Your Virtual Credit Manager

SEPTEMBER 19, 2023

From this conversation, you will learn how perilous the bad debt risk is with this customer, and how urgent your reaction must be. The only time you should go this route is if the customer suffered a one-time event from which you expect them to recover over time. The bank will pay you if your customer defaults.

Credit and Collections 130

Credit and Collections Default Bad Debt Credit Risk 130

Your Virtual Credit Manager

AUGUST 22, 2023

The bad news is that nearly 21 percent of last year’s startups will fail this year leaving you with a bad debt on your books if you sold to them on credit terms. However, when the new customer(s) are startups, extending credit can be very risky and potentially damaging should substantial bad debt losses result.

Credit and Collections 130

Credit and Collections Bad Debt Credit Risk Small Businesses 130

Know-It Global

JULY 26, 2023

You’ll clearly see: Credit rating Credit score Credit limit Company financials Track record of recent payments and any defaults CCJs Exceptional Events Plus, you’ll also have access to Unsecured Creditor Claims data, information not included in standard business credit reports.

Electronic Funds Transfer 98

Electronic Funds Transfer Credit and Collections Debt Collections Bad Debt 98

Emagia

JUNE 12, 2023

Effective credit risk management enables organizations to make informed decisions, protect their assets, maintain healthy cash flows, and safeguard against default and financial losses. Lenders can mitigate credit risk by evaluating various aspects of a borrower’s creditworthiness, including their existing debt obligations and income.

Credit Risk 52

Credit Risk Credit and Collections Bad Debt Default 52

TreviPay

MARCH 20, 2023

If bad debts are increasing, finding their source may uncover problems in your credit approval process. To reduce the risk of customer defaults, existing clients should go through a periodic credit review and have their credit terms adjusted accordingly – if needed. You might even miss warning signs.

B2B Credit 52

B2B Credit Credit Management Credit and Collections Days Sales Outstanding 52

Your Virtual Credit Manager

JUNE 13, 2023

Far more damaging is a customer that defaults (never pays). These bad debt losses can put your own business at risk of failure. The inability to recover the loss with new business puts a serious crimp in a firm’s cash flow, especially when the default involves a large amount.

Credit and Collections 26

Credit and Collections Bad Debt Default Credit Risk 26

MNS Credit Management Group

DECEMBER 2, 2022

The debt collection company will have complete records of each time they attempted to contact the debtor should you decide to sue the debtor in the future. You also need to have this proof for your tax records if you plan to deduct the bad debt from your income. People Pay More Quickly.

Debt Collections 52

Debt Collections Collector Credit and Collections Bad Debt 52

Know-It Global

JUNE 20, 2023

It involves managing credit sales and making informed credit decisions, ensuring timely payment from customers, and minimising bad debt. A well-designed policy minimises the risk of bad debts and cash flow issues and also serves as a reference for employees involved in credit decisions and collections.

Bad Debt 19

Bad Debt Credit and Collections Debt Collections Credit Risk 19

Your Virtual Credit Manager

MARCH 26, 2024

About 25 years ago, a credit manager I know saved his company from a seven-figure bad debt loss by monitoring the Internet on his biggest customers. If the European parent company defaulted, the North American subsidiary would be pulled into bankruptcy even though its operations were profitable.

Bankruptcy 130

Bankruptcy Bad Debt Credit Scoring Chapter 11 130