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Business Debt/reporting to credit bureaus

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Expert: - 4/28/2009


Question
QUESTION: I am a new collection agency and was wondering what steps I need to take to be able to report to the three major credit bureaus.  Do you have any resources or information you can share with me?
Thanks!

ANSWER: If you don't have my book, you can just visit the 3 credit bureaus websites and apply to become a member with each one or with whichever one you would like to join.  They all charge different amounts and have different criteria for joining, so check with each one before joining to make sure you have the best one for your agency unless you want to join all three.

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QUESTION: I have contacted all of them but they all said that they do not offer their services to home-based businesses.  Didn't you run your agency from home and if so, is there a way to get around this?

Answer
I did start and run my agency from home.  You don't want to "get around" this you want to make sure you are meeting the criteria of the bureau you wish to join.  You can have an office from home but if it is from your kitchen table, you will not be approved.  Does your office have it's own space? Do you have a business phone and fax line separate from your home phone?  Do you have a separate entrance?  Do you have parking and an outside sign for your agency? As long as your home office is a legitimate home office you can apply for membership with the credit bureaus.

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Michelle Dunn

Expertise

As one of the Top 5 Women in Collections, one of the Top 50 Collection Professionals, and winner of the Business Excellence award, I can answer any questions about debt, debt collection, improving business credit, creating a credit policy, enforcing a credit policy and collecting on past due accounts. I can also answer questions in regards to starting a debt collection agency since I have been a bill collector for over 24 years, started and ran my own collection agency for 8 years, and maintain my 12 year old Credit & Collections Association for members of the credit & debt collection industry. I am also the author of the popular and award winning book "Starting a Collection Agency, how to make money collecting money" now on it's 3rd edition. This book has won a the Writers Digest self published award as well as the New York Book Festival Award. I am a repeat contributor to the Wall Street Journal, and have been featured on NPR, CNN, as well as many other national radio and television programs. I have also been featured in national publications such as the Wall Street Journal, Forbes, Smart Money, MSNBC and much more. I have 17 published books to my name and am an accomplished speaker and consultant. I currently write 9 columns for newspapers, magazines and online portals worldwide.

Experience

I have over 24 years experience in debt collection, I started and ran my own collection agency for 8 years and I am the founder & owner of my Credit & Collections Association that I founded in 1998. www.credit-and-collections.com

Organizations
My Credit & Collections Association, I was also a member of the American Collectors Association and Plymouth Chamber of Commerce for 11 years. I am a member of many writing groups as well as my local Women Inspiring Women chapter. I am a member of Know More Media as an expert for their blog on business credit.

Publications
Business NH Magazine, Smart Money Magazine, MSNBC, CNN, Forbes.com, The Wall Street Journal, Home Business Magazine, Entrepreneur Magazine and website, many books, newspapers and television programs as well.

Education/Credentials
I have written 17 books in my collecting money series and one for Entrepreneur Press called the Ultimate Credit and Collections Handbook. My newest book is being published by John Wiley & Sons in May titled, The Guide to Getting Paid, how to weed out bad paying customers, collect on past due balances and avoid bad debt. This book is also being sold to many colleges as a text book.

Awards and Honors
My book Starting a Collection Agency, how to make money collecting money won an award from Writers Digest and the 2007 New York Book Festival in the "How to" category. I have won 2 awards from Dun & Bradstreet and Governor Jean Shaheen. I was nominated as one of the Top 5 Women in Collections twice as well as having been selected as one of Collection Advisor's Top 50 Collection Professionals by my peers.

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