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Bad Credit Ratings

Recently the media was full of a story about a soldier who successfully won a long running battle against ORCON, the tele-communications company, in the Human Rights Review Tribunal – see http://nzh.tw/11452062. 

There were certainly issues in regards to Mr Taylor ever being lodged with Veda but what this case does show is the effectiveness of listing your debtor and debt with a credit reporting agency. The Human Rights Review Tribunal outlined that following the bad credit listing, Mr Taylor was rejected nearly 20 times when applying for a home through estate agents.  He was also denied credit with GE Money, a company with which he had previously had good relations with. CollectIT follows the guidelines set by Veda Advantage for lodging bad debts and can advise you on your individual situation before lodging the debtors.

Having a bad credit rating is punitive, as the case of Mr Taylor and Orcon shows.  Listing your debtor is an effective means of putting pressure on your debtor to pay.

CollectIT has adversely affected a number of debtors credit ratings resulting in their subsequent contact with our office to pay their debt in order for their credit rating to be amended. Loading a default debtor with Veda is taken after our other avenues of recovery have been exhausted and unsuccessful, rather than this being our first step.

At CollectIT our goal is to get your debtor paying their invoice while maintaining your relationship. Here is a text message received from a debtor (via text)
"Pleasure doing business with you, lol. If I hear of people that need your service I will put your name forward. You have the personal touch in a difficult business."

If you click here you will go to Our Results on the CollectIT website. Scroll down to Accounting Industry and the story Tenacity Pays Off, and you will be able to read why CollectIT ensures it abides by the law when loading default debtors with Veda Advantage.