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Are There Negative Consequences of Settling Collections?

GetAttachment[1]When negotiating debts, I always ask them to report the settlement as “paid in full” with a zero balance. Although I am reducing their debts to zero, which will help their utilization ratios, settling an old debt will change the date of last activity to the settlement payment date. What are the negative consequences of this and how can this be avoided? Most creditors/collection agencies have said they can’t remove the reporting because they must report the settlement? What are your suggestions?

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  1. Debbie Oliver says:

    OMG!! Mike's weekly webinars are incredible, however, today's webinar has changed how I will do business in the future. I cannot thank you enough for all the incredible information. I am so pleased be a part of this fantastic industry!!!

  2. garr says:

    GEart Advise Mike i appreciate the wisdom you share freely day in day out. Garranteed Solutions is a Christian Company and strives to shine our lights by offering legitimate services. You have been a crucial piece in staying complaint and growing our company into a honest ethical solution. Hats off to you Mike Citron

  3. jaylon says:

    Hey Mike, Again always a pleasure talking to you. I appreciate your time and appreciate you taking a few moments out of your day.

    The "Compliance" webinar with Dominic Campasano was great. I always take something away from your webinars: Calling into my own employees to make sure that they are in compliance, keeping a "CYA" log, etc.

    Always a pleasure.

    Oh and if you can forward that "expose" over to me, that you would great! Until next time, have a great day!

  4. Curtez says:

    Mr. Citron, I'm laying the foundation for a credit restoration business, and I must say that I'm grateful for the education that you provide. I have learned more in the last two weeks from your site and emails than I have learned on my own over the last several months. The webinars are great, and highly informative. Thanks in advance for the expose and scripts…

    Curtez

  5. jeremy kean says:

    Another awesome webinar gang. George, I promise I am calling you back,….been a crazy day. Can you please send me the mike video script!!!

  6. Joe says:

    Hey, Mike: the Expose you wrote was VERY INFORMATIVE & SUPPORTIVE! The webinar today, with Domenic, was EVEN MORE SUPPORTIVE!! We'll be looking into Domenic's services..

  7. Dirk says:

    Amazing material! I am once again pleased with the depth of information. I will
    continue tune in and learn how to improve my credit repair business.

    Dirk

  8. Jose says:

    I'm new in the business so it was my first webminar and let me tell you it was great.
    I'll be waiting for more please send the 30 pages report.

    Thanks,

  9. robert Lefcort says:

    Excellent compliance webinar. Very interesting and frightening info about the recent Colorado lawsuit against a seemingly good credit repair company. It was helpful to get your views on out of state client servicing.

  10. Renee Crenshaw says:

    Get information on today's call. You are a God send. I am so happy with the biz in a box and will be signing up for the software shortly. Thanks to you Mike I have all of the tools I need to be successful in this business while maintaining my integrity.

  11. Steve Griffin says:

    I couldn't be on the webinar today but I snuck away to listen in on the call. Dominic provide invaluable information. I am new to the industry and found the depth of the compliance mildly intimidating. I realize I have a long road ahead of me but I appreciate all the information to keep me legal. God bless you Mike and staff. Thanks again.

  12. Tod says:

    Mike and Dominic, Thank you for sharing your knowledge about the Credit Repair Industry and how to be within State and Federal compliance laws. I learn more in the first 5 minutes than any other resource, book or so called credit forum. Thank you again for educating me and my business.

  13. greg young says:

    I liked your webnar today and learned more today and your guest domnic was very good, will join your dispute letter latter on next month

  14. Jim Smith says:

    Great conference call today! Everyone should heed the advice you and Dom gave on compliance and CROA.

  15. I have found that clients who settle negative accounts after 24 to 36 months, the FICO score drops drastically. In some cases as much as 40 to 70 points, however if they are setlled before 24 months, it adds as much as 20 to 40 points back on the scores..

  16. I was a guest on today's webinar. I thought the information pertaining to the cancellation policy was quite interesting. On my contract, the cancellation policy is disclosed only once. I will display this policy on at least three of my forms.

    Thanks for the information, it was truly timely.

  17. Rafael says:

    Mike,
    Webinar Wednesday's is when i tune in to listen to citron, Its like my credit repair channel that i cant miss because it only puts money in my pocket when i apply the golden nuggets i get from the Webinar. Keep up the hard work!

  18. Reney says:

    MIke,
    I like the concept of answering a question using a video segment from a previous webinar. I think this concept will be useful on our site to answer questions that our clients and "would be" clients may be thinking as well.
    Thanks,
    Reney

  19. Jerry says:

    Hey Mike,

    Great webinar today really love how you share so much info with your viewers. During the webinar a question was asked about post bankruptcy clients, I'd love it if you could expand on that in the next webinar. How we can help these customers with their post bankruptcy credit reports.

    Thanks!

  20. Kim says:

    Great Session today. I heard about compliance before but never like this. Now I know who to start with for certification as well. Thanks again and keep it coming.

  21. Stephen Leifer says:

    Mike,

    Great stuff today, as usual. Really need to fight back. I had asked about CROA section 623 subsection (a) Paragraph 8 Sub Paragraph (G). What's up with this?

    Steve

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