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Hearing what's not said can prevent costly credit mistakes.(extra credit)
"Our liquidity is fine. As a matter of fact it is better than fine, it's strong ..." --Ken Lay, CEO Enron 9/26/01
(Not said ... the only available source of liquidity was a $3 billion line of credit.)
Sometimes, it's not what's said that's important. It's what's not said that can be critical!
Think about it. How many credit accounts say their company is in good shape, and then out of the blue they go bankrupt leaving you hanging out to dry? Or customers who say they can't pay right now but go on a long vacation (with your money)? Or vendors who knock themselves out to favorably describe their service, only to learn later there are unexpected fees and very costly misunderstandings?
The function of credit was established in the first place because a small percentage of customers don't have the best payment record and your purpose is to keep an eye on this potential danger in order to protect your company's assets. Let's examine three areas of your job: evaluating creditor creditworthiness, collection calls and vendor services.
Evaluating Credit Applications
When a salesperson brings you a new credit application, they are optimistic and hopeful you will approve the highest possible credit limit.
- Credit Card Fraud Leads Identity Crimes.
- Newspaper article from: Knight Ridder/Tribune Business News December 8, 2002 700+ words
...thief twice used her credit card to buy gas, and over...Schoeb's bank and credit card companies reimbursed...had to deal with the collection calls that kept coming from...of identity theft. Credit card fraud accounts for...
- Help Arrives for Consumers Clobbered by Collection Calls.
- Press release article from: PR Newswire January 23, 2007 700+ words
...projected 4 billion collection calls will be made to millions...firsthand the effects of collection calls. "We have so many...by the number of collection calls they receive almost...Considering the catchy credit card ads that preceded...
- Credit card insurance policies not always what they seem. (Originated from...
- Newspaper article from: Knight Ridder/Tribune News Service Cianci, Laura September 8, 1994 700+ words
...that person dies, the credit card will be paid off...publication which tracks the credit card industry. ``That...so you don't get collection calls or bad marks on your...said. The cost for credit card insurance is 60 cents...
- Whether At the Mall Or Snuggled In For a Winter's Nap, Powerful Software...
- Press release article from: PR Newswire December 3, 1998 700+ words
...is the fastest growing credit card crime, according to Bill...system designed to prevent credit card fraud and which has proven...late payment notices and collection calls begin. In extreme cases...three of the top five retail credit card issuers, significantly reduce...
- Esprit Financial Group Inc. (Esprit) (EFGO.PK) Announces Strategic Alliance...
- Press release article from: PR Newswire May 24, 2007 700+ words
...of $75,000 in cash to Credit Card Solutions for provision of...amp;id=3421. About Credit Card Solutions UK Ltd Credit Card Solutions UK Ltd (CCS...manner, bypassing traditional collection calls and mail delivered notices...
- A positive take that pays off.(trends in direct marketing of credit card...
- Magazine article from: Precision Marketing September 30, 2005 700+ words
...high number of those credit card accounts are in arrears...to apply for a new credit card, an increasing number...afford to pay all of his credit card bills. By winning...technology to screen out collection calls. Around 40 per cent...
- One Takes the High Road, One Takes the Low Road: And if borrower and lender...
- Magazine article from: US Banker Sisk, Michael September 1, 2003 700+ words
...chief executive. His firm offers banks and other lenders credit card collection services through electronic bidding, where a...upon, a payment schedule is made. If not, the dinnertime collection calls begin. Industry watchers say they expect the technology...
- Forecasting from Phoenix.
- Magazine article from: Collections & Credit Risk December 1, 2007 700+ words
...made 129 rulings regarding credit card accounts and the Fair Debt...firms that were collecting on credit card debt. In one case, the...his wife's access to the credit card but claimed that collection calls threatening the woman with...
- PAY HEED TO COURT DECISIONS THAT AFFECT ISSUERS AND AGENCIES.(Brief article)
- Newspaper article from: Cardline November 2, 2007 700+ words
...made 129 rulings regarding credit card accounts and the Fair Debt...firms that were collecting on credit card debt. In one case the plaintiff...his wife's access to the credit card but claimed that collection calls threatening the woman with...
- Varolii aims for $86 million IPO.
- News wire article from: Seattle Times (Seattle, WA) September 14, 2007 700+ words
...airlines, utilities and banks to reach their customers and employees with flight cancellation notices, collection calls, credit card fraud alerts and other types of communication. Its competitors include call centers and other automated...
Source: HighBeam Research, Hearing what's not said can prevent costly credit mistakes.(extra...