Articles by Michelle

List of Articles by Michelle

Details: Published: Friday, 01 July 2011 03:55; Written by Super User

Articles by Michelle Dunn

Amazon as a Marketing Tool: It has been my experience that Amazon offers great customer service, through email. They pay you in full and on time at the same time every month. You can go online to check the status of your account, how many copies they have, how many have been sold and how much money you are making. I have also had reporters find me through Amazon and then interview me for stories, so having a presence on Amazon is a big plus in many ways.

Mortgage Headaches out of Control – Can Borrowers Save their Homes?: In the subprime mortgage market many lenders have been extending loans to consumers without focusing on their credit history or credit record and in many cases not requiring a down payment and now this is resulting in an extreme rise in subprime defaults. Some of these lenders have decided to stop making loans to these people who can’t pay and are getting out of the subprime mortgage business.
Also: Learn more!
Also: Read about this in the news!

Have you been Denied for a Business Loan? Add a Credit Policy to your Business Plan and Get Approved!: . If you were denied your loan, part of the problem could be that you didn’t explain or elaborate enough on how you were going to pay back the money you want to borrow.
Also: Credit & Collections Association

If you think no one cares, try missing a couple of payments.: Not all bill collectors are evil and break the law but with the stories that have been in the news lately that is the continued perception our media is portraying.
Also: Credit & Collections Association
Also: Books on debt collection & the laws!

Recovering More Debt: Did you know that 70% of Citibank’s bad debt accounts are skipped accounts? And that 10% are bankruptcies and deceased accounts? That leaves just 20% of their bad debt that they are “actively” trying to collect or that they normally just write off or sell. What happens to the other 80%?
Also: Credit & Collections Association
Also: International Research Specialists

To be or not to be – Being a Bill Collector in 2007: When I had my first Accounts Receivable clerk job and was phasing into being the credit manager, I made debt collection calls for the company I worked for. At one point I was allowed to do some of my work from home which included debt collection calls to customers
Also: Read the FDCPA and learn more about Credit & Debt Collection

Begin with a Bang and End with a Flourish!:

How to make your talk radio show stand out and hang on to its audience!

Have you ever listened to talk radio? Do you find yourself drifting off? If you want to keep your listeners attention you need to stand up and grab them then don’t let go.
Also: imassRadio is looking for authors for “Authors Talk” !

How I ended up where I am today as of 11/2005: Based on my marketing efforts since January, I have:

Sold over $17,000.00 worth of my books and e-books

Been in the Wall Street Journal

Been on the CBS Early Show

Been featured in many national and regional magazine and newspapers

Signed a contract with a publisher for a book, received an advance and royalties

Signed with a successful Literary Agent
Also: To see what else I am up to visit my website!
Also: Join my Credit & Collections Group today for Free!!

My Dreams and Goals by Michelle Dunn: I grew up being told I was stupid, that no one would ever marry me, that I was unattractive and would never do anything with my life.
Also: Join my Credit & Collections Group for FREE!!
Also: Check out my website to see what I am up to!

Why “Mom’s” have the Upper Hand in Debt Collection: If you are a mom, you can be a successful bill collector. In my opinion, if you are a mom, you are superwoman and can do anything you set your mind to.
Also: Learn more about Women in Business!
Also: Get FREE information on Starting your own Collection Agency

How an author can get Successful Press with Free marketing: My name is Michelle Dunn and I have written 5 books. I have just signed a contract with Entrepreneur Press to write a book for their Ultimate Series. I have been featured on NPR, in The Wall Street Journal, on the CBS Early Show, and in many magazines and newspapers nationwide. I have also never paid for advertising.
Also: Get more Free tips and ideas from Michelle Dunn.

How did a Thief get my Name? Don’t be a Victim of Identity Theft: There have been an estimated 9.9 million victims in America and over 40% of all consumer complaints in the U.S. involve identity theft. About half of the victims do not know how the thief obtained their personal information.
Also: 10 Steps to take if you are a Victim of Identity Theft
Also: Resources to help you learn about and protect yourself from identity theft

How you can Help Prevent Identity Theft: Identity theft can happen anytime, anywhere and to anyone, individuals or businesses. Everyone must be educated and aware so it can be avoided. Most identity theft involves the U.S. Mail which is why the U.S. Postal Inspection Service is a lead agency in investigating Identity Theft. Identity Theft is a criminal offense.
Also: Resources to help you learn about and protect yourself from identity theft
Also: FREE Sample Dispute Letter – Credit Bureau

10 Steps to take if you are a Victim of Identity Theft: Help! Someone stole my wallet and my identity! What do I do? The 10 things you must do right away!
Also: Resources to help you learn about and protect yourself from identity theft
Also: FREE Sample Dispute Letter – Credit Bureau

Resources to help you learn about and protect yourself from identity theft:

Resources to help you learn about and protect yourself from identity theft

Also: Sample Dispute Letter – Credit Bureau
Also: Are you at Risk for Identity Theft? Learn How to Protect Yourself.

FREE Sample Dispute Letter – Credit Bureau: Is there an error on your Credit Report? Use this letter to get it removed!
Also: Are you at Risk for Identity Theft? Learn How to Protect Yourself.

Are you at Risk for Identity Theft? Learn How to Protect Yourself.: Identity Theft is America’s fastest growing type of robbery. There have been an estimated 9.9 million victims on America and over 40% of all consumer complaints in the U.S. involve identity theft. About half of the victims do not know how the thief obtained their personal information.
Also: U.S. Postal Inspection Service
Also: Federal Trade Commission

What Credit Policy Tools are you missing?: Did you know that a credit policy is a channel where you can control your bottom line, sales and income?
Also: Order your “Credit Policy Toolbox” $29.99

Is your Credit Policy working?:

New book explains how to create or update it quickly

Also: “Become the Squeaky Wheel” today!

How to Write a Credit Policy for your business: According to a new book by Michelle Dunn, writing a credit policy is a daunting task but if you don’t have one, it can cost you sales.
Also: Click here to create a Credit Policy for your business.

How to Turn Prospects into Credit Approved Customers: There are powerful strategies that business owners can use to dramatically improve their sales, income and bottom line.
Also: Don’t have a Credit Policy? Want one? Check out Michelle’s new book, “Become the Squeaky Wheel”!

How to make more money extending Credit: Easy, quick and painless. If your Credit policy is flowing smoothly, it is probably all of these.

How to give your customers a choice between you and the competition and have them choose you: Instead of giving your customers or potential customers a choice between you and your competition and having them choose the other guy, have them choose you.
Also: Order “Become the Squeaky Wheel” today!

How Important is a Credit Policy?: Every business owner knows how important it is to keep your customers happy and coming back for more.
Also: For Great Customer Service, you need a Great Credit Policy! Create yours today with a new book “Become the Squeaky Wheel” by Michelle Dunn

How Customer Friendly is Your Credit Policy?: It’s a classic mistake for business owners. They start a business that is focused on their product and not on the credit end of their business.
Also: Create a customer Friendly Credit Policy today.

How Businesses can Stop Wallowing in Bad Debt and Prevent it in the Future: Did you know that bad debt has reached alarming rates with US business owners and that most creditors don’t know how to avoid or prevent it?
Also: New book will help you collect what you are owed and prevent future bad debt!

How Business’s Mess Up their Credit Policies: Many businesses’s make it difficult for customers to open a revolving credit account and are completely unaware of it.
Also: Fix your Credit Policy Today!
Also: FREE Credit & Collections information to help you with your collections.

Don’t Sweat the Small Stuff with your Credit Policy: Do you know how many customers you have that are past due right now? How many bad checks are sitting on your desk that you don’t know what to do with? How many dunning letters do you send out a month?
Also: Create your own Credit Policy easily!

Are you Scaring away Potential Customers?: When you are trying to make a sale and ask someone to fill out a credit application and new account form, do your potential customers turn around and run to the competition?
Also: Credit & Collections for FREE forms for your business
Also: Order Become the Squeaky Wheel and create your own Credit Policy Today!

How a Woman became a successful Bill Collector in a “Man’s Industry” and how you can too!: I have worked in the credit industry for over 17 years now. When I first started out, I only knew a very few women in the industry. That number has grown over the years, but not by much. Being a bill collector has always been categorized as a “man’s industry”.
Also: Free Credit & Collection Resources!
Also: Number 1 Women in Business site, visit Digital Women

Women Mean Business Profile: When people hear the words “Collection Agency” they cringe. It brings to mind thoughts of a rude, loud, overbearing man demanding payments. At MAD Collection Agency in Holderness, NH, Owner, Michelle Dunn, is trying to change this perception.

Tips to Avoid Being Placed for Collection: If you try to use your MasterCard to pay off your Visa, need to decide which bills to pay and which to let slide or have too much month left at the end of the money, you may need some help getting your finances in order.

No Fear – How to Make Your Business Succeed: Take out the fear and you will start your own business, you will have customers, and you will succeed. Why? Because you can.

DOING IT YOURSELF: Tips and costs involved in collecting past-due accounts yourself .

WHAT NOW?: Further collection efforts on past due accounts.

COLLECTION SCHEDULES AND PAYMENT ARRANGEMENTS: Tips for billing and collections that work.

PREDICTING POTENTIAL COLLECTION PROBLEMS: Guideline for predicting potential collection problems.

Marketing Tips: Do at least one thing to market your business every day.

Top 7 Reasons You Should Send Out Press Releases: 1. Publicity is FREE advertising…

SHOULD I START MY OWN COLLECTION AGENCY?: If you are wondering if you should or can open your own collection agency, the answer is yes, you can!

How to Choose a Professional Collection Agency: Your careful choice in choosing a collection agency strengthens your bottom line and helps you to retain customers leading to a more profitable business.

Should I Send One More Letter?: If you are asking this question, the answer is probably no. Place this account for collection and re-evaluate how you handle your receivables.

Prevent Bad Check Losses!: Tips to help you avoid bad checks.

Top 7 Reasons to Use a Collection Service: Reasons for using a collection service

What if I receive a bad check?: Most people don’t know what to do when a check is returned for insufficient funds.

What Works in Collections: Here are some collection tips to help you stop being frustrated and collect some of the money that is owed to you.

Why will my customer pay a collection agency if they wont pay me??: Using a collection agency lets the debtor know you’re serious and want to be paid.

Telephone Collection Tips: Advantages and tips for collecting by telephone

How To Collect Your Healthcare Receivables: How can you, the professional healthcare provider, improve your return on receivables and help ensure that your practice continues to be profitable?

Easy Credit Forms for Businesses: Here are four reasons why your credit forms should be simple and easy to understand.

Collection Tips: Tips for collections

What is Outsourcing?: Outsourcing is a work place strategy that improves profitability.

About Michelle

About Michelle Dunn

Details: Published: Friday, 01 July 2011 02:53; Written by Super User

Michelle Dunn is the nation’s top expert on credit and debt collection. She has many published books on the subject and over 24 years experience in the industry. She has written the first textbook on credit and collections for colleges across the nation who have added credit and collections to their curriculum. This textbook is called The Guide to Getting Paid, weed out bad paying customers, collect on past due balances, and avoid bad debt, published by John Wiley & Sons. Her award winning book, now in it’s third edition, Starting a Collection Agency, how to make money collecting money is a consistent best-seller in its category.

Michelle started M.A.D. Collection Agency in January 1998 and ran it successfully before selling it 8 years later to write full time. IN 1998 she also started and still maintains her Credit & Collections.com blog.

Talk about sacrifice. When you start your own company, you sacrifice your personal time, money, and effort in every way. Michelle has tried to sacrifice only her own time and not her children’s time, by building and working at her business when they were in school, sleeping, or visiting their father. That way she could be there for them when they were home, or awake. Michelle has sold everything she owned to finance her business and the publishing of her books. She believes in herself and her success so she is not afraid to do this.

Michelle has had a great impact in her industry, showing women and men that they can start their own business, and helping them to do it. She created Credit & Collections.com, which has helped the industry to grow and learn. Her books, networking group, and website have helped her and others to be more successful. On a personal level this has been very satisfying for Michelle. She is happy to share her knowledge of what she has learned so others can be successful in this industry using the tools she can share. She had to research, create, and flounder through everything herself. Now she is able to provide that information to others so they can skip wheel reinvention and become successful quickly.

When she started her collection agency in 1998, debt collection was a field dominated by men. She joined the American Collectors Association when there were only 3 other women-owned agencies. Michelle joined and created networking groups for women in business, and served as the President of the Digital Women’s New England Chapter for Women in Business. She could not find much information or help from others at that time so she created Credit & Collections.com, her own community for business people in the credit and debt collection industry. Dunn created a website to go along with it and an email discussion group. She still moderates this group and financially supports the website to network and help promote her members. She pays for everything and offers this as a free service to anyone.

Michelle has tried to teach and help women, who have children and want to work but be there for their families, to realize that they can start a business from home. She tries to help them with marketing and promotion by including their information in her newsletters and on her websites for free, thus giving them advertising and exposure. She has sent free copies of her books to women who could not afford them. She will do anything to help a woman be successful and feel independent and proud. She thinks our children learn by our actions, so if they see their mother, creating and surviving by having her own business and working around her children, they see an empowered woman who puts her children first and foremost but can also be a success.

Michelle has been featured in Ladies Home Journal, PC World, Home Business Magazine, Home Business Journal, Entrepreneur, The Wall Street Journal, Professional Collector, Credit & Collections Risk, NH Business Review and in the books Home Based Business for Dummies and Shameless Marketing for Brazen Hussies. She was a featured guest on (NPR) National Public Radio and has been in many newspapers and magazines nationwide as well as on the CBS Early Show.

Dunn was a member of the Plymouth Chamber of Commerce for 8 years and a member of The American Collectors Association for 9 years. She received a Certificate of Achievement from Credit Management Services for outstanding debt collections. She has a certificate of achievement from Dun & Bradstreet for Financial Analysis and Debt Collection. Dunn created and has been a member of Credit & Collections.com for 9 years. She has given speeches about debt collection and credit polices to business owners everywhere ands she teaches non-credit courses on debt collection at Plymouth State University and for Micro Credit of NH. She is also a member of The New England Booksellers Association, The Authors Coalition, New Hampshire Writers Project, the National Association of Women Writers and the International Women’s Writing Guild.

Michelle photo

She petitioned Governor Jean Shaheen for National Credit Week, and received a plaque and award from the governor’s office. She has been named an Expert Author by Ezine Articles.

Michelle Dunn is an outstanding representative of the business community in NH. Her entrepreneurial spirit, rugged individualism and resilience have made her a success in this community. She has managed to combine the roles of motherhood and business to an extraordinary level. Her drive and commitment separate her from any competition. She is a remarkable and unique woman who has found success through hard work and dedication. She does it all with a smile and a positive attitude about life.

You will see Michelle Dunn quoted and interviewed in Forbes.com,The Wall Street Journal, Ladies Home Journal, PC World, Home Business Magazine, Home Business Journal, Entrepreneur, Professional Collector, Credit & Collections Risk, The NH Business Review and in many books including Home Based Business for Dummies and 365 Foolish Mistakes Smart Managers Make. Michelle has been a featured guest on (NPR) National Public Radio and has been in many newspapers and magazines worldwide as well as on the CBS Early Show.

Michelle Dunn Nominated as one of the Top 5 Women in Collections

New York, NY – Collections & Credit Risk a subsidiary of Source Media is doing a cover story in February of the Top 5 Women in Collections. Source media provides market information, including news, analysis, and insight to the financial services and related industries such as accounting and technology, through its publications, industry-standard data applications, seminars and conferences.

Local author Michelle Dunn nominated a member of her Credit & Collections Association for one of the 5 spots. Corinna Petry, the managing editor at Collections & Credit Risk contacted Michelle to thank her for nominating an associate but said “Our editorial board feels very strongly that Michelle qualifies to be one of the Top 5 Women in Collections”.

Corinna will be interviewing Dunn so the magazine can profile Michelle in their publication. “I look very much forward to speaking with her about her work in the industry, her philosophies and how the industry has changed generally, and for women working in it” said Corinna.

To learn more about Collections & Credit Risk magazine visit http://www.ccrmag.net

Testimonials and Reviews

What Customers & Colleagues are Saying!

Details: Published: Friday, 01 July 2011 04:45; Written by Super User

Michelle Dunn has worked for years in collections. Now, she uses that experience and know how to help business owners and managers who are struggling with their collection efforts. She honed her knowledge and works to share that information. She has contributed to two of my business management books and my readers will benefit from the insights she contributed. If you need to learn how to handle the collection area of your business, check Michelle Dunn’s books. If you would like to get an idea of the professionalism and knowledge that she brings to her work, check the free articles on her website. They will whet your appetite for more.
Shri Henkel, Author and Owner of S & C Consulting
www.sandcconsulting.com

I highly recommend this book to anyone that wants to start their own collection agency – even if it is only a dream right now. This book will get you started and headed in that direction so that one day your dream will come true with relative ease and few surprises. I read the book back when my agency was only a dream – and now I am the owner of my own collection agency. I could not have done it without this book! Thank you Michelle for the inspiration and most important tool I could have had when Burns & Carlisle was just a dream!
– Norma Burns
President, Burns & Carlisle

I have been in medical billing and collections for years, but only recently have opened a collection agency. Michelle’s book gives the basic information necessary for anyone to start. Even with my background, I learned necessary information to become successful.
– Cynthia R Hammett
President, Profit Line Collection Services, Inc.

I really liked your website. You have given me so many tips on how to perfect my collection agency through your book. I have to say you gave me the perfect outline, and I highly recommend it.
– George Kaiteris
SKY Collections.

I ran across your book on Amazon.com and ordered it. I look forward to reading your book and from what I’ve seen of your website, etc. I’m very impressed with your success!
– Jeff Johnson, Charlotte, NC

I just finished reading your book today. Thank you for the “ABC’s” in starting a collection agency. Lots of good information in a very easy to read format.
– Paula Weiss-Cohen

I would like to say that my wife and I thoroughly enjoyed your book. My wife and I have started a collection agency in Denver.
– Len Eskridge, TNL Financial

I purchased your book from Amazon.com and it has given me great guidance and motivation. I would like to thank you for offering this product.
– Jake Fullmer

Dunn’s self published title, How to Make Money Collecting Money, Starting a Collection Agency, is a very well laid out book in both design and content,” says Writer’s Digest. “The text is logical and easy to follow. The samples are effective and easily understood. The flow between chapters makes it easy to follow. A good cover and a good job of selling the book on the back cover also lead to its success. –Writer’s Digest

Michelle Dunn has helped to bring the collection industry to a more reputable light. Collection Agencies have taken a bad rap in the past and she has helped to dignify our industry with her integrity and knowledge. Her books are well thought out, her website is helpful and her e-mail group serves as a wealth of knowledge to our industry.–Jan Conte, President, Your Collection Solution, LLC

I asked Michelle Dunn to take part in a diary book project called ‘This Day’ because I wanted to find out what the life of a collection agent was really like (How do you track down someone who owes you money when they won’t answer their phone? How do you tell a burly guy who defaulted on his car loan that you’re going to take his car?). Michelle’s book, Starting a Collection Agency takes a day in the life a step further by showing you how to actually get started as a collection agent. It’s a practical guide full of how to’s, resources and advice — as well as insight into how she created a successful business that lets her balance family and work. –Rebecca Joffrey, Co-editor of the book This Day: Diaries from American Women

I do enjoy your wisdom and approach to this industry, I try to steer more people to you who are getting into this industry. –John Pratt, Portfolio Management LLC

Michelle Dunn is a tremendous resource, her books, web site, and forums continue to lead us through our new business in collections. We are very thankful for all her help. Ken Keefe

Let me start by saying ‘Thank you’ for your book. It is yet another testament of the professional business woman you are. I believe in you and I will always contribute the success of my start-up to you. Thanks so much. –Norma Burns, Burns & Carlisle

Get your money

When you think about it, your firm already has a collection agency – you just call it Accounts Payable, or Billing. With the comprehensive advice in veteran collection agent Michelle Dunn’s How to Make Money Collecting Money: Starting a Collection Agency, you can turn AP into a profit center. Dunn covers everything from writing good collection letters, to the applicable laws, to skip tracing (skip tracing!). Your first clients can be companies you do accounting and tax work for; they undoubtedly have customers who haven’t paid, and once they see you’re doing collections, they’ll never dare to pay you late. Which makes us wonder – isn’t your human resources director a lot like a bounty hunter?–WebCPA

Consulting Services

Details: Published: Friday, 22 July 2011 20:00; Written by Super User

Why Choose Me As Your Consultant?…

Consulting Services by Michelle Dunn I can offer you experience and resources from having started my own home based business in January 1998. I have over 17 years experience in business and management. I have a Secretarial Certificate and a BA in Business Management. I have been featured in Ladies Home Journal, PC Magazine, Home Business Magazine, Home Business Journal, on (NPR) National Public Radio and many other publications. Most recently I have become Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter.

When I started my business I did all my own research, read a lot of books, networked online and offline and took more classes. I started my business with nothing and built it up to a successful home based business that I sold after eight profitable years. Because I have researched, done all the legwork and know what mistakes you will make and can help you avoid them, I am confident I can help you start and run your own home based business.

We will focus on the results that you are looking for. Once you tell me your needs, questions and concerns, we can come up with what results you want. We will then work together to achieve those results and I am confident they will be a reality.

The advantages of choosing me as your consultant are many.

Something that would take you 20 hours to research, may take me 5 with resources I have readily available to me.
You have support while you work
You will be inspired to do your best with my help
We can overcome challenges that might seem overwhelming to you alone
We can share ideas and make your dream a reality

As your consultant I will help you determine what business you may want to start, what type of business might be reasonable feasible to you and your location. I will help you get information on any licenses or permits you may need, marketing, pricing, setting up your home office, dealing with interruptions, time and distractions, growing your business, increase sales, income and any questions you may have.

I will make recommendations to you on how you can save money while growing your business, cheap to free marketing ideas, and ways to promote yourself online and off.

Hiring a consultant to help you in the beginning stages of building your business will help you achieve success twice as quickly than if you tried to do it alone.

Get Started!

Testimonial

A happy consulting client says:

Michelle, Your consultation was extremely beneficial and the advice provided will enable us to design our services in a way that I believe will give us a competitive advantage. Thanks for being such a knowledgeable resource for the collections community. I would certainly recommend your consulting services to anyone needing a good, experienced opinion before launching a new agency or designing a new service offering.

Thanks,
Gary A. Brown, President, Portfolio Assurance Group

What is a Consultant?

A consultant is someone who provides their unique expertise to someone else and who is providing a customized solution.

A consultant can help you bring your goal into focus and make it a reality. If you want coaching you want results, which requires your commitment.

I will listen to your wants, needs, concerns and questions. I will ask you questions and help you organize your thoughts, map out a direction with a goal and work with you to achieve that goal.

Hiring a consultant to help you in the beginning stages of building your business will help you achieve success twice as quickly than if you tried to do it alone.

Press Kit

Press Kits

Details: Published: Friday, 01 July 2011 04:50; Written by Super User

NEW! Press kits are now available! Included find press releases, book reviews, information on Michelle’s books, and biographical and business information on Michelle.

Information is in PDF format, please contact us if you would prefer MS-Word documents.

DOWNLOAD PRESS KIT HERE This email address is being protected from spambots. You need JavaScript enabled to view it.

Articles by Michelle

Help Your Business

Details: Published: Friday, 01 July 2011 03:51; Written by Super User

Help Your Business!

Click here to read a large selection of FREE articles by Michelle.

Feature Article:

Tips to help you make more money and more sales with a credit policy

by Michelle Dunn

Some business owners ask why do I need a credit policy? I don’t have much bad debt. The following will help you understand and decide if you want or need to implement a credit policy. It is my belief that every business should have a credit policy.

The objective of a Credit Policy should be:

To provide timely notification to customers regarding past due amounts, and therefore eliminating old balances from being carried on the receivables.
To outline a procedure that will provide customers with options when they cannot pay in full and on time.
To provide a procedure on when and what to do with small balances on customers accounts.
To provide a procedure that will enable a company to adequately provide reasonable credit limits for customers with revolving credit.
To provide guidelines to legally collect money due your company that was lost due to bad checks.
To have a system that will maintain timely contact with customers when they are past due.
To provide a procedure that will enable your company to keep credit card numbers on file for customers and automatically charge them when they place an order.
To have a procedure that will enable your company to be aware of when an account should be placed for collection and to avoid carrying bad debts on the receivables.
To provide a procedure that will enable your business to legally charge customers credit cards at the time they place an order.
To provide a procedure that will eliminate orders being held, and to better serve customers in a timely manner.
To have a procedure that will enable your business to be aware of when to write a balance off to bad debt.

Small business owners sometimes make some common mistakes when just starting out, and trying to get paid. Some small business owners depend on that income more than someone who gets a check each week. This is because when you work for yourself, the work and therefore the payments are sporadic.

Small business owners just starting out are sometimes so eager to make a sale, that they will accept work or an order without getting a signed contract or checking credit references. They just wait and wait to be paid because they don’t want to offend the customer or appear that they NEED the money. This happens more often than not.

ALWAYS have a written contract or agreement, you may also want to get half of the money up front with terms regarding the balance very specifically addressed in your agreement. If you can get the other party to sign the agreement, that is even better.

It is worth it to try and collect the money due at first. Make a couple of calls, if promises are made but no payment, think about using a collection service. It shows you are serious and don’t work for free. Word will get around that you mean business.

Your customers will know you are serious if:

They had to fill out a Credit Application
They had to sign a contract
They receive invoices right away
You send your invoices right away, as soon as items have shipped or the work is complete
You call right away if you don’t receive payment. Don’t wait!
You gather all the information you can about the debtor
You are professional at all times
You are persistent
You make personal visits when you can
You offer different payment methods
You charge a late fee and/or finance charge

Extending credit works in your favor in many ways. It increases customer loyalty. Taking a financial risk for your customers demonstrates you trust them and are willing to accommodate them. If you extend credit be sure you have a credit policy in effect.

A credit policy also indicates your business is financially stable. A business in danger of going under does not give its customers the option of paying at a later date. A struggling business demands payments immediately. Be sure to mark your terms clearly on any invoices and statements you send out.

Credit policies increase sales for another reason. Some customers are unable to pay for a product or service in its entirety. If customers have the option to pay for items in monthly installments, they will be more inclined to make purchases which do not fall within their current budgets.

Extending credit also has downfalls such as your business could lose interest that you could have earned, even if you put it into a low interest savings account. You can’t take advantage of purchase discounts from your vendors if the funds are not immediately available or they are paying on terms.

You may lack the capital to produce the next job, and may be forced to decline profitable deals from good payers.

Some reasons for extending credit are to meet or beat the competition. If your competitors are extending credit you may want to offer the same. It may be more convenient for your customers to be billed for your product or service. Extending credit may also increase sales. You can also use extending credit as a way to establish new accounts.

Keep in mind that extending credit will take more time and money than you are already extending. Someone will have to take the time to check references, process credit applications, set up new accounts and maybe collect on accounts that you do extend credit to that don’t pay on time.

Get the following information from a business and/or consumer seeking credit:

Business’ and owner’s name
Length they have been in business
Address, length of time at that address and a former address
Balance sheets and/or IRS returns
Phone numbers of business and principal’s or residence
Bank name, address, phone numbers
Credit references, Personal and business
Employer name, address and phone numbers
Length of time at current employment
Marital status, name and employment information on spouse
Total monthly household income
Social Security number and/or Federal ID#

This information can be in the form of a credit application or contract you may have drawn up. Be sure to have the business owner or consumer sign the document and date it. Keep the original and always give the consumer a copy.

You will then need to verify the information that has been supplied to you. You can run a report with Dun & Bradstreet if the applicant is a business (www.dnb.com/us/). You can call all references listed, the applicant’s bank and place of employment. If you are a member of a credit bureau you can check with a credit bureau on the accuracy of the information supplied to you. If you find any information is not true, you should deny credit. Check out www.smallbusiness.dnb.com, D & B collects, aggregates, edits and verifies data from thousands of sources daily.

Once you decide you will grant credit, you need to put your credit terms in writing. Always have your credit terms on your invoices and statements.

Once you have invoiced your customer you need to keep a close eye on your accounts receivables. You can print a penalty on your invoices such as charging a 12% penalty on invoices over 30 days past due. You can make phone calls or send reminder notices to any accounts that are past due.

If your business does grant credit, you must comply with federal laws affecting credit sales to consumers. Also, states are beginning to adopt consumer credit laws that mirror federal law. One of the laws you should become familiar with is The Truth In Lending Act. This law requires you to disclose your exact credit terms to credit applicants and regulates how you advertise consumer credit. Among the items you must disclose to a consumer who buys on credit are monthly finance charges, your annual interest rate, your terms or when payment is due, the total price and the price if any late fees are added.

Another law is The Fair Credit Billing Act, this law explains what to do if a customer claims you made a mistake in your billing. The customer must notify you within 60 days after you mailed the first bill containing the claimed error. You must respond within 30 days unless the dispute has already been resolved. You must also conduct a reasonable investigation and, within 90 days of getting the customer’s letter, explain why your bill is correct or else correct the error.

The Equal Credit Opportunity Act, this law is so that you will not discriminate against a credit applicant on the basis of race, color, religion, national origin, age, sex or marital status. The Act does leave you free to consider legitimate factors in granting credit, such as the applicant’s financial status (earnings and savings) and credit record. Despite the prohibition on age discrimination, you can deny a consumer who hasn’t reached the legal age for entering into contracts.

The Fair Credit Reporting Act is intended to protect consumers from having their eligibility for credit marred by incomplete or misleading credit report information. The laws gives consumers the right to a copy of their credit reports. If they see an inaccurate item, they can ask that it be corrected or removed. If the business reporting the credit problem doesn’t agree to a change or deletion or if the credit bureau refuses to make it, the consumer can add a 100-word statement to the file explaining his or her side of the story. This becomes a part of any future credit report.

The Fair Debt Collection Practices Act is geared mostly toward third party collectors. Small businesses are more directly affected by state laws that apply directly to collection methods used by a creditor.

Podcasts and Videos

PodCasts & Videos to help you Collect More Money Today!

Details: Published: Friday, 01 July 2011 04:48; Written by Super User

Over 100,000 businesses have slow or non-paying customers. With the credit crisis taking over our economy, this number is rising each day. Protect yourself and your business with Michelle’s Tips on how to make more money, start your own collection agency and get out of debt.

Visit Michelle’s YouTube page to see more of her videos!

Women for Hire Podcast with Michelle Dunn

Listen to a free Podcast with Michelle Dunn about starting your own agency!

Michelle At the Book Expo

Details: Published: Friday, 01 July 2011 03:47; Written by Super User

Michelle gets carried off by Spiderman
Book Expo of America 2006

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Success in the Press!

Michelle Dunn and Harry Smith, anchor of The Early Show taken outside of the CBS Studio in New York.

Over recent years Michelle has attracted a large amount of press interest in her business through smart PR practices and forward planning.

You will see Michelle Dunn quoted and interviewed in Forbes.com, The Wall Street Journal, Ladies Home Journal, PC World, Home Business Magazine, Home Business Journal, Entrepreneur, Professional Collector, Credit & Collections Risk, The NH Business Review and in many books including Home Based Business for Dummies and 365 Foolish Mistakes Smart Managers Make. Michelle has been a featured guest on (NPR) National Public Radio and has been in many newspapers and magazines worldwide as well as on the CBS Early Show.

Check out Michelle’s latest press coverage in Smart Money, The Wall Street Journal Magazine‘s February 2007 issue. The Penny Pinchers, an article by Anne Kadet, features Michelle and her Credit & Collections group. Don’t miss it, pick up your copy today!

With her Collecting Money Series of books, you too, can be successful at getting your business noticed and in the news.

Listen to Michelle’s Audio Interview with National Public Radio (NPR):

The Collector — “All Things Considered” guest host Lynn Neary profiles Michelle Dunn, who makes her living collecting unpaid debts in a small town in New Hampshire. Click here to listen to the story on National Public Radio.

You need the current version of Real Player to listen to this clip. Click here to download for free.

August 2006

Details: Published: Friday, 01 July 2011 03:46; Written by Super User

Michelle Dunn featured in an article by Paul & Sarah Edwards, in

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BLOGS:

Success in the Press!

Michelle Dunn and Harry Smith, anchor of The Early Show taken outside of the CBS Studio in New York.

Over recent years Michelle has attracted a large amount of press interest in her business through smart PR practices and forward planning.

You will see Michelle Dunn quoted and interviewed in Forbes.com, The Wall Street Journal, Ladies Home Journal, PC World, Home Business Magazine, Home Business Journal, Entrepreneur, Professional Collector, Credit & Collections Risk, The NH Business Review and in many books including Home Based Business for Dummies and 365 Foolish Mistakes Smart Managers Make. Michelle has been a featured guest on (NPR) National Public Radio and has been in many newspapers and magazines worldwide as well as on the CBS Early Show.

With her Collecting Money Series of books, you too, can be successful at getting your business noticed and in the news.

Listen to Michelle’s Audio Interview with National Public Radio (NPR):

You need the current version of Real Player to listen to this clip. Click here to download for free.

Michelle as Seen on The Book Authority

Details: Published: Friday, 01 July 2011 03:44; Written by Super User

Oct., 2006… Michelle as seen on The Book Authority

Michelle on TV

Viewers tuned in to Channel 5 in the Nutmeg viewing area to see Michelle as she appeared as “The Book Authority of the Week” and learned her writing, publishing and marketing secrets that have made her a success. Hear more about her “Mosquito Marketing Series” and how it can help you.

Brian Jud is host of the television show, The Book Authority, a media coach and author of the media-training video program, You’re On The Air. Contact Brian This email address is being protected from spambots. You need JavaScript enabled to view it. or visit http://www.bookmarketing.com.

Connect with Me

BLOGS:

Success in the Press!

Michelle Dunn and Harry Smith, anchor of The Early Show taken outside of the CBS Studio in New York.

Over recent years Michelle has attracted a large amount of press interest in her business through smart PR practices and forward planning.

You will see Michelle Dunn quoted and interviewed in Forbes.com, The Wall Street Journal, Ladies Home Journal, PC World, Home Business Magazine, Home Business Journal, Entrepreneur, Professional Collector, Credit & Collections Risk, The NH Business Review and in many books including Home Based Business for Dummies and 365 Foolish Mistakes Smart Managers Make. Michelle has been a featured guest on (NPR) National Public Radio and has been in many newspapers and magazines worldwide as well as on the CBS Early Show.

With her Collecting Money Series of books, you too, can be successful at getting your business noticed and in the news.

Listen to Michelle’s Audio Interview with National Public Radio (NPR):

You need the current version of Real Player to listen to this clip. Click here to download for free.