Debt Collection 101: Episode 12 – Why Should Collection Agencies Report to Credit Bureaus?

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Gon na be talking about credit reporting Spencer: Yes Alex: And why you need to do it Spencer: Yes so why it'' s essential Alex: And who ' s gon na tell us why Spencer: Oh terrific question Alex we have a.
very really unique for everyone everybody Arbeit'' s own Jason Stroehlein, the.
Alex: Smaller companies I wear'' t believe they do perhaps they can ' t afford it, I put on ' t know. Jay: Yeah I suggest I believe it ' s essential to report to the credit bureau. There ' s a couple different reasons first
and foremost I think believe it makes. Spencer: If you collect on trainee loans and see my name just delete and it'' s been purchased and.

Video Transcript:

https://www.youtube.com/embed/aeZbxNSpHzU Alex: Hey everybody it'' s Alex and Spencer again welcome back to another episode of Debt Collection 101 on Arbeit U.
Spencer: Yes wow what a terrific excellent episode we have for the folks in the house today. Alex: Ya today we'' re. Gon na be talking about credit reporting Spencer: Yes Alex: And why you need to do it Spencer: Yes so why it'' s crucial Alex: And who ' s gon na tell us why Spencer: Oh great concern Alex we have a.
very extremely unique visitor everyone everybody Arbeit'' s own Jason Stroehlein, theVery first
Jay: Hey everybody, hows it going? Alex: So um, they didn'' t respond Spencer: Yeah they said it was going they said it was going excellent Jay Alex: So this is Jay'' s very first episode Spencer: As you can inform Alex: Yeah rookie Spencer: He'' s not a skilled vet like the two people Alex: So Jays been in, Jay offer a quick background.
Jay: So I'' ve been in the industry because 99 I'' ve owned and operated my own.
companies I'' ve also worked for numerous major companies in the market and I did.
some company with Arbeit prior to coming here and knew the item quite.
well so chosen to take my chances on the supplier side and I'' m pretty.
excited about it Spencer: Yeah and you just got back from the Keys right Jay: I did I was.
in the Keys of a weather condition was lovely for the most part you know get some.
a bit of free time but mostly business and did well down.
there I satisfied a lot of people and I'' m actually excited about how that'' s gon na. Work Spencer: So one of the things you tell people all the time on the phone.
is the value of credit reporting appropriate Jay: Yeah I believe credit reporting.
is a major significant part of our industry we are in Alex: So why should a firm report to credit bureaus? What advantage are they getting? Spencer: For the folks at home.Alex: I seem like a lot of smaller firms wear'' t Spencer: They don'' t understand why.
maybe. Alex: Big companies, they do right I indicate the excellent one, smaller one Spencer: Which is a.
point right, the good firms are, the huge firms are doing it.
Alex: Smaller agencies I put on'' t think they do maybe they can ' t manage it, I wear ' t know. You did it'? Jay: Yeah I mean I think it ' s important to report to the credit bureau. There ' s a couple various factors very first
and primary I believe that it makes. If the debts, it simpler for the customer to really find the debt particularly. When people are purchasing it or buying it from that, changing hands multiple times.
specific individual so it makes it the debt easier to find which'' s just. I think an essential aspect Spencer: And'that ' s like something like the majority of people wear ' t. think of best however like I get call all the time for individuals attempting to.
pay me like random things right like you Microsoft has actually expired pay $100.
Now like given you can go online and now if you look like on your credit.
report it'' ll say who owns that debt so you understand precisely who to pay that debt and call to.Alex: Right I imply I know people that buy financial obligation and that'' s all they do
is purchase. debt and after that place it out and they report to credit bureaus and they'' ve essentially.
started their own internal firm off of it so it'' s simply constantly producing. Since individuals inspect their credit undoubtedly they pay it, profits inbound calls.
Spencer: Yeah you understand, you get a brand-new automobile, brand-new house you'' re continuously inspecting the credit.Alex: So.
yeah if even if you'' re not firm owner and you'' re a financial obligation buyer thats something you should. probably do before you'' re putting it out there because it'' s, you simply you understand. cherry pick Spencer: Yeah it'' s in fact simple it ' s like low hanging fruit Jay: So yeah and.
it'' s really terrific now there'there ' s a lot of companies out there that enable. these even small-time financial obligation purchasers to go on and manage the credit reporting.
and things like that like e-OSCAR'' s out there now and e-OSCAR will help you.
handle disagreements and things that are happening that are continuously occurring.
when you'' re acquiring debt.Alex: Right so there is that'' s another maybe that '
s. another thing that frightens some smaller companies from doing it is.
there'' s a whole legal side to it ' s an entire other can of worms that you'' re. opening when you begin reporting to people'' s credit and I suggest so you ' re. certainly gon na want to talk to someone about that a professional it'' s. not something I ' d say simply do by yourself I think you should probably find a supplier.
or an attorney to talk with about that for sure however yeah I believe general it'' s. it ' s certainly Spencer: And the larger you get the more difficult it is just to do that on your.
much better Jay: And when customers are wanting to really buy large things like.
cars and trucks and houses you understand, the possibilities of them taking a look at their credit report and going.
after and assaulting the collection and the credit element of their credit.
report first so that they can go out make those terrific purchases, you know.
it'' s extreme essential Spencer: And that'' s a terrific point since that'' s a simple thing to address right so.
I just purchased a car however I indicate very first thing you do is inspect your credit you wish to.
see what'' s there and if you have'a ding you,
it ' s like a hundred bucks even you. can pay that off and report and get the ding removed Alex: Yeah I indicate this is.
this is probably among the most significant pieces of utilize that I believe a.
debt collector has on a consumer to get them to pay is putting it on their.
credit report Jay: Yeah absolutely and even on the on the consumer side the consumer.
has a lot more access to the Internet things like Credit Karma are out there.
and Credit Karma'' s actually one of the very best tools that I'' ve ever seen it ' ll. in fact email you and tell you, “” you understand what you got a struck on your credit report.
this is what it is”” Alex: Yeah especially with I suggest, you said earlier, financial obligation.
altering hands a lot I indicate if I'' m a customer and I maybe had.
a couple hard years or something first thing I seem like I'' m gon na do when I go.
to try to return up and running and on my feet is to check my credit and.
simply start paying things off on my credit because if it'' s not impacting my.
credit at that like I'' m not truly its not the concern for me Spencer: And my trainee.
loans have been purchased and sold a lot of times Alex: so you are a debtor, huh? Spencer: If you gather on trainee loans and see my name just delete and it'' s been purchased and. sold numerous times that the individual I initially took the loans out from no.
longer owns it so it sees like I indicate I don'' t default however if I did I could.
track that down.Jay: It'' s. really excellent for you to be able to go and understand who you'' re attacking to.
try to pay, you know that might alter hands a number of times so Alex: All.
right Spencer: So yeah that concludes our episode Alex: Thanks for watching, if you have any pointers on.
credit reporting, how, what your method is like, companies you use, comment Spencer: And feel.
complimentary to pick Jay'' s brains.Call him anytime Alex: Brain Spencer: Brain, thank you for fixing that I dont believe anyone would have seen. Picking his brain, call him. Thanks, see ya. As found on YouTube – Creative Commons License.

License: Creative Commons