Monday, June 25, 2007

Credit Triggers.

Companies are now paying to have real-time updates on your credit report so that they can recover uncollected debt. Experian sells your credit history to collection agencies that constantly monitor your credit activity and if you start to pay off your credit and are getting back on your feet, an electronic service lets everyone you owe know when you're making payments so that the companies you owe can jump on the bandwagon.

I also know that credit card companies monitor credit reports in real time and the moment something is reported such as a late payment to another account they jack the customer's rate up to sometimes over 30%.

We all know credit reports are full of errors and allowing the credit card company to double or triple the customer's rate of interest based on one blip on someone's credit report is beyond criminal.

In an effort to help financial services organizations collect on large volumes of uncollected debt,Experian(R), a global information solutions provider, today announced the launch of Collection Triggers(SM). Collection Triggers is a robust and flexible collections solution that monitors a company's portfolio of collections accounts. When new information on one of these accounts becomes available, indicating the possibility of recovering the debt, the organization is notified within 24 hours and can then resume efforts to contact the consumer and collect the outstanding debt.


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