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home | Consumer Credit Mgmt | Consumer Credit Mgmt Archives

Consumer Credit Mgmt continued

Displaying Matches 32 thru 46 of 53 Found. BACK NEXT

Faster, More Accurate Billing and Follow-Up Improve Clinic's Cash Flow
The web, the postal service, and a letter-writing company - used in conjunction with some revamped in-house procedures - have improved cash-flow dramatically in the first three months of a new credit and collection program at this Los Angeles clinic.

how their letter-writing campaign is structured
details on the changes they made to their billing and collection procedures
how they deal with patient expectations when insurance pays less than they think it should

. . . keep reading

Medical Collections by Phone
While acknowledging that a series of letters can be useful in medical collections, Dorothy Sweeney, vice president of the Health Care Group, Inc. (Plymouth Meeting, Pa.) contends that the telephone is much more effective. Learn...

The importance of preparation before making a collection call
Five questions you should know the answer to before you make your collection call
Other preparation you should make make prior to each call and why it's so important
A very specific, seven-step process once the call is made
The pros and cons of allowing the debtor to speak with the physician
Specific strategies to use once you determine which category the debtor falls into (slow payers, hardships)
Positive collections: Four specific ways to offer encouragement that may help bring payment in
When to give up and turn the debt over to a third party

. . . keep reading

Two-Way Trust
"It's easy to open a store account," says a small-town merchant who has asked not to be unidentified. "All you have to do is ask and you have one, and we have very few credit problems." If you think this is an example of comfortably doing business in a community where everyone knows everyone, think again.

"Our success with credit comes from the way we operate the business, not just because it's a small town," he says. "It's true that there's trust on both sides. Customers trust that when they place an order and pay cash, we'll deliver. In turn, we trust them to pay when it's on credit. But the real secret is a few simple policies for handling accounts receivable backed by computer software designed specifically for our type of business."

This article explores the five key policies this retailer uses! It covers his credit-granting philosopy; collections philosophy and strategies; the mechanics of their statements; when they get tough. . . . keep reading

Customer-Friendly Collections Work
While the customer-friendly approach to consumer collections has been gaining favor in recent years, one executive has been using the concept since the 1990s. "The reason is simple," this senior bank vice president says. "It works." This article explores:

the four starting points which are a part of their organizational philosophy - it's a balancing act and emphasizes collecting, as well as helping their customers
The three important strategies for putting their philosophy in action
Some examples of the positive phrases they use to finesse in tough collection scenarios
The importance of bridging (true listening) skills in the collection process

. . . keep reading

A Business Improvement Team Revamps Collections
When collection costs topped $30 million on $1 billion in revenue, one Northeastern utility created a business process improvement (BPI) project team to thoroughly review the collections process and make recommendations for improvement. The eight-person team was composed of both management and union employees and included representatives from Collections, Information Systems, Finance, Call Center, and field operations.

Meeting behind closed doors virtually full-time for 22 weeks, the team's first goal was to create a process vision, which was: "To create a proactive, cost-effective process designed to reduce write-offs through a consistent and targeted approach by evaluating customer credit risk and performing timely collections." Also . . .

What motto the team developed and what it's four elements are
What the composition was of the focus groups they created
The three major flaws in their existing collections process uncovered by the focus groups
The key recommendations of the focus groups, and how they implemented them.
The three components of their Credit Matrix Redesign (a new scoring system)
The key recommendations and solutions, including their high-risk collection and special needs teams

. . . keep reading

Legal Case Study: Did This Agency Violate the Fair Debt Collection Practices Act When Trying to Collect an Old Student Loan Debt?
This case study examines a number of potentially troubling actions by an aggressive collection agency charged with collecting a 12-year old student loan. She claims that the loans were discharged in bankruptcy. But the agency doesn't see it that way. They just have paperwork indicating she owes the money and they want it. Now that she has a good job, they garnished her pay check, further infuriating her. Read on for the results of this collection action and subsequent dustup! . . . keep reading

Interactive Intelligence Acquires Latitude Software
INDIANAPOLIS and JACKSONVILLE, Fla. -- Interactive Intelligence (Nasdaq: ININ), a global provider of unified IP business communications solutions, has acquired Global Software Services, Inc., doing business as Latitude Software, a privately-held provider of debt collection software and services. . . . keep reading

Helping Customers Protect Their Checks
"Most consumers think it's impossible to use someone else's checking account without positive ID," notes one West Coast bank manager. "When wallets or checks are stolen, few people report the loss or close their checking accounts as quickly as they cancel their credit cards." In one December, normally a high fraud month, this bank had only five customer impersonations, but CAUGHT 250! Learn...

Eight specific recommendations this bank makes to its customers to help them keep their checking accounts safe
Ehat phrase bank employees are trained to remember to help in the fight against phony IDs
How stall tactics help this bank apprehend bad check artists

. . . keep reading

Do These Extra Goods as Loan Collateral Negate a Purchase Money Security Interest?
This legal case study looks at a scenario in which a debtor claims that the refinancing of her loan by her bank caused the bank's security interest (a purchase money security interest, or PMSI) to be lost and her loan to be avoidable. Is she correct? . . . keep reading

Encouraging Assistance for Struggling Customers
With as many bankruptcies as there are in today's world, it can be difficult for consumers to find the kind of counseling they need to get out--and stay out--of unmanageable debt. Credit Counseling Centers, Inc. (Farmington Hills, Mich.), affiliated with the National Foundation for Consumer Credit (NFCC), is one of the services that can provide effective counseling and education on paying debts and the wise use of credit. This article details both the counseling process and the education process used.

How an action-plan is developed to help a consumer with a debt problem
What types of counseling are offered
How they implement an alternative to bankruptcy with their Debt Management Program (DMP)
Who pays their fees
How they keep the client motivated to continue paying their debts
How counselors are educated
Why some of programs don't fully address the problems
How they measure results and what they consider a success

. . . keep reading

Collections and Caller ID
This case study explores the privacy issues associated with debt collection, in particular as it relates to caller-ID. It examines the impact of the Fair Debt Collection Practices Act (FDCPA), the Federal Communication Commission (FCC), as well as state regulations on privacy. What an agency (and sometimes general creditor) can and cannot do, along with conflicting state regulations. . . . keep reading

The Legalities of Phone Monitoring and Taping
Legal Case Study: A business owner, concerned that his best collector is coming on too strong, proposes monitoring his telephone calls without him knowing it, just to make sure he's on the up and up. Is this courting trouble? An analysis of just what is, and what is NOT allowed, under the law. . . . keep reading

EBPP: Service and Savings
Northeast Utilities (Hartford, Conn.), which has customers in Connecticut, Massachusetts, and New Hampshire, is in the process of rolling out the newest technology for utility billing--technology that is designed to offer benefits to the utility and its customers. What is it? Electronic bill presentment and payment (EBPP). Here you'll learn:

The key capabilities of the system - what customers can do
Northeast Utilities' primary motivations for making the switch
Specifics of their six-phase plan for rolling the program out

. . . keep reading

Arbitration and Third-Party Beneficiaries
Legal case study: In this case, a spouse failed to sign, along with her husband, a clause in an installment contract agreeing to submit to binding arbitration in the event of a dispute. When a dispute occurred, the vehicle company requested that they submit to arbitration, but they refused, stating that her failure to sign rendered the contract invalid. This reveals who won and why. . . . keep reading

Play a Role in Rehabilitation
It's obvious that the consumer credit counseling process works best when creditors play their part. Experts agree that this part includes: Making a . . . keep reading

Displaying Matches 32 thru 46 of 53 Found BACK NEXT

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