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Displaying Matches 31 thru 45 of 295 Found. BACK NEXT

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

Credit Reporting and Bankruptcy: Is Your Post-Discharge Credit Reporting Inviting Trouble?
November 15, 2010, By Diane P. Furr & Lisa Sumner

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

Collecting from "Moms and Pops"
"Large national and retail advertisers cover our costs, but we make our profit with the local 'moms and pops'," notes the credit manager for a major Southeastern newspaper. "And not all of them are able to pay in a timely manner. When local people start businesses, they often find out later that they needed more capital and that cash flow is suffering. When they get into a predicament, it makes it difficult for them to pay their creditors."

a four-step process this credit manager uses to help customers remain current, as well as loyal clients
why he believe that an in-person visit is ultimately the best way to collect from his local customers
his experience as to what happens when he set up appointments in advance
a proven technique he uses to get the most leverage on a collection call and what his goals are

. . . 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

Creditors Trade Group Off to Fast Start
"People join trade associations for two reasons," observes CI director Robbie Thompson, director of Creditors International (CI), a division of the Mi . . . keep reading

Reflections of a Part-Time Collector
By Gregory Dennis
For the third summer in a row, I have had the opportunity to work for my father as a collection specialist. Some of the things that I have learned about collections are:

there are some fantastic observations and techniques in this article as this college student is unburdened by years of "experience" and instead gives us a fresh look and some important "truisms" about collections...

. . . keep reading

Collection Processes Outlined
"I don't do much letter writing anymore," notes Jan Perlman, credit manager for Medo Industries, Inc. (Tarrytown, N.Y.). But when her other efforts to make contact with a delinquent customer have failed, she will sometimes send a certified letter--to make sure it is received--and follow up with a phone call. She cites a recent situation with one long-term customer. Medo's experience with this company had been very eventful. After satisfactory relations for several years, credit privileges had to be suspended when they ran into severe financial problems. . . . keep reading

The Importance of Collections Focus
No matter how long I work in commercial collections, one aspect of this job will continue to amaze me. It is the fact that some collectors cannot, do not, or will not, when contacting delinquent accounts, differentiate between customers owing a few hundred dollars and customers with past due balances many times larger than that. Like most business issues, the old 80/20 rule applies to commercial collections. 80% of the past due balances involve 20% of your customers. I tell my collectors to . . . 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.

Learn...

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

Lending--Up Close and Personal
"The bigger a bank gets, the farther away its decision makers seem to get from you. The farther they get, the easier it is to see you as a file. Or an account number. Or a loan application form. At Anchor Bank, we work hard to deliver the personal attention that your business should expect from a bank." This interview of the president of Anchor provides an inside look at the credit-granting procedures and priorities of this community bank, including such items as . . .

why he believes community banks have a distinct advantage over larger banks
how often loan officers should be visiting their clients
how their loan officers and credit analysts work together to help their clients
how and why the "people side" of the relationship is so important
why it's critical for a lender to understand the pschology of a individual customers
what the first questions a loan officer should ask when visiting a customer
what questions they ask when screening potential new clients

. . . keep reading

Displaying Matches 31 thru 45 of 295 Found BACK NEXT

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