Quick Contact

Are you missing valuable credit information on those you deal with?

Find out what information is available. Just complete the form below and we will contact you.

Name

Phone

Email


Re-Type Code:






Refer Potential Members

Why should I submit potential members to NACM?

Are you tired of dealing with
credit reference requests?


Direct the requesting company info to NACM. As a member they will have access to our reports. You will get fewer credit reference requests and their information will be added to your NACM reports.



Connect With Us

Newsletters

Email:
All subscribe/unsubscribe requests must be confirmed via email.

< back to Newsletters
Nov 01 2010
Credit Line Newsletter
E-News
November 2010

In This Issue
- Checks ... the Good, the Bad & the Ugly
-  Give Me Some Credit
- A Pound of Flesh or a Fist Full of Dollars
- Questions About Retention
- Top 5 Credit Department Budget Tips

Looking Ahead

Nov-Dec FREE Demand Service for NACM Members.  More info

Nov 2 - Credit Boot Camp  Basic training in collections, credit reports, applications & policy for credit and A/R

Nov 3 - The Changing Landscape of Credit What makes a great credit manager from a finance managers view and panel discussion of current issues and hot topics. Info and registration

Nov 8 - Mechanic's Lien & Lien Recovery Fund Seminar. Recent changes to Lien Recovery Fund rules.  Info & registration

Nov 11 - ICEL "Let's Make a Deal" the Art of Negotiation. Speaker Tammi Russell, CCE, KSL. Info & registration

Dec 9 - ICEL Christmas Mtg & Candy Cane Corner Charity Drive

Mar 2 - Credit Boot Camp

Apr 22 - Stockholders Meeting & Dinner

May 22-25 Credit Congress & Expo  Nashville, TN 


Why should I submit potential members to NACM?"

Help gain information on your customers. As a member, their information could help build the database on your customers as well not just a one- way street. more Info

 

 

Checks ... the Good, the Bad & the Ugly

by Duane Barnett, Attorney at Law, For-Shor Company

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.

THE UNSIGNED CHECK.

It infrequently happens that you receive a check that the customer has left unsigned. Suspiciously minded credit professionals might wonder if this was an attempt to delay the payment while you contact them or return the check for signature. I recognize it for what it is, an oversight. In order to help expedite things, and in order not to embarrass the customer, I simply ...  View full article


Give Me Some Credit!

by Larry Brooks, CPA, CCE, ARUP Laboratories

Perhaps, during a conversation, you've heard someone make the following statement, "Hey, give me some credit." The general idea being put across is, "Hey, I'm not stupid! Give me some credit for having a brain in my head. Okay?" In other words, don't assume that I haven't done or am not doing what a person in that situation would be expected to do.

When we are engaged in the process of collecting receivables, we are dealing with individuals or businesses that have been given some credit. This type of credit is usually in the form of delivered goods or performed services, with the expectation of payment at a future pre-determined date.   View full article 

A Pound of Flesh or a Fistful of Dollars

by Scott W. Lee, JD, CCE

Sometimes I hear creditors say they just want to make their customer's life miserable; I just want to get my "pound of flesh." (A figurative way of referring to a harsh demand or spiteful penalty. See Shakespeare, Merchant of Venice, Act IV, Scene I.) Sometimes creditors do this by sending a series of harshly worded demand letters. Sometimes it is done by making a lot of nasty phone calls. Other times, creditors take the debtor to small claims court to obtain a judgment. But is this what you really want? The debtor probably isn't much more miserable and if all you get is a judgment that you can't collect, you are probably feeling more miserable than the debtor.

This isn't to say you shouldn't send letters or make calls. You should. But your optimal credit policy should include a collection agency for a variety of reasons. Here are some lessons I have learned after many years of being a controller, dealing with trade credit, litigating claims for clients and serving as a pro tem judge. View full article 

Questions About Retention

by Rebecca Knaak, Alder Sales Corporation

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. This means up to 5% of your pay request or invoice may be withheld by the general contractor or owner. According to Utah law, withholders of retention are required to place those funds into an interest bearing account, and they are to pay the interest to the subcontractor upon payment of the retention.

In regard to contracts and subcontracts, nothing contained in them can supersede the Utah retention law, meaning that in all cases, disputes over retention shall refer to the law as written by the Utah State Legislature.

This brings up a few traps about retention: View full article 

Top 5 Credit Department Budget Tips

by Georgette Bevan, CCE, NACM, Director of Education

Create a Plan for Success

With a down economy we need to re-evaluate budgets and plan for the resources needed to achieve goals and survive.

1.Why are we in business?
The definition of business - a usually commercial or mercantile activity engaged in as a means of livelihood. In other words... in business for profit.

2.What are our goals?
Set clear and achievable goals.
· Utilize credit education to increase profitability
· Reduce DSO by ____ days in 2011
· Limit bad debt to ___% of sales in 2011 
View Full Article