In the newest installment of Ask APR, Jeff DiMatteo answers the question of “Why should businesses and collection agencies report late paying customers to a credit bureau?” DiMatteo explains that the answer is simple.
-Reporting seriously delinquent accounts to a credit bureau can increase the chances of businesses getting paid. Consumers are always looking for ways to protect their credit scores. If a consumer knows they are going to end up with a negative entry on their credit report it is more likely a consumer will take extra steps to resolve that debt.
-Many individuals fall on hard times and it takes several years to meet financial obligations. When consumers are looking to clean up finances they find many items on their credit report that are unpaid. Reporting to a credit bureau can be a long-term solution for business searching for money owed to them.
-Some collection agencies, like American Profit Recovery, report to the credit bureau directly, making it easier on the client. After an agreed upon time frame the collection agency can have input on when to contact the credit bureau, and this agency’s customers take solace in knowing that at least something is being done about their debt.
“We’ve found many collection agencies don’t report to a credit bureau, leaving out an important step in the collections process,” says Jeff DiMatteo, partner at American Profit Recovery. “We’ve found that reporting late accounts increases our customers chance of getting paid on time and provides peace of mind when accounts go dormant.”
For more information including an educational video, click here: http://www.americanprofit.net/
About American Profit Recovery:
American Profit Recovery (APR) is a collection agency with offices in Massachusetts, Michigan and North Carolina. Founded in 2004, APR specializes in the collection of third-party debt in industries such as medical/dental, banking, trades, lawn care and other professional services. With early intervention and a strong focus on ethics and diplomacy with consumers, APR works hard to preserve the relationship between client and consumer with an ultimate goal of keeping the business relationship intact. The firm serves approximately 3,500 clients nationwide. American Profit Recovery and their team have earned many awards including Best Places to Work in Collections and Most Influential People in the Collection Industry. 800-711-0023 http://www.americanprofit.net/
33 Boston Post Road W., Suite 140
Marlborough, MA 01752