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Feb28
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Everyone talks about how you should have a credit policy, but what is a credit policy actually made up of? What are the things that you put together and present as "My Credit Policy"? Here are the things you should to that will ensure you have a credit policy:
- Getting a signed Credit Application
- Checking references
- Getting a signed contract or agreement
- Pulling a credit report if possible
- Setting a reasonable credit limit
- Staying on top of your customers accounts and balances
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Feb23
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I get asked quite often which is more effective, making collection calls or sending out letters. Most people would rather send out letters, so they do not have to have a direct contact with the person who owes them money. ...
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Feb19
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I wanted to share that I have a 4 page article in the January 2006 issue of The Credit Professional, and also The April 2006 issue of Home Business, The Home-Based Entrepreneur's Magazine. I am very excited about this and...
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Feb16
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I was just reading my Eli Debt Collection Compliance Alert and there is an article about settlement letters used by collection agencies. I know most of the readers of this blog are creditors trying to collect more money, but you...
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Feb15
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I received a great question this week from someone who owns a payday loan company. They said they needed help with making effective collection calls to past due customers that will get them results while staying within the guidelines of...
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Feb14
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Happy Valentines day! Though this is considered a "holiday" it is not one of those holidays where you cannot make collection calls. So, if you think your customers that owe you money have some extra money today, keep calling! ...
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Feb13
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A tip for those of you who don't want to or don't hink it is important to implement a credit policy in your business. "Follow Up"!!! If you don't do anything else to keep on top of getting your customers...
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Feb11
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I have an "Ask Michelle" button on my website and every day through out the day I get questions from people who are starting collection agencies, or doing collection work. I always enjoy answering them, but get quite a few...
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Feb 9
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As some of you know, I am writing the Ultimate book of Credit & Collections for Entrepreneur Press and wanted to share a great deal they are having with you. I actually have the book completed and it is at...
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I have two sons, one is graduating high school in June and we have been getting him ready for college. Today in my mail I received a letter from Tom Edens of Marion Financial Corp. I was surprised to read...
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Feb 7
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If you have past due customers and want them to pay, there is something you can do. You should also take steps to prevent having past due customers again in the future. One of the things you can do immediately...
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Feb 6
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I get asked this question alot and the answer is Yes!! Just like your business plan or marketing plan, your credit policy should be made to fit and work with your business. A service business is different from a retailer. ...
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Feb 3
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Business owners can charge an NSF or "bad check fee" when they receive a check back from their bank. Most buisness owners don't know how much that fee is, it is different in every state. I have compiled a list...
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Feb 2
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I get so many people who email me and ask me different questions about credit, debt collection, credit policies, procedures and so many things. So I thought I would post the top collection errors that I have found in my...
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