Are We All Only Bricks In The Wall?

Hardened credit criminals will construct obstacles to prevent a creditor from getting their money back, and how these situations are handled will determine how impenetrable the Con’s wall may become.

Be a Brick Breaker not a Brick Layer

Creditors who are owed money need to recognize the difference between the ‘deadbeat, credit criminal’ and the ‘financially impaired customer,’ who previously had been a good revenue source but is now a slow-pay or no-pay customer, as each must be handled differently to maximize your potential money recovery – Troubled customers will negotiate while the criminal will lie, cheat, and steal

Credit grantors who know how to act appropriately to each scenario increase their potential to recover money owed. When you believe the problem to be a ‘troubled customer’ who needs assistance to make good on the debt due, make payment arrangements and stay proactively engaged with this customer until the debt owed is paid. Make sure all terms are stated in writing including the consequences should the Customer fail to do as agreed. Should non-payment be attributed to what you now believe to be a con, this becomes a far more complicated and professional assistance should be sought as every action taken can become another brick in what could easily become an impermeable wall.

PICB’s 1-2-3 rule to Brick Removal

1 broken promise can become a habit if not immediately addressed firmly.

2 maximize recovery stay connected and in touch with timely follow-ups.

3 x’s is never a charm – if the customer is making and breaking promises take action!

CHALLENGE QUESTION

A recent Con tried constructing such a wall when a line of credit was requested from one of our clients. The printers gut instinct shouted ‘something isn’t right’ and they sought PICB’s assistance before they granted any credit terms.

Our Credit Risk Assessment (CRA) revealed this so-called customer was using a VOIP phone system that allowed his location to be concealed which was further complicated because the so-called address where he claimed to be located was a mail box drop. We also discovered that the domain recently purchased by this credit criminal was so similar to a well-respected and legitimate business that those who were caught off guard and who granted credit became instantaneous victims to this criminal’s wall of deceit.

So, now that you know – are you a brick maker or a brick breaker and how would you demolish this wall before you were forced to breach it?