Commercial Collection - Archives - Debt Collection Tips

Business Credit Report

Since they were paid before getting the removal that's probably why you suffered the ding on your report. Getting them removed will jump your scores right up, possibly right at the mark or a little above it. If you got the promise to delete then you should be good as soon as they update. Sometimes, you can take the letter where AFNI promised to delete over to your lender so they know. Also, they have a rescoring thing where they will pull your credit report again, when you know they fell off.

Collecting on Judgments

First. Legal Claims.
Be safe and create Liens. An important step in any collection plan is to establish liens (legal claims) against the judgment debtor’s real estate and business property
Second. Homework.
The more you know about the business or person who owes you money, the more likely you are to get paid.
Third. Know when to call it quits.
You’ve heard the warning, “Don’t throw good money after bad”. There is much you can do to collect on a judgment, but these efforts cost money. And although most judgment collection costs are recoverable, that won’t do you any good if you never catch up with the judgment debtor. So keep a sharp eye on how much you are spending on your attempts to collect.

Boost up your Accounts Receivables Collection

The first line of defense against late payments is a complete invoice for almost any small business can use advice on how to improve its collection cycle. And consider this :

Your bills should be accurate, detailed and easy to understand. If difficult to understand, then your client will need to call for additional information. That translates into “You have been added to their to-do list”.

And this increases the Collection Cycle process.