The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
BEATING ANALYSIS PARALYSIS
- Collection agencies that have not incorporated data analysis into their decision-making and strategic planning need to do so now and the ones that have need to be doing more of it, according to a panel of executives who spoke on a webinar earlier this week about data and how it is re-shaping the ARM industry.
CFPB OBTAINS $21 MILLION JUDGMENT AGAINST CREDIT REPAIR SCAMMERS
- The Consumer Financial Protection Bureau has secured a $21 million default judgment against a group of defendants that it accused of engaging in a fake debt relief scam. Individuals made almost $5 million in payments to the defendants, which was ordered to be repaid, and the CFPB tacked on an additional $16 million civil penalty for good measure.
STORE-BRAND CREDIT CARD DELINQUENCIES RISE AS SIGNS OF HOUSEHOLD PROBLEMS GROW
- The delinquency rate on store-branded credit cards has reached a seven-year high, according to data released by Equifax, and the credit bureau is concerned that this could be a sign of household debt problems on the horizon.
NEW JERSEY AG ‘ITCHING’ TO TAKE ON TRUMP
- Gurbir Grewal, the attorney general of New Jersey, is ready to fill the void that was left by the sudden resignation of Eric Schneiderman, the attorney general of New York. Grewal has joined with a number of other Democratic state attorneys general to take on President Trump and his administration in areas where they feel the federal government is being too lax
AXELA TECHNOLOGIES CLOSES $1.5 MILLION SEED ROUND
- Axela Technologies, a Miami-based startup, closed a $1.5 million seed round to expand their product offerings and accelerate nationwide expansion, the company announced Wednesday. Axela develops tools and solutions that allow community associations to automate and streamline certain accounts receivable collection practices. Pulling from various data sources, the platform relies on proprietary algorithms to underwrite the risk associated with delinquent accounts and predict future defaults and trends.
TSI COMPLETES RECAPITALIZATION
- Transworld Systems Inc. (“TSI” or the “Company”) – the nation’s leading analytics-driven provider of accounts receivable management, healthcare revenue cycle, and loan servicing solutions – completed a comprehensive financial restructuring of the Company’s debt and equity on Tuesday, May 22nd, 2018.
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The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
