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Dec 01 2010
Credit Line Newsletter
December 2010

In This Issue
- Make The Sale With a Joint Check Agreement
- FCRA Risk-Based Pricing Regulations
- The Check Said "Paid In Full" but it wasn't!
- Fraud Attempt Foiled

Looking Ahead

Dec 7 - FREE Credit Report & Industry Group Training

Dec 9 - ICEL December Meeting
Jordan High School Bell Choir
Candy Cane Corner Charity

Jan 10 -  New Year, New You--Knowledge PAYS! Spring Semester begins January 10, 2011
 Class schedule

Jan 13 - ICEL "Work & Life Balance," Sandra Negley

Feb 10 - ICEL "Credit According to Malcolm Gladwell"

Mar 2 - Credit Boot Camp

Mar 10 - ICEL Economic Update with Dr. Aric Krause

Apr 8 - Stockholders Meeting & Dinner

May 22-25 Credit Congress & Expo Nashville, TN

Why should I submit potential members to NACM?"

Help gain information on your customers. As a member, their information could help build the database on your customers as well not just a one- way street. more Info



Make The Sale With a Joint Check Agreement

by DeAnna Leahy, CCE, Sunroc Corp

In the construction industry the use of joint-check agreements is a common practice. A joint-check agreement allows a general contractor to make payments to both the subcontractor and a third-party, usually a material supplier, who has provided materials to their project. A joint-check agreement may also be issued by an owner to a general contractor and a subcontractor.

The use of joint-check agreements can minimize the risk of funds being diverted from their intended use by helping to ensure that the money is properly distributed to pay subs and suppliers down line. A joint check can therefore provide added assurance to a material supplier that the materials on that project will be paid for, by reducing the chance that the subcontractor will use the proceeds from a project to pay other unrelated obligations.

Here are some tips that I have learned over the years in relation to joint checks and joint check agreements: View full article

FCRA Risk Based Pricing Rules go into Effect Jan 1st.

by Scott W. Lee, JD, CCE, VP NACM BCS

Some of you may have heard that the Risk-Based Pricing rules go into effect January 1, 2011. I've received panicked calls from a few members asking what the rule is and what they should do to comply.

The rule deals with giving notice to your customer regarding whether he/she is getting your best credit terms: 1) It won't affect a great number of you so this article is intended mostly to put you at ease, and 2) The purpose is to complement the adverse action notice of the FCRA and improve the accuracy of consumer reports by alerting consumers to the existence of negative information on their consumer reports. View full article


The Check Said "Paid In Full" But It Wasn't

by Duane Burnett, JD, For-Shor Company

Your credit department cashed a check that said "paid in full" but it wasn't. What are our options?

What if I receive a perfectly good check with the restriction PAID IN FULL?

1. Accord & Satisfaction
     a. An accord is an agreement
     b. A satisfaction is the execution of the performance

An accord and satisfaction is a method of discharging a claim whereby the parties agree to accept something in settlement of the claim and perform the obligation.

A valid accord and satisfaction completely discharges the obligor's existing duties and constitutes a defense to any attempt to enforce claims other than such duties.

Can a person in Utah deposit a check "paid in full"; write under protest or cross out the words "paid in full" and thereafter bring an action for the unpaid balance? NO. View full article

Fraud Attempt Foiled

by Georgette Bevan, CCE

One of our members recently received a telephone order. A man ordered truck parts, gave credit card information over the phone, and stated he would be in to pick up the parts. He called back the next morning and asked that the parts be shipped to him instead. Credit card authorization forms were faxed to him, but when they were returned, the card numbers, billing address and shipping address were all different than what he provided the previous day.

Something is not right here! Could this be fraud? A quick call to the credit card company confirmed the card numbers he gave did not belong to him.

Bad debt avoided by making a phone call - $2,500.00.

Satisfaction in doing the job right - Priceless!