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At CollectionForum.com, we often find excellent material not written by the editorial staff at CollectionForum.com. This section of our site is devoted to just such information.
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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). . . .
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Telephone Collections: 10 Do's and Don'ts
By Fred Strano
There's more to telephone collections than getting in touch with the debtor and saying, "Show me the money!" Experienced collectors know that successful telephone collections is a skill that requires a positive attitude and careful preparation. Here are 10 important Do's and Don'ts that can help you become more effective when you pick up that phone to call a customer that owes your company money. . . .
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Developing an Effective Collection Team
By Emil Hartleb
Putting together an effective collection team is an ongoing process requiring constant attention. The credit executive needs to continue to pay attention to the following key elements in developing th . . .
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Effective Collection Practices
by Darrel Hewson
In today's difficult business environment, having an effective collection strategy in place is imperative to having a short DSO and healthy cash fl ow. Building this foundation is the fundamental challenge many companies are faced with as there are multiple facets to building a strong and robust collection strategy. These range from credit controls, contact matrices, dispute management processes, and Service Level Agreements (SLAs) to policies covering the nature and process of escalating payment demands. . . .
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Regulating Commercial Debt Collection
By Loral Narayanan, May 26, 2010
Clients and prospects often ask us about ABC-Amega's adherence to the Fair Debt Collection Practices Act. Until we explain further, they're surprised when we tell them that we aren't regulated by the FDCPA. It isn't that ABC-Amega takes a cavalier attitude concerning legislation geared toward maintaining high standards within the collections industry. Quite the contrary, our core values center around the kinds of practices such legislation promotes. . . .
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The Whimpy Syndrome
By Lynn Van Berkel CCP, CPC, April 2010
I have always equated the process of credit and collection with Whimpy's line from the Popeye cartoon, "I'll gladly pay you Tuesday for a burger I can have today." Whether it is food, auto parts, or plumbing and heating supplies, the challenges of handling accounts receivable are the same. As sure as Tuesday will come, the payments do not always follow. And in this economy, even if customers are willing to pay, they are facing challenges of their own. . . .
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13 Strategies to Speed up Collections... Before the Money is Due
Mar-30-2010, By Loral A. Narayanan
Everyone doing business knows that a sale isn't a sale until the cash is in your bank account. Getting it there when you need it, however, can be a real challenge. Most companies wait until an invoice is past due before taking action. But why not be pro active? Here are some strategies you can use before the account is due, that can help you speed up your collections. . . .
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The Debtor Won't Pay Voluntarily -- So Now What Happens? A Look at the Suit Decision and Process
Collecting open accounts on a voluntary basis is becoming increasingly difficult. According to a widely-reported 2009 study conducted by the United States Government, 20% of US households in the have no landline telephone, using only cellular phones. In 2003 that number was only 5%. Factor in caller-ID, private line blocks and voicemail and it is becoming virtually impossible to talk to someone who doesn't want to talk to you. That includes most debtors. Demand letters, while effective, require a debtor has to take affirmative action to make payment. What happens when they don't? That's when the creditor has to make a decision as to whether to file suit to enforce its claim. . . .
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The Fair Debt Collection Practices Act (FDCPA): Some Quick Tips to Avoid Problems Collecting in Today's Troubled Economy
By Steven A. Harms
The Fair Debt Collection Practices Act (FDCPA) is a key federal law which applies to debt collections. Since it is a federal law, it is applicable in all 50 states. However, there are two primary provisions: it only applies to consumer collections, not commercial collections and the law only applies to third party debt collectors, not individuals or businesses collecting their own debts. Some credit grantors believe that it is cost effective if they set up an internal collection agency within their company. . . .
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Working with OCAs
February 15, 2010
Credit and collections being what they are, even with the best credit management procedures in place, some accounts are going to go past due. It's also likely that, at some point, you'll need the services of a professional collection agency. This article is designed to provide you with basic information you need to know before you turn your accounts over to an outside collection agency for handling. . . .
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