Abrigo

DECEMBER 14, 2023

King outlined the following best practices for developing and refreshing your strategic plan and encouraged banks and credit unions to make them an integral part of board meetings. It’s essential to involve your board and executive management in pre-planning steps to ensure everyone’s input is collected and heard.

Credit Risk 88

Credit Risk Dashboards Credit and Collections CECL 88

tillful

JUNE 14, 2023

Looking to learn the ins and outs of Experian business credit scores ? as a consumer credit reporting company, but it also collects information on millions of businesses and provides business credit reporting services. You can download the Tillful iOS app to check if your company has a credit profile with Experian.

Credit Scoring 52

Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 52

Your Virtual Credit Manager

JANUARY 10, 2023

Photo by Patrick Hendry on Unsplash Although defaults resulting in significant bad debt losses are a rare event for trade creditors, much of the focus of AR Management is on credit risk. Banks make money by lending so they pay close attention to the credit risk of the borrower. What are these barriers?

Credit and Collections 130

Credit and Collections Bad Debt Invoice Disputes Credit Management 130

Abrigo

MARCH 13, 2024

How to respond to CRE loan distress Use these tips for banks and credit unions to identify and handle commercial real estate loans that are showing signs of being problem CRE credits. Takeaway 1 Engaging the bank or credit union loan workout team or an outside expert can help restore CRE loans in distress or mitigate their impact.

Credit Unions 88

Credit Unions CECL Default Credit Risk 88

tillful

MAY 17, 2023

Here’s a closer look at what collection filings and derogatory marks mean for businesses. Plus, learn how long they stay on your record, how to prevent them, and tips on getting your business credit back on track. What does it mean to have a business debt in collections? What is a derogatory mark on a credit report ?

Credit and Collections 52

Credit and Collections Bankruptcy Credit Reporting Agencies Credit Scoring 52

Your Virtual Credit Manager

JANUARY 3, 2023

Over time, AR Ledgers unfortunately tend to collect “Clutter.” Clutter can also cause new orders to be placed on a credit hold when it otherwise would have been automatically released. Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

APRIL 4, 2023

Supporting profitable sales through the extension of credit Collecting as much of the AR generated as possible by or near the due date to ensure a substantial cash inflow Mitigating the risk of bad debt losses These tasks are best accomplished in a tidy environment. .” That’s 33% off our introductory rate.

Past Due Invoices 100

Past Due Invoices Credit and Collections Deductions Accounts Receivable (AR) 100

Emagia

FEBRUARY 2, 2024

OTC, the main cash flow driver, has many subsets within it, and credit management is more important than it looks on the surface. The top line and bottom line will be positively impacted when a sales order is received and fulfilled, but your business is at risk till you collect cash against the invoice.

B2B Credit 52

B2B Credit Credit and Collections Credit Application Credit Management 52

Abrigo

SEPTEMBER 28, 2022

Stay up to date on credit risk. Watch the webinar, "Credit risk management: Best practices & examiner priorities in uncertain times". Lending & Credit Risk. Lending & Credit Risk. Lending & Credit Risk. Managing construction loans effectively. keep me informed.

Credit Risk 78

Credit Risk Credit and Collections 78

Emagia

MAY 1, 2024

. “The time has come to take advantage of it in terms of how we do things and how we might be able to do things better,” says David Schmidt, Managing Director at A2 Resources and former longtime contributor with Credit Today. Collections, payment, and invoicing software can reduce the time for preparation and follow-up.

Order to Cash 52

Order to Cash Cash Forecasting Credit and Collections Shared Service Center 52

tillful

FEBRUARY 2, 2023

Can a checking account help or hurt your credit score? In most cases, the answer is neither — it doesn’t connect to business credit at all. However, there are some exceptions, and credit scoring models may be moving in that direction in the future. Do checking accounts affect your credit score?

Credit Scoring 52

Credit Scoring Credit and Collections Credit Unions Credit Reporting Agencies 52

RMAi Blog

APRIL 13, 2023

In support of Financial Capability Month, the Receivables Management Association International (RMAI) presents the following information. Credit cards and debit cards can be confusing. Credit cards allow you to use other people’s money while debit cards only let you spend your own money.

Credit and Collections 130

Credit and Collections Credit Unions Deductions Credit Application 130

Due

JANUARY 3, 2023

You might get asked similar questions by lenders when you apply for loans and credit cards. To find out, they might check your credit report. What are credit reports, why are they important and what is in them? What is a Credit Report and Why is it Important? Credit Reports vs. Credit Scores.

Credit Scoring 119

Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 119

Your Virtual Credit Manager

MAY 2, 2023

Growth is down, interest rates continue rising, small businesses are facing a credit crunch, commercial bankruptcies are skyrocketing and experts see an emerging threat: Washington Post: U.S. A critical part of this exercise involves identifying active and new customers posing high, or even just marginal, credit risks.

Bankruptcy 100

Bankruptcy Credit and Collections Accounts Receivable (AR) Default 100

Gaviti

APRIL 3, 2024

Understanding Days Sales Outstanding Days Sales Outstanding, or DSO , is the average number of days it takes a company to collect revenue from an invoice. Accounting operations managers use DSO to calculate the general ability of a company to collect invoices on time for a specific period (e.g. Automate the collections process.

DSO 52

DSO Days Sales Outstanding Credit and Collections Collection Effectiveness Index 52

Emagia

SEPTEMBER 27, 2023

“Uncertainty” may be the word that best describes the general feeling about where things are going in the B2B credit industry and the economy for the last quarter of 2023 and into next year. These pressing topics left many pondering the upcoming challenges and opportunities for businesses heading into the year’s final quarter.

B2B Credit 52

B2B Credit Credit and Collections Order to Cash Cash Applicator 52

JSP Credit Management

MAY 26, 2022

But what we do feel duty bound to do is be realistic about the risks that businesses are exposed to when their credit management department is not given its fair share of TLC. Our first suggestion relates to the decision on whether or not to extend credit to your customer.

Credit Management 52

Credit Management Credit and Collections Bad Debt Credit Risk 52

Abrigo

AUGUST 28, 2019

Ask the staff of banks and credit unions about the loan application, underwriting, and onboarding processes at their respective institutions, and you’ll likely hear some complaints from them, too. A look at the steps of an institution relying on manual processes and an institution utilizing technology sheds light.

Credit Unions 60

Credit Unions Credit and Collections Credit Risk Credit Scoring 60

tillful

JANUARY 24, 2023

You may have heard about a business credit score and wondered if you really need to focus on building it. Can’t you just rely on your personal credit score? While you can (and many lenders who require personal guarantees will check your FICO), relying purely on personal credit is not going to offer you all the same advantages.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 52

tillful

FEBRUARY 28, 2023

Like most business credit scores, the SBSS helps lenders and service providers understand the level of credit risk that businesses present. However, unlike most, FICO pulls financial data from the other major credit bureaus—collecting both personal and business credit history data under their business credit score.

Credit Scoring 98

Credit Scoring Credit and Collections Small Businesses Bankruptcy 98

FICO Blog

MAY 2, 2023

The challenges and areas of focus in the implementation of these requirements differ from business to business and I was presented with a selection during the roundtables. By flagging and communicating the key drivers of declined applications, it is easier to support applicants to make necessary improvements to their credit profile.

Credit and Collections 52

Credit and Collections Debt Collections Credit Risk 52

Abrigo

JANUARY 27, 2022

Takeaway 2 If the market trends downward for long, banks and credit unions could actually see another increase in deposits. The Federal Reserve’s signal this week that it will start raising interest rates in March 2022 generated a collective high-five throughout the banking industry. Lending & Credit Risk. Learn More.

Credit Unions 78

Credit Unions Credit and Collections CECL Credit Risk 78

Abrigo

DECEMBER 23, 2022

The blog considers the potential consequences of using incorrect or misapplied models to conduct  stress testing , assess capital adequacy, estimate credit losses, or  monitor and manage high-risk customers. Liquidity risk Regulators expec t banks and credit unions to maintain adequate levels of liquidity. Learn more.

CECL 78

CECL Credit Unions Credit and Collections Credit Risk 78

Eagle Business Credit

FEBRUARY 14, 2024

Funding Challenges Amidst Inflation One critical aspect of small business operations is funding, and many rely on loans or a line of credit to survive and grow. Small business owners that are reliant on loans or lines of credit may find themselves facing higher interest expenses , further squeezing their already tight profit margins.

Small Businesses 52

Small Businesses Bad Debt Credit and Collections Credit Risk 52

Know-It Global

NOVEMBER 28, 2022

Without it, it would be extremely difficult to keep track of orders you’ve fulfilled and payments you’ve collected. As your sales ledger is the source of all your sales data the level of detail kept here should be substantial enough to present a clear view of all sales related activities.

Credit and Collections 52

Credit and Collections Credit Risk Credit Scoring Credit Management 52

Abrigo

MARCH 21, 2023

WATCH Takeaway 1 Earning more income and mitigating interest rate risk isn’t as simple as charging higher rates on loans and earning higher rates on the investment portfolio. Takeaway 2 Some banks and credit unions were late movers and are now scrambling to lock in funding for the short term to meet liquidity and capital needs.

Credit Unions 78

Credit Unions CECL Credit and Collections Credit Risk 78

FICO Blog

JANUARY 19, 2023

Customers increasingly expect their data to be used to deliver tailored communications that anticipate their requirements, rather than being presented with generic offerings that are targeted to large groups of broadly similar demographic segments. How credit and debit card spending and borrowing are changing over time.

Credit and Collections 52

Credit and Collections Debt Collections Credit Risk Default 52

Emagia

JANUARY 3, 2023

The present technology is making automation possible for each business operation and back-office function, thus reducing or eliminating human involvement in various routine, manual, and low-value activities. Till this is done, the fund is stuck and cannot be used for working capital cash flow requirements.

Cash Applicator 52

Cash Applicator Automated Cash Application DSO Credit and Collections 52

Abrigo

JANUARY 18, 2017

Technology that helps create cash flow • Smartphone-enabled credit card readers : These help businesses connect with new customers at trade shows, conferences and other events; make it easier for clients to purchase because of the expanded payment option (think of a salesperson at a client’s location).

Days Sales Outstanding 88

Days Sales Outstanding Credit and Collections Credit Card Payments Dashboards 88

Fundera

JULY 20, 2018

Most of us are familiar with the concept of checking our credit score—and, luckily, it’s a fairly simple process these days (for instance, you can do it right here). It’s true—even though you might think that a business credit score is just, well, private business , it’s actually publicly accessible.

Credit Scoring 73

Credit Scoring Bankruptcy Credit and Collections Credit Reporting Agencies 73

Biz2X

MAY 23, 2023

Bank failures, higher interest rates resulting from central bank actions and the threat of inflation are causing traditional banks, credit unions, and other businesses in the financial services industry to look for novel ways to attract customers and increase profitability in 2023 and beyond. Times are uncertain today in the banking sector.

Credit Unions 52

Credit Unions Credit and Collections Credit Risk Transactions 52

Abrigo

APRIL 22, 2024

Recent dynamics of the small business lending market A deep understanding of the small business lending landscape and potential efficiencies can help banks and credit unions grow their portfolios. Dynamic market Small business lending by banks & credit unions Small businesses are a pillar of the U.S.

Credit Unions 97

Credit Unions Small Businesses Credit and Collections Credit Risk 97

JSP Credit Management

SEPTEMBER 23, 2021

When JSP Credit Management was first incorporated, naturally a fair amount of preparatory work had already been done. This has been one of JSP Credit Management’s core mantra’s since starting up. We found out we also needed to carry ID cards with us and present them to the customer upon arrival. Marketing plan?”,

Debt Collections 52

Debt Collections Credit and Collections Bad Debt Credit Management 52

Abrigo

NOVEMBER 9, 2022

Takeaway 1 10% of banks and credit unions have completed CECL adoption, according to Abrigo's CECL implementation survey. With just weeks left to complete CECL implementation, how are banks and credit unions doing? What are their biggest challenges with the current expected credit loss model?

CECL 78

CECL Credit Unions Credit and Collections Credit Risk 78

Abrigo

SEPTEMBER 24, 2015

The Financial Accounting Standard Board’s proposed move to the current expected credit loss, or CECL, is top of mind for many of the bankers and industry experts attending the 2015 Risk Management Summit presented by Sageworks. Involving people from the financial institution’s credit department will be key, he added.

CECL 84

CECL Credit Unions Credit and Collections Credit Risk 84

Your Virtual Credit Manager

JUNE 27, 2023

Some have good credit, others are clear risks. Photo by Keren Fedida on Unsplash Each business customer presents a unique set of circumstances. The first evidence a business fits this persona is when their payment history — both references and credit bureau report — indicates they pay all their vendors promptly.

Collector 26

Collector Credit and Collections High-Risk Accounts Accounts Receivable (AR) 26

Abrigo

OCTOBER 11, 2016

As discussed in a previous post, many banks and credit unions are turning to loan portfolio growth as the way forward. Very often, banks and credit unions will pass on loan applications that don’t appear to quite meet their underwriting criteria. This practice is designed to mitigate risk, but it can also limit lending opportunities.

Credit Unions 60

Credit Unions Credit and Collections Credit Risk Small Businesses 60