Credit and Collection Services
A great credit department considers and pursues all three areas. Why? Because time spent in the first two areas reduces time spent collecting receivables. D.S.O. is reduced. Bad debt and write-offs referrals decrease. Attorney’s fees plummet. And your credit department validates itself every day.
So, who is helping you deal with these three areas? Credit reporting agencies are there on the front end. Collection agencies and collection lawyers are on the back end. Neither one is involved in helping to manage risk, prevent problems, or adding to a credit department’s resources.
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Preliminary Notices and Lien Claim Services
Most of us know that construction in America is built on a credit model. The property owner receives a construction loan to develop or renovate a property. The general contractor and subcontractors provide labor and materials on credit terms by submitting a draw request and then wait 30 to 60 days for payment. Building material suppliers furnish material and equipment on credit terms. At the end of the day, everyone hopes that the project will finish without incident and payment will flow from the lender to the owner to the contractors and then material suppliers.
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