Receivable/Accounts - Information for Credit and Collection Issues

Friday, October 9, 2020

Collection Tip – Calls With Consequences

In the old days, we were told to end every call with a deadline and a consequence.  Back in the early 90’s that wasn’t very sophisticated, but the spirit of the idea isn’t bad.  When wrapping up a call, you want to set expectations for what happens next, or what happens if arrangements aren’t met.

Here’s some examples of ways to end a call:

"I'm glad we could resolve your account.  I've received your payment, and I will close your file as Paid in Full, and update the credit bureau accordingly.  Please give the bureaus up to 15 days to show the payment."

"Okay, so the cheque is being mailed today, so we will set your file aside for seven days to give it a chance to arrive.  If I don't have that in our office by next Friday, I will let you know and we can arrange to have it resent by courier."

 “I understand that it may take you a little time to arrange financing to pay this, I’ve set your file aside until next Wednesday.  Give me a call back before then to let me know how you have made out, and no action will occur on your file.”

“I now have pre-authorized payments on file, and I’ve frozen your balance to not accumulate further interest.  As long as all these payments go through, no further interest will apply.  If you need anything changed, just give me a call at least 2 days before your scheduled payment.  Do you have any questions?”

“I understand you have just found out about this debt, why don’t you look at your records, and call me back by next Wednesday at 4pm and let me know where you stand on this?  I will keep your file set aside from reporting to the credit bureau until then.”

“I understand you are refusing to pay – I will be reporting this debt to the credit bureaus as outstanding, where it will remain for a period of 6 years.  Do you have any questions?”

By emphasizing arrangements, deadlines, expectations, or latitude you are exercising authority on the file and setting clear expectations.

Got some good call closures?
  Email me and I’ll update the blog.

Thanks kindly,

Blair DeMarco-Wettlaufer
KINGSTON Data & Credit
Cambridge, ON


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