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September 1999 NewsletterThose Were the Good Old Days . . . Or Were They?In celebration of the 75th anniversary of the Ann Arbor Credit Bureau, we wanted the Big Boss to share his memories of days gone by. This being his 39th year as an employee, we knew he'd have lots to share! Well, in 1960 things were much smaller, simpler, and less regulated than they are now. Our staff consisted of 2 people. Two of us are still here. Some of my duties were to call on clients, and market our excellent results - our recovery percentage was 50%! We were the exclusive collection agency for both St. Joseph Hospital and the University of Michigan Hospital. I also was the only one making outside collection calls to assist debtors to find a way to pay their delinquent accounts. Because of our great collection success, our business grew rapidly, requiring a large increase in staff. Even though we had state of the art equipment for the time, it consisted of dial phones, manual typewriters, and adding machines. All of the individual debtor files were paper envelopes filled with hand written notes revealing the steps taken to collect, including letters, demands, skip-tracing, telephone calls, law suits, garnishments, etc. We had so many paper files that when we converted to computers in 1985, in order to protect the privacy of those individuals involved, we decided to burn the old out-dated paper files. But where? The only furnace large enough was at St. Joseph Hospital. Our friends there made it available to us on the weekends. It took pick-up trucks and seven weekends to complete that task. In reminiscing about my over 50 years in the collection industry, I most enjoyed the one-on-one conversations with people. It was thrilling to speak to people while skip-tracing, a challenge to persuade a reluctant debtor to pay up, and a very rewarding experience in helping our excellent staff to become even better in their responsibilities.
Robert Barden, Sr. Credit Report FactsThis is the first in a series of articles from guest author Manya D. Otis, Chartered Financial Consultant from Financial Services & Seminars in Jackson, Michigan. She will be discussing the importance of credit reports in our lives. Access to your credit file is strictly limited. A credit report will only be furnished in response to a court order, your written request or to someone in connection with the evaluation of a credit transaction, employment, underwriting of insurance or other legitimate business need. If you are trying to establish a credit history for the first time, as many college students, recent graduates, and non-working spouses must do, start by opening savings or checking accounts in you own name. Next, apply for a department store or oil company credit card. Another option is to enlist someone to co-sign or guarantee a loan for you. Many creditors will lend to first time borrowers only if the loan is guaranteed by someone with an established credit history. It is important that this loan be repaid promptly or even paid off early. If a lender refuses to grant credit as a result of an unfavorable credit report, you have a right to the name and address of the issuing agency. Although the credit bureau is not required to provide you with an exact copy of your file, it must at least give you a summary of it and help to interpret it. Manya D. Otis Next month: Correcting your report. Year 2000 Emergency Preparedness Phone NumbersAs the end of 1999 fast approaches, Credit Bureau, Inc. continues to prepare. Most of our Y2K equipment testing and research is complete. We have purchased equipment where needed and it has been installed and is working successfully. For those customers who are leasing equipment, have purchased software, or are sending us information via electronic data transmission, you have been contacted and upgraded as needed. At Credit Bureau, Inc., we are now ready for last quarter 1999 phases of our Y2K preparations. This includes, but is not limited to, providing you our customers with Y2K emergency contact numbers and information. This is a precaution as we are all uncertain about what the turning of the clocks on December 31 will bring. If you are trying to access credit files, contact our collection divisions, or need to speak to us regarding any concerns, call your local credit bureau at the numbers listed below. If you need to contact us and are unable to reach us by your regular phone system, please contact us via our wireless emergency number also provided below. Please post or provide these numbers to your staff in all divisions and branches that you feel apply. PLEASE POST THESE IMPORTANT EMERGENCY NUMBERS OF YOUR LOCAL CREDIT BUREAU AND YOU WILL BE PREPARED FOR 2000.
Credit Reporting Collection Division Wireless Emergency 734-645-2542 all offices/all divisions |
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