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Mar31
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Some people get so many collection letters that they can tell by the outside of the envelope without even opening it that it is a dunning notice or bill. They just throw them away. You might think, no way, they must open them.
I called debtors for 17 years on past due accounts and they themselves would tell me that they could tell and that they just throw them away. So don' t be fooled. You need to make your letter stand out so it gets opened. That is just the first step. Once they open the letter you need to grab their attention and keep them reading and get them to take action before they toss the letter in the trash. Not as hard as you may think.
Letters are easy to ignore and just toss. You need to get creative and I have some tips for you. I have tried all of these suggestions and am giving you the ones that worked the best for me. 
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Mar30
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I have never met anyone who enjoys making collection calls but collection calls are one of the most effective ways to collect your money faster. When you make a phone call and get a debtor on the phone, it is...
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Mar28
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I am happy to post my first post for the March Madness Guest Blogger Contest on KMM! Calling consumer debtors have long struggled with many operational questions. One such question is whether to leave a message with a third party or...
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Mar27
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My friend Barbara Bellissimo owns and runs a website called Queen Power. I recently had the opportunity to be interviewed by Barbara for her Audiences with Queens segment. Barbara told me that most "experts" are not women! For example, there...
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I was very happily surprised when I picked up my mail today and saw that on the front page of my issue of Accounting Today, they had a block with an Action Idea, a creditable credit policy! They gathered this...
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Mar25
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I was just reading the blogs of my colleauges here on Know More Media and found one about Blogebrity. I checked it out and emailed Kyle Bunch at kyle@blogebrity.com he has a great site of blogs and I encourace you...
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Mar24
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I recently taught a class about collecting on past due accounts. The most popular part of our discussion was my Top 10 Ways to Collect on past due accounts. I thought since so many people were interested in the class...
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No company is protected from bad debt unless they do not extend credit. If you extend credit or accept checks as a form of payment, you need to protect yourself and your business by: Having a sound credit policy and...
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You need to become familiar with some common and not so common customer objections when dealing with debtors, wether it is over the phone, in person or in letters. Some common objections and what your responses could be are listed here...
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Mar20
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Some common terms you may run across when creating or working with your credit policy are listed here with the definitions for you. These are the words I am most asked about so I thought they would be helpful here....
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Mar13
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Some business owners want to do their own credit reporting, or want to have the ability to pull credit reports to check potential customers credit or screen employees. This is easier than ever with the help of the internet. All...
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Mar12
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Hopefully you have a credit policy in place BEFORE you receive a bad check. If you don't there are still things you can do to get paid on this check and avoid any future bad checks. Immediately upon receiving the...
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Mar11
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I have an opportunity to participate in a Teleconference. I have just done an interview Friday with Barbara Bellissimo of Queen Power and used the same type of phone program that will be used for the teleseminar. I am doing...
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Mar10
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The most important law to be familiar with is the Fair Debt Collection Practices Act, FDCPA. You must also be familiar with any state laws for the state you do business and the states your customers are in. Some sites...
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Anyone can purchase generic credit applications at any office supply store. You can buy a package fo them that are shrink wrapped and stamp your company name and address on them. You can also have them printed by a printer...
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Mar 8
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If you are looking for resources or information in regards to credit & collections, check out these websites. I have researched many sites and these are the sites that I have found most helpful. Please comment if you know of...
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There are some areas that credit managers or business owners should have experience in or learn in order to have more success at debt collection. Developing a telephone voice Refining your listening skills Preparing your pre-call plan Making an opening...
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Mar 5
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When you hire a new employee you usually have them fill out a job application, and then check their references and conduct an interview or a few interviews, in person or in the phone or sometimes both. When you extend...
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Mar 3
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If you have past due customers and they are ignoring your letters and phone calls, what should your next step be? You may want to take them to small claims court, depending on the amount of money overdue, if they...
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Mar 2
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I receive emails, cards, phone calls and letters every single day from people who tell me I have helped them with my Credit & Collections website and my books and they are grateful. This is the biggest reward I get...
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