Improving Your Collection Procedures

Know More: Creating a Credit Policy, Debt Collection Letters, FAQs, Fair Debt Collection Practices Act, I have past due customers, what do I do?, Making Collection Calls, Understanding Credit Reports, Using Collection Agenices, What makes a Good Collector?

It is important that your customers know your credit policy and/or terms of payment before they start doing business with you. Reiteration of your credit policy, when payment is overdue, is a good step to take in trying to obtain payment. Always ask for payment when it is justly due.

You should never extend credit to a new customer without having them fill out a credit application and go through the credit approval policy. Once you extend credit, it is important to maintain accurate records on an accounts payment history.

Adhere to your collection policies no matter what. You cannot see the future or changing market conditions. Try to keep current with trade reports pertaining to specific companies and industries. You can try Eli Financial’s Debt Collection Compliance Alert Newsletter, this is a paid subscription; however, if you join Credit & Collections for free, you can get a discounted rate.

You can subscribe to The Collection Connection at the same time. The Collection Connection is Michelle Dunn’s free newsletter that goes out once a month. It will bring you ideas and techniques to help you in your collection efforts and keep you updated on laws regarding collections that may affect your in house collections, give you collection tips, and help you increase your Credit Department’s efficiency.

If you become a member of The American Collectors Association, you will get a free subscription to Collector Magazine. This is a great magazine that is always full of compliance information, collection trends, industry news and more. ACA International produces several industry publications, including brochures, educational materials, newsletters, an award–winning trade magazine and a comprehensive Web site. ACA International cooperatively purchases products and provides services at considerable savings for association members.

CollectionIndustry.com is another site that can provide you with information to keep you up to date on collections. They provide Industry News, agency news, information on events and jobs, they provide News and articles and publications to help you with collections.

Become the Squeaky Wheel by Michelle Dunn

Credit Policy for businesses and how to extend credit and manage credit risk

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