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JUNE 2010 QUESTION What is the double trap in collections? |
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| A | An offer of a partial payment that is also going to be late. |
| B | A customer who offers half of the payment now due, and when accepted, finds a reason to half the accepted offer. |
| C | Two individuals that each claim the other is responsible for payment or delay. |
| D | A customer who claims they are busy when you call and when you try to reach him/her later – never answer the telephone. |
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MAY 2010 QUESTION If a state or a federal law applies to you...and one is more stringent than the other - which one should you follow? |
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| A | Always follow the more stringent application. |
| B | The Federal law will always take precedence. |
| C | The State law will always take precedence. |
| D | The Federal law takes precedence except in the States of California, New York and Maine. |
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APRIL 2010 QUESTION Can a collector use a name other than their own to collect an account? |
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| A | No. They must fully disclose first and last name to each debtor. |
| B | Yes, they can use any name they want, as long as the company/association name is correct. |
| C | The first name can be different, but never the surname. |
| D | A name other than their own may be used, as long as there is consistency and it is known to management for tracking and reporting purposes. |
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MARCH 2010 QUESTION What is "ignorance of the law"? |
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| A | What lawyers will often quote when negotiating with you on behalf of their client. |
| B | A collection "best-seller" written by Kurt Nodd, C.P.A. |
| C | What you tell a debtor when you call them at an unusual hour. |
| D | A poor and unusable excuse. |
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FEBRUARY 2010 QUESTION What is a good way to know you have a good credit / collection policy? |
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| A | You have an average of one page of policy for each employee in the credit / collection department. |
| B | You can tell every customer, in every situation "it is not our policy" |
| C | A minimum of three binders of policies. |
| D | The same question does not need to be asked twice. |
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JANUARY 2010 QUESTION If you are the type of person who finds it difficult to ask for money, you are… |
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| A | In the wrong career. |
| B | Not alone. Many people find this difficult. |
| C | Soon to be on the unemployment line. |
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DECEMBER 2009 QUESTION How is your knowledge of Collections? Think you could pass the test?The following question and answer have been lifted direct from one of the test modules of the P.A.C.E. (Professional Account Collection Education) Program offered by the International Centre for Professional Collections and supported by National Credit News. Above for each use, here is the quiz for this month:According to Len Sklar, author of "The Cheque is NOT in the mail!" who is the person who makes it most difficult for us to adhere to policies? |
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ANSWER Subscribe today to the NCN Weekly credit magazine online!You will receive all the answers to the “Collector's Quiz questions” throughout the year.Contact the National Credit News Sales Department at 1-800-208-2189 ext. 225
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NOVEMBER 2009 QUESTION When should you NOT use the help of a sales representative to help you collect? |
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| A | It is illegal in Quebec and New Hampshire to use the services of a sales representative to collect on delinquent accounts. |
| B | If they resist too strongly and their efforts will hinder rather than help. |
| C | When the account is more than 60 days past due. |
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OCTOBER 2009 QUESTION If you are going to hold a customer’s order, when should you advise the sales department? |
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| A | Never. They like surprises just like the rest of us. |
| B | Within 14 days. |
| C | Before the customer finds out. |
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SEPTEMBER 2009 QUESTION When a customer takes an unearned discount, you may be best to: |
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| A | Avoid the problem/hassle and never bring it up. |
| B | Send them a letter and copy the local newspaper. |
| C | Let them know it has been noticed, but let it go…once. |
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AUGUST 2009 QUESTION What is a sale on collections? |
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| A | Shifting troublesome accounts to a collection agency. |
| B | Due to age, balance or both, you offer to accept a percentage as full payment. |
| C | The last thing you ever want to attempt and still try to keep your job. |
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JULY 2009 QUESTION What do you think will happen if you treat the money owed your firm as if it was your money? |
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| A | Expect a promotion to the ranks of the owners of the firm. |
| B | Legal action against you personally. |
| C | You will start to take it ‘personally’, won’t see the bigger picture and start to take the problems home with you. |
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JUNE 2009 QUESTION What is a better question than “How much can you pay?” |
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| A | What time can I come and collect the money? |
| B | How much are you short of (and quote full amount)? |
| C | I need full payment – now! |
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MAY 2009 QUESTION If you are the type of person who finds it difficult to ask for money, you are… |
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| A | In the wrong career. |
| B | Not alone. Many people find this difficult. |
| C | Soon to be on the unemployment line. |
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APRIL 2009 QUESTION Who can you legally talk to at a firm about a commercial delinquent debt? |
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| A | The C.E.O. (chief executive officer). |
| B | The C.E.O. or the accounts payable representative. |
| C | Anyone at the firm. |
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MARCH 2009 QUESTION What is the federal act that regulates collection do’s and don’ts in Canada? |
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| A | F.D.C.P.A. (Federal Debt Collection Practices Act) |
| B | Collection Agencies Act |
| C | There is no federal Act |
Many more questions and answers to follow throughout the year
