How can a Credit Bureau Reporting Collection Agency help businesses collect a debt??
May 10, 2017
Any bad debt a Collection Agency reports to the Credit Bureau shows up on the customer’s credit report. By looking at the credit report, one can find a vast range of information – from the interest rate someone pays on a loan, on a mortgage or on credit cards to whether or not the person qualifies for renting an apartment. Some employers check candidates’ credit reports before hiring.
Unik Credit Management is a member of Equifax and TransUnion, the two largest Credit Bureaus in Canada. Such membership means that when our clients list their delinquent accounts with us (large or small), they do so knowing we have the ability to report the account to the debtor’s Credit Bureau. The debtor feels motivated to pay the account to avoid affecting his credit rating; however, should the account not be paid in a timely manner, the debt is reported to the Credit Bureau and remains on the credit report for up to 7 years.
One of the solutions to reimburse the debt would be for the debtor to apply for financing.
Please feel free to contact us if you have any questions.