I have been working on updating the site. New feel and format.
I have also added a contribute page. This way anyone can contribute some of their recollections of the collections industry over the years.
I think ancedotes or stories that are good to be published would be great. Older the better.
I will be adding fields for the decade, and tags/subjects too. Please specify this if you wish to submit. This is a conversation, so the more feedback or input the better to get the whole thing rolling.
Seems the origin of the word ‘Dunning’ is more obscure.
Let me know if you have any more info.
“How did the accounting term dunning as in dunning letter originate? Was it named after someone? I was in an accounts receivable class last week and no one knew the answer. I swore I would find out.
If you “swore” to find out, you must have a lot of faith in us. We won’t let you down. The word dun means “to make repeated and insistent demands for payment” and it dates back to the early 17th century, at least. It is thought to be an alteration of the Old English verb din “to sound, ring” and/or the noun din “a loud noise which stuns or distresses the ear”. You can probably see the sense here: one who makes repeated demands for payment is likened to making a din, at least in the ears of the debtor. Din comes from the Indo-European root dhwen- “to make noise”.
There is the suggestion that dun may derive from someone’s name. Consider the following:
“The word Dun…owes its birth to one Joe Dun, a famous Bailif of the Town of Lincoln…It became a Proverb…when a man refused to pay his Debts, Why don’t you Dun him? That is why don’t you send Dun to arrest him?… It is now as old as since the days of King Henry the Seventh” (1708).
However, there is no evidence to support this assertion.
Interesting discussion around dunning the other data. Apparently related to the Dunn company.
Info on Dunning below.
Dunning is the process of methodically communicating with customers to insure the collection of accounts receivable. It follows the process that progresses from gentle reminders to almost threatening letters as accounts become more past due. SAP has automated this process. Law in each country regulate the form that dunning can take. It is generally unlawful to harasss or threaten consumers. It is ok to issue firm reminders and to take all allowable collection options.
via Dunning.
This was on BNN today. Interesting concept
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Carfinco is Canada’s leading specialty finance income Fund. We provide vehicle financing to consumers who are not able to obtain it from more traditional lending sources. Carfinco purchases loans made by select independent and franchised vehicle dealers in most provinces of Canada.
Carfinco is an Income Fund listed on the Toronto Stock Exchange (TSX). Our trading symbol is CFN.UN. Our head office and credit/collection center is located in Edmonton, Alberta.
This graphic shows average debt categorized by email provider. Average age for Gmail users is 33 and 47 for Comcast.
The use of data and analysis in collections has come a long way. The best collectors not so long ago would rely on the magical powers of knowledge and instinct to determine the accounts that were the most apt to pay and, if so, how to best secure payment.
The days of believing that collecting is purely an “art” are long gone. Of course, many collection floors still have one or two old-school legends lurking in cubicles, forgoing the best-planned treatment strategies to don blue tights and a red cape with a giant “C” – for “Captain Collector” – patched on. These collectors are wasting time and money with no return on investment – and it’s your dime.
It’s a new era. If your organization leverages data effectively and crafts the appropriate segmentation and treatment strategies based on empirical data, then your caped collections hero is leading you astray.
via Collections & Credit Risk – Lessons In Portfolio Management – PaymentsSource Article.