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Displaying Matches 16 thru 30 of 295 Found. BACK NEXT

Putting a Wrench in Delinquent Customers' "Systems"
One Nebraska credit manager (who has asked to remain anonymous) splits up collection calls with her assistant. Each takes one half of the delinquents . . . keep reading

Making Loan Decisions on Marginal Applicants
Decisions are easy on loan applications that are either (1) outstanding, or (2) beneath any reasonable consideration. Where decisions get difficult is when applications are marginal, and they are particularly difficult when the applicant stands in some special relationship with the lender--like a credit union member. . . . keep reading

Just Asking for Money
What collecting? It's merely asking for money that's owed to your organization. Should anyone be uncomfortable about that? Not according to David Sher, CEO of AmSher Receivables Management (Birmingham, Ala.).To become comfortable, he says, use the ASK model:

Attitude. "Realize that it is OK to ask for money that is owed to you," he says. "A lot of business owners are uncomfortable asking."

Speed. "Collection is urgent," he adds. "The longer you put it off, the less likely it is that you will be paid."

Knowledge. Finally, successful collections depends on your knowledge of credit policies and appropriate customer contact.

To put the ASK model into practice, Sher recommends following the six-step AVENUE model: . . . keep reading

Teachable Moments
The "teachable moment" (TM) is that period of time when an individual is especially open to information. In consumer credit, these occur when

The application is made
Credit is granted
Credit opportunities are extended, and
Credit is refused
Credit counseling is conducted

Learn what this credit exec aims to convey in each of these "teachable moments! . . . keep reading

Is This a Violation of Regulation Z of the Truth in Lending Act?
This legal case study looks at a situation where a fan purchased at a store did not work, so the purchaser did not pay for it. The store promised to fix it, but never did. A year later, the store demanded payment, including late fees, and notified credit bureaus of the account's status. The customer sued based on a violation of Regulation Z of the Truth in Lending Act (TILA). This looks at what happened and why. . . . keep reading

Customizing Collection Strategies on Business Credit Cards
Business credit card issuers deal with a wide variety of businesses in diverse industries. Furthermore, some of these businesses may be relatively new while others may be seasonal, either of which present specific challenges. So the same collection strategy doesn't work for all. That's why Advanta Bancorp. (Spring House, Pa.), an affiliate of Advanta Corporation, diversifies its collection strategies to match cardholders' businesses.

what resources Advanta uses to determines what part of its lifecycle a business is in
When the late fee is charged
How delinquencies are measured according to risk and what collection strategies they use depending on the risk
variables used by their call center predictive dialers
strategies used to script calls

. . . keep reading

A Bonus Plan for Collectors
A veteran of 23 years in credit work, Dorothy Siegel has spent the last nine years as credit manager of Fast Memory, Inc. She is a member of the southern California chapter of the NACM, and her specialty is reconciliation of major accounts 120 days or more past due. This "Point of View" column by Dorothy looks at how she structured a bonus system to incentivize collectors to tackle their older past due items that were oustanding because of pricing errors, duplicate shipments, incorrect purchase orders, or other disputes.

How large the bonuses are
What the results of the program have been
What the risks are, but what control mechanisms she put in place to mitigate those risks

. . . keep reading

Collections -- The Human Side
"Credit professionals must be 'people' people," insists Kathleen Tomlin, CCE, credit manager at Kaiser Cement Corp. (Pleasanton, Calif.). "You have to realize that when you're calling a customer for money, you're not talking to a company, an account, or a statistic. You're talking to a real person--just like you. You're asking that real person to cut you a check and mail it to you."

what techniques Tomlin uses to develop a good personal relationship with her customers
a little, but much appreciated, gift that Tomlin brings with her when visiting customers

. . . keep reading

Early Collection Intervention Keeps Customers Buying
If first-time customers fail to pay within terms, you can pretty much "pull out all the stops" (within legal limits) to collect what is due you. But what about the established account that runs overdue? Shouldn't you strive for some exquisite balance between active collections and customer service? Not in the opinion of Richard C. Ehrle, CCCE, vice president of credit for Carson Pirie Scott & Co. (Hillside, IL), a large midwest retailer.

Learn what the primary goal is, and the specific strategies they use to attain that goal: What happens when a customer misses one payment? Two payments? What strategy is used on a collection call? What happens when a customer can't be reached by phone? . . . keep reading

Credit & Collection Managers closely watch the sluggish U.S. Economy
November 22, 2010

Woodland Hills, CA -- With the national employment rate stuck at 9.6 percent (14.8 unemployed Americans) and the U.S economy growing at an anemic two percent annual rate in the third quarter, Caine & Weiner, an international provider of accounts receivable management solutions, surveyed businesses in every major industry to determine how the uncertain economy was affecting their cash flow. . . . keep reading

Comprehensive Collector Training
While high turnover and low productivity plague much of the collection industry, the reverse is true at Remit Corporation (Bloomsburg, PA). The reason? "Our collectors enjoy what they do," replies Harry Strausser, III, president.

And a key reason Remit collectors enjoy their jobs is the fact that they have been extremely well trained to do them. As a certified trainer for the American Collectors Association (ACA), Strausser has the opportunity to travel around the country and help train collection agencies in how to effectively train their collectors. "I've come to the conclusion that one of the major causes of high turnover in our industry is the fact that collectors are not adequately prepared for their jobs through training," he says. Just a few items covered in this article include...

The six topics that should be addressed in introductory training
The secret to keeping their collectors motivated on the job and enthusiastic about each call

. . . keep reading

The Value of Collection Training
"Society is taking an ever dimmer view of collection agencies 'spilling the beans' to third parties," notes Margaret Haynes, executive vice president of the Professional School of Collections (Phoenix, AZ) and a 25-year veteran in the profession.

Lack of familiarity with the laws related to collections, especially the Fair Debt Collection Practices Act (FDCPA), is one glaring adverse consequence of inadequate collector training. And Haynes insists there are others as well: . . . keep reading

Tips for Selling and Buying Receivables
More and more consumer creditors are selling their older receivables rather than sending them to another collection agency or writing them off. There are benefits to both buyers and sellers in these deals--and there are also risks. If you're considering selling or buying charge-offs, you'll want to consider this professional's advice. This in-depth article covers...

who's selling?five key risks of selling your receivables
the risks of buying receivables
five types of accounts that can be successfully sold
the importance of evaluating your portfolio before selling
the three basic information requirements required to raise the value of your portfolio
four ways to evaluate the buyers
important contract considerations, including how to structure payment
what a receivable buyer should look for in order to ensure success
negotiating a price - some guidelines on pricing

. . . keep reading

Small Claims Court--A Do-It-Yourself Guide
You've heard all the promises. You've offered workable solutions. You've given all the proper warnings and issued all the proper Fair Debt Collection Practices information. Still, you haven't been paid and your patience is at its end. What's your next step? If the amount owed falls within your state's guidelines, you could take the debtor to small claims court. Here's a complete run-down of what goes on in small claims court and how you can do it yourself without hiring a lawyer... . . . keep reading

Professionalizing Medical Collections
Outsourcing collection work may seem the only solution to medical services offices overwhelmed by unpaid bills. But outside professionals can be expensive, corrosive to patient relations, and not nearly as effective as they would lead you to believe they are. Far better to develop an in-house program like this medical consortium has. . . . keep reading

Displaying Matches 16 thru 30 of 295 Found BACK NEXT

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