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Essay / Research Paper Abstract
This 3-page paper is an article summary about "Relationships -- the core of collections," which was written by Tom Diana for the April, 2006 edition of Business Credit magazine. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: D0_MTdebtcred.rtf
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"Relationships -- the core of collections," which was written by Tom Diana for the April, 2006 edition of Business Credit magazine. ARTICLE SYNOPSIS
The article itself focuses on overall facets of business account collections, pointing out that acting as an intermediary between collector and debtor is only one aspect of payables. Diana
points out that when it comes to business credit collections, relationships between collector and creditor, collector and debtor, and creditor and collection agency are all essential when it comes to
getting bad debts paid off. But overall, the article focuses on relationships between National Association of Credit Management (NACM) affiliates (collectors)
and the creditors they take on, which the author refers to as "clients." Diana points out that the relationship between the collecting
entity and the NACM affiliate is more of a partnership (at least in theory), with the collecting entity setting out terms and parameters of what needs to be done, and
the affiliate going ahead and doing it. Then the affiliate takes over, most often with a 10-day call letter, providing the debtor an opportunity pay an account before the "collection
relationship" commences. But other NACM affiliates like to encourage an open dialogue between collector and debtor, as well as affiliate and
collector. One collector comments that initially, collectors will take kinder approaches to debtors, typically attempting communications through phone. But many times (understandably
so), debtors wont talk -- and thats when creditors can take a more aggressive approach. The article also delves a little into
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