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home | Consumer Credit Mgmt | Consumer Credit Mgmt Archives

Consumer Credit Mgmt continued

Displaying Matches 17 thru 31 of 53 Found.  BACK NEXT

Case Study: Do These Gambling Losses and Resultant Bad Debt Add up to Fraud?
This legal case study explores a situation in which a consumer declares bankruptcy in part because of gambling losses. Her losses included $12,000 in advances for gambling on her credit card, so the credit card company charged fraud. What do you think happened and why? . . . keep reading

Credit Reporting and Bankruptcy: Is Your Post-Discharge Credit Reporting Inviting Trouble?
November 15, 2010, By Diane P. Furr & Lisa Sumner
Credit Reporting and Bankruptcy: Is Your Post-Discharge Credit Reporting Inviting Trouble?In difficult economic times, debtors' attorneys closely review credit reports looking for potential legal claims against creditors. Long after a debtor has been discharged from bankruptcy, creditors can find themselves defending claims of improper credit reporting. A recent case from the Eastern District of North Carolina illustrates the trouble facing creditors who furnish incorrect reports of discharged debt. See In re Adams (Bankr. E.D.N.C. 2010). . . . keep reading

Independent Banking at Its Best
There's a widespread assumption that used-car loans are the preserve of car dealerships and their affiliated lending companies and credit unions. But this California bank has made them a profit center and strong motivation for customers to return for other services, as well as for car loans in the future. They've done it with a carefully tailored program to fit the used-car clientele.

How a bank can stake out the area of used-car loans and continue to be rate-competitive while avoiding the risk of an overload of repossessions is a continuing success story at this bank. The four key creditworthiness factors they look at; what percentage of the vehicle's value (and how they determine that value) they finance; the specific procedures they use to handle delinquencies. . . .
keep reading

The Many Functions of Credit
Unlike most aspects of retailing, credit can be used in many ways -- as a profit center, as an outreach for new customers, as a way to sustain customer loyalty, as a faucet to turn on cash flow, and, combined with other programs, as part of a strategy to increase volume. Some current examples . . . . . . keep reading

Does a Debt Created by Passing a Bad Check Fall under the Fair Debt Collection Practices Act?
Snow paid for goods at a convenience store by writing a check in the amount of $23.12. When the check bounced, the store sent it to its attorney, Riddle, for collection. Riddle sent Snow a letter demanding that payment, plus a $15 service fee, be made within seven days or suit would be filed. Snow paid the $23.12 but refused to pay the $15. He then sued Riddle for violating the Fair Debt Collection Practices Act by not including a "validation notice" alerting him to his rights under the FDCPA. The suit sought $1000 in statutory damages as well as an unspecified amount for emotional distress. Does Snow have a case? . . . keep reading

Proactive Collection Strategies
A collection representative from Brooklyn Union (Brooklyn, NY) places a call to a customer who is late with his payment. On this particular call, she reaches the customer's answering machine, which ends with the message, ". . . and if this is Brooklyn Union, the check is in the mail."

"We're on our customers' minds now, but this wasn't always the case," muses David Feldman, general manager, Accounting, Special Projects.

  • the first step in turning around the escalating costs of collecting at this utility
  • the vision statement and motto they developed
  • three major flaws they uncovered in their collection process
  • the three components of their credit matrix redesign, and how this new scoring system drives their collection efforts
  • how they leveraged customer service calls into collection calls
  • four major recommendations they implemented in collections
  • the goals of special needs team that they developed
  • an innovative use of college students in collections - how many calls they made, the cost, and the astonishing results
. . .
keep reading

Legal Case Study: Debtor Sues Based on Deceptive Letter from In-house Collection Arm. Is that A FDCPA Violation?
This legal case study explores a situation in which a retail credit card holder fell behind on her payments. This retailer's accounts were operated by Citicorp, which sent the debtor various dunning notices. When she failed to pay, she received a letter from "Debtor Assistance," which stated that "your account has recently [been] charged off" and which offered her a manageable repayment schedule. At the time of this case, Debtor Assistance was actually a unit of Citicorp that handles accounts that have been written off but not yet assigned to collection agencies. The debtor never paid and ended up filing for bankruptcy protection. She eventually sued Citicorp for violation of the Fair Debt Collection Practices Act (FDCPA), based on the letter from Debtor Assistance.

Think she had a case? Read on for the answer and our analysis! . . .
keep reading

Making the Most Out of Predictive Dialing Systems
"Each time we added more stations, we achieved more benefits," reports a West Coast bank manager whose responsibilities include supervision of a new predictive dialing system. "We've been able to get along with fewer people, and productivity has increased between 30% and 40%. This article covers:
  • 3 key strategies that helped this bank make the most of their predictive dialing system
  • the point at which an account is taken off the predictive dialer system, and why
. . .
keep reading

A Four-Point Strategy for Collecting Medical Bills
Think you have problems with customers who are not paying you but paying other creditors instead? Then consider the plight of the many credit managers whose job is to collect from medical patients, many of whom have serious illnesses requiring expensive treatment but who have little ability to pay. Collecting on medical bills takes medical knowledge as well as credit know-how. It can also take a lot of patience. The Dakota Clinic LTD (Fargo, N.D.) gets the job done (95% of accounts are collected in full) with a combination of payment plans, monitoring, and follow-up to ensure collection. Read on for details on how they do it. . . . keep reading

Legal Case Study: Does Co-Mingling Two Purchases Negate This PMSI?
This legal case study explores a situation in which a creditor plans to use its purchase money security interest on two purchases made by a creditor. But the creditor believes the PMSI is invalid because he made two purchases and they were mingled together. What's the answer and why? Read on to find out! . . . keep reading

Collecting From Customers in Trouble
"When customers are in trouble, they're usually embarrassed," says Debra L. Whitfill, CCE, corporate credit manager for Arizona Refrigeration Supplies Inc. (Phoenix). "They don't want to initiate a call to the credit department to discuss their problems. In addition, their self-esteem as businesspeople is often low. This adds to the pressures they're feeling."

Furthermore, while many of these customers feel they might be able to make payments over a period of time, few feel comfortable taking the initiative to contact the credit department to suggest such an idea. "If they can't pay the whole amount immediately, they don't think there are any other alternatives," she explains.

Learn: the three goals goals Debra has when she visits with a distressed customer; specific examples of payment alternatives she offers her customers; how she counsels customers; and the positive results - from both a financial and customer service perspective - from her approach. . . .
keep reading

Collecting For Collections
Garbage can be a delicate subject when it comes to credit and collection. While customers have a choice among trash removal services--and competition is keen--they have no choice about having their debris picked up and taken away. City, county and health officials will step in with orders and fines. Even so, there are the slow-pays and the no-pays that must be dealt with. This article covers: What credit steps are taken when they signup customers; what the collection protocol they use for delinquent customers; how they handle those who didn't pay when they try to come back to Waste Management; handling language barriers; the differences on commercial accounts. . . . keep reading

Second Notice? Call Instead
"If you're spending time preparing second notices only to have them end up in someone's circular file, it's time to consider other collection methods," suggests the manager for a Virginia dental consultant group. Her people advise clients to forget second notices and call instead. In her experience, collection problems are usually caused by any or all of the following reasons. This article details the five ways this office manages a first rate collection operation. . . . keep reading

Coupon Books Simplify Billing and Improve Collections
Patients at Edina (Minnesota) Orthodontic Associates pay for treatment the way most people pay for cars--by mailing in a coupon with a check for a set amount each month.

Using this system, which is a familiar one to consumers, the group of five dental specialists not only cuts delinquencies to a bare-bones minimum but also saves the time and expense of monthly billing.

Credit Manager Katherine Fullerton explains how the procedure works and why it works so well. Also...
  • Whether or not they run credit checks
  • How credit cards fit into the mix
  • What percent they typically require to be paid upfront
  • What percentage of their patients have dental insurance
  • The unique and very personalized method they use for delinquencies initially, and then what comes next
. . .
keep reading

Does This Action By An Agency Fall Under The FDCPA?
Betty Clark was "flabbergasted," as she put it, when the store called to tell her that her check had bounced. Why, she'd never had such a thing happen before. Would she come right down with the cash to cover the check? they wanted to know. Well, of course she would. She certainly didn't want a reputation for that. This case study examines a situation in which a debtor bounces a check, breaks a promise to make it good, then ignores collection efforts by both the store she wrote it to; and then an agency hired to follow up. she claimed their letter-writing was too aggressive and they were violating her rights under the Fair Debt Collection Practices Act, treating her like a criminal. So she sued them. Can she collect? . . . keep reading

Displaying Matches 17 thru 31 of 53 Found BACK NEXT

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