-establish payment arrangements.

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MNS Credit Management Group

NOVEMBER 22, 2022

Evaluating the entity’s overall financial sustainability in terms of its assets and liabilities examining the entity’s operations and confirming the relevant facts in relation to a proposed transaction. Transaction Covered Under Due Diligence. Due Diligence in Mergers and Acquisitions Transactions.

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FICO Blog

FEBRUARY 1, 2023

Open Banking transactional data — which offers a view of how customers manage their finances and how their spending behaviour might be changing, as and when it is happening — may be key to informing and detecting the very earliest signs of financial stress and delinquency.

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Fundera

OCTOBER 6, 2019

The debt is enforceable under state law. Each state has its own statute of limitations for debt collection. . You have a reasonable expectation that the debt will be repaid. . As in all business transactions, the more financial documentation you have in your corner, the better chance you have of a win-win situation.

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CreditStrong for Business

AUGUST 27, 2024

Credit Karma describes charge-offs as unpaid debts that a creditor (lender) has “given up” trying to recover from the borrower. Here, lenders formally stop any direct debt collection efforts and often sell the old debt to third-party debt collectors or collections agency companies.

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Due

JANUARY 3, 2023

What to look for in credit inquiries: In addition to checking your credit report, you should make sure that there are no “funny business” transactions going on. If you see a debt collection on your credit report, don’t panic. Receive a prequalification or preapproval credit card offer. Foreclosures.

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Credit Scoring Bankruptcy Credit and Collections Credit Reporting Agencies 119

JSP Credit Management

DECEMBER 14, 2021

One of the numerous benefits of working across different industries in the debt collection industry is that you get to see the wide variety of different payment arrangements that are adopted by different companies, and sometimes entire sectors too. In other words for commercial transactions, or B2B deals?

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Enterprise Recovery: Accounts Receivable

JANUARY 20, 2023

As a business owner, it's important to stay on top of your accounts receivable, especially when it comes to business-to-business (B2B) transactions. Accounts receivable refers to the money that your clients owe your company for goods or services that have been provided but not yet paid for.

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FICO Blog

JANUARY 9, 2023

They’re also sound business practice and a solid pathway for dealing with customers – irrespective of where business is being transacted. It also helps identify where a company should focus its efforts and at the same time delight customers who appreciate the anonymity of this debt collection communication approach.

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JSP Credit Management

SEPTEMBER 28, 2021

One of the other advantages to such a review is that, especially when it comes to debt collection, it is centred around an activity that is high in volume and transactional value.

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Collenda

JANUARY 21, 2022

Collenda provides an end-to-end integrated credit lifecycle platform for banks, corporates, and debt collection agencies. It covers the entire credit value chain from origination and servicing to collection and recovery. Completion of the transaction is subject to applicable regulatory clearances.

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Fundera

MAY 31, 2017

Well, American Express will tap into your credit and debit card receivables to collect repayment for the loan they extended. The first option is to have American Express set up a lockbox, meaning that all of your credit card transactions get deposited into a bank account that American Express controls.

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Emagia

MAY 16, 2023

The Formula for Average Collection Period Average Collection Period = 365Days * (Average Accounts Receivables / Net Credit Sales) Importance of Average Collection Period The average collection period sheds light on how effective debt collection is.

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JSP Credit Management

FEBRUARY 21, 2022

What we come across regularly as providers of debt collection services, are poorly drawn up terms and conditions that pay little attention to the potential for late payment from a customer.

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TreviPay

SEPTEMBER 18, 2024

Without trade credit insurance, businesses face a higher risk of financial loss due to non-payment from customers, which can lead to the use of debit collector services to recover outstanding debts. Debt collection services are third-party agencies or companies that specialize in recovering unpaid debts on behalf of businesses or individuals.

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Due

APRIL 16, 2024

The best con artists are the ones who know exactly what they’re doing, whether it’s a debt collection, credit card phishing , or imposter scam. Collect all communication. Document your transactions. Tell them you were scammed and ask them to freeze your accounts and reverse fraudulent transactions.

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TreviPay

NOVEMBER 11, 2022

It’s a category rather than an industry, as B2B transactions occur across different business sectors. B2C transactions include everything from groceries to high-end luxury fashion. These values are so high that it’s the norm in many B2B transactions for suppliers to offer their customers net terms and financing options.

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Due

JULY 27, 2023

This is a leading payroll connectivity API company that leading companies use for transactions. They believe that incentives and rewards are more than transactions, and they have really transformed this concept into reality. They have helped creditors modernize the debt collection process, thus reducing harassment.

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Emagia

AUGUST 23, 2023

The cycle of trade receivables is finished with this transaction because the outstanding balance has been paid. These steps can include writing letters and making phone calls, as well as starting legal action or working with outside debt collection companies.

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Fundera

AUGUST 3, 2019

Some of the high-risk businesses Host Merchant Services works with include debt collection and recovery, e-cigarettes and vape shops, airlines, timeshares, gambling and casinos, real estate, and more. Their transaction fees will vary depending on what type of business you have. Additionally, you may qualify for free equipment.

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Fundera

JUNE 23, 2019

Additionally, businesses that work with Durango Merchant Services in the United States have the money from their transactions deposited into their accounts in just one to three days. Any businesses dealing with debt collection, gambling, debt relief. Fraud Protection Services. Host Merchant Services.

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Abrigo

NOVEMBER 22, 2021

Takeaway 3 Consumer compliance laws related to debt collection and preventing money laundering are also important for lenders. Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). Debt collections & anti-money laundering. Pandemic Issues. Consumer lending compliance spotlight.

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Abrigo

MARCH 3, 2021

Inappropriate seizer of EIP: A private company that may have control over a person’s finances seizes a person’s EIP for wage garnishments or debt collection and does not return the inappropriately seized payments. Stay up to date on COVID-19-related crime and BSA obligations. FinCrime monitoring. Red flags for EIP fraud.

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aptic

JANUARY 20, 2025

The debt collection industry, often marked by inefficiency and strained relationships with customers, is undergoing a profound transformation powered by artificial intelligence (AI). AI is not only streamlining operations but also fostering a more personalized and empathetic approach to debt recovery. Generative AI Gnani.ai

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RMAi Blog

APRIL 12, 2023

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. The bill also provides for a private right of action for failure to provide a payoff letter in the required time.

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RMAi Blog

MARCH 14, 2023

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. The bill also provides for a private right of action for failure to provide a payoff letter in the required time.

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