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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!
- Steve Savino
Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
- Scott Goen,
Credit Manager, Big Lots Stores, Inc., Wholesale Division
"We've recently started using the ListServ tool within Credit Today. This is phenomenal and powerful forum for gaining immediate feedback, ideas, and suggestions, relative to any credit topic under the sun, all in a real-time e-mail format."
-Javier Vela, Senior Credit Manager, Global Credit Services, JDA Software Group Inc.
"Being a part of the Credit Today online community is like having the expertise of hundreds of credit managers at your fingertips. These credit execs are willing to help you solve topical business issues as they arise. In the current environment of ever increasing competing priorities which reduce our opportunities to meet peers out of the office face-to-face, this is the most valuable tool you can have on your desktop! It's important that we have a mechanism to reach out to our counterparts quickly to exchange knowledge as well as to stay on top of industry trends."
- Victoria Artis, Director of Customer Financial Services, Pfizer, Inc.
"Over the last 10 years I've seen Credit Today evolve from a monthly credit publication into a quality source of information and guidance for the B2B credit community. The website, with its user friendly form downloads, will take you from examples of new account credit applications to bankruptcy forms and everything in between.
The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
"There are numerous credit periodicals available to the credit professional today. How good is Credit Today? Is it relevant? I always have to read it late, or online because my credit analysts want to read it the minute it comes in. When my staff wants to read a publication before I have a chance to read it then something is working in that publication. We have cancelled our other subscriptions. When you have the best you do not need the rest."
Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
"The newsletter, coupled with the website and the ListServ, are to us, more valuable than any other credit publication, bar none. I try to use at least one article out of each newsletter for departmental training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the greatest perk of a subscription is ListServ. I believe Credit Today's ListServ members may be the most knowledgeable Credit brain trust in existence today. I have saved and categorized hundreds of contributions on a wide variety of topics which I refer to often. It's an easy and cost effective way to network and learn."
Doug M. Thomas
Kimberly-Clark Customer Financial Services |
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All Collection Agencies are Not Created Equal
There are thousands of collection agencies in the United States, and the commercial debt recovery business is virtually unregulated. The ways in which various collection agencies go about the collection process are so varied that comparisons among agencies can be difficult. However, there are distinct differences between collection agencies, and credit professionals must understand these differences if they are to make an informed decision about which agency to use. For example:
- There are no standard collection rates or fees, and collection rates are entirely unregulated. Many if not most collection agencies will offer different customers different collection rates--and they will negotiate rates with their customers on larger claim placements.
- Of the thousands of collection agencies in America, less than 100 are members of the Agency Section of the Commercial Law League of America. The remainder may or may not be members of the American Commercial Collectors Association or of another organization that establishes a code of conduct for its members.
- Many agencies are most effective only in local and regional collections. These agencies would normally have affiliations with other collection agencies but would not have offices and employees nationwide.
There is no simple formula that can be used, and no checklist or other method to select the best agency for your company. However, before choosing an agency, you should know:
- How they collect debts. Do they collect by mail my telephone in person a combination of all of the above.
- Are the agency's collection rates: contingent or non-contingent, fixed or negotiable?
- Is the agency's area of coverage local, regional, nationwide, or national and international?
- What is the agency's area of specialization: consumer collections commercial collections both consumer and commercial collections industry specific and specialized, or not specialized?
- If referral of claims to attorneys done automatically by the collection agency after a stated period of time or only upon written instruction from the creditor?
- Are attorney services fee based or contingency based, and are the attorneys used employees of the collection agency or independent contractors.
- Is the agency licensed, bonded, effective, efficient, reputable, professional, and reliable?
Credit professionals want to know their claims will be handled promptly, and that they will be professionally and lawfully. Finding the right collection agency requires time and effort, but choosing the wrong agency can cost you far more than that.Editor's Note: The above article originally appeared in the Credit & Collection Manager's Letter, a newsletter purchased by Credit Today in 2006. This article originally appeared prior to 2000.
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Credit Groups 2012
Wonder What the ROI is on Credit Groups?
Find out here...
It's been 4 years since our original ground-breaking survey on credit groups and we're revisiting this most important topic. Among other topics, we're investigating:
- What are the top services being offered by credit groups
- How much credit groups cost
- What the value of credit group services is
- What the value of credit group services is in comparison to credit reporting services
- How data is submitted
- What percentage of credit groups reveal terms
- What percentage of credit groups share data outside the credit group
And much more...
Click here to participate!
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Webinars