According to data from the Federal Reserve Bank of New York, credit card debt has increased by $27 billion over the past year, reaching a total of $1.14 trillion. The increasing credit card debt presents a significant opportunity for lenders to offer innovative debt...
More than 73 million Americans currently have debt in collections. This staggering statistic highlights the importance of effective debt collection practices for delinquent payments. For lenders managing their own debt collection, your role is critical in recovering...
When appealed claim denials are overturned, it highlights errors in the initial collection process that can result in significant financial losses. Debt collection is a complex and vital process that directly impacts a business’s cash flow. When not executed properly,...
The Federal Reserve Bank of New York reports that the rate of credit card and auto loan delinquencies continues to increase, surpassing pre-pandemic levels. When a borrower misses a payment on a loan, mortgage, or credit card, it can trigger the delinquency process....
Accounts receivable and accounts payable ensure the flow of funds into a business for running operations successfully with profit. This makes it important for businesses to stay on top of payables and receivables to manage their cash flow efficiently. Proper...
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