Proposed Legislation Would Allow Furnishing Utility and Phone Bills to Credit Reporting Agencies

On September 26, Representative French Hill (R-AR) introduced new legislation, H.R. 8985, also known as the Credit Access and Inclusion Act of 2022, to amend the Fair Credit Reporting Act and allow payment information for utility bills and phone payments to be furnished to credit reporting agencies to help consumers raise their credit scores. This is an effort to address an issue highlighted by the CFPB Office of Research that estimated 26 million Americans are “credit invisible,” meaning they do not have a credit history with any of the three national credit reporting agencies.

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A Guide to Building a Robust Vendor Management Program in Collections

For a lot of lenders, especially newer fintechs, who have spent the last two years originating loans and lines of credit, the obvious collections strategy solution to the challenge of an influx of charged-off or delinquent accounts is to use third-party collections agencies to handle delinquent and charged-off accounts.

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Connect1 Now Powered by Debtfolio

MANASQUAN, N.J. and SAN DIEGO, Calif. -- Connect1, Business Consultants specializing in accounts receivable, technology, customer care and call center management, is proud to announce that, effective October 1,2022, all broker services will be powered by Debtfolio! The entire sales process can now be managed from start to finish with powerful software that creates consistent and easy file mapping, an audited and controlled bidding process, document retention and retrieval, chain of title, and de-duplication processes all in one platform.

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Multiple Settlement Offers in One Letter are not Misleading

Providing a consumer multiple settlement options in one letter is not misleading or deceptive- even where one offer is featured more prominently than the other. Further, according to New Jersey District Court Judge Esther Salas, when reviewing multiple offers, the “least sophisticated debtor is expected to perform simple math.”

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Spring Oaks Hires Mike Ohmsen as Call Center Department Manager

Chesapeake, VA. -- Spring Oaks Capital, LLC has hired Mike Ohmsen as Department Manager. Mike will report to Director of Operations, Tim Rees.

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Learning & Development Advisor, Rick Paulin joins ARM Compliance Business Solutions, LLC.

BIRMINGHAM, Ala.-- ARM Compliance Business Solutions is excited to announce that Rick Paulin has joined the company as a Learning & Development Advisor. In this role, Rick will support ARM Compliance Business Solutions clients through building robust and effective role-based training programs through live and online platforms.

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Economic Outlook and the Influence on Debt Collections

13 October 2022 at 01:00 p.m.

The collections landscape is changing – are you prepared to keep up? As the market evolves, the need for greater insight and analysis grows. There’s no time like the present to equip yourself with a successful debt management strategy.

With a more holistic view of consumer behavior and payment trends, you can proactively manage your collections portfolio to reduce costs and increase recovery rates.

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