Your Virtual Credit Manager

DECEMBER 19, 2023

Hopefully, that is why you are reading Your Virtual Credit Manager. If, however, there are unpaid invoices that have been allowed to go beyond the 90 day mark, you have a serious collection problem. In most cases (90 percent or more), we find the customer has a valid claim and deserves a credit.

DSO 130

DSO Third Party Collections Credit and Collections Deductions 130

Your Virtual Credit Manager

DECEMBER 5, 2023

This misguided search for a singular understanding applies to many things, including collecting Accounts Receivable (AR). Optimal Collection results are achieved by utilizing different collection techniques with different types of customers. How do you determine which customer types merit which collection protocols?

Credit and Collections 130

Credit and Collections Third Party Collections Accounts Receivable (AR) Credit Risk 130

Your Virtual Credit Manager

APRIL 18, 2023

Just as payroll has been cost effectively handled by external processors for over 70 years, so can a variety of credit, collection and AR tasks and processes. Credit Risk Evaluations : If you purchase Credit Risk Insurance, the insurer will serve as your Credit Department. it just might help them pay you sooner!

Bad Debt 130

Bad Debt Credit and Collections Third Party Collections Accounts Receivable (AR) 130

Eastern Credit Management Services

OCTOBER 3, 2023

When it comes to debt collection, businesses are faced with a critical decision. Should they handle it in-house or outsource it to a professional debt collection agency like Eastern Credit Management Services (ECMS)? Resource Efficiency: Outsourcing debt collection saves your company time, manpower, and resources.

Debt Collections 52

Debt Collections Third Party Collections Collector Credit and Collections 52

CreditStrong for Business

AUGUST 27, 2024

If a consumer has an unpaid debt on an existing credit account, the original lender will eventually close the account and charge off the bad debt. Generally, these debts are reported to the credit bureaus and remain as a negative entry on your credit history for seven years. How Long Does It Stay on My Credit Report For?

Collector 52

Collector Credit Reporting Agencies Credit Scoring Third Party Collections 52

Fundera

JULY 16, 2018

A charge-off is when you’re so late on your credit card or loan payments that the lender expects you’ll never pay, so they remove the anticipated income from their ledger and document the loss as bad debt. That demerit is considered a final status indicator on your credit report that the account is no longer active. Neither are great.

Credit Scoring 72

Credit Scoring Bad Debt Credit and Collections Third Party Collections 72

Fundera

APRIL 6, 2016

And since many kinds of small business credit are based on your personal financial credit, it’s important to become familiar with the various FICO score versions that could come into play when you’re applying for a business loan. FICO scores are credit scores that represent your risk to lenders.

Third Party Collections 68

Third Party Collections Credit Scoring Credit and Collections Credit Application 68

Eastern Credit Management Services

JULY 15, 2019

Fret no longer, as this entry in our blog is going to explore how to deal with customers who keep breaking promises to pay on their past due invoice and how a collection agency can help. If you said you’d send the account to a third party collection agency , do it.

Past Due Invoices 52

Past Due Invoices Third Party Collections Credit and Collections Invoice Collections 52

CreditStrong for Business

AUGUST 2, 2024

In many cases, a consumer who has seemingly been managing their finances responsibly will notice an unexpected credit score drop. This negative credit score fluctuation is particularly troubling for those concerned with maintaining good credit for an upcoming home or auto loan. 8 Reasons Why a Credit Score Drops 1.

Credit Scoring 52

Credit Scoring Bankruptcy Credit and Collections Third Party Collections 52

Onguard

FEBRUARY 23, 2023

Credit risk monitoring is key Non-payment of invoices can cause unnecessary stress in your work. Credit risk monitoring is therefore key to ensuring you get paid. With the help of credit risk management software, you have the correct procedures and policies in place to prevent non-payment.

Third Party Collections 52

Third Party Collections Credit and Collections Credit Risk Credit Management 52

Emagia

JANUARY 30, 2023

Customer Experience: Customer experience is enhanced through smooth and efficient management of orders, receivables, credit, etc., Finance Cost: RPA and Analytics helps enhance the efficiency in invoicing, receivable management, and payment collection to minimize the need for credit or working capital loan.

Order to Cash 52

Order to Cash Bad Debt Third Party Collections Credit and Collections 52

Priority Credit Management Corporation

OCTOBER 30, 2020

Brad has been in the credit and collections industry for the last four significant recessions. What is the feedback in the collection industry of what you’re seeing right now? We talked earlier this year with credit industry expert Jay McKeown about businesses hitting a wall with the subsidy program ending in September.

Third Party Collections 52

Third Party Collections Credit and Collections Credit Management 52