Laws dealing with consumer finance and debt collection can be an ever changing landscape. Lawmakers spend a great deal of time trying to strike a balance between protecting citizens and helping businesses stay profitable. Last Summer, Governor Greg Abbott signed HB 996, which is an amendment to Chapter 392 of… Read More »Legal News: HB 996 and How It Affects Debt Collection
For the new year, the credit forecast for TransUnion 2020 looks like the credit market will be in good condition. Among other things, TransUnion reports that delinquency rates for car loans, credit cards, mortgages, and unsecured personal loans will decrease or remain stable. US consumers are expected to succeed again in 2020. This has been one of the longest periods of positive sustainable lending in the last few decades. TransUnion (NYSE: TRU) consumer credit estimates for 2020 delinquency rates for car loans, credit cards, mortgages, and unsecured personal loans will decrease or remain more or less the same.
Before the late 70s, the debt collection industry was quite lawless. There weren’t restrictions, guidelines or rules as to how debt collectors could do their jobs. As you can imagine, things often got violent. Creditors would often hire henchmen to collect debts for them, resulting in abuse, threats, harassment and… Read More »The FDCPA: What It Is and Why It’s Important
Quest Diagnostics Inc. reported that approximately 11.9 million of its patients were compromised in a data breach, targeting financial information and other data, from August 1st of 2018 through March 30th of this year. The data breach specifically targeted collections firm American Medical Collection Agency (AMCA) and their online payment… Read More »Data Breach Hits Millions: Quest and AMCA in Question
Communication has come a long way since 1977, when the Fair Debt Collection Practices Act was passed. Because email, voicemail and texting did not exist back then, the act does not cover their use in debt collection attempts. The Consumer Financial Protection Bureau (CFPB) announced Tuesday that it is proposing… Read More »New Debt Collector Rule for the Modern Age
Southwest Recovery Services has been featured on CFO Tech Outlook Top 10 Accounts Receivable 2019 CFO Tech Outlook, a print technology magazine that provides knowledge network to a large group audience by helping them enhance their business, has recognized Southwest Recovery Services for our advanced AI technology and machine learning capabilities, as well as… Read More »CFO Tech Outlook Top 10 Accounts Receivable 2019
In healthcare, revenue cycle management (RCM) is a term that refers to the handling of claims through every part of the medical billing process. Outsourcing RCM is an increasingly popular practice among healthcare providers who are strapped for time and overburdened by regulation. In fact, one recent client experience poll… Read More »Why Outsourcing RCM May Be the Best Option for Your Business
President Barack Obama aims to remind American citizens about the country’s economic u-turn that has occurred as he held office. If you remember in January 2009 people witnessed the free fall of the US economy wherein a lot of Americans lost their jobs and even their homes. Much of this turmoil was caused by a subprime lending problem and a housing bubble. Businesses, as well, went bankrupt and even the once thought invincible US auto companies and powerful US banking system required government bailouts.Read More »Small Business Debt Under Obama’s Administration
The bailout of American financial system is technically called the Emergency Economic Stabilization Act of 2008. The law governs the subprime mortgage crisis which authorizes the United States Secretary of the Treasury in order to spend over $700billion to buy distressed assets particularly in mortgage-backed securities while directly supplying cash to bank companies.… Read More »The Credit Card Monopoly Post 2008 Bailout
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