Current Newsletter
Collection & Credit Insights
May 2005
Volume 13.5
Our Referral Program
Have you heard? There really is a free lunch. Maybe you recall our article a couple months ago, or have noticed the fliers you have been receiving in your statements or correspondence from us about our referral program. Our first free lunch went to Metro Towing owner Larry Balone and his staff, who referred Campbell's Auto Salvage. Campbell's Auto Salvage then placed accounts and gave us another referral, Michigan Telephone & Data, who also turned over accounts. Consequently, both businesses won themselves a great lunch. Since this was the first winner, I of course had to be there to take pictures and sample the food. We ordered from the Rib Shack in Waterford and I must say the ribs melted in our mouths. It was a tough job, but I had to do it!
And yes, Michigan Data also passed on a referral, a company which I have met with, and am just waiting for their business so I can hand out yet another lunch.
This program is so easy, and what a great benefit! All you need to do is refer us to someone you think could use our services, have them mention your name (so we know where to deliver the lunch), and once they place accounts—lunch is served!!!
I would be remiss not to mention the winner of our “retroactive lunch.” Triangle Towing owner, Scott Snuverink, introduced us to the towing industry 4 years ago and was instrumental in helping us gain the tower's abandoned vehicle and towing accounts. It was an un-tapped market at that point and as many of you know—through many tweaks and a new law—it has turned out to be a win-win situation for all.
A big thank you to all our clients for the business you send. We truly appreciate your trust in our services and look forward to helping any others you would like to pass our way!
Debbie Hundersmarck, Client Consultant
Office Location
Ann Arbor Credit Bureau
(734) 665-6173
(800) 710-4821
Upcoming Events
Collections Seminar
October 27, 2005
Welcome to Our New Clients
- Cornell Properties LLC
- Grand River Dental
- Dr. Eduardo Enriquez
- Ted Zimmer
- James Rolland
- Advanced Media Services
The Ann Arbor Credit Bureau will be closed Monday May 30th in observance of Memorial Day. Our office will reopen Tuesday, May 31st for regular office hours.
Do You Know What Lenders Know?
Have you ever applied for a loan and received a higher interest rate than you expected? Or been turned down for an increase on a line of credit that you thought you deserved? Checking your credit report is like changing the oil on your car—you should do it regularly. This ensures you know exactly what's being reported about you. Did you know:
Lenders often determine your interest rate for a loan based on your credit score, which is directly related to information contained in your credit file.
Insurance companies often decide your risk category (which can affect your monthly premiums) based on your credit history.
More potential employers are requesting permission from applicants to perform a credit check. Employers often view your credit history as an indication of your fiscal responsibility.
Rebuilding your credit is not an overnight process. So it's important to begin managing your credit before you need it. Lenders and creditors want to see how you manage your credit over a period of time before making a decision about you.
Knowing what's on your credit report could pay off — literally. When it comes time to apply for a loan, knowing your credit standing could help you secure a better interest rate. And the lower your rate, the more money you'll save over the life of a loan.
Information is not shared between the three major credit reporting companies. Therefore, checking your credit file from one company does not ensure that the same information is contained in your other two files. When checking your credit files from the three major credit reporting companies, check for inaccuracies and dispute them immediately.
— Equifax Personal Solutions Feb. 2005 Newsletter
"Pre-collect Program Proves It's Worth!"
Recently one of our accounting clients turned over a claim for our professional collection followup. They had been struggling with the debtor for over half a year and had become frustrated with the lack of success. Now the client is asking us to do what we do best, to help them recover the nearly $10,000 that is owed. First they decided to take advantage of the pre-collect program. Smart move.
For those of you not familiar with our pre-collect program, here is how it works:
For a small fee, your debtor will receive one letter from the Credit Bureau on our letterhead. All payments and correspondence are directed to your office, as the account is not “in collections” yet. It is still your account and if you receive payment within 30 days there are no other fees involved. If you collect, just notify us, and the collection process will be stopped. If the account is not resolved to your satisfaction, the account will move into full-service collection without further delay.
So you get the benefit of Credit Bureau involvement without having to commit to a contingency fee for the early stages of the collection efforts. Pre-collect programs work with an automatic roll into contingency collection to provide a seamless transition to professional collections should the account warrant further action. The results for the client in this case are astounding;
1 letter sent —– account was paid
Total fee to client $2.70
In this instance you just can't argue with the value of this service. It is truly impressive: $10,000 recovered, and only $2.70 paid! If you haven't tried pre-collect or pre-collect with a call (a twist to our pre-collect program with the addition of a collector calling your debtor) you need to explore these and other services we may provide for you. We can't promise results like you've read here but surely you should find out for yourself just how effective our collection services can be.
Tom Oldani, General Manager
High Payment of the Month!
High payment honors go to Jon Kramer. He collected $2620.86 for a local sheriff's department! Great job, Jon!
People don’t care how much you know, until they know how much you . . .collect
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