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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
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Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Corporate Credit Mgr
Fulton Paper Company
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Doug M. Thomas
Kimberly-Clark Customer Financial Services |
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The high price of unauthorized (and untrue) bank references.
"It's thanks to you that we ended up in this mess in the first place," fumed Ray Carlton, president of Tubular Lines, Inc. "Don't blame your customer's default on us," countered Charlene Grey of First National American Bank. "It was your decision to sell pipeline to Northern Oil, and your decision to extend them credit."
"Based upon your recommendation!" argued Carlton. "Do you think we would have allowed them credit, or at least such a substantial line of credit, had your
assistant not given us such a glowing reference?"
"I'd hardly used the word glowing," said Grey. "After all, he told you the truth: he said that Northern Oil had average deposits in the 'five figures.'"
"Not exactly," Carlton said. "That was his first answer to me. But when I asked him to be more specific, he said their deposits were in the 'high five figures.' But then we found out that Northern's balance was an average of $10,000."
"Perhaps he exaggerated slightly," admitted Grey.
"Exaggerated?!" replied Carlton. "He did more than that. He also told me that 'there would be no problem' in clearing Northern's check for $95,000. But he knew that the company had a history of overdrafts. Well, now it's your bank that will have to pay."
"You're forgetting one very important matter," said Grey. "My assistant was never authorized to give out such information. Since he didn't have my okay to do so, the bank is off the hook."
Credit Today's Best Practices
Best practices in Credit, Collections, and A/R, written in plain English. Step by step throughout the entire order-to-cash process.
Click here to check it out...
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"Nice try," said Carlton. "Look, there's still a portion of Northern Oil's account that is unpaid." said Carlton. "I'm suing your bank for fraudulently and negligently misrepresenting Northern's creditworthiness."
Is Carlton correct? Click "next" to view the court's decision.
Next >>
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Outlook 2012
This month's survey explores...
- What the top problems are facing credit execs currently, and
- What the top improvement initiatives are.
Click here to participate!
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