Extending credit to an individual for the purchase of a vehicle can be a risky venture. Small-business owners verify and examine the person’s credit history with as much attention as possible. At the end of the day, the business must make a decision on either taking the customer on or […]
Auto Loans Credit Reporting – Do I Use a Carrot or a Stick? Part One
November 6, 2018 By Leave a Comment
Reporting Consumer Credit: The Stick Approach
November 1, 2018 By Leave a Comment
The second part of our two-part series on how to report consumer credit is humorously called the “stick approach” because it is symbolic of the sticks that farmers used to use on donkeys who were being stubborn. Whenever a carrot didn’t get the animals moving out in the field, a […]
Reporting Consumer Credit: Do I Use a Carrot or a Stick?
October 30, 2018 By Leave a Comment
Giving customers the option of an extended line of credit to cover their purchases of goods and services is important for several reasons. First of all, it can increase your company’s customer base. Credit allows those people who could not normally afford their purchases to make small payments or pay […]
Part Two: Reporting Tenants to the Credit Bureaus
September 18, 2018 By Leave a Comment
Do you know how to go about reporting tenants’ payment histories to the four credit bureaus? As a property manager, adding this knowledge to your arsenal helps you educate past-due customers as to the long-term effects of their payment behaviors. It also helps you prepare new tenants with the consequences […]
Part One: Reporting Tenants to the Credit Bureaus
September 17, 2018 By Leave a Comment
An unfortunate reality of property management is the inevitability of dealing with slow-pay and no-pay tenants. Even though a tenant may pass your initial creditworthiness processes at application time, it’s impossible to predict if circumstances or intentions will change and the tenant will become a problem payor. When that happens, […]