Useful Information
Old Age..Not Good For Delinquent Accounts.The older accounts are the less likely they are to be collected. After three months the probability is that you will only collect $.73 of each dollar delinquent. After six months, only about $.50 of every dollar. And after one year, the best expectation is that only about $.25 of every delinquent dollar will be collected.
The Six Secrets to Successful Credit Management.- Written credit policy
- Know your customers
- Update credit info
- Adhere to credit policy
- Early Intervention
- Follow-up!
- Beware of low fees; you get what you pay for.
- Remember a collection agency is representing your company.
- Errors and Omissions insurance is expensive, until your company is sued for alleged collection agency violations.
