Free Credit Reports

Everyone is entitled to a FREE annual credit report from the primary credit reporting agencies and you may want to advise your clients of this. Reviewing these reports allows people to spot errors and verify what is being reported to creditors. It also helps to prevent fraud.

Although the frequent TV commercials you may have seen with the catchy tune asks folks to go to a different web site, the official web site for this truly FREE request is www.annualcreditreport.com. People may request a free report from each of the 3 agencies every 12 months. They may also request a credit score at a nominal charge, but this is not required.


Since there are 3 different credit reporting agencies and you can only get 1 report from each per year, I always recommend my clients request one report from each company every 4 months. This allows the company to make any changes needed with time for them to be reflected on the next requested FREE report from one of the other companies. Four months after the 3rd report is received, they can request a report from the 1st company again since 12 months will have passed. Staggering requests for FREE credit reports in this manner provides a snapshot of an individual's credit standing on 3 occasions throughout each year.

Of course, doing this yourself is always advisable and it will also help you get familiar with the reporting formats in case clients have any questions about their own credit reports.

Scott F. Soape

Consumer Credit Counseling

You will undoubtedly encounter situations where a business owner also has some problem personal debts along with their commercial debt during your career as a debt resolution specialist. As you may know, I always suggest you avoid these "retail" cases for various reasons, not the least of which are the complicated and cumbersome consumer debt protection regulations.

An excellent tool to use for these cases is the "National Foundation for Credit Counseling" and their web site is www.nfcc.org. Members of this organization have been screened and approved to provide credit counseling services to individuals. Prospective clients can easily enter their zip code on the search page to find service providers in or near their area, or they can search for help through the Internet. Counseling services are always low cost and sometimes even free.

By referring individuals to this organization for their problem personal debts you will solidify your position as a trusted professional, avoid pitfalls in working these cases and truly add value to your service.

Scott F. Soape

Electronic Correspondence

A student recently pointed out that my material does not completely address the use of fax and email in communicating with clients and creditor agents. I always appreciate this kind of feedback and I am updating the program to include this information but thought I would also address this issue here.

The use of fax and email for official correspondences (such as contracts and settlement offers) is widely accepted these days and will typically hold up if challenged in court. This is often desirable in order to expedite communication with clients and creditor agents especially when deadlines are imminent.

I also will use email to offer my service to prospective clients whenever I can locate a direct email address for a company owner. These can often be found with a Google search for a company web site. Sending my powerful "Prospect Letter" via email greatly speeds up landing clients.

Incorporating fax and email for correspondence into your commercial debt resolution practice will result in quicker settlements and quicker fee payments.

Scott F. Soape