Enterprise Recovery

SEPTEMBER 17, 2021

Within an accounting department, a credit manager's job is to determine the creditworthiness and credit risk of clients. Here are best practices for creating a business credit policy. Here are best practices for creating a business credit policy.

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Account Recovery

JULY 13, 2023

Warminster, PA, July 13, 2023 – CORA Group (“CORA”) a subsidiary of Constellation Software Inc, is pleased to announce the acquisition of WebRecon LLC (“WebRecon”), a leading provider of litigation tracking and consumer risk management solutions for the credit and collection industry.

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CICM

JUNE 9, 2023

What is a Credit Policy? A credit policy is a set of rules that businesses and organisations use to manage the extension of credit to customers and clients. A credit policy is put in place to minimise financial risks and ensure a healthy and stable cash flow for your business or organisation.

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Roths Child Law

APRIL 30, 2024

Following bankruptcy, managing credit card usage requires a strategic approach to rebuilding financial stability and creditworthiness. This involves understanding credit scores and the importance of responsible financial habits. Some tips to help you navigate credit card use after you file for bankruptcy can be found here.

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Troutman Sanders

JANUARY 29, 2024

On January 23, the Chairman of the National Credit Union Administration (NCUA) released a letter outlining its supervisory priorities for the new year. While the organization acknowledged that the credit union system had remained largely stable during 2023, it observed growing signs of financial strain on balance sheets.

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American Profit Recovery

JUNE 11, 2023

On time payments equal enhanced cash flow Cash flow management, especially in times when household debt is on the rise must be a top priority for any size business. You may think of a debt collection agency as a solution to get customers to pay but it’s also critical to minimizing your company’s financial risk.

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Collection Agencies Collections Agency Collections 130

JMA

APRIL 29, 2024

For many small to medium-sized business owners across Australia, managing finances smoothly is crucial for survival, yet outstanding debts can throw a wrench in the works. When invoices remain unpaid, it’s not just an annoyance; it can disrupt your cash flow and put your business’s health at risk.

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Fico Collections

APRIL 19, 2023

Home Blog FICO UK Credit Cards: Are "Established" Accounts in Trouble? The percentage of Established UK credit card accounts with two missed payments is more than 83 percent higher than all account vintages. The percentage of Established UK credit card accounts with three missed payments is nearly 94 percent higher.

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CICM

NOVEMBER 6, 2023

Why Accounting Matters to Credit Professionals Accounting and credit management are closely interconnected, with the principles of accounting providing the foundation for effective credit management strategies. The course covers the core accounting principles essential for effective credit management.

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On Guard

AUGUST 30, 2023

A thorough risk management is indispensable for any finance department. Moreover, estimating financial risks is increasingly dynamic and complex these days, for instance, due to increasing technological innovations such as crypto and blockchain. Of course, in uncertain economic times, cash flow problems do lurk.

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Troutman Sanders

DECEMBER 7, 2023

Yesterday, the Office of the Comptroller of the Currency (OCC) issued guidance to banks on managing the risks associated with “buy now, pay later” (BNPL) lending. These loans have gained popularity, especially among tech-savvy, younger generations and consumers with limited or no credit history.

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On Guard

JANUARY 5, 2024

As we step into 2024, the landscape of credit management is undergoing a significant transformation. The looming issue of a Credit Manager shortage is not just a fleeting concern but a stark reality that businesses must address. This shift is crucial in an era where the Credit Manager shortage is increasingly palpable.

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Fico Collections

OCTOBER 19, 2022

UK Card Risk Trends: Summer Data Indicates Challenges Rising. FICO’s report of UK card risk trends for summer 2022 (June-August) paints a picture of inconsistent consumer behaviour and market patterns which will be challenging for lenders to manage as the cost-of-living crisis impacts financial spending and consumer finances.

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Fico Collections

JUNE 1, 2023

Trends in the macro environment are seen throughout the credit card industry Rising prices, increases in the cost of securing and carrying debt, and the fear of higher unemployment rates are trickling through to consumer behavior on credit cards. 19 report on Consumer Credit) translating to ~$70 more in interest per $10,000 in debt.

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Qualco

OCTOBER 25, 2023

Modern organisations harness technology to gain insights and foster stronger relationships throughout the credit lifecycle. For instance, Big Data Analytics allows for more precise risk assessments by analysing vast amounts of data on borrower information. By Guy Statter , Country Manager, UK & Ireland at QUALCO.

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Fico Collections

DECEMBER 8, 2022

Addressing Portfolio Risk in Economic Uncertainty: Part 1 (2022). This four-part series looks at embedding portfolio risk resilience into decisions across the credit lifecycle through targeted application of the FICO ® Resilience Index. risk that only manifests during periods of economic stress) more precisely.

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Credit Corp

DECEMBER 13, 2023

Secured credit cards are designed to help individuals improve their credit history and score. What Is a Secured Credit Card? A secured card is one with a credit limit that’s secured by collateral you put up. In the case of these cards, the collateral is a cash deposit you make to secure the credit limit.

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CICM

JULY 17, 2023

So what are the predictions for the credit management and collections industry for 2024? More Technology One of the most significant trends in the credit management and collections industry is the increased use of technology. It may only be possible to predict some changes for 2024.

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CICM

JULY 26, 2023

With customers facing increasingly difficult choices about who they can afford to pay, it’s vital to make sure that the first line of financial self-defence, credit control, is properly understood and working as intended. In this blog, we aim to explain the importance of credit control in Credit Management.

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Fico Collections

DECEMBER 8, 2022

Addressing Portfolio Risk in Economic Uncertainty: Part 3 (2022). Building portfolio risk resilience into customer management. We all purchase insurance policies for one fundamental reason – to protect and manage our valuable assets against unexpected events. Saxon Shirley. Thu, 05/12/2022 - 07:46. by Jim Patterson.

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Taurus Collect

MARCH 5, 2024

Engaging with a debt collections service is a crucial step towards managing and settling outstanding debts. By addressing this issue head-on, individuals can avoid the pitfalls of damaging their credit score, facing legal actions, and enduring the relentless stress associated with debt avoidance.

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On Guard

SEPTEMBER 16, 2021

Minimising risk in the automotive order-to-cash process. This process starts with one of the most important stages – risk management. This part is so important as effective risk management reduces the likelihood of non-payment. One of the most effective ways to manage risk is through customer segmentation.

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Fico Collections

JANUARY 24, 2023

FICO’s latest market report of UK card trends suggests that consumers managed their credit card debt to keep lines of credit open for the festive season as spend increased month on month. percent more accounts with three missed payments The reliance on credit cards for cash withdrawals dropped, month-on-month, by 10.4

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Qualco

SEPTEMBER 25, 2023

It brings a unique opportunity to bridge the information al gap, reinvent risk evaluations , and expand the reach of SCF for SMEs. This results in a more comprehensive evaluation of potential risks, a better understanding of payment behaviours and trends, and identifying essential due diligence factors. Harnessing the Industry 4.0

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On Guard

FEBRUARY 23, 2023

Credit risk monitoring is key Non-payment of invoices can cause unnecessary stress in your work. Credit risk monitoring is therefore key to ensuring you get paid. With the help of credit risk management software, you have the correct procedures and policies in place to prevent non-payment.

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On Guard

OCTOBER 31, 2023

Credit management, a term often associated with the finance department, turns out to be a dynamic process involving several departments within an organisation. It provides insight into their needs and risks, and what is expected of each team. Think sales, marketing, customer success and IT. How do we achieve this ambitious goal?

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Taurus Collect

APRIL 9, 2024

Designed to mitigate financial risks and enhance efficiency in debt recovery, this approach offers businesses a safety net, ensuring they only incur a cost upon successful collection. Common Collection Challenges for Small Businesses Successfully managing receivables and minimising collection costs are universal hurdles for small businesses.

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Collections Debt Recovery Collection Agencies Collections Agency 72

On Guard

FEBRUARY 16, 2021

10 Essentials of Credit Management. Credit management has become an increasingly important aspect of many organisations over the past years. And rightly so, because a lot can be achieved with a well-structured credit management process in place. ” FLOOR STAM – VP Marketing.

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CICM

AUGUST 14, 2023

To celebrate, here are 13 Best Practices in Credit Management and Collections. Have a Credit Policy Emphasise the importance your business places on managing financial risk by setting out your policies and procedures in a Credit Policy , which is made available to all staff.

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Fico Collections

FEBRUARY 22, 2023

But this year’s rise seems to also have been driven by inflation, pushing the amount of average credit card spend in the UK to the highest level since our UK Risk Benchmarking records began in 2006. This rise occurred in a month when UK retail sales volumes were widely reported as being down relative to past years.

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Troutman Sanders

JANUARY 9, 2024

According to Governor Hochul, “New Yorkers are increasingly turning to [BNPL] loans as a low-cost alternative to traditional credit products to pay for everyday and big-ticket purchases. To compensate for the credit risk, merchants pay a “merchant discount” to the lender.

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Credit Corp

MAY 1, 2024

When getting your first credit card, consider factors such as the card’s annual fees, interest rates, rewards or benefits, and credit limit. Additionally, aim to use the card responsibly to build positive credit history while avoiding overspending and accumulating debt. What Is a Credit Card?

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JMA

APRIL 27, 2023

Credit policies are a set of guidelines that businesses use to manage their credit transactions and minimise their risk of financial loss. These policies define credit terms and conditions, establish credit limits, and set payment schedules.

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Troutman Sanders

FEBRUARY 22, 2024

In this episode, our co-hosts discuss the CFPB and FTC’s attempts to regulate negative options, the Federal Reserve’s FedNow, the adoption of Money Transmission Modernization Act in several states, Nacha’s proposed risk management framework for credit push fraud, and state legislation concerning Earned Wage Access.

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CICM

APRIL 24, 2023

Credit management is involved in all aspects of a commercial relationship, from the initial contact with customer risk management to the final stages of the sales process with dispute management, cash collection, payment, and performance management.

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Credit Management Collections 52

CICM

JULY 26, 2023

Assessing Creditworthiness A Credit Controller are responsible for evaluating the creditworthiness of a potential or existing customer. They analyse data from sources such as credit reports, company accounts and past payment history, and use this to determine appropriate limits, control measures and payment terms.

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Credit Corp

MAY 10, 2023

Though FICO® and VantageScore® ranges start at 300, most new credit users don’t start this low. In fact, if you’ve never taken out credit or applied for a loan, you might not have a credit score at all. However, you won’t have a credit score to report if you’ve never opened a credit account.

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