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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Credit Scoring Credit and Collections Bad Debt Credit Risk 130

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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Credit and Collections Collector Accounts Receivable (AR) Days Sales Outstanding 130

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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Credit Risk Default Credit Management Credit and Collections 52

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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Credit Risk Default Credit Management Credit and Collections 52

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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Accounts Receivable (AR) Days Sales Outstanding Bad Debt Credit and Collections 130

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.

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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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Credit Sales Bad Debt Credit and Collections Credit Risk 130

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. Make informed decisions faster.

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Credit Unions Credit Risk Credit and Collections Small Businesses 88

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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Credit Risk Credit Unions CECL Credit and Collections 78

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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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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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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Credit Risk Bad Debt Credit and Collections Default 52

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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Collector Credit and Collections Default Third Party Collections 130

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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Chapter 11 Accounts Receivable (AR) Bankruptcy Credit and Collections 130

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.

Credit Risk 52

Credit Risk Bad Debt Credit and Collections Default 52

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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Bad Debt Credit and Collections Accounts Receivable (AR) Credit Risk 100

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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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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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

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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Bad Debt Credit and Collections Accounts Receivable (AR) Credit Management 130

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

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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Credit Application Bad Debt Bankruptcy Credit Scoring 130

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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Credit Unions Small Businesses Credit and Collections Credit Risk 97

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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Small Businesses Credit and Collections Credit Unions Credit Risk 78

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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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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Credit Unions Small Businesses Credit and Collections Credit Risk 78

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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AR Transformation Credit and Collections Accounts Receivable (AR) Order to Cash 100

Your Virtual Credit Manager

DECEMBER 27, 2022

For example, there are firms burning through their cash reserves that may still be considered worthy of credit on their next order, but not the order that comes in three months from now. A customer can be paying you with no problems, but then their bank line of credit comes up for review and is drastically cut back by the bank.

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Credit Scoring Credit and Collections Accounts Receivable (AR) Credit Application 130

Gaviti

JUNE 25, 2024

You could better allocate funds and make more informed business decisions. Why Is Forecasting Accounts Receivable Collections Important? And if you still need to utilize financing facilities, you’ll be able to make more informed decisions about how much you’ll need and how long it’ll take to pay it back.

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Abrigo

APRIL 12, 2023

Building a strong credit review process A critical element of monitoring is an organization’s credit risk rating system. This blog will examine credit review in more detail. DOWNLOAD Takeaway 1 Loan review, or credit review, must be timely, thorough, and accurate to meet regulatory requirements.

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CreditStrong for Business

AUGUST 23, 2024

A good business credit report can be a valuable asset. Keep reading to learn more about how business credit reports work, who creates them, and the information included in these important but poorly understood reports. What Is a Business Credit Report? Good business credit can open the door to opportunities.

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Your Virtual Credit Manager

SEPTEMBER 10, 2024

To optimize the order-to-cash (O2C) process, it's crucial to understand the significant role Credit and Collections plays. Photo by Jay Heike on Unsplash ) What happens during the O2C process, however, apart from credit and collection activities, can have an outsized impact on cash flow and AR performance.

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Credit Management Group UK

JUNE 16, 2024

Throughout my years in commercial credit management, I have identified several mistakes that companies make within their order to cash process; mistakes that are often very small and easily fixed; make enough of them, however, and you could find your cash flow isn’t flowing the way you would like it to.

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Your Virtual Credit Manager

JULY 18, 2023

Photo by Campaign Creators on Unsplash Commerce between companies is facilitated by a trade credit relationship. When a supplier or vendor grants open credit terms to their business customers, both parties benefit. It’s important to keep in mind Pareto’s theorem when you are approving credit.

Credit and Collections 130

Credit and Collections Credit Scoring Credit Management Credit Application 130

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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Credit and Collections Credit Management Dashboards Payment Portals 52

CreditStrong for Business

AUGUST 16, 2024

In the business credit world, there are five main credit reporting agencies. These credit bureaus gather information about your company and resell it to others that want to predict the risk of loaning money to your company. It’s wise to understand who the business credit bureaus are and how they operate.

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