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WHAT THE DEBT BUYING INDUSTRY WILL LOOK LIKE IN FIVE YEARS
- The collections industry stands at a precipice as the Consumer Financial Protection Bureau preps its field hearing tomorrow that will mark the next step in its rulemaking process. But debt buyers need to look beyond the next five days, and plan for the next five years. AccountsRecovery.net spoke to a number of industry veterans to get their opinions about what the debt buying industry will look like in 2021.
CITY, CHECK CASHING STORE BATTLE OVER PAYDAY LOANS
- A battle is brewing in North Little Rock, Ark., where city officials have demanded that a payday lender stop making loans and obtain the proper license in order to resume operations, but a month after the demand was made, the retail store is still in business. The owner says they he is not operating a payday lending operation. It is credit services organization and he works with third parties to lend money to individuals, he claims.
SCHOOL DISTRICT TO HIRE COLLECTION AGENCY TO RECOVER MONEY FROM UNPAID SCHOOL LUNCHES
- A Tennessee school district is moving forward with a plan to hire a collection agency to help it recover more than $170,000 in unpaid school lunches. The collection agency will be the fourth step in a process that will start with a letter from the school to the home of families with a high amount of unpaid lunches. Other steps will include a phone call from the cafeteria manager and the school principal before handing the account over the the agency. The amount of unpaid lunches has exploded from $9,000 six years ago to $170,000 currently.
FEDERAL GOVERNMENT NOT DOING ENOUGH TO COMMUNICATE WITH STUDENTS ABOUT FORGIVENESS PROGRAMS
- The federal government has only done a “half-hearted” job at communicating with tens of thousands of former Corinthian College students that their student loans are eligible to be forgiven. So far, a “paltry” number of students have filed the necessary paperwork to have the loans forgiven.
WORTH NOTING: Please bring back the spare tire … Individuals are less in love with social media, mainly because of more advertising … U.S. airfares are at their lowest point in six years … What are the RNC and DNC telling you by the way they set up the stages at their conventions? … The 10 troubling habits of chronically unhappy people … Apple bought a TV show based on “carpool karaoke” … Bernie Sanders is going back to being an independent member of the Senate … The 16 industries most likely to make you a millionaire … Why rich neighbors are bad for you … How to cut costs without cutting morale … Remember the “ice bucket challenge” that was trying to raise money for ALS research? Apparently, it worked.
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A job recruiter talks about how people can find their dream job
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
