Your Virtual Credit Manager

JANUARY 9, 2024

Here are three examples of typical bottlenecks and the remediation you can take: Backlogs onboarding new customers and processing their initial orders Implement online credit applications Don’t offer credit unless orders meet a specified threshold (accept credit cards instead) Excessive time being spent resolving payment deductions Improve invoice (..)

Credit and Collections 130

Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

Your Virtual Credit Manager

FEBRUARY 13, 2024

Likewise, the construction and business services industries, accounting for nearly 20 percent of insolvencies last year, are projected to remain the hardest hit in 2024. percent in 2024 — that’s roughly one in twelve. You never know when a credit emergency will arise, and where the best person to handle it will be.

Bankruptcy 130

Bankruptcy Credit and Collections Bad Debt Accounts Receivable (AR) 130

Abrigo

MAY 30, 2023

1, 2024, and report for the first time by June 1, 2025. 1, 2024, is the earliest compliance deadline. Despite the seemingly long runway to prepare, it's not too early to get a handle on the new requirements and how they will affect a bank or credit union.

Credit Unions 78

Credit Unions Credit and Collections Transactions Small Businesses 78

Emagia

NOVEMBER 10, 2023

As NACM Connect ’s Great Lakes Conference closed the final in its trio of fall conferences in Ohio this week, experts from law practices like Lowenstein Sandler LLP and credit report giant Experian warned that corporate bankruptcy numbers are trending worse than any time since the pandemic began about 3 ½ years ago.

Bankruptcy 52

Bankruptcy B2B Credit Credit and Collections Credit Application 52

Biz2X

FEBRUARY 27, 2024

Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA), directing financial institutions to compile, maintain, and submit specific data on credit applications and lending decisions for women-owned, minority-owned, and small businesses, with the goal of fostering transparency, accountability, and fair lending practices.

Credit and Collections 52

Credit and Collections Credit Unions Small Businesses Credit Application 52

FICO Blog

MARCH 7, 2023

At the same time, examples of AI-powered financial institutions denying credit applications because of bias unwittingly loaded into the AI engines’ algorithms also eroded trust in AI for credit decisions. Systems used in banking and financial services are firmly in scope and could be enforced as early as the second half of 2024.

Credit Application 52

Credit Application 52

Gaviti

FEBRUARY 18, 2024

Emerging Trends in Debt Collection Outsourcing for 2024 Since a debt collection outsourcing agency needs to work with customers who already have strained relations with a business, they must provide outstanding customer service. In addition, it includes: Credit Monitoring and Management. Contact us and book a demo today.

Debt Collections 52

Debt Collections Credit and Collections Days Sales Outstanding Invoice to Cash 52