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Credit & Collections
Equifax Start Credit Reporting in India
Equifax announced they have launched a credit reporting business in India, a joint venture involving six Indian financial institutions.
Business Week –
9/3/2010
Charge-Offs Drop to 16-Month Low
The average charge-off rate for U.S. consumer credit cards fell in July to a 16-month low, as overall credit card-portfolio health continued to improve.
Collections & Credit Risk –
9/3/2010
Five Rules for Collecting Overdue Payments
Maintaining a credit policy can help a company avoid having too many overdue accounts. Five rules every company should have for collections including acting fast on a missed payment, taking broken promises seriously, and creating and maintain a credit policy.
Business Week
9/1/2010
Dun & Bradstreet Acquire Australian Assets
Dun & Bradstreet announced it has purchased consumer credit monitoring assets from Lazard's Australian private equity group. This acquisition is the largest acquisition completed by DNB since 2000.
Morning Star
9/1/2010
Improving Patient Collections
Some ways to improve patient collections include collecting as much upfront as possible, being polite but firm, educating patients on insurance estimates, and using a healthcare credit company.
Becker's Review
9/1/2010
Credit Card Delinquencies Fall
Credit card delinquencies have fallen during the second quarter as consumer try and focus on card relationships.
Collections & Credit Risk
8/30/2010
Final Regs of CARD Act In Effect
The final batch of regulations from the Credit Card Accountability Responsibility and Disclosure Act has gone into effect. These rules include reform on interest rates and penalty fees.
Yahoo News
8/20/2010
What Happens to Debt on Delinquent Cards?
The credit department of the company usually will write off a delinquent debt after 3-4 months of non-payment depending on the business. Writing a debt off means the company no longer keeps the debt on the books, but it does not mean it disappears. Most companies then transfer the debt to their collections department.
Card Ratings
8/16/2010
Consumers Carrying Fewer Credit Cards
A new study shows that U.S. consumers are carrying fewer credit cards than they were three years ago. Consumers now carry an average of 3.08 credit cards, down 26 percent from 2007.
Collections & Credit Risk
8/16/2010
CIFS Announces New Collection Service
Credit Indemnity & Financial Services (CIFS) is introducing a new Integrated Collections Service designed to provide policyholders with certainty that overdue debts will be paid under their policy.
Business Credit Management
8/16/2010
FTC Cracking Down on Fraudulent Financial Schemes
The Federal Trade Commission told a U.S. Senate Committee that protecting financially distressed consumers from deceptive debt relief schemes is a top agency priority. The FTC has stepped up efforts to stop fraudulent financial schemes that abuse consumers.
Collections & Credit Risk
8/13/2010
Lawsuits Against Collection Agencies and Creditors Spike
The number of lawsuits against collection agencies and creditors spiked during July. For the last fifteen days in July there were 533 consumer statute lawsuits, up from 409 in the first half of the month.
Collections & Credit Risk
8/12/2010
Ways to Help Collection Departments Collect Efficiently
Collections departments that do not have the time or resources to send out payment reminders can use two new tactics to get late customers to pay sooner. First, sync your email to pull information from the AR system to send a message once a customer hits a certain late mark. Secondly, hit them early; the sooner you remind customers the better.
CFO Daily News
8/11/2010
Creditors Have More Regulations to Deal With
Due to several regulatory chances in the recent months, creditors have a lot they need to know. Not only do they have the CARD Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act to worry about, there are also new FCRA regulations to worry about.
Collections & Credit Risk
8/11/2010
How to Manage Business Credit Cards Responsibly
Effectively managing company credit is as important as managing personal credit, but there are different steps to it. By avoiding co-mingling, managing cash flow and taking on debt only if it increases revenue, companies can manage credit cards responsibly.
Inc.
8/9/2010
Be Aware of New Bank Fees to Make up for Lost Revenue
With new credit card regulations limiting the amount of fees banks can charge, they have estimated the changes will eliminate $390 million in credit card revenue. When a company can not charge for one thing, it looks to charge for another to make up the revenue. It is important to watch accounts for new charges like increase interest rates and faster payment requirements.
Merced Sun-Star
8/9/2010
Harmful Credit Card Issuer Behavior Persists Even After CARD Act
The CARD Act has eliminated many practices lawmakers deemed unfair, but certain other practices that could put consumers at risk are on the rise. Banks are withholding helpful information from clients from ways to keep down fees to what the new regulations are.
Collections & Credit Risk
8/6/2010
MasterCard Net Income Up
U.S. credit and charge purchase volume rose a billion dollars during the last quarter, helping raise Master Cards net income.
Collections & Credit Risk
8/4/2010
Collection Industry Utilizes the Internet
The collection industry is using the Internet as a new method to get people to pay their debts. Virtual debt collection is becoming a popular method to dealing with customers to avoid more time consuming methods such as telephone calls and letters.
Denver Post
8/3/2010
FTC Releases New Rules for Debt Relief Companies
The FTC has issued new rules for companies that sell debt relief services over the phone due to an increased amount of fraud. The new regulations will not allow such companies to charge a fee before they settle or reduce a customer's debt.
Collections & Credit Risk
7/29/2010
Credit Card Chargeoffs Decline in June
Credit card chargeoffs declined in June to a lower level then the same time last year. With the continual decline this year, experts believe it will continue to decrease as the economy recovers.
Collections & Credit Risk
7/27/2010
Despite Regulations, Credit Card Fees Still Deceptive
Even with new laws prohibiting numerous deceptive practices, credit card fees are not always clear. A study by the Pew Safe Credit Cards Project found that previously, all card issuers tracked by Pew used at least one practice that is now illegal.
USA Today
7/25/2010
Ways Companies Keep Card Fees Low and Collections High
Eighty-one percent of business-to-business companies now accept credit card payments, but most are selective about when to keep fees down. Some ways companies keep fees low and collections high are only accepting credit card payments for deposits or COD, balances up to $1,000 or up to a certain dollar amount and within a certain number of days after invoicing.
CFO Daily News
7/24/2010
CARD Act Costing Citigroup Millions
Citigroup Inc. announced that the Credit Card Accountability, Responsibility and Disclosure Act (CARD) legislation will cost $400 million to $600 million in pretax revenue this year.
Collections & Credit Risk
7/22/2010
Collections Turn to Social Networking Sites
Many collection agencies and departments have turned to social networking sites to contact clients with past-due balances. With a vast majority of American's on some sort of social networking site, it is becoming a quick and easy way to contact clients.
Collections & Credit Risk
7/21/2010
Debt Settlement Companies Reach Resolution
Two Vermont debt settlement companies charged with violating the Vermont Consumer Fraud Act have reach a settlement with the state totaling $206,000.
Collections & Credit Risk
7/21/2010
Credit Card Chargeoffs Fall in June
Several banks reported fewer credit card chargeoffs in June; some to the lowest level in over a year.
Collections & Credit Risk
7/18/2010
Interactive Intelligence Releases Product for Credit and Collections
Interactive Intelligence, a unified IP business communications solutions provider, announced it has updated its automated dialing application to help credit and collection departments increase efficiencies, reduce costs, and maintain compliance.
Trading Markets
7/15/2010
FICO Launches New Collection System
FICO announced the newest version of their Debt Manager solution, version 8.0, for collections and recovery.
Collections & Credit Risk
7/7/2010
Avoiding Collections by Staying Organized
By the time a company has been contacted by a collection agency, their supplier means business. To avoid possible legal actions, businesses need to stay on top of invoices and make payments as they come in.
SayEducate
7/6/2010
Delinquency Rates Fall for Fourth Straight Month
According to data from Equifax, delinquency rates on credit cards fell for the fourth straight month. Outstanding balances on bank-issued cards are down 13.2 percent to $726 million.
Forbes
7/6/2010
Equifax Announces Small Business Program
Equifax Inc. announced the start of its Small Business program with services to help businesses understand, monitor and strengthen their own credit performance as well as monitor the credit health of the companies they're doing business with.
Small Business Trends
7/5/2010
Swipe Fee Provisions Added to Financial Reform Bill
U.S. House of Representatives and Senate negotiators have reached an agreement to include swipe interchange fee reform provisions in the final financial services reform bill that is headed to Congress for a final vote.
NACS Online
6/25/2010
Creating New Risk Policy to Help with Collections
Companies can help their collection process by developing and implementing a new risk policy. This will ease collection issues by helping lenders make better credit decisions earlier and create a quicker response time when identifying consumers on the verge of getting in trouble.
Collections & Credit Risk
6/24/2010
Third Stage of the CARD Act
The third and final stage of the Fed's Credit Card Accountability Responsibility and Disclosure Act (CARD) is to commence August 22, 2010. Companies and consumers need to be aware of the changes, such as card issuers no longer being able to charge penalty fees exceeding the dollar amount associated with the late payment.
Fox Business
6/23/2010
Equifax Sells Unit to Alliance
Equifax Inc., the U.S. credit reporting company, has agreed to sell its direct marketing services until to Alliance Data Systems Corp, a credit card processor, for $117 million.
Reuters
6/23/2010
Credit Card Delinquency Rates Continue to Decline
Credit card delinquency rates have continued to improve throughout May, making it a months-long trend. Delinquencies are closely watched because they are a reliable indicator of future losses. Having larger declines in delinquencies than predicted shows a good sign for our economic future.
Collection & Credit Risk
6/23/2010
New Zealand Banks Call for More Information on Clients to Reduce Risk
Banks and credit reporting agencies in New Zealand are calling for an increased level of credit information available on a person to reduce lending risks. The Privacy Commission recently released a proposal to change the Credit Reporting Privacy Code 2004 to allow credit agencies to collect information on the type of credit account a person has, the limit on each account, who is providing the credit and the status of the account.
NZ Herald
6/21/2010
A Need for International Debt Collectors Grows
International debt collection is a similar service to normal debt collection except the creditor and debtor are in different countries. There are not many companies that do this kind of collection because there are too many requirements, such as having staff who speak several languages and have a global awareness of the different legal systems and rules around the world; but the need for such companies is growing.
Meri News
6/19/2010
Dun & Bradstreet Capable of Recovery?
Dun & Bradstreet Corporation, the business information and technology solution provider, is having a rough time on the stock exchange and investors are starting to wonder if they will be able to recover.
Traders Huddle
6/16/2010
Equifax Releases Warning on Address Mismatches
Equifax, the instant online credit information provider, is warning their customers submitting applications for credit and other finance to make sure that the address they are using is the same as the address used by lenders and by local authorities. Recently there have been several cases where residents are having trouble receiving credit because the addresses they submitted are not consistent.
Business Credit Management
6/16/2010
Fed Releases New Rules on Credit Card Fees
Consumers who make a late payment or violate other terms of their credit card agreements will get a break under new Federal Reserve Board rules recently announced. The Fed approved rules that will cap most late-payment fees at $25. The rules, which take effect Aug. 22, also bar lenders from charging a fee that exceeds the amount of the violation.
Collections & Credit Risk
6/16/2010
What to Look for When Selecting a Collection Agency
No matter how small or large a company is, every business that sells on credit will have collection needs. For those companies who outsource their collection department, choosing the right collection firm is a critical and sometimes difficult process. Some questions to ask when looking at collection firms include: what is the experience level and reputation of this agency, what the operational excellence at this agency is, and what geographic options are available for back-office service delivery.
Collections & Credit Risk
6/1/2010
Issuers in the Dark on Key CARD Act Requirements
With the final provisions of the Credit CARD Act taking effect in August, many issuers are concerned about the lack of clarity on several key requirements that will affect how they calculate penalty fees.
Collections & Credit Risk
6/8/2010
State Releases Collection Scam Warning
Utah's Department of Commerce has issued a warning of a debt collection scam sweeping through the state. Utah residents who are in debt are receiving calls from scam artists claiming to be collection agencies threatening them to pay their debts.
The Salt Lake Tribune
6/3/2010
Signs that Economic Recovery has Stalled
The economic recovery was stalled in May due to worsening credit conditions and tightened cash flow among consumers, according to the Credit Managers' Index (CMI). The CMI dropped less than a point last month for the first time since January 2009.
CFO.com
6/2/2010
Small-Business Owners Confidence in the Economy Rises
More small-business owners believe the economy is improving, making the Discover Small Business Watch rise to 2.3 points to 87.4 in April. The Business Watch is a monthly report measuring the relative economic confidence of 750 randomly selected small-business owners based on their responses to a questionnaire.
Collections & Credit Risk
6/1/2010
Card Chargeoffs Hit Peak in First Quarter of 2010
U.S. credit card charge-off rates have been rising since the mid-2008 and have likely hit their peak in the first quarter of 2010 as they begin to decrease, Moody's Investors Services announced.
Collections & Credit Risk
5/27/2010
Bank Card Default Rates Rise in April
Bank card default rates rose in April for the third consecutive month, according to the latest data from Standard & Poors Ratings Services and Experian PLC. Defaulting balances of bank card loans rose to 9.1 percent in April, up from 8.9 percent a month earlier and 7.7 in 2009.
Collections & Credit Risk
5/26/2010
e-Billing Used to Cut Down Collection Calls
Lancaster, Ohios collection office is hoping their new e-billing system will control the amount of calls their office receives. The collection department receives an average of 64,000 calls per year, which equals one call every two minutes of operation hours; e-billing will cut down on the amount of calls, making the office more cost-effective and efficient.
Lancaster Eagle Gazette
5/25/2010
Chase Announces new Single-Use Accounts
Chase announced they are offering new commercial card payment solutions by establishing Single-Use Accounts for mid-market clients to automatically generate one-time-use-only credit card numbers to pay for large, single purchases.
Benzinga
5/13/2010
Collection Industry Challenges and Strategies
Conferees at the recent Collections & Credit Risk conference took a look at the challenges the collection industry is currently facing, including ways to help them streamline collections to be more effective, and strategies to work with such challenges.
Collections & Credit Risk
4/29/2010
525 Lawsuits Filed Against Collection and Credit Agencies in 15 Day Period
According to data from U.S. District Court dockets, 525 different collection agencies and creditors were sued by consumers in the first half of April, with a majority of them dealing with the Fair Debt Collection Practices Act and the Fair Credit Reporting Act.
Collections & Credit Risk
4/27/2010
Supreme Court Ruling Impacts Collection Industry
The Supreme Court ruled that collectors can not "protect themselves from lawsuits simply by stating they made a legal error when sending a notice," due to abuse of the law by collection agencies.
Collections & Credit Risk
4/22/2010
Higher Card Chargeoffs for First Quarter
Wells Fargo & Co. reported that due the continuing effects of the economic downturn there was a higher credit card charge-off rate for the first quarter of 2010, compared to the same time last year.
Collections & Credit Risk
4/22/2010
U.K. Small Businesses Wait Longer for Payment
Recent research conducted by Bacs Payment Schemes Limited shows that small to medium sized enterprises in the U.K. are waiting an average of 41 days over agreed payment terms for invoices to be paid. This is a jump from 31.5 days on average last year.
Crystal Umbrella
4/15/2010
Nevada Has Trouble Collecting Billions Owed
Nevada state agencies are having problems with collecting money owed due to mathematical errors and a lack of adequate information. A legislative audit conducted states that some state agencies reported "inaccurate or unsupported amounts, did not report accounts receivable information, or reported untimely." In response the state is putting in new computer systems to improve efficiency and accuracy.
Las Vegas Sun
4/13/2010
Using Technology to Collect
Due to technological advancements, collection agencies are looking into using channels other than phone to reach clients. E-mail, texting and personalized voice messages are some ways collectors are contacting debtors.
Collections & Credit Risk
4/12/2010
FBI Arrests Eight Men in Credit Card Scandal
Eight Ohio Men were arrest by the FBI for allegedly using consumers credit card information fraudulently to buy over a million dollars worth of merchandise.
Collections & Credit Risk
4/8/2010
New U.K. Credit Regulations
The U.K. Department of Businesses, Innovation and Skills has issued new credit card regulations. The new regulations require credit card companies to allow cardholders to pay off their highest cost of debt first and not increase credit to cardholders with financial difficulties. But the new regulations may drive down credit card use.
Collections & Credit Risk
4/6/2010
Establishing Collection Processes to Get Paid
In hard economic times, businesses that do not have pre-set collection processes often get hurt the most when it comes to collecting debt. Establishing collection processes and invoicing regularly can make the difference in whether a company gets paid.
My Small Business
4/6/2010
What Sellers are Doing in Reaction to Slow Payments
Due to cash flow issues, reports released by the National Association of Credit Management show that more customers are disputing their invoices to delay payment, and in reaction sellers have been sending more customers to collections than compared to a year ago.
CFO.com
4/1/2010
Collectors Using Technology to Secure Payments
Debt collectors are using technology to build relationships with debtors to secure payments. New speech analytic programs convert various aspects of a collection call or interaction into statistical information for collectors to better train and develop scripts.
Inside ARM
3/31/2010
The FTC Helping Consumers Comprehend Credit Scores
The Federal Trade Commission announced they are taking steps to ensure that consumers' credit reports are accurate, that consumers understand their credit scores, and the FTC are doing what they can to prevent identity theft.
Collections & Credit Risk
3/25/2010
Control Debt to Avoid Collections
Some ways to manage your debt before going to: collections are to talk to the original creditor to see if you can negotiate lower monthly payments; get credit counseling; or try a debt settlement.
Fox Business
3/25/2010
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