Your Virtual Credit Manager

OCTOBER 22, 2024

When we first think about credit risk, our minds focus on the financial status of the company in question. To manage the risk that a customer might default, companies implement credit and collection policies and procedures. Your Virtual Credit Manager is a reader-supported publication. Share Read more

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Collenda

NOVEMBER 1, 2024

The Role of ESG in Credit Risk Management As stakeholders increasingly demand accountability in corporate practices, banks are called to align their operations with ESG principles.

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Your Virtual Credit Manager

OCTOBER 29, 2024

Finding the time and resources to complete every collection activity needed to be done at the optimal time to be done is a constant challenge. Most small companies come up short because the owner or CFO have more important things to do and there isn’t a dedicated employee responsible for credit and collections.

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Your Virtual Credit Manager

OCTOBER 8, 2024

Companies selling other businesses on open terms need to ensure any collection agency partners can effectively collect non-performing receivables. Here are four prime example of issues that impede third party collections: 1. Doing this involves taking a series of proactive steps.

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Your Virtual Credit Manager

APRIL 2, 2024

Commercial credit scores predict the likelihood of a business fulfilling its financial obligations, particularly regarding debt repayment and trade credit. Commercial credit scores are often not as well understood as consumer credit scores such as FICO. Photo by Element5 Digital on Unsplash First, a little background.

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Emagia

MARCH 15, 2024

Managing credit risk for B2B customers is critical for seamless order to cash (OTC) and working capital cycles. Businesses that follow traditional reactive strategies in OTC processes may find it difficult to collect at-risk future invoices, likely leading to large invoices going delinquent.

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Emagia

MARCH 15, 2024

Managing credit risk for B2B customers is critical for seamless order to cash (OTC) and working capital cycles. Businesses that follow traditional reactive strategies in OTC processes may find it difficult to collect at-risk future invoices, likely leading to large invoices going delinquent.

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Your Virtual Credit Manager

JANUARY 30, 2024

The evolution of Accounts Receivables (AR) automation has revolutionized our collection strategies. Manual collection processes centered on an aged accounts receivable trial balance (ARTB) lack the regimentation and efficiency brought about by automation. For a more in depth discussion of systematic collections, click here.

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Your Virtual Credit Manager

MARCH 14, 2023

Commercial collections is no different. Collection myths can be found at the very root of bad decisions as well as informing counter-productive activities. Adhering to collection myths more often than not leads to bad outcomes. Simply put, collection myths get in the way of doing the best job possible. Subscribe now 1.

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Abrigo

AUGUST 8, 2021

Independent Loan Review Systems in Banking Banking regulators have outlined expectations for effective, independent loan review and credit risk review. . Takeaway 1 A system for ongoing, independent credit risk review will not look the same from institution to institution. 2020 Interagency Guidance.

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Your Virtual Credit Manager

NOVEMBER 14, 2023

Credit Policy is an inextricable part of a company’s Sales Policy. If you choose to sell on open credit, the terms you offer are in effect part of the price. If you discuss credit terms with a competitor, you are in violation of anti-trust statutes forbidding price fixing. What’s Right for Your Firm?

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blue dot counseling

NOVEMBER 25, 2023

The collection side of credit control is difficult enough so identifying bad payer problems before you have even made a sale can save you time and money. The post Get paid quicker – 5 ways to avoid bad credit risks appeared first on Blue Dot Consulting.

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Your Virtual Credit Manager

FEBRUARY 27, 2024

For a small business owner or executive, navigating credit decisions can be challenging, especially when they clash with the goals of other stakeholders within the company. Due to a lack of risk awareness and misaligned priorities these actions often perpetuate internal friction, which can sometimes overflow into the customer experience.

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Know-It Global

MAY 8, 2023

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. Did you know? What are you waiting for, get started now.

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Your Virtual Credit Manager

DECEMBER 26, 2023

In our case, we found our readers had an affinity for articles on identifying collection risks and the best ways of dealing with past due balances. Hopefully, these insights will help you with your collection efforts Not a subscriber … why don’t you take advantage of a YVCM subscription?

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Know-It Global

MAY 8, 2023

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. Did you know? What are you waiting for, get started now.

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Abrigo

SEPTEMBER 23, 2024

Data for banks & credit unions Real-time pricing trends for loans Now that the Fed has lowerered interest rates , financial institutions will want to carefully monitor current loan interest rate trends in their markets to remain competitive as rates drop. Would you like other articles like this in your inbox?

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Emagia

JUNE 12, 2023

Credit risk management plays a critical role in the financial health and stability of businesses across industries. It involves identifying, assessing, and mitigating the potential risks associated with extending credit to customers or counterparties. What is Credit Risk Management?

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Emagia

NOVEMBER 16, 2022

The common business risks include credit risk which mainly refers to the risk of the borrowers failing to repay credit or loan that has been extended to them, customers failing to pay the invoices raised against the supply of goods or services, or vendors failing to supply goods or services after having been paid in time.

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Your Virtual Credit Manager

AUGUST 6, 2024

Extending credit is standard practice if you are selling to other businesses. Most commercial enterprises are simply not willing to continue trading without credit terms, making it difficult for any trade credit grantor to generate enough revenue to survive on cash sales. In reality, granting credit is much more complicated.

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Gaviti

MAY 9, 2023

We are thrilled to announce the launch of our latest addition to the Gaviti accounts receivable collections platform: the Credit Management Module! At Gaviti, we understand how crucial it is for you to maintain a healthy cash flow, minimize credit risk, and ensure timely payments from your customers.

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Emagia

OCTOBER 17, 2022

Enterprises digitally transform their credit risk management processes to manage and navigate volatile market conditions, new regulatory pressures, increasing customer expectations, and other credit risks related to customers and vendors. Robotic Process Automation (RPA). Artificial intelligence (AI).

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Your Virtual Credit Manager

JUNE 18, 2024

That’s why it is standard to ask on a credit applications the year in which the business was formed. Years in business is a critical factor in the assessment of credit risk along with number of employees, which can be a good proxy for sales volume, something private businesses are not always willing to disclose.

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Your Virtual Credit Manager

NOVEMBER 12, 2024

Monitoring and evaluating the credit risk posed by public companies and other large firms differs significantly in comparison to small and mid-sized businesses. Because most of your biggest customers will be larger firms instead of smaller, it is typically the larger firms that will require higher credit limits.

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Gaviti

OCTOBER 13, 2024

Predictive AI capabilities in many modern B2B collections software now let businesses do exactly this while solving many other challenges in the B2B collections process. The Challenges of Traditional B2B Collections Unlike B2C collections, B2B collections involve steps related to credit, financing and legal agreements.

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Your Virtual Credit Manager

JANUARY 2, 2024

Contacting customers to pay past due amounts (collecting) is an essential element of accounts receivable (AR) management. For most firms, late customer payments are a frequent occurrence and collecting them can be a difficult task. Collections also has to be done effectively with minimal alienation of customers.

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FICO Blog

APRIL 28, 2023

Credit Risk and FICO Score Trends? credit risk and FICO® Score trends. At the same time, increasing adoption of recent innovations in credit scoring solutions should benefit consumers, leading to greater consumer empowerment opportunities and credit access. has remained steady at 716.

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Abrigo

FEBRUARY 14, 2023

You might also like this checklist for preparing for the CFPB 1071 rule DOWNLOAD Takeaway 1 Bank and credit union executives are worried about complying with the CFPB's upcoming final rule on small business loan application data. Visit CFPB 1071 resources for lenders for more on data collection requirements for small business lending.

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Abrigo

APRIL 22, 2024

Recent dynamics of the small business lending market A deep understanding of the small business lending landscape and potential efficiencies can help banks and credit unions grow their portfolios. Dynamic market Small business lending by banks & credit unions Small businesses are a pillar of the U.S.

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Your Virtual Credit Manager

MARCH 12, 2024

As a result, trade credit, where businesses extend financing to customers, is undergoing rapid advancements, but it also poses high risks, especially in assessing creditworthiness, dealing with economic fluctuations, and fraud. Are there past due accounts you are trying to collect? it just might help them pay you sooner!

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Your Virtual Credit Manager

JANUARY 23, 2024

Approving a customer for credit terms is merely the first step in an open credit relationship. Economic circumstances may cause you to tighten your credit policies and customer credit limits. The remainder of the review will mirror an initial credit evaluation (here’s more information on Evaluating Credit ).

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Abrigo

MAY 22, 2024

Recent stats and dynamics of the small business lending market Understanding the small business lending landscape and potential efficiencies can help banks and credit unions grow their portfolios. Dynamic market Small business lending by banks & credit unions Small businesses are a pillar of the U.S.

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Your Virtual Credit Manager

OCTOBER 2, 2024

Who absorbs any potential bad debt loss — does the lender have recourse to return the AR if they cannot collect it versus a non-recourse arrangement? Who performs the Credit & Collection activities — you or the finance company? Your Virtual Credit Manager is a reader-supported publication.

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Your Virtual Credit Manager

AUGUST 27, 2024

Imagine a world where extending trade credit was completely risk-free, and granting open terms of sale to business customers required no second thought. In such an ideal scenario, every customer would have both the ability and the integrity to pay their bills in full and on time, eliminating any need for a credit management.

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Gaviti

JUNE 25, 2024

Why Is Forecasting Accounts Receivable Collections Important? Forecasting Accounts Receivable Collections Using DSO The easiest and most accurate way to forecast your accounts receivable is using days sales outstanding (DSO). Credit Management and Monitoring. Cash flow is essential for business. Disputes and Deductions.

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Credit Management Group UK

JANUARY 7, 2024

To tackle these issues, for a low monthly cost we can provide your business with the expertise and support necessary in fully understanding your credit management issues, analysing the situation to find the most appropriate solutions.

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Your Virtual Credit Manager

SEPTEMBER 24, 2024

Credit and collections management too often involves simultaneously handling multiple urgent tasks that demand immediate attention. This advice should resonate deeply for anybody involved in credit management, particularly in times of economic uncertainty. Do you need help assessing your customers’ credit risks?

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