This is an archive of the Process Redesign web pages - for historical and reference purposes only
Credit and Collections Policy
Revise policy for extending creditDue Date: 10/97
| Task |
By Whom |
By When
Start--End Dates |
Resources
Required |
Define philosophy & revise policy
Identify issues to be considered in defining Lane's philosophy re: credit policy. |
Kay Malmberg,
Marie Matsen,
Verne Whittaker,
College Finance Staff |
11/96 - 1/97 |
|
| Define a Lane philosophy of providing educational services as it relates to a student's ability to pay versus attending. |
Kay Malmberg,
Verne Whittaker,
Marie Matsen,
College Finance Staff |
1/97 - 2/97 |
|
| Receive endorsement of philosophy from Executive Leadership Team. |
Kay Malmberg,
Verne Whittaker,
Marie Matsen |
2/97 - 3/97 |
|
| Revise credit policy to reflect Lane philosophy. |
Verne Whittaker,
Kay Malmberg,
Marie Matsen |
1/97 - 3/97 |
|
| Identify criteria & alternativesObtain current credit policy to use as base, if applicable. |
Verne Whittaker,
Kay Malmberg,
Marie Matsen |
1/97 - 3/97 |
|
| Research and document legal requirements re: extending credit, including notification and disclosures to customers. |
Verne Whittaker,
Kay Malmberg,
Marie Matsen |
1/97 - 3/97 |
|
| Task |
By Whom |
By When
Start--End Dates |
Resources
Required |
Identify criteria for eligibility: type of student, customer
type of charges
minimum and maximum charge limits
past Lane payment experience
current credit history
student application for credit - CreditLine |
Verne Whittaker,
Kay Malmberg,
Marie Matsen |
1/97 - 3/97 |
|
Identify criteria for customer compliance:
down payment, minimum payment
interest and penalties
incentives for accelerated payment
billing cycles and payment due dates
payment methods
refunds
customer disputes and resolution
requirements (college and customer)
application of payments |
Verne Whittaker,
Kay Malmberg,
Marie Matsen |
1/97 - 3/97 |
|
| Identify alternatives to extension of credit, including:cash-only option,appeals,and special arrangements. |
Verne Whittaker,
Kay Malmberg,
Marie Matsen |
1/97 - 3/97 |
|
| Develop procedures for administrationDevelop written procedures for administering credit policy in a fair, consistent, customer-oriented environment. |
Kay Malmberg,
Verne Whittaker |
2/97 - 6/97 |
|
| Streamline Lane's procedures for bad debt write-offs and recovery of bad debt. |
Student Finance Team,
Verne Whittaker |
2/97 - 6/97 |
|
Revise consumer information
Revise consumer information in catalog, schedule and other sources of information to reflect the revised credit policy. |
Kay Malmberg |
3/97 - 4/97 |
|
Incorporate CreditLine applicaiton in admssions application
Incorporate CreditLine information into Lane admission application, coordinating with revision of application. |
Kay Malmberg,
Sharon Williams |
2/97 - 4/97 |
|
| Task |
By Whom |
By When
Start--End Dates |
Resources
Required |
Revise programming to support policy
Design and perform computer programming required to support the credit policy. |
Nick Cheshire,
Kay Malmberg,
Verne Whittaker |
2/97 - 6/97 |
|
| Evaluate & select credit agencyInvestigate feasibility of partnership with other financial institutions. |
Kay Malmberg,
Verne Whittaker |
2/97 - 4/97 |
|
| Evaluate existing collection agency relationships including cost and performance. |
Kay Malmberg,
Verne Whittaker |
2/97 - 4/97 |
|
| Gather information from other collection agencies and compare service and performance history to Lane's current providers. Recommend association with agencies who best meet Lane's needs. |
Verne Whittaker,
Kay Malmberg |
2/97 - 4/97 |
|
| Contract with selected collection agencies. |
Marie Matsen |
5/97 - 6/97 |
|
| Develop written procedures for regular, consistent monitoring and collection of delinquent accounts receivable to minimize accounts referred for collection to a professional collection agency. |
Verne Whittaker,
Kay Malmberg |
2/97 - 8/97 |
|
Assign responsibility to team
Assign responsibility and train Students First! Center Student Finance team responsible for collection of delinquent accounts. |
Implementation Team |
9/97 - 10/97 |
|
| Implement active monitoring and collection of delinquent accounts receivable, including referral to collection agencies. |
Student Finance Team |
10/97 - 10/97 |
|
| Assign responsibility for monitoring collection agency effectiveness on a regular basis. |
Marie Matsen,
Student Finance Team Leader Manager |
10/97 - 10/97 |
|
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