Overcoming (and recovering from) a low credit rating

Keep in mind that there are no quick fixes to a history of bad credit. What’s important when rebuilding your credit is having the patience to work on it, because it entails hard work and discipline, says business collections agency Brennan & Clark LLC.

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Don’t be fooled by companies that make promises that they can make you start all over and completely do away with past debts. This simply isn’t true. If anything, such businesses are illegal. These fraudulent services often tell people that bad credit history will severely impact new credits, but there are sound (and legal) ways to recover and rebuild your credit file.

You’ve to first acquire a copy of your credit report, which you can easily do online. Assuming that the debt is overwhelming, it’s advisable to seek out a credit counselor who can help you develop a sound debt repayment plan, which begins with scheduled payments. Just remember that while this counseling move doesn’t reflect on your credit report, it is the necessary first step toward attaining full recovery.

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You can, of course, opt to rebuild on your own and treat your credit strategy the way you would approach your budget. But it still is more advisable to go for an official debt repayment plan via debt counseling as this will affect your credit status if creditors report that your account in currently undergoing rehabilitation via a repayment plan.

Assuming you are keen on rebuilding bad credit by yourself, gain credit by looking for local businesses, credit unions, and banks with lower credit standards as these can help establish that you are now paying your bills on time, adds Brennan & Clark. But make sure that these grantors report to top U.S. credit bureaus so that the history is tracked and reported properly.

Brennan & Clark LLC is a business collections firm that has been in operation for over 30 years. The agency is a member of the Commercial Collection Agency of the Commercial Law League. Visit this blog for similar tips and insights on money management.

Eight ways to get clients pay accounts on time

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It’s incredibly important for a business, regardless of its size, to keep track of cash flow. If according to sales the business is doing very well, yet cash flow does not reflect this, then the disparity could be related to invoice problems.

Outstanding debt by clients needs to be paid to keep the business running. To make this possible, make invoicing a priority. Businesses should send invoices to their clients at the soonest time to get paid at the earliest date.

Avoid leaving out specific details in the invoice. Having been in business for over thirty years, Brennan & Clark LLC recommends businesses to ask their consumers what they expect to be on their invoices.

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In all transactions, be courteous. Saying “thank you” reflects a business’ gratitude and appreciation toward the customer. According to business experts, politeness should be reflected in invoicing. Structure repeated billing, preferably on a monthly basis, to remind clients of their balance. Offer online payment options, making it as easy as possible for the customers to pay their bills.

Develop payment terms including late fees. Setting this up from the beginning lets the client know what they are in for. Brennan & Clark LLC suggests businesses to design payment plans adjusted to the capabilities of their customer base.

Monitor invoices and customers to get a good view of the payments received. Request for upfront payments, then proceed to ask for smaller payments, instead of demanding a lump sum. Not only will this keep the cash flowing throughout the fulfillment of the project, it also allows customers to make smaller payments on time.

Brennan & Clark LLC is a collections agency based in Villa Park, Illinois. A leader in the industry, the firm has a management staff with over 150 years of collective experience. Visit this blog for more updates on business collections.

Understanding the Mini-Miranda warnings

When a person is about to be arrested, law enforcers should never forget to state his or her Miranda rights, otherwise, most of what the suspects say in custody cannot be used as evidence.  In debt collection, a similar set of warnings, called the Mini-Miranda warnings, is required when contact is initiated with the debtor.

The Mini-Miranda warnings require a debt collection agency to explicitly state that:

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·         It is a debt collector.

·         The reason for communication is an attempt to collect or recover a debt.

·         Anything that the debtor will say, or any information provided, can be used for the purpose of debt collection.

Whatever form of communication the collector uses, the Mini-Miranda warnings or rights should be presented.  If a face-to-face meeting was set or a phone call was made, the warning must be voiced out.  And if the collection process was initiated through a letter or via other written methods, the Mini-Miranda warnings must be included in the message.

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One of the primary reasons the Mini-Miranda warnings were created was to help protect consumers and businesses from abusive debt collection practices.  Also, when the Fair Debt Collection Practices Act (FDCA) was enacted in 1977, the Mini-Miranda rights were also specified without officially being labeled as such (it’s important to keep in mind here that the Fair Debt Collections Practices Act is in play for consumer collections and not for commercial or B2B collections).  It was only after it was realized that the warnings were similar to the Miranda rights did lawyers, politicians, debt collectors, and financial analysts started to refer to these as the Mini-Miranda warnings.

Brennan & Clark LLC has decades of expertise in the business collections industry, allowing them to help companies achieve well-defined goals for their collection process, evaluate internal procedures, plan and implement improvements, and ensure better results on collections. Visit this website to read more about the firm.

Collections 101: The significance of receivables analysis

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Any money owed by clients and customers to businesses and debtors is termed accounts receivable. Managing this properly is an important aspect of business, as it affects the overall health of a company.


There are many things accounts receivable can do for a business. It is an integral part in helping a company increase its cash flow. When a business needs goods and services to be available on credit, accounts receivable makes it all the more possible. It promotes goodwill between customers and businesses, and establishes faith and trust in accounts receivable policies. Simply put, having accounts receivable in a business translates to better sales and higher growth rate.

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So, where does accounts receivable money go? It helps a company with a lot of administrative work, such as the regular payment of employees’ salaries and all the bills needed to keep the business operations going. What’s left from it is often called current assets, as it goes to inventories, securities, prepayment, and cash.


It’s crucial that a company have people analyze accounts receivable. Since money is the lifeblood of the business, it should be collected regularly and on time. Along with this analysis is a constant review of policies to ensure that they are up to date (if need be) and have no room for misunderstanding.


Brennan & Clark, LLC is a business collections firm that has been in the industry for more than 30 years. With 150 years of collective experience, its expertise aids companies in achieving well-defined goals for their collection process, evaluating all internal procedures, implementing improvements, and guaranteeing better results on collections. To know more about their services, visit this website.

Why you should opt for a certified collections agency

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A sound and effective collections agency is premised on professionalism. Business owners should all go for one that is certified, as certification is the banner of training, experience, and expertise. After all, collection is a craft that needs to be developed, implemented, and approved with the utmost care.


A certified collections agency is backed by the Commercial Collections Agency of America (CCAA), which guarantees that all members of the collections body are certified and therefore adhere to the strict rules and regulations of the umbrella agency. The CCAA is a nonprofit organization that works for the best interests and goodwill of customers while upholding the integrity of the collections industry.

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Some of the advantages of getting a collections agency approved by the CCAA are prompt remittance of funds to creditors, a minimum surety coverage of $300,000, the maintenance of separate trust accounts for collected funds, and, in general, a better method for attaining maximum dollar recovery.


Moreover, collections agencies under the wing of the CCAA abide by the umbrella organization’s strict codes of ethics, attend its annual seminars and training, will provide the assistance of a legal counsel if necessary, and creditors can directly get in touch with the executive director if complaints arise.


For over 30 years, Brennan & Clark has been aiding businesses in achieving well-defined goals for their collection process, evaluating all internal procedures, and implementing improvements and guarantee better collections results. Brennan & Clark is a proud, certified member of the Commercial Collection Agencies of America. For similar reads, visit this blog.

The importance of recordkeeping in debt collection

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Debt collection can be a complicated affair because of various factors. But creating and implementing a procedure for record keeping can help make the collection process more efficient and increase the possibility of recovering as many funds as possible. Below are some of the possible outcomes of having an accurate record:


Easier settlement of disputes: A complete record serves as necessary evidence for businesses when it comes to collecting receivables and debts. It can also determine whether previous correspondences or attempts to recover funds have already been made. The earlier a resolution to commercial debts is made, the less likely it is that a costlier process would be needed.


Getting the facts straight: When talking to debtors, it is imperative to present only facts and avoid providing misleading information as it can trigger legal actions against the business. With a well-kept record, a business will have access to all the transactions that have been made, as well as the partial settlements that may have been agreed on.

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Statute of limitations: Debts are also subject to a statute of limitations, which differ from state to state. This means that there is a period that the processes involved in the recovery of debt can be legally enforced.


Brennan & Clark LLC is a business collections firm founded in 1980. The firm’s prime program is the Fast Track Payment guarantees payment within five working days, allowing clients to get on with their core businesses. To see more details about the program, check out this page.

The Differences Between Commercial And Consumer Debt Collections

Debt collection has deep roots in history, perhaps along the same time when money was invented.  The rules of debt collection remain largely unchanged, with things like honoring one’s commitment to pay within a certain period of time.  With many more commercial transactions today, however, debt collections have branched out to commercial debt collections and consumer debt collections – what are the differences between the two?

In a nutshell, commercial collections are aimed toward recovering unpaid business invoices owed to another business.  Consumer collections, on the other hand, are made when a consumer owes a debt to a specific business.

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Commercial collections are different from consumer collections in a number of ways.  Agencies conducting them are not governed by the Fair Debt Collection Practices Act or the FDCPA, although they may be required to be licensed in the state where they operate.  Their work involves a larger expected payment, where an unpaid commercial invoice could affect the cash flow or very survival of a business.  Their collection efforts, too, involve communications with the accounts payables department of a firm and also potentially an escalation to a credit manager.

Consumer collections govern business to consumer (B2C) relationships, and also differ in some ways.  Their agencies are regulated by the FDCPA, limiting the ways their representatives are able to connect with consumers to facilitate payments.  Their efforts involve tracking down the debtor to fulfill his or her obligations, and the amount of the debt may be much smaller than what’s owed in business to business (B2B) transactions.

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Brennan & Clark LLC is a business collections agency offering customized receivables support solutions that enable businesses to eliminate credit losses. Its expertise helps companies achieve well-defined goals for their collection process, evaluate all internal procedures, implement improvements, and guarantee better results on collections. Read more on this page.