Every day there seems to be another revelation regarding the global economy. Although the Covid pandemic seems to have come under a reasonable level of control in the US and Europe, China has continued to implement severe anti-virus spread restrictions in some of its...

In the above scenario,  one of the first questions that may come to mind is why after two months when the invoice is past due is the customer now mentioning a problem with the product? To understand if the customer’s complaint is legitimate, we...

In these unpredictable times, regretfully there are going to be instances where the scruples of some customers, for whatever reasons, may begin to fall short. Consequently, we need to be vigilant about the validity of financial statements submitted to support...

Personal guarantees will often make the difference in collecting a past due account compared to simply obtaining a judgment. Obtaining a personal guarantee should coincide with your credit policy and like every contractual document that...

Every business in every industry is ultimately susceptible to a disruption, stagnation, and becoming obsolete. As technology progresses or sudden events occur, many new opportunities will arise, while leaving many people behind who cannot change with the times.   For...

Sometimes creditors will receive post-dated checks that are generally between 10- 90 days beyond the date received. Whether a check can be deposited prior to the actual check date written depends on the: Amount - smaller amounts get deposited...

We often hear and read about ways to improve a company’s culture, but we often don’t realize the things that may be going on which are negatively impacting a company’s culture. Following below is my list (not totally comprehensive) of what I believe can nibble at...

The Great Resignation continues on with a new record number of workers, approximately 4.5 million, leaving the workforce  According to a recent global survey by Future Forum, 76% of workers want more flexibility about where...

Any one of these credit and collection goals is perfectly acceptable. If you try to do two or more, you’re really cooking! But perhaps just maintaining the status quo is also acceptable. Sometimes we create more problems for ourselves in trying to...

I suppose that at first blush, it makes more sense to send out your invoices by email. The time and cost to print-up and send these out, especially a large number of them, is neither efficient nor effective in comparison to sending by email. However,...

You may be asking, what on earth is a Zombie debt? Like the name implies, it’s an invoice or a debt for a personal charge that you thought was paid off but comes back to life to haunt you!   More specifically, Zombie debts include: debts you...

It’s frustrating when payment agreements are not upheld but it’s also important to recognize that as a company struggles to make good on the obligation, at least a payment agreement usually shows initial good faith. Here are my thoughts about when...

This is an age-old credit and collection question and one that doesn’t often have a one size fits all answer.  Some creditors might stand by their customer's difficulty and try to help them out in depth because of the long-term relationship,...

When we hear the term, “statistics,” we might be taken aback a little bit because it conjures up highly sophisticated mathematics — something we’re not always so comfortable with. However, almost every day we come face to face with simple statistics...

Whether sales should be involved in collections is still one of the most difficult balancing acts around.  As a rule of thumb, salespeople should be aware of their customer’s payment status. Depending on the reason for the past due situation,...

I’ve been hearing from some credit professionals informing me they have been assigned to take over another department, letting me know who to contact in the future. Depending on the size, product or service, and other factors, a few of the credit...

The answer to the above choices is probably that there is no one real choice. It depends on many factors that include: Size of the company and the role you playParameters and nature of your job responsibilitiesType and volume of business that the...

What’s the range of the average salary for a credit risk manager in the U.S.? $60K - $80K$80K - $100K$100K - $120KOver $120K According to the website, Salary.com, the average Credit Risk Manager salary in the United States is $121,703 as of January 29,...

How valuable would it be to serve on the Committee of Unsecured Creditors? ExtremelySomewhat  Not so muchNot at all With bankruptcy filings up by more than 25% during this past year, and surely with many more to come in the near future, an increasing number...