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Credit Corner
With
Thomas R. McKee
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Newsletter
Date 10.09.2013
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Credit Education for Loan Professionals.
In This Issue: Basics of
negotiating with Collection Agencies.
Send these Newsletters to your Realtor contacts.
You’ll be amazed at how much business it can generate! J
Contact me personally:
Thomas R. McKee
New West Credit Consultants
4605 W. 39th St.
Sioux Falls, SD 57106
605-323-1316 office
800-900-7481 toll free
877-294-9562 toll free fax
Have
questions about a clients credit?
Simply
call us or email the credit report for a Free Analysis!
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Basics of negotiating with Collection
Agencies
These
simple tactics work on unsecured debt only, mainly credit cards to include
department store cards, medical bills and bounced checks. You cannot
negotiate on Liens, Judgments and other items.
Remember
you Always want to negotiate for removal of the item.
Even when you have a paid collection it
is still a negative mark on your report.
There are two
basic methods to negotiate with collection agencies.
First of
all you will want to negotiate with a manager, not some customer service rep
as they usually don’t have the authority. It’s also a good idea to only work
with them via written letters so you have a paper trail.
1)
Payment in Full. Let’s say you
have a $500 debt with an agency. Offer them $200 to settle the debt and to
have the item removed from the Big Three. They have probably only paid
pennies on the dollar so trust me, they are profiting.
2)
Set up a payment plan. If you don’t
have the cash on hand offer to make monthly payments of which you can afford
and make sure to get the agreement in writing! It can be a simple contract
that you write up which states that the collection is removed after the
agreed upon amount is paid in full.
Given the amount
of space we have in our Newsletter there is certainly much more information
that we could talk about on this subject. Thus we have only touched upon the
“basics”. If you have any questions feel free to contact me.
Yours in Credit Education,
Thomas R. McKee
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