Your Virtual Credit Manager

FEBRUARY 14, 2023

Photo by NoWah Bartscher on Unsplash Collecting past due balances takes skill, but not rocket science level skill. Once you have made a few collection calls it gets easier. Furthermore, in a commercial credit environment you seldom are dealing with the owner, but rather an employee and the money is not coming out of their own pocket.

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Your Virtual Credit Manager

JULY 2, 2024

Moreover, if you are trying to collect from a small business, you may have to deal with the owner, who will have a lot on their plate in addition to their debt to your company. New to collections? You should attend Introduction to Business/Commercial Collections on Tuesday, July 16 at 1:30 PM EDT. annualy, forever.

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Your Virtual Credit Manager

JANUARY 3, 2023

Photo by DESIGNECOLOGIST on Unsplash Editor’s Note: To start off the New Year, we’re bringing back three of the most popular YVCM articles from 2023. We’ve condensed the articles to save you time, but have also provided links to the originals should you want to take a deeper dive. Update your customer master file.

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RMAi Blog

SEPTEMBER 13, 2024

On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report. The report stated that the CFPB received approximately 109,900 debt collection complaints in 2023. The number one complaint type was “attempts to collect debt not owed.”

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Your Virtual Credit Manager

NOVEMBER 7, 2023

If their collection efforts are more aggressive than yours, the customer will tend to pay your competitor sooner, while you end up waiting for this mutual customer to accumulate additional funds to pay you. They are an important reason for formulating credit and collection policies and procedures, but not every lapse is an act of commission.

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Your Virtual Credit Manager

APRIL 23, 2024

” (Photo by Devon MacKay on Unsplash ) This applies to credit and collections as well as anything else. Collectors are continually learning what works to get people to pay up and what doesn’t. That’s what this article explores. it just might help them collect faster enabling them to pay you sooner.

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RMAi Blog

OCTOBER 14, 2024

In This Update Earlier this month, the CFPB issued an Advisory Opinion reminding debt collectors of their obligation to comply with the Fair Debt Collection Practices Act and Reg F’s prohibitions on false, deceptive, or misleading representations in the collection of medical debt (see RMAI’s October 4, 2024 Member Alert ).

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SAP Credit Management

SEPTEMBER 5, 2023

Canada : The Personal Information Protection and Electronic Documents Act (PIPEDA) governs the collection, use, and disclosure of personal information in Canada. Singapore : The Personal Data Protection Act (PDPA) governs the collection, use, and disclosure of personal information in Singapore.

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Your Virtual Credit Manager

SEPTEMBER 26, 2023

Suppliers, lenders, and credit rating agencies place substantial importance on these numbers when assessing your liquidity and overall financial strength. Their assessments of your business based in large part upon these metrics will determine your credit limits, collateral requirements, lines of credit and borrowing capacity.

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Your Virtual Credit Manager

DECEMBER 6, 2022

If your sales are consummated via payment at the point of sale, which may involve “pay with order” or “pay on delivery” protocols involving a credit card or an online e-payment product, managing Accounts Receivable (AR) will not be big issue for you. it just might help them pay you sooner!

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RMAi Blog

MAY 12, 2023

Seventh Circuit Holds Confusion and Concern Not Enough for Article III Standing Pucillo v. Nat’l Credit Sys. , A debt collector unaware of the discharge, allegedly due to a bona fide error, sent several collection letters to the consumer regarding the past-due rent. 21-3131, 2023 U.S. LEXIS 10237 (7th Cir.

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RMAi Blog

MARCH 14, 2023

This is a very expansive definition which would include medical debt charged on a credit card, including a bottle of Tylenol purchased from a grocery store. RMAI is strongly opposed to this bill and is working with our Colorado lobbyist and other industry trade associations to get an exemption for credit card debt.

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Your Virtual Credit Manager

MAY 28, 2024

Next comes billing, followed by collections cleaning up all the garbage left by everybody that has gone before. If you remember the Rocky and Bullwinkle cartoons, some seasons there was a parade during the closing credits. The collection role is a lot like that of the little janitor with the big mustache sweeping up behind the parade.

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Your Virtual Credit Manager

JANUARY 9, 2024

Two weeks ago we recapped the three most read articles from 2023: identifying red flags, understanding why customers pay late, and the secrets of successful collectors. Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics.

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JSP Credit Management

OCTOBER 10, 2021

A recent article suggested that the ‘gig economy’, consisting of apps such as Uber and Airbnb employs no fewer than 1 in 10 working adults in the UK. Whilst there can be found some criticisms, the above article notes that the amount of people earning an income from these apps has doubled in recent years. That is approximately 4.7

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RMAi Blog

JANUARY 13, 2023

Here are some recently introduced bills that might be of interest: New York SB 171 – This bill would create a private right of action against originating creditors and debt collectors for a violation of the Debt Collection Procedures Act. Prof’l Bureau of Collections of Md., 4th 823 (10th Cir. 4th 1236, 1240 (11th Cir.

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RMAi Blog

APRIL 12, 2023

The following bills of concern are a sample of the legislation that RMAI is currently engaging on behalf of the industry: California AB 1414 – This bill would exclude consumer credit accounts from the definition of “book account” which would force all litigation through a contract theory for litigation.

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MNS Credit Management Group

DECEMBER 2, 2022

Who are debt collectors? A corporation or agency that recovers money owing on past-due debts is known as a debt collector. Many businesses that owe money to creditors use debt collectors, who work for a fee or a portion of the total amount collected. Another name for a collection agency is a debt collector.

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MNS Credit Management Group

MAY 25, 2023

The main purpose of debt collection in any country is to find an amicable and smooth settlement of dues between a debtor and a creditor. However, in Indonesia, there are no specific rules regarding debt collection service companies. Indonesia is no exception. The rules mainly exist in the Civil Code and other Indonesian regulations.

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MNS Credit Management Group

JUNE 5, 2023

Debt collection may be a difficult and delicate procedure that frequently leads to conflict between creditors and debtors. An amicable debt-collecting technique has become more popular in today’s world, where keeping connections is extremely valuable.

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MNS Credit Management Group

AUGUST 11, 2023

Debt collectors must use crucial tactics to do this, which guarantee a win-win situation for all sides. These vital techniques for effective debt collection in Singapore are covered in this brief guide. These vital techniques for effective debt collection in Singapore are covered in this brief guide.

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SAP Credit Management

DECEMBER 20, 2022

I am a collector of old computers and software and have a passion for these vintage systems. I have a collection of old servers and hardware from SUN, SGI, CRAY, Apple… and I like to tinker with them occasionally so why not?

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MNS Credit Management Group

MAY 3, 2023

There are some issues with the debt recovery process that the debt collection agencies confront that need to be addressed by the government at a higher level. In this article, we will explore the causes of these issues, their consequences in the b2b debt collection industry, and potential solutions. What exactly is certainty?

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JSP Credit Management

OCTOBER 31, 2021

This article aims to explore the different types of companies that exist in the UK and discuss the implications of each of the different structures for the debt collection industry. Therefore, a business owner operating as a Sole trader will be 100% personally liable for all debts owed by the business.

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SAP Credit Management

JULY 26, 2023

The Z Garbage Collector (ZGC) is no longer an experimental feature. Now we have stream.toList() method. Stream<String> stringStream = Stream.of("a", "b", "c"); List<String> stringList = stringStream.toList(); Records Records will allow you to create immutable data classes. Compact number formattiing support. (1k,1M

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JSP Credit Management

SEPTEMBER 28, 2021

So a career in various credit management roles before JSP Credit Management being born of over 15 years has left us extremely well placed to pass comment on some potential causal factors affecting non-payment. So, time for the big reveal. No cash, no business. We are here to educate wherever possible too.

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SAP Credit Management

DECEMBER 26, 2022

In transaction ST03, expand subtree Collector and Performance DB -> Performance Database -> Monitoring Database -> Reorganization. Adjust the retention time settings to retain the aggregate values for updates, deletes and inserts as long as desired, and wait long enough for the aggregates to be collected.

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Your Virtual Credit Manager

DECEMBER 13, 2022

Photo by Icons8 Team on Unsplash Commercial collections is not unlike convincing somebody to buy something, but people with that talent tend to go into Sales. For most people, however, collecting B2B debts is an acquired skill. People do not aspire to become commercial debt collectors. it just might help them pay you sooner!

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Your Virtual Credit Manager

DECEMBER 24, 2024

Photo by CDC on Unsplash Credit & Collection results suffer greatly from lack of attention and expertise. Hiring an experienced full-time person to perform the Credit & Collection tasks is not financially possible. Learn More About Credit Reports Please share this newsletter with your small business customers.

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RMAi Blog

APRIL 14, 2025

The letter specifically noted several proposals including restrictions on creditors and consumer reporting agencies concerning medical information (Regulation V), credit card penalty fees (Regulation Z), identity theft and coerced debt provisions, data broker practices under Regulation V, and more. View RMAIs data broker comments here.

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RMAi Blog

JANUARY 21, 2025

Consider the following, described briefly here and in more detail in a recent article published here. He is certified with the Receivables Management Association International as a Certified Receivables Compliance Professional, and with the American Collectors Association as a Credit and Collections Compliance Officer.

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