Is Your Financial Institution Prepared for the Surge of Delinquencies Caused by the COVID-19?

on Tue, May 26,2020 @ 07:45 AM | By Kristina Quinn | collections debt collection xpresscollect
Summary   The COVID-19 pandemic has changed virtually everything about the way we live our lives. With many states being under a shelter in place order for almost two months, unemployment has skyrocketed. This blog examines the potential financial ramifications and how that will cause an increase in delinquencies. This blog covers:   The state of unemployment and projects the possible peak.   The current state of consumer debt and what lenders need to keep an eye out for.   How to prepare by implementing proper collections processes.   Read More:
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5 Must-Have Components within a Debt Collection Process

  One of the major concerns collections managers are facing right now is keeping up with rising delinquency rates. Banks and credit unions can empower their collections teams by providing them with robust software solutions, such as those offered by MeridianLink.   But how can you ensure you have software that makes your team as effective and as efficient as possible? Here are some core components to look for: Automated workflow Seamless integrations Easy-to-navigate user experience The ability to make custom queues Web-based application Learn more about the keys to effective debt collection software.
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Ask the Experts: How the FDCPA Could Force Collections Compliance Changes

on Thu, Jul 11,2019 @ 06:47 AM | By Chris Carlson | Compliance CFPB ask the experts collections xpresscollect
Collections compliance could be in for some big changes in the near future. So that’s why we recently hosted a webinar to discuss how a proposed rule change to the Fair Debt Collection Practices Act and how it might affect collections technology and processes, if passed. In case you’re unfamiliar with the FDCPA, it is a federal law that governs debt collection practices. The FDCPA prohibits debt collection companies from using abusive, unfair or deceptive practices to collect debts. The presentation was very informative, but we also fielded questions from attendees near the end of the webinar. Here are just a few of the questions that were addressed:
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How XpressCollect Collection is Revolutionizing Collections

Collections will never be the same.  XpressCollect debt collection software, the latest addition to MeridianLink’s market-leading suite of products, has quickly been recognized as one of the most powerful and innovative collections tools. With its robust and intuitive platform, XpressCollect maximizes efficiency and minimizes costs. The web-based platform provides unmatched benefits that start with a sleek user interface that delivers the ultimate user experience. XpressCollect not only replaces tedious workflows of the past with increased automation, sophisticated analytics and easy-to-use functionality, it also evolves with your financial institution’s operations and goals. As you may know, we hosted an introductory webinar yesterday to provide more information about XpressCollect and its benefits. In case you missed it, you can request the recording link below. Here’s some of the Q&A following the presentation and demo to give you some more insight on how XpressCollect works:
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