To start with, FICO isn’t all that mysterious. It is a score designed to summarize the information listed on a Credit Bureau Report. If you have looked at a number of these reports you can probably generalize the good from the bad. What FICO does is provide you with a more accurate meter. You’re estimate that […]
FICO scores are extremely easy to use. You get a score ranging from the three hundreds through the eight hundreds and can simply choose any number along the scale as a pass/fail point. Many small companies do just that, but it isn’t always in their best interest. FICO scores are fairly accurate for the intended use. […]
You hear this a lot from me. The linked article below provides some detailed information on what can happen if the information provided to the screening databases (i.e. Credit Bureaus, Criminal History) is not accurate. You want to know about the specific person who applied. You are not interested in a person with a similar name […]
How old is too old for an unpaid bill. The link below will provide you with a chart of every states Statute of Limitations. First, however, let me give you some of the basics. In general, you can expect to have at least 4 or 5 years before an unpaid bill is too old for […]
You have done your homework and carefully added extra questions to your Application Form. You made sure you were getting adequate residence information, full employment details and covering all the bases in credit and identification. What does it mean when the Applicant leaves some of these answers blank? It may be laziness, lack of concern, […]
In an article published by the NJ Star Ledger a New Jersey Collection Agency broke the Fair Debt Collection Practices Act so frequently they have been sued almost twice per week by angry debtors. This is a problem for the agency but also a problem for their clients. How much do you think any of the clients received on […]
If you provide your patients with a clear understanding of your billing policies and gather pertinent information about your new patient, you will see a dramatic increase in your accounts receivables with two pieces of best practice. 1. Posters Clearly state on a poster in the front office that Insurance Companies are not required to […]
The problem is profound. The solution is obvious. If you use outside contractors to work in your facility you have every right to insist on a copy of the security check of the vendor company. For example, you hire a company to help build your web page on site. Somebody shows up and you provide […]
There Is No Magic in A FICO Score Of course, they are pretty good at general predictions of credit worthiness. The problem is that you are not looking for general predictions but want to know about a specific person. Here are a few of the situations that could cause you problems if all you check […]
It is common for some Law Firms to sue Financial Institutions such as banks or debt collection agencies for technical violations. The Federal Courts allow for the granting of damage claims even if there is no indication that any damage occurred. This is an expensive procedure and you are probably assuming a share of the damage […]