CMA Daily News

FTC Advisory Opinion To Debt Collectors

"In response to ACA International’s (“ACA’s”) request for a Commission advisory opinion (“Request”) regarding whether the Fair Debt Collection Practices Act (“FDCPA”) prohibits a debt collector from notifying a consumer who disputed a debt that the collector has ceased its collection efforts. ACA submitted the Request pursuant to Sections 1.1-1.4 of the Commission’s Rules of Practice, 16 C.F.R. §§ 1.1-1.4. As explained more fully below, the Commission concludes that a debt collector providing such a notice to a consumer would not
violate the FDCPA"

Download FTC_Opinion.pdf

Bankruptcy Short List to Help Creditors

Next month an amendment to the bankruptcy law goes into effect, making it easier for creditors — especially smaller ones — to collect what they're due.

Read the full story on CFO.com

1,000+ Registered Users on anscers Community

Are you missing out? Over 1,000 professionals are registered for the anscers Community - asking and answering credit related questions.

Some of the most recent topics:

• How to deal with a difficult boss
• Cash Discounts
• Customer Service
• GC Disputing Pre-Lien

Click here to access the anscers Community.

TOP TEN Customer Service Mistakes

By Nancy Friedman Telephone Doctor

Telephone Doctor usually gets asked: "What are the best customer service tips?" Recently someone asked about the worst customer service mistakes? So, to make it even, we’ve compiled the ten worst customer service mistakes. Take note.. and don’t let these happen to you!

Not Being Friendly Enough
Without exception, not being friendly is the number one customer service mistake. Customers should be treated as welcomed guests when they call or visit your company. As we’ve all experienced, sometimes we’re treated as an annoyance or an interruption. The Telephone Doctor motto: "Be friendly before you know who it is" is one way to eliminate this mistake.

Poor Eye Contact
Heads that twirl on a spindle when you’re working with a customer is a big mistake. Keep your eyes on the customer. It’s a sure sign the person you’re talking with isn’t holding your interest when you’re glancing all around. And they’ll notice it quickly. Obviously, Telephone Doctor understands making good eye contact on the phone is a bit difficult, albeit impossible. Therefore, when you’re on the phone you need to be completely focused on the call and the customer. Don’t type, unless it pertains to the call, don’t read something else, don’t do anything but listen to the caller.

Talking with Co-Workers and Ignoring or Not Acknowledging the Customer
This customer service mistake unfortunately happens a lot. Seems as though it’s more important to continue talking with a co-worker than establishing immediate rapport with the customer. Drop the internal conversation as soon as you see the customer. Carrying on a conversation with someone in your office while you’re talking with a customer on the phone is a real no-no!

Being Rude
No one thinks they’re rude; certainly not on purpose. However, the customer can perceive many things you do as rude. And as they say, "Perception is real."

Poor Product Knowledge
When working with a customer, if you’re not familiar with the products and services you offer, you’ll be making a big mistake. Take the time to learn about your company. Know what’s going on. If you’re temporary, or are new with the company, it’s not enough to use that as an excuse. Customers don’t care if you’re new, working on a temporary assignment or if it’s not your department. All they want is help and information. Ask to be trained. Ask for more information from your company.
Telling a customer, "I’m new" or "I’m just a temp" only adds fuel to the fire. You can explain that you will find someone to help them as you are "not familiar" with the situation. That at least shows you’re going to help them.

Leaving a Customer Without Telling Them Where You’re Going and Why
It’s a very good idea to explain to your customer in person or on the phone what you’re going to be doing for them. It helps them a lot, and gives them a lot of patience. If you need to go "in the back" to get something it’s easy to say, "Mr. Jones, the Widget you’re looking for is in the stock room. Let me go get it for you. I’ll be a few moments." The same procedure should apply on the phone. Never tell the caller, "Hold on." Let the caller know where you are going and approximately how long you think you’ll be. This will make working with the customer easier for both you and them.

Blaming Others
It’s not the person you blame that will look bad.. it’s you. Don’t blame (or knock) the company, its policy, or any member of the staff. Customers don’t want to hear about whose fault it is, they just want the situation fixed. Take full responsibility of the situation on hand.

Not Double Checking
When a customer wants something and it’s not available, it’s how you reject them that’s more important than the fact that you are rejecting them. The process of double-checking should become habit forming. It should be a standard operating procedure. It feels so good when you tell someone, "The last time I checked we were out of stock, but let me DOUBLE CHECK for you to be sure." I personally can think of dozens of times when I asked the person to double check after they told me they were out of things, and what do you know... someone had reordered and the person didn’t know about it. It’s a big mistake to not double check.
One Word Answers
We’re taught in school that three words make a sentence. Don’t answer with one word. Even yes, no, and OK are perceived as rude and uncaring. A Telephone Doctor reminder – use complete sentences for your customer.

Head Shaking.
When a customer asks you for something, give them a verbal answer. Shaking your head up and down or back and forth is NOT an appropriate answer. They can’t hear your head rattle.

Fixing these customer service mistakes will enhance your ability to work better with customers. Remember, it's the SLD’s (subtle little differences) that make the big difference. Good luck!

Happy Thanksgiving to All CMA Members!

Thanks to all CMA Members for a great year. We are grateful that you have decided to be a member of CMA. Together we have taken steps to increase the recognition of those in the Credit field through education, conferences and webinars. We hope next year will be filled with more opportunities to support you and your company.

Here is a Thanksgiving Poem to share with friends and family this holiday.

Drinking From My Saucer

I've never made a fortune
and it's probably too late now,
But I don't worry about that much,
I'm happy anyhow.
And as I go along life's way,
I'm reaping better than I sow,
I'm drinking from my saucer
'Cause my cup has overflowed.

Haven't got a lot of riches
and sometimes the going's tough,
But I've got loving ones around me
and that makes me rich enough.
I thank God for his blessings
and the mercies He's bestowed,
I'm drinking from my saucer
'Cause my cup has overflowed..

O, Remember times when things went wrong;
My faith wore somewhat thin.
But all at once the dark clouds broke
and sun peeped through again.
So Lord, help me not to gripe
about the tough rows that I've hoed,
I'm drinking from my saucer
'Cause my cup has overflowed..

If God gives me strength and courage
When the way grows steep and rough,
I'll not ask for other blessings,
I'm already blessed enough.
And may I never be too busy
to help others bear their loads,
Then I'll keep drinking from my saucer
'Cause my cup has overflowed.

-Author Unknown

CMA Launches Accounts Receivable Contribution Program

CMA Members are the best source of industry-specific trade experience. In order for you to have valuable, up-to-date credit information, CMA is launching an association-wide Accounts Receivable Contribution Program.

Why should your company report full accounts receivable?

It’s convenient and saves time – Contributors do not have to fill out Credit Group report forms. Even RFI responses are handled automatically with the data provided in your A/R file.

It’s a good deal – CMA will give you a 20% discount on your monthly billing for anscers Business Credit Reports and NACM Western Region Credit Reports.

It’s easy and secure – Technology makes contributing A/R data easy and secure. If you already contribute you’re A/R to a credit reporting agency, just send a copy to CMA. 

It’s good credit practice – Your contributions will help fellow credit professionals make better credit decisions – and their contributions will do the same for you.

If your company would like to participate in CMA’s A/R Contribution Program, please download our Fax Back Flyer.

I encourage you to support your fellow Members by submitting your full accounts receivable information. 

Best Regards,

Mike Mitchell, President and CEO

WHAT ABOUT 'ME TIME'?

Survey Finds Inquiries About Work/Life Balance More Common During Job Interviews

 

MENLO PARK, CA -- More accountants today are taking time during the job interview to inquire about work/life balance options, and businesses are responding accordingly. In a recent survey, 57 percent of chief financial officers (CFOs) said job candidates are more likely to ask about work/life balance programs when meeting with prospective employers than they were five years ago, and 68 percent of financial executives reported offering accounting staff some form of alternative scheduling arrangements.

The survey was developed by Robert Half Finance & Accounting, the world’s first and largest specialized financial recruitment service. It was conducted by an independent research firm and is based on interviews with more than 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.

CFOs were asked, “When interviewing job candidates today, are they more or less likely to inquire about work/life balance programs than five years ago? ” Their responses:

More likely		57%
No change		11%
Less likely		26%
Don’t know/no answer		6%
		100%

CFOs also were asked to identify which, if any, scheduling options they offer their accounting staff. The most common were flexible hours, cited by 51 percent of respondents, part-time work (27 percent) and job-sharing arrangements (20 percent ).

“As recently as five years ago, it was not as common for job candidates to inquire about flexible scheduling options or other alternative work arrangements during interviews,” said Max Messmer, chairman and CEO of Robert Half International and author of Human Resources Kit For Dummies®, 2nd Edition (John Wiley & Sons, Inc.). “But today employers anticipate these requests and are designing programs to accommodate them where possible.”

Messmer pointed out that while policies must be equitable, a “one-size-fits-all” approach is not always practical because different jobs have different levels of inherent flexibility. “Telecommuting, for example, is often best-suited for professionals who can work autonomously and do not need to be on hand to directly supervise other team members or meet with clients or customers.”

Founded in 1948, Robert Half Finance & Accounting, a division of Robert Half International, has more than 350 locations throughout North America, South America, Europe and the Asia-Pacific region, and offers online job search services at www.roberthalf.com.

Presentation Pitfalls

Have you ever made a mistake during a presentation you were giving? You might be surprised to learn that even seasoned executives have had embarrassing moments when speaking in front of a group. Our company asked advertising and marketing executives to describe their most awkward presentation experiences. Whether the result of nerves, technical glitches, clothing gone awry or just plain bad luck, it seems that, sometimes, what can go wrong will go wrong. Here are some examples:

• “I was a little nervous and chewing on the end of a felt pen. When I got up to speak I didn’t realize the pen had broken and I had ink all over my face. My teeth were black, my mouth was black; I had marker everywhere and didn’t realize it!”
• “I was in a meeting and my hosiery fell down. I was mortified and stayed seated until the meeting was over.”
• “Our senior executive’s slip fell during a presentation.”
• “I spilled a freshly made cup of coffee across the boardroom table, and it poured onto the client’s lap.”
• “We were displaying a TV spot on videotape, and my coworker hit Record instead of Play and taped over it.”
• “When the account manager sat down at the conference table, the back of the chair broke, and she was trapped between the chair and the wall.”

Careful preparation can help prevent some, but not all, mishaps.  Here are some tips for recovering after a slip-up:

• Remain calm. Take a deep breath and focus on keeping your composure. 
• Acknowledge the problem. Address the situation in a humorous way if possible.  A quick one-liner can make everyone feel more at ease.
• Take a break. If it’s a matter that could take a few minutes to resolve, such as a technical glitch or a spill, suggest a quick “intermission.”

Source: Robert Half - Workvine.com

YTD Bankruptcy Filings Jump 40% Over 2006

The 623,399 U.S. bankruptcies filed during the first nine months of 2007 represented a 40% increase over the 444,789 cases filed over the same period in 2006, according to data released Monday by the Administrative Office of the U.S. Courts.

Filings by individuals or households with consumer debt increased 40% to 603,139 for the nine months ended Sept. 30, 2007, from 430,364 filings during the same 2006 period.

The overall percentage of consumers filing for Chapter 13 protection fell slightly from 41.4% during the first three quarters of 2006 to 38.9% over the same period in 2007. Conversely, the percentage of Chapter 7 consumer filers increased to 61.1% during the first nine months of 2007 from the 58.5% during the same period of 2006.

Business filings for the nine months ended Sept. 30 totaled 20,260, up 40.4% from 14,425 filings a year earlier.

Chapter 7 business liquidations totaled 13,290, up 57.6% from 8,433 business Chapter 7 filings a year ago. Chapter 11 business reorganizations rose from 3,644 in the first three quarters of 2006 to 4,130 in the same 2007 period of 2007, falling 13.3%.

Source: Credit and Collections World

 

Strike's effects ripple beyond studio gates

The Writers Guild Strike is starting to effect other business related to film and TV production. "It's dreadful," said Denny Ashkenazi, whose husband, Oren, owns TVC Cleaners, which provides dry cleaning and laundering services for TV shows, feature films and commercials. "Business is so slow."

Read the full story in the LA Times, click here.