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Guest Post: "A Primer on Collecting Late Payments"

From a friend who is an established consultant, who has both worked for major consultancies and run his own shop. He gives us these useful pointers today -

"A Primer on Collecting Late Payments"

Anyone who has ever done business has had occasional difficulties collecting payments from customers. Experience shows that putting some attention (in advance) on a couple of key items can help resolve the lion's share of these issues.

First general rule: Your written communication style and professionalism can go a long way toward inducing unwilling customers to pay up more quickly than otherwise.

Let me clarify these two terms:

​VantageScore vs. FICO

On Minimalist Wealth

Key Points:

VantageScore was created by the 3 major credit bureaus to compete against FICO, which is used by the vast majority of lenders. The main advantage of VantageScore is that it's free and easily obtained. It is in version 3.0, and like FICO, is scored out 850 points.

Since VantageScore is used by less than 10% of lenders (this is changing, although FICO isn't going anywhere this decade), but easily obtained through any number of free sources, you should adjust your VantageScore to reflect your FICO score. The biggest difference is that credit inquiries are weighted far less by FICO.

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