Your Virtual Credit Manager

OCTOBER 8, 2024

(Photo by Gabriel Meinert on Unsplash ) Don’t Shoot Yourself in the Foot Before examining what needs to be done from a credit and collection policy and procedures perspective, you need to understand the most common reasons collection agencies are unable to collect everything that is due.

Third Party Collections 100

Third Party Collections Credit and Collections Bankruptcy Bad Debt 100

Your Virtual Credit Manager

MARCH 19, 2024

When an unresponsive customer reaches 90 to 120 days past due, you should consider sending a final demand letter and then turning the account over to a third-party collection agency. Collection Activity: Consult with legal counsel to understand the implications of the bankruptcy filing on debt recovery.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Your Virtual Credit Manager

DECEMBER 26, 2023

For the past year, the number of commercial bankruptcies has been trending upward and is at a 4-year high. Late fees, admittedly hard to enforce, are a useful negotiating tool when pricing is being reviewed or if an account has to be placed for third-party collections. If you haven’t, you almost certainly will.

Collector 130

Collector Credit and Collections Default Third Party Collections 130

CreditStrong for Business

AUGUST 2, 2024

Other documentation: Evidence of bankruptcy filings, canceled checks, and others. Accounts referred to collections: In most cases, once a balance has remained delinquent for more than 90 days, the original creditor will refer your account to a third-party collection agency.

Credit Scoring 52

Credit Scoring Bankruptcy Credit and Collections Third Party Collections 52

Trade Credit & Liquidity Management

APRIL 16, 2025

Enhance Your Collection Capabilities Take the lead on automating the collections process Implement collection strategies based on materiality and risk Identify the root causes of collection delays Resolve aged receivable credit balances before they become an escheatment issue.

Supply Chain Risk Assessment 52

Supply Chain Risk Assessment Credit and Collections Bulk Transfer Cash Forecasting 52