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Displaying Matches 20 thru 34 of 295 Found. BACK NEXT

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

No Shortcuts in Collector Training
Many collection departments and agencies have found success in having one or more experienced collectors conduct new employee training. But while these veterans do indeed know the ins and outs of the profession, few of them have a professional background in education, particularly adult education. George Huyler, vice president, Human Resources, for Management Adjustment Bureau, Inc. (Buffalo, N.Y.), which employees upward of 200 professional collectors, contends that truly effective training requires using trainers who have a professional background in adult education.

the differences in the way that adults and children learn, and the implications for training collectors
the three ways adults learn
what the first week's orientation covers - and the three ways it is communicated to new hires
how and why mentors are such an important part of the training process, and the four characteristics they use to identify superior mentors
specific tasks that mentors work on with their proteges

. . . keep reading

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

ACA International Announces Change at Chief Executive Officer
November 16, 2010
The ACA International Executive Committee today announced that it will not renew the employment contract of Rozanne M. Andersen as Chief Executive Officer of ACA International.

Effective immediately, ACA Chief Operating Officer Ted Smith will assume leadership responsibilities for the organization. The ACA Executive Committee has commissioned a national search for a new Chief Executive Officer. . . . keep reading

CCAA Executive Director Emil Hartleb to Retire
November 15, 2010

Meg Scotty, Chair of the Commercial Collection Agency Association (CCAA), announces that Emil Hartleb, Executive Director of the CCAA, has indicated his decision to retire as CCAA's Executive Director effective as soon as a replacement is found.

Ms. Scotty indicated, "It is with reluctance that the Council of the CCAA has accepted Emil's retirement. He has served the CCAA, its members and the business credit community well for the years he has served as Executive Director. . . . keep reading

Displaying Matches 20 thru 34 of 295 Found BACK NEXT

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