E~Credit News & Updates

January 2024

FTC and CFPB Focus on Business Credit Reporting

By: Kate White, Partner Kelley Drye & Warren

In 1970, Congress was concerned that largely unknown consumer reporting agencies (“CRAs”) were creating and sharing dossiers of personal information on individuals. At the same time, Congress recognized the importance of the industry—it is how most Americans can own a home or car—and sought to strike a balance that preserved both “the needs of commerce” and consumers’ privacy. The result was the Fair Credit Reporting Act (“FCRA”), and for over five decades it has required CRAs to adopt procedures to ensure the accuracy and integrity of information in its files, share consumer reports only in limited circumstances, and provide consumers with access to their files and the ability to dispute incorrect information. The FCRA only covers consumer reports on individuals for credit to be used primarily for personal, family, or household purposes and is enforced by the Federal Trade Commission (“FTC” or “Commission”) and the Consumer Financial Protection Bureau (“CFPB”). 


The FCRA is often considered to be the original privacy statute, and its coverage is understandably limited to reports about individual consumers and not business credit reports, since those do not raise the same individual privacy concerns. While business credit reports are outside the scope of the FCRA, in recent years the FTC and CFPB ......

To Continue Reading

New Contacts & Members 

New Association Member & ICE Member

Larry Bajmakovich ~ BDG International

 


If you have something you would like us to announce please send an email to

admin@wcacredit.org

The Art of Getting Paid

January 24

9:00 AM - 10:15 AM CT

This exciting fast paced webinar will demonstrate the skills needed to maximize cash flow and reduce past due balances.

 

Barry Elms will discuss:

 

  • Understanding the value of effective collection skills.
  • The keys to confident collections.
  • 3 ways to communicate effectively in collections.
  • How to effectively profile you past due customers.
  • How to prioritize your collection calls
  • 6 ways to motivate past due customers to pay today!

 

Learn More

 DEADLINE FAST APPROACHING

15% Contingent Flat Rate


All 6 Conditions Must be Met:

  1. Debtor must still be in business with telephone still in service.
  2. Does not apply to Consumer Claims.
  3. Principle balance of each claim must exceed $250.00. 
  4. Reverts to regular fees if claim is forwarded to an attorney.
  5. Applies only to domestic claims.
  6. Coupon Code: Clean2024 must accompany Initial Claim.


Offer Expires 01/26/2024. 



For more information & questions call the Association, 866.546.2880

Upcoming Events

January 24

The Art of Getting Paid

Presenter: Barry Elms

 

FEBRUARY 21

Advanced Collections And Negotiation Skills

Presenter: Barry Elms

 

MARCH 6

Conflict Resolution

Presenter: Michael Dennis

 

APRIL 17

Collection Principles, Why

We Continue To Have Debtors

Presenter: David Balovich

 

MAY 15

Smart Credit Policies That Improve Collections

Presenter: Michael Dennis

 

JUNE 19

Rolling Out A Credit Card Surcharge - Hot Topics & Best Practices

Presenter: Scott Blakeley

 

JULY 17

Overridden Credit Decisions

Presenter: Michael Dennis

 

AUGUST 21

Legal Aspects Of Credit And Collections

Presenter: David Balovich

 

SEPTEMBER 11

Acquired, Sold, Merged, Or Goes Bankrupt - What To Do

Presenter: Michael Dennis

 

OCTOBER 16

Effective Collections, The Art Of Getting Paid

Presenter: Eddy Sumar

 

NOVEMBER 20

How To Set Customer Credit Limits Correctly

Presenter: Michael Dennis

 

DECEMBER 18

Emerging Challenges In Credit And Collections

Presenter: Michael Dennis

WCA-Credit-Report-Umbrella image

Every credit department relies on outside sources for credit and financial information on new & existing customers. Most orders to cash departments subscribe to one credit reporting service or another but, that may not work or be your best option. The Assocation offers a subscription plan that gives you the opportunity to choose from multiple databases, with no expiration date, no "use-em" or 'lose-em" or the need to sign contracts with multiple databases.


Contact us for more details!

To Learn More
business_people3.jpg

JANUARY 3, 2024

Food Service Supply Hospitality Industry Credit Group

Book of Reports


JANUARY 9, 2024

Fine Paper/Graphic Arts Industry Credit Group

Book of Reports


JANUARY 10, 2024

Plumbing & Heating Industry Credit Group

TBD

Regional Paper & Packaging Industry Credit Group

Teleconference Call


JANUARY 11, 2024

Metals & Industrial Suppliers Credit Group

Book of Reports


JANUARY 12, 2024

Electrical Suppliers Industry Credit Group

Delafield, WI

UPCOMING INDUSTRY CREDIT GROUP MEETINGS

JANUARY 15, 2024

Western Electrical Suppliers Industry Credit Group

Madison WI


JANUARY 16, 2024

Minnesota Fine Paper Credit Group

Teleconference Call


JANUARY 17, 2024

Building & Construction Materials Credit Group

Milwaukee, WI

MN Electrical Suppliers Credit Group

 Brooklyn, MN


JANUARY 18, 2024

Construction Industries Credit Group

Appleton, WI


JANUARY 19, 2024

IL Fine Paper Industry Credit Group

Teleconference Call


JANUARY 24, 2024

Food Service Supply Hospitality Industry Credit Group

TBD

Credit Professional Alliance

Credit Management Association 

The Business Credit Management Association Wisconsin

Business Credit Intelligence

Mountain States Commercial

NACS Credit Services, Inc.

Facebook  X  LinkedIn