Proactive payment strategies play a pivotal role in sustaining consumer trust and minimizing the need for renegotiations in the debt resolution ecosystem. For lenders and collectors, gaining advance notice of potential missed payments can significantly streamline operations. This foresight allows lenders to strategically plan and prepare, fostering an environment of compliance and collaboration. By reporting these potential missed payments ahead of time, Advisors can maintain the continuity of agreed-upon payment plans without the hassle of renegotiating settlements, preserving valuable relationships.
Providing effective feedback isn’t just about pointing out mistakes.
It also includes offering guidance on how to correct the issue and prevent it from happening again.
Simply telling a collector they did something wrong without giving them the tools to improve is like shouting “You’re going the wrong way!” without explaining how to turn around.
Earlier this year, PYMNTS Intelligence detailed that pay-later options were drawing widespread use among consumers versus payments via traditional credit cards.
A federal judge has issued an order temporarily prohibiting the Trump Administration from imposing mass layoffs and budget cuts at the CFPB.
Employee security awareness training is a best practice and a “reasonable safeguard” for protecting the privacy and security of an organization’s sensitive data. The list of data privacy and cybersecurity laws mandating employee data protection training continues to grow and now includes the EU AI Act. The following list is a high-level sample of employee training obligations.
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