Saturday, June 19, 2010

Collection Tip: Right Under Your Nose?

Right Under Your Nose?

Accounts listed for collection get larger all the time. Despite the larger balances, information customers provide is often disregarded – information that could prove very helpful later, if the account goes unpaid.

Examples of details that often slip through the cracks:
  • Bank and account number from which payments were drawn. This can be found on cheques, and sometimes on credit applications and preauthorized payment forms.
  • Possible alternate or updated business names (incorporated or otherwise) under which the customer appears to be operating.
  • Letters or documents showing changes in the business, such as asset ownership, partners, etc.
  • Change of address notice from the customer.
A good, up to date credit application is usually the most well rounded source of information. However, we’ve found the leads mentioned above can also be extremely useful when collecting an account.

The Bottom Line:

When an account is delinquent, have a closer look at the documentation you already have on file and see what you find. There could be essential information right under your nose.

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