Businesses File Bankruptcy at Faster Rate The softening economy and the collapse of the housing market caused U.S. businesses to file for bankruptcy protection at a higher annualized rate than individuals, according to data compiled from June court records. (July 3, 2008)
Bankruptcy Filings Up 30% in First Half of 2008 U.S. consumer bankruptcy filings increased 30% nationwide during the first six months of 2008 from the same period a year ago, according to the American Bankruptcy Institute, relying on data from the National Bankruptcy Research Center.
(July 2, 2008)
CCR Exclusive: Student Loan Sector Takes a Hit The credit crunch that began about a year ago continues to ripple through the economy and the student loan market is the latest sector to take a hit. (July 1, 2008)
Consumer Delinquencies Higher in Q1, ABA Reports Ongoing stress in the housing market combined with general weakness in the overall economy contributed to an increase in the delinquency rates for home equity lines of credit (HELOCs) and bank cards during the first quarter of 2008, according to the American Bankers Association’s Consumer Credit Delinquency Bulletin. (July 2, 2008)
Bank of America to Acquire Countrywide for 39% Less Bank of America Corp. will buy Countrywide Financial Corp., the home lender battered by the collapse of the subprime mortgage market, for $2.52 billion, a 39.3% drop from the $4.15 billion value put on the deal when it was announced in mid-January. (July 2, 2008)
Data Breaches Up 69%, NonProfit Group Reports Businesses, governments and universities reported a 69% increase in data breaches in the first half of 2008 compared with the same period in 2007, according to a study by the nonprofit group Identity Theft Resource Center in San Diego, which works to prevent fraud. (July 1, 2008)
SEC Guidance Having Positive Impact on SOX, Protiviti Survey Organizations today are realizing tangible benefits from updated regulatory rules and guidance pertaining to Section 404 of the Sarbanes-Oxley Act that were issued in May of 2007 by the Public Company Accounting Oversight Board (PCAOB) and U.S. Securities and Exchange Commission. (July 1, 2008)
Delinquencies Rise at Fannie Mae, Freddie Mac Mortgage delinquency rates doubled over a 12-month period at Fannie Mae and Freddie Mac, the two industry giants reported this week, a reflection of ongoing trouble in the housing market. (June 26, 2008)
Hospitals Findings Ways to Cut Bad Debt A new study finds hospitals are doing better in collecting debt but also have changed accounting systems to better report bills that might never be paid. (June 30, 2008)
Colorado Amends Collection Regulations A new law in Colorado imposes an additional state special text requirement, retains the Colorado resident office requirement and requires a licensed agency to maintain a toll-free telephone number. (June 27, 2008)
Bad Debt Up at Mexico's Bank; Profit Margins Strong The percentage of delinquent credit card loans issued by Mexican banks reached 7.6% in April, according to a report by the Mexican federal government's National Commission for the Protection and Defense of Financial Services Users. (June 25, 2008)
Federal Reserve to Assist Minority-Owned Institutions The Federal Reserve System today announced the nationwide launch of Partnership for Progress, an innovative outreach and technical assistance program for minority-owned and de novo institutions. (June 18, 2008)
Dallas Law Firm Opens Commercial Collection Practice Cash Klemchuk Powers Taylor LLP, a Dallas-based law firm, has formed a commercial debt and judgment collection practice within the litigation practice group. Partner Patrick W. Powers will chair this practice. (June 12, 2008)
WinDebt Software Now Links to Payment Vision Lonestar Turn-Key Systems, a provider of receivables management software for the debt collection industry, says that customers of its debt recovery software, WinDebtXL, will have access to the gateway services of Payment Vision, which concentrates payments captured at various “windows” such as IVR, Internet and call centers. (June 12, 2008)
Anchor Funding Elects Independent Director Boca Raton, Fla.-based Anchor Funding Services Inc. has expanded its board of directors from five members to six members and elected E. Anthony Woods to the board, the company announced Thursday. (June 12, 2008)
DIVDAT Launches Kiosk Network for Bank DIVDAT Inc., a Ferndale, Mich.-based provider of CashLINC – a comprehensive receivable management system – has partnered with Pleasanton, Calif.-based Fireside Bank to launch a walk-up kiosk network program. (June 12, 2008)
Auto Payment Protection Firm Forms Account Management Unit Sekurus Inc., which manufactures the On Time payment protection system for vehicles, has founded a new company, Sekurus Financial Services, to provide full-service accounts management for dealers and financial institutions serving the subprime buy-here, pay-here auto market.
(June 11, 2008)
WAM Selects Print and Mail Partner PSC Info Group, a Valley Forge, Pa.-based provider of time-sensitive document delivery solutions to the accounts receivable management industry, will become West Asset Management Inc.’s strategic partner to enhance West’s ability to help companies maximize return on receivables across multiple phases of the recovery cycle. (June 11, 2008)
Call Centers Demand More Hosted Dialer Capacity San Francisco-based LiveVox, a provider of hosted dialer solutions, said that over the past 12 months, it has seen a 400% jump in minutes used through its system and the company has added many new customers in the collections space. (June 11, 2008)
Kolcraft Takes Charge of Deductions, Cash Application With 9ci Faced with mounting chargebacks and deductions exacerbated by lagging cash application times, this Chicago-based manufacturer was able to slash processing time while boosting credit and A/R performance using an automated solution.
Expanding Your Collection Agency’s Role What should a collection agent do when it appears that the debtor has the will and volition to pay but just not the means? Should they proceed with a suit? Foreclose on their home? These are often the usual courses of action, and in many cases the only effective one. However, depending on the debtor and their circumstances, a more creative approach may be the way to go.
Taking Collections to the Next Level: Leveraging People, Process and Technology to Achieve Breakthroughs in Collection Performance No matter what aspect of the quote-to-cash process you automate, the success of your project
will be reflected - in one way or another - in its effect on your collections. It is well documented
that improving invoice accuracy not only reduces payment times, but the number of items
requiring remediation as well. Improving your credit evaluation process will also reduce slow
payments and subsequent bad debt losses, though the impact may not be as direct. Many other
point solutions ultimately affect collections, including auto-cash, EIPP, new application
processing, credit scoring, order approval, deduction management and trade promotion planning.
Revenue and Receivables Management: Myths and Truths About ERP Enterprise Resource Planning (ERP) technology has a proven history of delivering great value
to todays corporations by enabling a centralized information warehouse to be leveraged
enterprise-wide. However, ERP has a broad focus, so best-of-breed (BoB) applications have
been developed to provide the depth of functionality required by key functional areas, such as
accounts receivable. As a result, corporations have long recognized the need for best-ofbreed
applications to bridge the void of ERPs functional limitations.
The use of pretexting -- pretending to be someone to gain personal information -- has been in the news because of its use in the boardroom scandal at Hewlett Packard. Has your firm, or an agency you've employed, ever used pretexting?
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