Collecting Past Due Accounts - The Threat of Bad Credit
by Jim Finucan
Published on this site: December 23rd, 2005 - See
more articles from this month
Businesses, which are members of credit bureaus, report their
delinquent debts to those bureaus. Such delinquencies stay
on the debtors credit report for seven years. That can be
a financial prison sentence. You can use this fact as a powerful
tool in your collection attempts. If the debtor is a young
man who seems to have a lax or indifferent attitude, ask him
if he expects to apply for an auto loan in the future. Hiss
response will dictate the direction you take the conversation.
"Are you concerned about your credit being affected
by this bill?"
"No."
"Mr. Jones, would you agree with me that a person's
credit says a lot about who they are?"
"Not really."
"Well, that might be easy to say now but I can't count
the number of times I've had this same conversation with someone,
only to have them call me up months later complaining that
it's my fault they can't get the home or car loan because
this bill is affecting their credit rating. You're an unemployed
student now, but when you're ready to apply for a job, they
could run a credit check on you and then ask you why you don't pay your bills."
Now, while your words are having an effect, dun for the balance
in full. If things go quiet say something like:
"Paying this $918 could be the best money you ever spent,
as an investment in your own future."
This credit dun doesn't always work. Some people just don't
care. If it isn't working take another track. Try and find
something else that will hook the debtor into paying the bill.
You must move and move decisively to find the debtor's weak
spot and then use that opening to achieve your goal.
Jim Finucan knows all about the dances, dodges and
delays debtors will try to pull. Let Jim show you how to double
or even triple the money you collect from your accounts receivable.
Check out his unique collections manual "Past Due."
For more information visit: http://www.tiare.com/pastdue.htm
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