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Feb 01 2011
Credit Department Mission Statements A department mission statement has aided the credit department to stay focused on what is important to our Executive Management. This focus helps the company as a whole be successful. more... |
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Feb 01 2011
And the Nominees Are ... NACM BCS annual election for the Board of Directors. Voting will be by electronic ballot and the link will be emailed on March 18, 2011. Elections will close on April 8th at 9 a.m. more... |
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Feb 01 2011
Managing Email It is common to hear co-workers and associates talk of how many emails they have to get through after having been out of the office for a period of time. more... |
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Jan 01 2011
Know Your Industry You are a credit manager. You work in the office. You don't need to know the ins and outs of your industry. This is a total misconception. Knowing even the very basics of the business you work in can be an effective tool for collection. more... |
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Dec 01 2010
Make The Sale With A Joint Check In the construction industry the use of joint-check agreements is a common practice. A joint-check agreement allows a general contractor to make payments to both the subcontractor and a third-party, usually a material supplier, who has provided materials to their project. A joint-check agreement may also be issued by an owner to a general contractor and a subcontractor. You may reduce the risk of providing materials to a marginal customer through the use of a Joint Check Agreements. more... |
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Dec 01 2010
The Check Said Your Credit Department Cashed a Check That Said "Paid In Full" but it wasn't. What are our options? What if I receive a perfectly good check with the restriction PAID IN FULL? more... |
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Dec 01 2010
FCRA Risk-Based Pricing Regulations Fair Credit Reporting Risk-Based Pricing Regulations Rules go into effect, January 1, 2011. How does this affect our company? Some of you may have heard that the Risk-Based Pricing rules go into effect January 1, 2011. I have received some panicked calls from a few members asking what the rule is and what they should do to comply. more... |
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Nov 01 2010
A Pound of Flesh or a Fistfull of Dollars Sometimes I hear creditors say they want to make their customer's miserable; I want my "pound of flesh." (A figurative referral to a harsh demand or spiteful penalty. See Shakespeare, Merchant of Venice, Act IV, Scene I.) Creditors do this by sending harshly worded demand letters, making nasty phone calls, or taking the debtor to small claims court to obtain a judgment. But is this what you really want? The debtor isn't much more miserable and all you get is a judgment you can't collect. more... |
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Nov 01 2010
Questions About Retention What is retention? Retention is a percentage of a contract which can be withheld by the owner or general contractor from each billing or pay request. This amount is withheld as insurance of prompt completion of the work by the subcontractor. In Utah, retention is limited to 5% under state law. more... |
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Nov 01 2010
Checks ... The Good, The Bad & The Ugly Customers continue to struggle in significant numbers in this economy. This is manifesting itself in the issuance of checks that are not always negotiable. There are some who are quite deliberate in their use of insufficient funds checks. Not every check problem is the same, but let's touch on a few. more... |
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Oct 01 2010
As of May 10 - The Mechanic's Lien Recovery Fund Rules Dramatically Changed. Who Stole My Marble Rye? As of May 10, 2010, the rules have changed dramatically. The work must still be performed on an owner occupied residence of two units or less, however, no written contract, proof of payment or contractor license is necessary to obtain relief if the total dollar amount of the agreement is under $5,000. The homeowner will be issued an Affidavit of Compliance, which will force the supplier to release their claim. more... |
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Oct 01 2010
Robinson Patman Act & Extended Credit Terms Many companies are unaware of their responsibilities under the Robinson-Patman Act, or chose to ignore the law. All credit managers should be aware that violation of federal antitrust laws carry both civil and criminal penalties. One of the antitrust laws that particularly applies to the Credit Manager is the Robinson-Patman Act of 1936. So, what is the Robinson-Patman Act, and how do we comply with it? more... |
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Sep 01 2010
Are You Rude At Work? (reprinted with permission) In offices across America, good people are engaging in some extremely obnoxious behavior: talking over each other in meetings, failing to respond to e-mails, showing up late to appointments--or blowing them off entirely with a hurried text message. Sound like you? more... |
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Sep 01 2010
Announcing an Important Change Whether creditors should disclose terms of sale and the antitrust law implications of doing so has been frequently questioned and discussed. After careful research and consideration, NACM BCS will no longer include credit terms on its NACM credit reports and terms will not be disclosed on industry credit group meeting reports or in group discussions. more... |
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Sep 01 2010
Credit Terms are Part of Price While antitrust law is clear that competing creditors are permitted to share historical information about their credit sales experience, applicable law imposes strict limitations on that exercise. The underlying question is: Is it permissible for NACM Affiliates and NACM industry credit groups to interchange "credit terms" information under U.S. antitrust laws? more... |
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Aug 01 2010
Personal Guarantees The creditor is not supposed to be happy when payment is not received. But it is you, the creditor, that is in the best position to set yourself up to get payment. Signed credit applications, contracts and engagement letters are good things and I encourage you to get them from your customers. I also encourage you to understand the form in which your customer does business. more... |
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