Is Your Credit Management Futureproof?

On Guard

With the current lack of certainty, finance teams must now focus on future-proofing their credit management. Having always been a key component, good credit management is now critical to business survival in these uncertain times.

Data-driven credit management: four important considerations

On Guard

Data-driven credit management: four important considerations. For example, data-driven credit management can help to reduce the days sales outstanding (DSO) and help credit managers to create a better understanding of risk profiles. Unfortunately, buying the right credit management solution doesn’t automatically make you data-driven. The post Data-driven credit management: four important considerations appeared first on Onguard.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Power up your ERP for flexible credit management

On Guard

An Enterprise Resource Planning (ERP) system is a powerful tool for credit management and most companies, of all sizes, are now implementing ERP, according to a recent report. Instead, specialist credit management software can be used in tandem to enhance existing systems.

5 key success factors for the smooth implementation of a credit management strategy

On Guard

5 key success factors for the smooth implementation of a credit management strategy. Credit management strategies are a vital aspect of any business. They allow them to manage their cash flow by devising processes and policies which prevent the late or non-payment of invoices. Therefore, it is crucial to ensure the smooth implementation of a credit management strategy. Want to implement your own credit management strategy?

Coronavirus Crisis: 3 Tips for an Effective Data-Driven Credit Management Policy

On Guard

Coronavirus Crisis: 3 Tips for an Effective Data-Driven Credit Management Policy. As a credit manager, right now your biggest priority will be ensuring that your invoices are still being paid so you can maintain cash flow and ensure your organisation can continue to operate. In this blog, I’ll share my top three tips to ensure you rise to the top of your customers’ payment lists and create an effective data-driven credit management policy.

Consumer Financial Protection Bureau Sues Debt Collectors and Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.

Consumer Finance

and its subsidiaries, Midland Funding, LLC; Midland Credit Management, Inc.; Today the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against Encore Capital Group, Inc. and Asset Acceptance Capital Corp. Press release Debt collection Enforcement

Consumer Financial Protection Bureau Settles Lawsuit with Debt Collectors and Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.

Consumer Finance

On October 15, 2020, the Consumer Financial Protection Bureau filed a proposed stipulated final judgment and order to settle its lawsuit against Encore Capital Group, Inc., and its subsidiaries. Press release Debt collection Enforcement

Making crucial decisions in times of crisis: should they be based on gut feeling or data?

On Guard

As an example, credit information is becoming increasingly rich; and as such, can be leveraged to make predictions about consumer behaviour. Using this information, companies can predict the expected growth of the account, the chance of bankruptcy or the payment behaviour of the customer; and with these insights, finance professionals can then identify opportunities and risks more quickly, thus managing and strengthening their cash flow more effectively. role of credit manager

Sell More to Offset Bad Debt?

Receivables Control

You may think twice about your credit policy if your sales team is chasing poor credit risks in a volatile economic environment. The impact of a bad credit decisions is exponentially bad for your bottom line. Would knowing the answer empower you when talking to sales and management? Our chart helps you quantify for sales and management the cost of bad debt. Many clients have routine meetings with finance, credit and collections, and sales.

Loans 48

Encore to Pay $15M to Settle CFPB Lawsuit

Account Recovery

The Consumer Financial Protection Bureau today announced it has settled a lawsuit it filed last month against Encore Capital Group and its subsidiaries, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.

New Agency Owners Share Their Story

Account Recovery

Jordan Akins and Robyn Bowman are the team behind Delta Credit Management, a collection agency based in Flint Township, Mich., that announced its opening this week.

CFPB Sues Encore, Subsidiaries, for Violating Terms of 2015 Consent Order

Account Recovery

and its subsidiaries, Midland Funding, LLC, Midland Credit Management, Inc., The Consumer Financial Protection Bureau today filed a lawsuit against Encore Capital Group, Inc. and Asset Acceptance Capital Corp.,

Daily Digest – September 9. CFPB Sues Encore, Subsidiaries For Violating Consent Order; CFPB, NY AG Sue Alleged Scammers

Account Recovery

and its subsidiaries, Midland Funding, LLC, Midland Credit Management, Inc., CFPB SUES ENCORE, SUBSIDIARIES, FOR VIOLATING TERMS OF 2015 CONSENT ORDER The Consumer Financial Protection Bureau yesterday filed a lawsuit against Encore Capital Group, Inc.

Daily Digest – October 16. Encore to Pay $15M to Settle CFPB Suit; Judge Denies MTD in FDCPA Case Over Garnishment SOL

Account Recovery

ENCORE TO PAY $15M TO SETTLE CFPB LAWSUIT The Consumer Financial Protection Bureau yesterday announced it has settled a lawsuit it filed last month against Encore Capital Group and its subsidiaries, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.

Judge Partially Grants Defendant’s Motion for Judgment in FDCPA Class Action

Account Recovery

Midland Credit Management can be accessed … The post Judge Partially Grants Defendant’s Motion for Judgment in FDCPA Class Action appeared first on AccountsRecovery.net.

CreditManager shortlisted for the 2020 Credit Connect Technology Awards

On Guard

Onguard CreditManager shortlisted for the 2020 Credit Connect Technology Awards. Credit Connect’s Credit & Collections Technology Awards were launched in 2017 with the aim to reward technological innovation within the industry.

An incredible journey – by Philip King FCICM

CICM

I’ve worked in credit management since 1978, and my involvement with the CICM started way back in 1980 when I was encouraged to study as a way to progress my career. Throughout that period I have always been driven by a passion for credit management, and it has been a huge privilege to lead this great Institute, supported by the magnificent team at CICM HQ. 20 February 2020.

Breaking BAD | A day in the life of an Onguard Collections Agent

On Guard

According to the CICM, the most important report for any credit manager is the Aged Debt report. Set Credit scoring system to support Breaking BAD collection strategy and rules by which customers are moved to different workflows e.g. Low, Med, High risk based on 30/60/90+ aged.

Onguard expands sales team with Luc Godfroid

On Guard

With the arrival of Godfroid, the sales team is cemented and the organisation gains over fifteen years of experience in Credit Management at both national and international levels. At the beginning of his career, Godfroid worked as an (interim) credit manager at Vos Logistics, Littelfuse and Delta Energie, among others. Luc Godfroid on his new position: “Having worked as a credit manager for years, I know where the challenges lie for these professionals.

Extraordinary times, Extraordinary people, Extraordinary industry – by Sue Chapple FCICM

CICM

Within the credit management community specifically, the expertise of the professional credit manager is now needed more than ever before. The post Extraordinary times, Extraordinary people, Extraordinary industry – by Sue Chapple FCICM appeared first on Chartered Institute of Credit Management 9 April 2020. It’s always interesting to see how people respond and react to a crisis.

Preventing a crisis from becoming a catastrophe – by Sue Chapple FCICM

CICM

And for every company that’s not being paid, or that is effectively extending a longer line of credit to their suppliers, that loss of revenue has to be managed in their own cashflow. If that means further borrowing, that could have serious consequences on that company’s ability to extend credit in the future. And as we all know, without credit, there is no trade. Thursday 2 April 2020. Government support for businesses during this current crisis has been impressive.

‘Calm before the storm’ – this week’s blog by Sean Feast FCICM

CICM

The team at the CICM has been working incredibly hard through these difficult times to support its members and the wider credit community in managing their cashflow. It’s not a new initiative; it’s something that has been at its heart ever since the Institute was founded more than 80 years ago, but in recent times the whole ‘managing cashflow’ piece has taken on a new sense of urgency. Friday 1 May 2020.

Factsheet | collection

On Guard

The software is used by debt collection agencies, financial restructuring and recovery departments, debt collection lawyers, banks, insurers, energy companies and lease companies in particular to effectively and efficiently manage their portfolio. Our factsheet gives you an overview of the different benefits of integrating an collection solution within your existing credit management and order-to-cash processes. Factsheet for more information on Collection.

No soft landings – by Sue Chapple FCICM

CICM

A slowdown of any kind is never good news, although its impact can be mitigated by best-practice credit management, and I have no doubt that our members will already be alive to the challenges that the next few weeks and months will bring. The post No soft landings – by Sue Chapple FCICM appeared first on Chartered Institute of Credit Management. 02 March 2020.

To have and have not – blog by Sue Chapple FCICM

CICM

The post To have and have not – blog by Sue Chapple FCICM appeared first on Chartered Institute of Credit Management 17 September 2020. It could be a false dawn, but in recent days I’ve sensed a return to some sort of normality.

Customers are more likely to default on invoices now due to pandemic-related cash flow problems

On Guard

Only 35% use specialist credit management software to automate processes, with the remainder relying on ERP systems or not having a dedicated system for debtor management. Customers are more likely to default on invoices now due to pandemic-related cash flow problems.

Managing Credit Through The Recovery – by Sue Chapple FCICM

CICM

I took part last week in a forum of senior credit professionals as part of our new Managing Credit Through the Recovery programme. What I do know, however, and what came across loud and clear in talking to fellow leaders, is that survival and future success will not come by accident; it will come to a very large extent as a result of the quality, training, and experience of the professional credit management community. 13 May 2020.

CSA CEO Chris Leslie gives industry current state of play speech at MALG conference

CSA

in the collections and credit management market. The impact of the pandemic on the credit/consumer eco-system has been profound, but the CSA?s s Debt Management function. On Thursday our Chief Executive Chris Leslie gave his presentation at the MALG National Members?

COVID Collections: Why Now Could Be the Time for Your Healthcare Organization to Make a Change

Credit Management Company

Be sure that you/your vendor are carefully managing and monitoring all active payment plans, and ha ve the resources for timely follow up on any that may default. To learn more about how Credit Management Company can increase your cashflow, visit www.creditmanagementcompany.com.

The only certainty is uncertainty – by Sue Chapple FCICM

CICM

One thing we also know with certainty: we have to get the economy going again, and credit teams will play a critical role in choosing who to extend credit to, and understanding the risks attached, even though those risks will become increasingly difficult to determine. The post The only certainty is uncertainty – by Sue Chapple FCICM appeared first on Chartered Institute of Credit Management 2 July 2020.

Recording: Onguard Coffee Conversations Caroline Schneider of Capgemini

On Guard

Caroline Schneider has over 18 years of experience in designing and leading digitally innovative F&A credit-to-cash solutions for clients across multiple industries and geographies. Pour yourself a nice cuppa and let our guests inspire you with their visions on order-to-cash, credit management, work, and the future of business. Recording of the interview with Caroline Schneider of Capgemini on her vision on trends and the future of order-to-cash.

CEO and CFO, do you know your DSO?

On Guard

Take a company with £20 million annual credit sales with 15 days delinquent (excess) DSO. Daily credit sales would be around £55,000 X 15 Days = £825,000 excess investment, or money, trapped in receivables. Management by spreadsheet will not help you here.

Informing our future strategies – by Sue Chapple FCICM

CICM

The post Informing our future strategies – by Sue Chapple FCICM appeared first on Chartered Institute of Credit Management 17 April 2020. As we head into another week of lockdown there is at least some better news emerging from other parts of Europe. Some shops are beginning to open, albeit experimentally, and I believe that in one country at least, Austria, they are allowing golfers back on the course – a sure-fire sign that things must be improving!

Time to back yourself – by Sue Chapple FCICM

CICM

The post Time to back yourself – by Sue Chapple FCICM appeared first on Chartered Institute of Credit Management 4 June 2020. The country has moved to the next ‘phase’ of the COVID-19 crisis which is leading to a steady trickle of people returning to their pre-crisis working routine. For some, it’s still too early; for others, they are desperate to go back to an office, and equally desperate to create a new ‘normal’ with normal behaviours and attitudes.

Debt Collection Email Templates To Help You Collect Debts Faster

Debt Recoveries

This matter may also be outsourced to our credit management agent, Debt Recoveries Australia and ADC Legal. This action may result in your loss of credit rating and/or court action against you.

How finance professionals make a difference in the order-to-cash process

On Guard

Also, with the use of specialised order-to-cash and credit management solutions that are powered by artificial intelligence (AI), over time, data acquires predictive value. How finance professionals make a difference in the order-to-cash process.

Improving Credit Policy Improves Accounts Receivable

Receivables Control

I assist troubled companies that have poor credit policies and are trying to improve their accounts receivable. In 30 years of doing so, I frequently encounter stressed out credit managers. The credit manager is taking heat for the companies’ cash flow troubles. All to often, the credit manager was trying to shine a light on larger issues that negatively affect accounts receivable performance. Know Who Uses the Credit Policy .