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
Tuesday, November 16, 2010
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
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
Friday, November 12, 2010
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
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
Wednesday, October 20, 2010
"The Harder I Work, The Luckier I Get"
The above quote is something my father used to say. It may not be completely original but, over the years, I have found it does make sense. Whenever I experience a special success in my business, I can usually relate it to some extra effort I previously put in to get there.
The commercial debt resolution profession is not one of those "sit back and wait for the checks to arrive" phony business opportunities. It is a very real profession that requires real efforts to achieve a high level of success.
My Business Plan System provides my students with all the information needed to work this business. However, it is entirely up to each individual to decide exactly how much time and effort they are willing to invest to reach the level of results they desire.
The cases are plentiful and arise by the hundreds daily around the country... but you have to get them.
As with most worthwhile endeavors, the more you put into building your business, the more you will get out. Other people may just think you are "lucky" when you succeed, but you will know the real reason for your success is your hard work.
Scott F. Soape
The commercial debt resolution profession is not one of those "sit back and wait for the checks to arrive" phony business opportunities. It is a very real profession that requires real efforts to achieve a high level of success.
My Business Plan System provides my students with all the information needed to work this business. However, it is entirely up to each individual to decide exactly how much time and effort they are willing to invest to reach the level of results they desire.
The cases are plentiful and arise by the hundreds daily around the country... but you have to get them.
As with most worthwhile endeavors, the more you put into building your business, the more you will get out. Other people may just think you are "lucky" when you succeed, but you will know the real reason for your success is your hard work.
Scott F. Soape
Friday, October 8, 2010
Build Referral Relationships
As your commercial debt resolution practice grows, you will want to constantly cultivate outside referral relationships to ensure a steady stream of qualified leads. My complete Business Plan System shows you how to do this.
CPAs, bankers, bookkeeping services, business brokers... anyone you can think of that might encounter businesses having financial troubles. ALL of these folks can steer debt resolution cases your way.
Set up a regular marketing program to notify these people of your "risk free" service for their contacts. You may not see the fruits of your labor for some time but, be assured, the cases will be forthcoming. Sending at least a quarterly letter, flyer, brochure or email will keep your name at the front of their mind whenever a situation arises.
Your service will be an arrow in the quiver of these other professionals to assist their clients.
Although some professionals will not take advantage for many reasons, be sure to offer a sharing arrangement for any earned fees from referred cases.
Building a broad and varied network of referral relationships over time will keep your pipeline full of new cases.
Scott F. Soape
CPAs, bankers, bookkeeping services, business brokers... anyone you can think of that might encounter businesses having financial troubles. ALL of these folks can steer debt resolution cases your way.
Set up a regular marketing program to notify these people of your "risk free" service for their contacts. You may not see the fruits of your labor for some time but, be assured, the cases will be forthcoming. Sending at least a quarterly letter, flyer, brochure or email will keep your name at the front of their mind whenever a situation arises.
Your service will be an arrow in the quiver of these other professionals to assist their clients.
Although some professionals will not take advantage for many reasons, be sure to offer a sharing arrangement for any earned fees from referred cases.
Building a broad and varied network of referral relationships over time will keep your pipeline full of new cases.
Scott F. Soape
Thursday, September 2, 2010
BBB Warning
Following is a recent BBB warning...
"Dealing with Phony Debt Collection Calls
Recently several local consumers have notified BBB about phone calls from individuals pretending to be debt collectors and threatening them with legal action or arrest. The consumers are told they must pay a supposed outstanding debt over the phone immediately. In some cases, the callers have social security numbers, bank information and the consumer’s address. BBB wants you to know what to do if a stranger calls claiming you owe them money.
4 Tips to Help You Fight Debt Collection Scams:
1) Ask Questions About the Debt
2) Request Written Proof
3) Don’t Give or Confirm Any Personal Information
4) Tell BBB and the FTC
Have you run across a scam? Be sure to follow us on Facebook and Twitter for the latest trends, tips and to let us know if you have any topics you want BBB to address."
"Dealing with Phony Debt Collection Calls
Recently several local consumers have notified BBB about phone calls from individuals pretending to be debt collectors and threatening them with legal action or arrest. The consumers are told they must pay a supposed outstanding debt over the phone immediately. In some cases, the callers have social security numbers, bank information and the consumer’s address. BBB wants you to know what to do if a stranger calls claiming you owe them money.
4 Tips to Help You Fight Debt Collection Scams:
1) Ask Questions About the Debt
2) Request Written Proof
3) Don’t Give or Confirm Any Personal Information
4) Tell BBB and the FTC
Have you run across a scam? Be sure to follow us on Facebook and Twitter for the latest trends, tips and to let us know if you have any topics you want BBB to address."
Tuesday, August 24, 2010
FREE Leads!
One of the most common questions I get from people looking into the commercial debt resolution profession is: "How and where do I locate prospective clients?"
I always know part of their concern is the potential expense of advertising in order to draw in business.
The great news is: "No advertising is needed to get started and... leads are typically FREE to locate and obtain!"
I always advise people new to this profession to start by checking their local court systems for recent lawsuits involving one business suing another for monetary damages. These cases arise all the time, all over the country and, since they are PUBLIC INFORMATION, they are usually FREE to view. The lawsuits will indicate the parties involved including names and addresses, a brief description of the dispute and the dollar amount of the claim. Basically, everything we need.
The added benefit of these situations is their URGENCY. Typically, the defendant (debtor business) only has a short time to respond or they risk a default judgment being issued against them. This typically requires paying an attorney hundreds to thousands of dollars, win or lose. When we offer to negotiate a discounted, out-of-court settlement on their behalf... on a no results / no cost basis... their choice becomes easy.
Of course, my complete Business Plan System provides ALL the information needed to locate these cases, contact the debtor businesses, offer the service and negotiate successful settlements.
There are also MANY other ways to bring in business and these are all covered in my program. But the fastest, least expensive and most productive way to get started is through the court systems. Often, this information is even available on-line.
Scott F. Soape
I always know part of their concern is the potential expense of advertising in order to draw in business.
The great news is: "No advertising is needed to get started and... leads are typically FREE to locate and obtain!"
I always advise people new to this profession to start by checking their local court systems for recent lawsuits involving one business suing another for monetary damages. These cases arise all the time, all over the country and, since they are PUBLIC INFORMATION, they are usually FREE to view. The lawsuits will indicate the parties involved including names and addresses, a brief description of the dispute and the dollar amount of the claim. Basically, everything we need.
The added benefit of these situations is their URGENCY. Typically, the defendant (debtor business) only has a short time to respond or they risk a default judgment being issued against them. This typically requires paying an attorney hundreds to thousands of dollars, win or lose. When we offer to negotiate a discounted, out-of-court settlement on their behalf... on a no results / no cost basis... their choice becomes easy.
Of course, my complete Business Plan System provides ALL the information needed to locate these cases, contact the debtor businesses, offer the service and negotiate successful settlements.
There are also MANY other ways to bring in business and these are all covered in my program. But the fastest, least expensive and most productive way to get started is through the court systems. Often, this information is even available on-line.
Scott F. Soape
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