***PICB*** PRINTING INDUSTRY CREDIT BUREAU ***PICB***
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PICB'S PERIODICAL DEDICATED TO MAINTAINING PROFITABILITY IN THE GRAPHIC ART INDUSTRY THROUGH GOOD CREDIT POLICIES
PRINTING INDUSTRY CREDIT BUREAU 
(847) 265-0400
ISSUE # 16
FEBRUARY 2013
GEEK SPEAKS

Avoid handshakes and reduce the risk of 
catching colds, viruses & deadbeats!

 DEWEY CHI'TING
LARSON  NY 
feb cartoon 1
 
feb cartoon 2   
ORIGINAL ARTWORK BY MARC.ART, INC.
mob5948@aol.com 
 
ASK AN ATTORNEY

Q
How often should we be checking our existing customers credit history? Once we have the signed credit application on file is it necessary to have that updated, and if so, how often?
 
A: Your concern appears to try and identify a change in the customers financial circumstances that can protect clients from not getting paid from a customer. Unfortunately, it takes few months for a negative (or positive) change to be reflected in a credit bureau and by the time the negative information hits the customers file it may be too late and a balance in a checking account is only a snapshot.  It is more important for your clients to have properly completed documentation in the file from the start (including a personal guarantee) and to analyze how must risk the client is willing to take for each customer. I have seen numerous times where a client does not obtain proper documentation from the start, including a FULLY completed application and if need be personal guarantee and the checking of references because the client does not want to ruin the warm fuzzy feeling of getting a new client with the aspects of a business. alot of times the client realizes too late that their documentation is incomplete. In addition, a client should never allow a customer to go beyond agreed upon credit terms or to do additional work if bills are outstanding beyond the credit terms.

 

H. Joshua Chaet
Chaet Geleerd LLP
Chicago IL 

 

A: If nothing unusual happens and you are dealing with a customer on a regular basis, I still believe that a yearly reminder to them to provide you with any changes that have taken place that were previously reported on the credit application that they have provided you. I think it is imperative to watch for any warning signs as to a change in pattern with any client no matter how long they have been a customer. If you receive an unusually large order or the frequency of orders changes dramatically, that is a signal that something may be changing and that you should start doing some checking as far as a credit update whether that be through a third party or a request to the customer. Obviously, if there is any change in payment pattern such as promised payments that are not arriving, payments arriving substantially later than in the past or any type of NSF check, immediate action should be taken to check and update credit history. I think it is a good idea to do a credit check on any customer that has any substantial business or outstanding balance even if they are current every six months just to make sure that no substantial change has taken place such as a judgment, pending lawsuite, or tax lien. You always know your customers the best but have a tendency to believe the best about them under any circumstances. Be aware of the warning signs that things are changing and be prepared to verify that the credit that you are granting and the protections that you have obtained in the past are sufficient under potential changing credit circumstances. 

 

William A. Rinehart

Rinehart, Scaffidi & Mathews

Milwaukee WI

 

A: If the customer is paying within terms, no overdue's and no slow pays, then you do not need to review often. If it is a large balance customer, i.e. pays within terms but has large invoices you may want to do a periodic review for continued good credit.

 

Any time a customer starts slowing down, pays erratically or places unusual orders an update should be done.  If the customer always runs $1,000 per month in purchases but suddenly goes to 15,000 in orders, it should be reviewed.

 

Other hints that there should be a review:

 

Changes in billing or shipping addresses

You receive credit check requests from other vendors or competitors

Changes in personnel that you deal with

Changes in ownership

Changes in payment methods,  unusual banking changes or change to paying by credit card.

Returned checks

Sudden disputes in quantity, quality of delivery shortages

 

Mark Lindner 
Lindner & Associates PC

Needham MA 

  

AThe answer to the question depends on the Credit Department's level of comfort.  Many businesses will not update credit profiles of their customers unless alerted as to a change of ownership or when payments stop coming in.  A yearly review of all customers would probably be a best practice item.

 

A regular audit of the customer base would make sense.  A seller of goods or services might take the opportunity to dovetail in a marketing pitch for new products.  The gathering of a customer's information could be conducted by a salesperson, instead of the Credit Department.

 

Elliot M. Portman
Roe, Taroff, Taitz & Portman 
Bohemia NY

  

A: The answer is "it depends." It depends upon the industry you're in, the economic trends in your industry, and what you hear on the "street" from other customers and vendors. When business is down you should keep a closer look at your customer base. Are customers paying pursuant to terms? Are they paying in full? Any law suits filed against them. Check industry resources, like PICB, for information. Have a thought out credit policy in place.           

 

 

Credit applications should be updated every couple years or so for possible deficiencies, for example, verifying bank references and account numbers, street addresses, phone numbers, personal guarantees, names of officers, and tax ID numbers. You should also request financial statements. This information could be critical if suit is necessary.

  

Jay C. Scheinfield, Esq.

Upper Darby, PA

 

A: Probably six months or so - if we have copy of check, periodically verify availability of funds.

 

Terry Zimmerman, Esq.

Akron OH

  

A: You should update the application annually, even if that means just having the customer initial it as unchanged. I don't have an opinion on credit reports.

 

 

John Plovie

Plovie Law Firm

Redmond WA  

 

A: At least once a year and, when there is any significant change with the account, such as, paying later than usual, major increase in orders size, and frequency, adverse rumors, bounce check, unwarranted complaints.

 

Joseph A. Marino, Esq.

Clifton NJ

LET PICB HELP YOU BE AWARE!


COLLECTION SERVICES: PICB is the Graphic Art Industry's dedicated credit and collection agency. With more than 35 years of experience helping printers get paid from slow and non-paying customers our expertise will earn your respect and gain your trust. Our rates are below industry averages but our results are superior.


RESOURCES: PICB's web portal to government websites that provide real-time, free information that can be helpful when determining a customer's stability or viability. These sites provide users an ability to verify business registrations, civil records, lien information and much more.


DUE DILIGENCE REPORTS: When you don't have the time to review the information provided by the customer, PICB will do it for you. Our reports are compiled the old fashion way of 'hands on' extensive research while using the 21st century tools to maximize results.


RISKEE BUSINESS: PICB's free service that provides unlimited access into our extensive database to determine if a potential customer is already known to PICB.
In This Issue
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DEWEY CHI'TING
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KREDIT KARMA
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UNCOLLECTED

JUDGMENTS FEBRUARY 2013

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GO TO 

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EMORY LITHO OF NASSAU LLC 

NY 

 

FIRST FRUITS BEVERAGE COMPANY  LLC 

VA

 

CHRISTOPHER NICHOLAS CAMPOS D/B/A CAMPOS SCHOOL PORTRAITS

NM

 

 

JEFFERY SAMUEL PERRY D/B/A/ CHICAGO SALON & DAY SPA

IL

  

GREGORYS FURNITURE & MATTRESS LLC

 NJ 

 

ALEC W BOWERS D/B/A DIAT CONCEPTS, LTD 
IL
 

 

CMY&K ADVERTISING

 NY

 

CMY&K PUBLISHING

 NY

 

DALE JASLOVE IND D/B/A HEALTHCARE CONSTRUCTION

 MI

  

FRANK FINOCCHIARO INDIVIDUALLY & T/A LBT SYSTEMS & LBT SYSTEMS INC.

 NJ

 

HI INDIA, INC.,

 IL

 

HIGHER STANDARD ENTERPRISES INC D/B/A I TOUCH PUBLIISHERS.COM
NC

 

HIP HOP WEEKLY
ENTERTAINMENT, INC
FL

  

HOME VIDEO STUDIO, INC

IN

 

HOMETOWN HEATING & COOLING INC AND RICHARD E FOX INDIVIDUALLY

 NY

 

INDIAN HILL SYSTEM INC AN IL CORP AND ROBERT KELLY D/B/A
IL

 

JILL MORGE

NTHALER FOR CONGRESS
IL

 

JIM WEEMS D/B/A
J PRINT SERVICES
ID

JOSEPH D RINDER INDIVIDUALLY AND D/B/A BELTONE HEARING AID CENTER

 NJ

 

KARRY MATHESON INDIVIDUALLY AND D/B/A MATHESON CUSTOM PRINT

UT

 

KENMAR STATIONARY

 NY

 

KRISTYS MOORE A/K/A KRISTYS WAGGONER D/B/A ORION PUBLISHING
CA

 

LESTER BAFIA INDIVIDUALLY AND D MEGA FORCE PRODUCTIONS, INC

 IL

  

LISA DOTE INDIVIDUALLY AND D/B/A G GRAPHICS AND D/B/A PRINT THIS

 IL

 

NORTHWEST 

BINDERY INC
MN

 

NEW YORK FURNITURE GALLERY, INC.

NY

 

PET ENTHUSIAST PUBLICATIONS INC
NE

 

PHILIP D CHRIST D/B/A GREAT IDEAS
NY

 

PHILIP BASILE D/B/A P&M GRAPHICS
NJ

 

PHILIP BASILE D/B/A MINK INC
NJ
 

 

PINATA GRAPHICS

 IL

 

 PLAN A DAY ENTERPRISES LTD

D/B/A

THE DAILY PLANNER

NY 

 

POL-MED CO AN ILLINOIS CORPORATION

IL

 

POWER SPORTS FACTORY

NJ

 

PREMIER PRINTING

IL

 

PRINT PARTNERS LTD

IL

  

REACH MARKETING SOLUTIONS LLC

GA

 

RICK VETKOS DBA

BELTONE OR 

OR

  

RODD MURPHY DBA

RODD MURPHY & ASSOCIATES

NY

  

RON CARTER INDIVIDUALLY AND DBA SOUTH STREET JOURNAL

IL

 

RUMORS ON GRAND, INC. A DISSOLVED CORP. & KATHLEEN M VOGT AKA KATHLEEN TEWS

IL 

 

 

 

 
 
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