Your Health Is Our Utmost Concern

For the month of March 2020, I was planning on sending out our regular newsletter but in view of the Coronavirus pandemic, I thought it would be more appropriate to address this issue with some thoughts and ideas for your consideration. The first thing I...

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CMI Trivia Quiz

Which President held the position as a credit reporter during his lifetime? John Quincy Adams Abraham Lincoln Ulysses S. Grant Grover Cleveland William McKinley Jimmy Carter    Answer: You’ll be very surprised to learn that Abraham Lincoln, Ulysses S. Grant, Grover...

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Can We Talk?

It’s so nice to have customers you feel are good as gold. They’re the ones who’ve been with you for years — maybe even generations. They order on a regular basis, in large amounts, and always pay on time. They’ve contributed to your company’s long-term success and...

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CMI Trivia Quiz

In which country or kingdom was the concept of debits and credits formally established? China India England Persia Venice Egypt    Answer: Both India and Venice The concept of debits and credits as a financial transaction classification system was first used and...

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CMI’s Trivia Quiz

As recognized by the United Nations, there are currently 180 currencies across the world. Among all these currencies, how many countries do you think call their currency the "dollar?" 8 20 32 44 51 Answer: 20 The “Dollar" (symbol: $) is the name of 20 currencies,...

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CMI’s Trivia Quiz

Among all of the well-known credit cards today, which one was the first to be introduced as a dining and entertainment credit card?  American Express  Mastercard  Discover  Visa  JCB  Diners Answer: Diners    According to historian Jonathan Kenoyer, the concept...

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The CMI Spirit – Adam Carliss

CMI is delighted to spotlight Adam Carliss for our September newsletter. Please read through his interview which conveys his passion for CMI, the collection business, and his zest for life. Q-1: What was the initial opportunity that brought you to CMI and into this...

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My Credit Self Esteem Is Taking a Hit

Dear Crabby, I’ve been the person in charge of credit at my company (over 200 employees) for the past two years, and I’m the third credit professional in the last eight years to have this position. I found out that the turnover was rather high (they left on their own)...

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CMI’s Credit & Collection Trivia Quiz

In terms of developing a credit scoring model, which benchmarking approach do you think would work best? Process benchmarking Financial benchmarking Functional benchmarking Best-in-class benchmarking Operational benchmarking Before we give you our answer, let’s take a...

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Sweating the White Lies

Dear Crabby, I work at a mid-size company of about 150 employees and I’m part of a team of four collectors. I’ve been working at my company for over fifteen years and I have the title, Senior Collector. Over the past few months I’ve noticed that I’m getting more...

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CMI’s Credit & Collection Trivia Quiz

How many different kinds of bank letters of credit are there? •   3 •   4 •   5 •   6 •  More than 6    Answer: More than 6 A letter of credit (LC), also known as a documentary credit, bankers commercial credit, or letter of undertaking (LoU), is a payment...

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CMI’s Credit & Collection Trivia Quiz

This is a hard one but take a stab at it. How many countries have declared bankruptcy over the past 200 years? •   15 •   35 •   68 •   83 •  111   Answer: A total of 83 countries, including the world's biggest economies such as the U.S., Germany, Japan, and U.K.,...

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Don’t get hung up on!

Hi Everyone, From time to time I receive a claim in which the creditor has forewarned me that the debtor hung up on them. Subsequently, when I called the debtor, they told us that the creditor was saying this and that and they needed to abruptly end the call. Although...

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I Have a Secret Collection Amore

Our company is a small business with about thirty employees and I have been there about five years as the person in charge of collections. After I arrived, I inherited a long time customer who always had a very up and down payment record with us. Although he would pay...

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My 10 HOPES for the New Year!

Hi Everyone, It’s Hector the Collector and now that the New Year has begun, it’s also a time for me to set some HOPES for this year. I use the word “HOPES” because every year when I proclaim my “resolutions," I just get too overwhelmed trying to make them a reality....

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CMI’s Trivia Quiz

Which group of people developed the first cheques? The Romans The Vikings The Knights Templar The Merchants of Venice The Founding Fathers Answer: The Romans   The ancient Romans are believed to have used an early form of cheques known as praescriptiones in the...

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The CMI Spirit – Eric Allen

As we are delighted to spotlight Eric Allen for our October newsletter, please read through his interview which conveys his passion for CMI and the collection business. Q-1: What was the initial opportunity that brought you to CMI and into this industry? A-1: I've...

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