***PICB*** PRINTING INDUSTRY CREDIT BUREAU ***PICB***
WHERE'S THE MONEY?
PICB'S PERIODICAL DEDICATED TO MAINTAINING PROFITABILITY IN THE GRAPHIC ART INDUSTRY THROUGH GOOD CREDIT POLICIES
PRINTING INDUSTRY CREDIT BUREAU 
(847) 265-0400
ISSUE # 1
NOVEMBER 2011
CREDIT TIP LOGO
DID YOU KNOW?: That granting credit is like building a home? The stronger the foundation on which we build now, the better the home's ability to withstand trouble in the future.

 

Did we learn the lesson behind the children's fable, 'The Three Little Pigs'? The pigs failed 66.6% of the time because they sacrificed quality for quick results. The impatient pigs quickly became the big, bad wolf's meal du jour.

 

Could your business survive if two out of every three customers failed to pay their bills?

 

Businesses that have a solid foundation to their credit granting policies suffer fewer losses, have stronger cash flow, and exhibit a strong propensity to grow. An effective policy begins with the credit applications and agreements that a good business uses on a regular basis.

  • Credit applications should provide your business enough customer data to verify the stability, viability, and inclination of a business to pay the bills on time.
  • Credit agreements provide defined contractual obligations that will determine what credit lines will be provided (if any), how credit lines will be maintained, and the consequences should the terms be violated. 
Printing Industry Credit Bureau helps you to avoid the big bad wolves of the business world, just waiting to huff & puff you out of your cash.
DEWEY CHI'TING
LARSON  NY
 CARTOON NOVEMBER
 
ASK AN ATTORNEY
 
Q: WHAT IS THE ONE REQUEST YOU WOULD MAKE OF YOUR CLIENTS IN REGARDS TO GRANTING CREDIT TERMS?

 

A: After 25 years of practicing law and nearly the entire time in  collections, there is one item missing when the account comes to the collection attorney, "source of revenue". You might ask, what does source of revenue mean? The definition is, how and through whom is the debtor getting his income. When a potential customer comes to a credit grantor for an extension of credit, many credit grantors use a credit application.  However, the credit application fails to ask where the debtor gets income.  Some sources are obvious , but many are not.  Further, even for those that are obvious, more specifics are needed to assist collection counsel.  Moreover, since the customer is looking for credit, he/she is going to answer these questions truthfully in the hopes of securing credit.

For example, lets say your customer (now debtor) is a contractor.  While he/she makes his money from construction, there is more information that could help. Is the income from residential , industrial or commercial?  Does the contractor typically get permits?  Is the work seasonal? Do they do government work? What communities do they work in? How are they paid (progress payments or at completion)?

This information is critical to the collection attorney and increases the likelihood of collection. So before you grant credit, ask for the source of revenue and ask some follow up questions.  By so doing you will greatly enhance your chances of collecting should the customer become a debtor.               

Charles L. Litow

Litow & Pech, P.C.

Cedar Rapids IA

 

A:  I would have clients sign a personal guaranty that includes the following information:

  1. Social Security Number
  2. Copy of Drivers License
  3. Personal Banking Relationship
If the debtor refuses to sign the guaranty it is still helpful to have the above three pieces of information to assist in locating the defendant in the event suit is required.

 

Michael S. Baim, Esq.

The CKB Firm

Chicago, Illinois 

 

A:  DOCUMENT! DOCUMENT! DOCUMENT!

 

A well documented account is the key to a successful collection of receivables. A creditor is always generally the plaintiff in all litigation and the plaintiff always has the "burden of proof."  In a business receivable matter the documentary proof prepared and maintained in a diligent, systematic order places the plaintiff in a position of being able to present a primae facia case (a clear case in its favor on its face).  The documentation should include any and all invoices, monthly statements of account, copies of any and all documentation, correspondence, e-mails, etc. and copies of each and every payment made by the debtor.  Debtor's checks contain invaluable information of inestimable value in enforcing judgment, should the matter have to go to go that far.

 

Les Taroff

Roe Taroff Taitz & Portman, LLP

Bohemia NY

 

 

WHY WE EXCEL

  • COLLECTION SERVICES: PICB is the Graphic Art Industry's dedicated credit and collection agency. Our rates are below industry average and our results are superior. 
  •  

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

  • RISKEE BUSINESS: PICB's free tool that allows our clients unlimited 24/7 access into our database to determine if a potential customer was ever placed for collection with our firm.
  •  

  • RESOURCES: PICB's web portal to government websites that provide real time information for free. Look up business registrations, civil records, lien information and much more. Take advantage of sample letters and forms that are Word formatted to allow for easy downloads and alterations to meet specific needs. 


  •   
    In This Issue
    CREDIT TIPS
    DEWEY CHI'TINGa>
    ASK AN ATTORNEY
    WHY WE EXCEL
    KREDIT KARMA

    Quick Links  

    KREDITKARMA

    DON'T GET BITTEN TWICE

     ******************

    UNCOLLECTED

    JUDGMENTS 

    CCMP D/B/A BERYLMARTIN

    IN

     

    DBR ENTERPRISES INC & ANNA FREGRON AS PERSONAL GUARANTOR

    SD

     

    DESI TALK INC A DISSOLVED IL CORP & HEMANT BRAHMBHATT DBA

    IL

     

    DIRECT MEDIA MARKETING INC

    NE

     

    EWA KUCHINO D/B/A A TO Z MEDIA GRAPH A DISSOLVED IL CORP

    IL

     

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

    NC

     

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

     

    IL

    JILL MORGENTHALER FOR CONGRESS

    IL

     

    JIM WEEMS D/B/A

    J PRINT SERVICES

     

    ID

     

     

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

    CA

     

    LORI HUTCHINGS D/B/A KANGAROO CARDIO AND KENDRA MEEKER D/B/A KANGAROO CARDIO

    KS

     

    MBL COMMUNICATIONS INC

     

    NY

    NATIONAL FIBROMYLGIA ASSOCIATION

    WI
      & CA 

     

    NORTHWEST BINDERY INC

    MN

     

    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

     

    PLAN-A-DAY ENTERPRISES LTD D/B/A THE DAILY PLANNER

    NY

     

    POL-MED CO AN IL CORPORATION

    IL

     

    POWER SPORTS FACTORY

    NJ

     

    RODD MURPHY D/B/A RODD MURPHY & ASSOCIATES

    NY

     

    SANDESH PUBLICATIONS INC AN IL CORP

     

    IL

    SOUTH STREET JOURNAL INC AN  IL CORP AND RON CARTER D/B/A

     

    STEVE BONICA D/B/A    ROMANIAN

    TRIBUNE

     

                                                

     

     

     IL

     

     

     

     

    IL

     

     

     

     

     
     



     

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    SUBMIT YOUR QUESTIONS FOR

    OUR NETWORK OF  LAWYERS TO  PROVIDE EXPERT ADVISE TO

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    COMPANY WILL RECEIVE A FREE
    DUE DILIGENCE REPORT AND YOUR COMPANY NAME AND LOGO WILL BE PLACED HERE




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    PRESIDENT
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