Tuesday, May 17, 2011

This is Why We Require Accurate Data From Creditors

A Letter From TransUnion to Priority Credit Recovery:

TransUnion is committed to providing complete, accurate, and up-to-date credit information to our customers.

In keeping with our policy to maintain the highest standards of collection data, we would like to bring to your attention that TransUnion has made a slight change to its policy pertaining to Collections on Rent Arrears.

Currently, our Data Reporting Requirements document states that a judgment is always required when reporting rental arrears.

Effective immediately, TransUnion will accept rental arrears as a collection without a judgment as long as there is a lease and the amount owed can be calculated from the lease. Please be advised that non-liquated debts such as damage carpets cannot be reported without a judgment.

TransUnion is highly dependent on data suppliers to provide quality information to allow it to maintain a database of the highest quality in the industry, with accurate and reliable information. Therefore, whenever possible, you must provide full identifying information when reporting your data to TransUnion. By providing this information to us, you enhance the integrity of our database. By “full identifying information”, we mean the following:

• Complete first and last name
• Complete middle name, where available
• Any generational designators (such as Jr., Sr., or III)
• Complete date of birth
• Complete address (including unit numbers and postal code)
• Complete phone number, including area code
• Social insurance numbers are also acceptable however must be optional for the consumer to supply

TransUnion needs to ensure that customers adopt appropriate practices to comply with provincial credit reporting and privacy legislation. In consideration of these requirements, you must:

• Ensure there is a document in place that validates the existence of the debt with the consumer; for example, an agreement, a promissory note or a judgment.
• Report an accurate Date of First Delinquency. You must provide the date when the account went delinquent for the first time without going back to a current/good status. When reporting collection information, this date must reflect the date when the account first went delinquent with the original creditor and not the date the account was transferred or assigned for collections.

These collection items will NOT be uploaded to the TransUnion database:

• Collections under $50.00
• Parking Fines
• Road Tolls
• Rental arrears without a judgment for unliquidated debts. (Rental arrears that relate to a lease/rental agreement will be accepted provided that the amount owed can be calculated from the lease/rental agreement.
• Non-liquidated debts
• Collections that do not have the original Date of First Delinquency supplied by Creditor
• Debts that cannot be validated by a document evidencing the debt with the consumer (for example, an agreement, a promissory note or a judgment)

Note: Collection items will only be accepted from a licensed collection agency.

Tuesday, May 10, 2011

May Newsletter

After much trial and tribulation we realized that in the case of our Blog everyone is better off if we rebuilt rather than remodel. After reviewing the archive and considering the cost effectiveness of converting to the new format and the obsolescence of some articles we will no longer be displaying article prior to April 2011. Should anyone like a copy of a previous post we can see what we can do.

Efficiency Changes

Priority Credit Recovery is starting to move into the second phase of our innovation project. You will notice our Recovery Report has changed. For the Month of May we will be offering 3 incentives for subscribers as described below. We will conduct a random draw in the three categories below on May 31 and will announce the winners on June 1st.

1) More advanced Blog and email system delivery

In order to provide our subscribers with a more updated Blog-Newsletter system we are asking subscribers to re-enter their email address in the “Enter your Email Address to Receive Blog posts by Emails” box located on this blog.

We apologize for any inconvenience but this simple change allows us to notify you via Google whenever a new Blog-Newsletter is posted. We also realize this is an inconvenience so for the Month of May we will be doing a random draw on May 31st for any subscribers who have re-subscribed as above. The winner will receive:

$100.00 Best Buy certificate or $100.00 Gas card

2) Better Content - Input

We will be providing more informative credit and collection articles. If subscribers are interested in a particular topic let us know.

In that spirit we are looking for article submissions from credit and collection professionals that can be posted on our Blog. On articles published, FULL credit will be given to the author. Interested parties may send your articles to my email below. Please note that when an article is submitted you are authorizing us to publish the article.

At the end of May the best article will be published and announced on June 1st. The winning author will receive:

$100.00 Best Buy certificate or $100.00 Gas card

3) Referral Thank you

Many of our clients refer new clients to us. We also refer sales leads to client companies as the need arises. We think it is about time we provided more than a thank you.

Any PCR client who refers a new client to us during the month of May that lists business in May will automatically be sent a thank you note along with $25.00 so you can have lunch on us. However, there is more.

When referring someone over to us please be sure they mention your name OR let us know ahead of time OR we would be pleased to give them a call. Please let us know and we will take care of it.

It gets better

Any PCR client who has received $25.00 during May will be entered in a draw. The winner will be announced June 1 and will receive:

$100.00 Best Buy certificate or $100.00 Gas card

We appreciate your patronage over the years and will continue to work hard to be thought of as your source of Strategic Credit Management when it comes to your cash flow. Some the new service offerings are already posted on our web site at http://www.prioritycredit.ca/seminars/ and http://www.prioritycredit.ca/accountsreceivablemanagement/ which are provided through a member of the PCR Group of Companies.

We recommending that you bookmark our site as it and our blog will be updated often.

Thanks for your business and we look forward to continuing to build long and mutually profitable business relationships with each of you.