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HOW TO DETECT AND PREVENT BUSINESS CREDIT FRAUD WHAT TO DO WHEN YOUR DEBTOR THREATENS TO FILE BANKRUPTCY THE CREDITORS BEST WEAPONS AFTER A JUDGMENT TIPS FOR DETERMINING HOW LONG TO HOLD ONTO YOUR DELINQUENT ACCOUNTS THE CLIENT'S ROLE IN SETTLEMENT NEGOTIATIONS KNOWING HOW FAR TO PUSH YOUR DEBTORS HOW TO HANDLE YOUR EARTHQUAKE AFFECTED DEBTORS CREDITORS CAN LEVY ON THE BANK ACCOUNTS OF A DEBTOR'S SPOUSE EVEN IF IT IS A SEPARATE ACCOUNT DEBTORS CAN NO LONGER SKIP OUT OF THE COUNTRY TO AVOID CREDITORS HOW A LIMITED LIABILITY COMPANY AFFECTS CREDITORS SPIWAK & IEZZA'S FIRST ANNUAL GOLF TOURNAMENT `A HUGE SUCCESS' THE DANGERS OF ALLOWING A DEBTOR TO PLAY THE CREDITOR AGAINST THE CREDITOR'S ATTORNEY THE COURTS GIVE CREDITORS A POWERFUL NEW WEAPON TO FIGHT DEBTORS THE MOST COMMONLY USED DEFENSES BY PERSONAL GUARANTORS, AND THE WAY TO BEAT THEM |
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HOW TO DETECT AND PREVENT BUSINESS CREDIT FRAUD By: Lisa E. Spiwak Unfortunately fraud is extremely prevalent in business credit today. One reason for this is that in this tough economy, many businesses are so eager to make the sale, that they do not perform as thorough a credit check as they should. Another reason for an increased amount of credit fraud, is due to otherwise honest individuals "fudging" on their credit application to make sure they are extended the credit they need to keep their business running. However, there is something that credit professionals can do to prevent this fraud. First, they can be on the alert for phony references, unsolicited orders and rush orders. Take the time to call the credit references and do not be bullied into rushing a shipment of goods. Do business on your terms! Next, when checking those references, watch out for numerous references in the same geographical location, references that give extremely favorable reports or references that are very impressive sounding. Most importantly, you must remember that as much as you want the sale, if the account is going to go delinquent, you are not only going to be out the money, but also your merchandise. Take the time that is necessary to prevent credit fraud by a thorough investigation at the outset of the relationship. If the customer is giving you pressure to rush, then you just got your first warning sign of trouble. Listen!
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