http://creditmanagementassociation.org/forums/forum/ Sponsored by Credit Management Association en-US Sat, 04 Feb 2012 22:05:26 +0000 http://bbpress.org/?v=1.0.2 q http://creditmanagementassociation.org/forums/search.php http://creditmanagementassociation.org/forums/topic/319#post-1238 Sat, 04 Feb 2012 01:02:34 +0000 Susan Nakama 1238@http://creditmanagementassociation.org/forums/ <p>I know there are rules on the times of the day that collection calls can be made. Can someone provide me with the specific guidelines for the different time zones? Also, are the rules different for fax and email. Are there different rules for sending out statement with and without notes regarding past due invoices. For our business, it would be a B2B transactions. </p> http://creditmanagementassociation.org/forums/topic/317#post-1237 Thu, 02 Feb 2012 22:51:46 +0000 CreditMaestro 1237@http://creditmanagementassociation.org/forums/ <p>THanks, Rita! </p> http://creditmanagementassociation.org/forums/topic/318#post-1236 Thu, 02 Feb 2012 18:43:52 +0000 F Scott Wilson 1236@http://creditmanagementassociation.org/forums/ <p>Is this for a resale certificate? If so, I wouldn't be concerned, since it is probably the *business* that has the certificate, rather than the owner. If not, and everything else matches, I would call the owner and find out why there is a difference. </p> http://creditmanagementassociation.org/forums/topic/318#post-1235 Thu, 02 Feb 2012 18:34:31 +0000 Jamie Garett 1235@http://creditmanagementassociation.org/forums/ <p>Owner name on applicaiton does not match State Sales Tax. The name of the business and address matches, but not the owner. How do you handle this kind of situaton? </p> <p>The owner is matching on other forms of verification documents. </p> http://creditmanagementassociation.org/forums/topic/317#post-1234 Thu, 02 Feb 2012 16:42:40 +0000 Rita 1234@http://creditmanagementassociation.org/forums/ <p>I have in the past held a similar position Customer Support Consultant (high tech industry) which entailed handling the order entry and any modifications to the order from the customer from the sales department and on through to the final collection.</p> <p>This was to provide a full one stop service to the customer. I handled the order entry but also qualified the customer for the order and subsequent collection activity. I found this challenging but at same time enjoyed the variety of the position. </p> <p>The key is communication with both sales and customer</p> <p>Rita </p> http://creditmanagementassociation.org/forums/topic/317#post-1233 Thu, 02 Feb 2012 01:12:23 +0000 CreditMaestro 1233@http://creditmanagementassociation.org/forums/ <p>I have presently started a new job in the capacity of Order to Cash Manager which is a bleinding of Customer Service Manager and Credit/Collections Manager all under one umbrella. I was wondering if there was anyone else in the CMA community with the same title? </p> <p>Although we have similar concerns as a dedicated credit manager, the new objectives I have also include a strong sales/customer service component. i realize I am in the vanguard but is there anyone else out there who is wearing the same hats and thus encountering the same challenges?</p> <p>Thanks,<br /> Jerry Abramowitz, CCE </p> http://creditmanagementassociation.org/forums/topic/315#post-1232 Tue, 31 Jan 2012 18:53:18 +0000 F Scott Wilson 1232@http://creditmanagementassociation.org/forums/ <p>In one or two instances, with a long-standing customer, we have done asset searches. These aren't cheap, but will tell you whether getting a personal guaranty, or renewing one in the case of a new owner or partner, is worth the effort. The cost is usually $1K or more for something really comprehensive, so it won't fit most situations. Asset searches can find property that an individual credit report may not find, such as business assets in the person's name, business property, property or stakes in another company, and so forth. Again, pricy but worth it if you need it. </p> http://creditmanagementassociation.org/forums/topic/315#post-1231 Thu, 26 Jan 2012 21:36:26 +0000 DMarc CBA 1231@http://creditmanagementassociation.org/forums/ <p>If you're going to rely on a personal guarantee, you may also want to request a personal financial statement to see what if any assets there may be to attach in case things go south. </p> http://creditmanagementassociation.org/forums/topic/314#post-1230 Thu, 26 Jan 2012 21:30:01 +0000 DMarc CBA 1230@http://creditmanagementassociation.org/forums/ <p>Ideally you would update them every couple of years. In our real world, this would irritate our owners, sales reps and dealers. So I look for opportunities instead. If an account has no activity for 24 months or more I inactivate it, then if they come back I require a new application. If the customer moves, the business structure changes etc, I require a new application and resale. If the customer wants a credit line increase or change of terms, I use this as an opportunity to update my files also if the application is getting old. </p> http://creditmanagementassociation.org/forums/topic/311#post-1229 Thu, 26 Jan 2012 00:32:02 +0000 KEN ZANOLINI 1229@http://creditmanagementassociation.org/forums/ <p>You might want to create your own 5 star program.<br /> I attached an example.<br /> Performance is based on a point system by category.<br /> Good luck</p> <p> POINTS CURRENT PRIOR TOTAL POINTS CURRENT PRIOR TOTAL<br /> POSSIBLE MONTH MONTH POINTS POSSIBLE MONTH MONTH POINTS<br /> 120 DAYS &amp; OVER<br /> 0.50% 3 NA<br /> 1% 2 NA<br /> 1.50% 1 NA Customer Service Service<br /> 2%+ 0 NA A 3 N/A<br /> 60+ DAYS B 2 N/A<br /> 1% 3 N/A C 1 N/A<br /> 2% 2 N/A<br /> 3% 1 N/A<br /> 4%+ 0 N/A<br /> CURRENT<br /> 90% + 3 N/A<br /> 85%-89% 2 N/A<br /> 80%-84% 1 N/A<br /> 50%-79% 0 N/A </p> http://creditmanagementassociation.org/forums/topic/316#post-1228 Thu, 26 Jan 2012 00:17:56 +0000 PHIL TROP 1228@http://creditmanagementassociation.org/forums/ <p>Can anyone who works with collections in Europe share with me internal collection processes? </p> http://creditmanagementassociation.org/forums/topic/314#post-1227 Wed, 25 Jan 2012 22:58:47 +0000 KEN ZANOLINI 1227@http://creditmanagementassociation.org/forums/ <p>Credit apps should be updated every 5 years.<br /> Written contracts are usually enforcebable up to 4 years.<br /> But be careful not to lose a persoanl guarantee due to a updated credit app.<br /> Everyone learns as they become experienced!<br /> Good luck!</p> <p>Email credit apps &amp; follow up with a real person phone call.<br /> Positive &amp; real! </p> http://creditmanagementassociation.org/forums/topic/315#post-1226 Wed, 25 Jan 2012 22:55:18 +0000 KEN ZANOLINI 1226@http://creditmanagementassociation.org/forums/ <p>To verify the credit worthiness of a PG, pull personal credit reports.<br /> Get authorization before pulling. Here is a generic form.<br /> Good luck!</p> <p>CREDIT RELEASE AUTHORIZATION</p> <p>Each undersigned individual, who is either a principle of the credit applicant<br /> below or a personal guarantor of its obligations, authorizes release of any credit reference information for the company and individuals listed below including credit bureau reports, loan, lease, checking, saving, and trade accounts to Company Name requesting reports and/or its assignees. Such authorization shall extend to obtaining a personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of credit, and for reviewing or collecting the resulting account. A photocopy or fax of this authorization shall be as valid as the original.</p> <p>Business Name:____________________Date:<br /> Signature:_________________________Date: </p> http://creditmanagementassociation.org/forums/topic/315#post-1225 Wed, 25 Jan 2012 21:50:43 +0000 Jamie Garett 1225@http://creditmanagementassociation.org/forums/ <p>How do you determine the credit worthiness of the Personal Guarantor if the person is not the same as the owner/applicant? </p> http://creditmanagementassociation.org/forums/topic/314#post-1224 Wed, 25 Jan 2012 16:12:16 +0000 F Scott Wilson 1224@http://creditmanagementassociation.org/forums/ <p>Generally, we try to update the applications every couple of years. If a customer hasn't been active for over two years, we require a fresh credit application so we can perform a new review. If, on the other hand, the customer has been active, we request one later than that.</p> <p>As far as how we send them, our Sales reps either hand the customer a copy of our application, or Credit sends them via e-mail, or more rarely by fax. That lets us get the information quickly, before we need to schedule a load of material. </p>