Agent Ignorance About Being Put on the "Vector" list

[Guest]

Could you expand a little more on how you did this and who you talked with? I'm very interested as Vector thinks they have something on me and it is only now being brought to my attention. I need to get that off my record as it is colossally ridiculous. Thanks!
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Had to dispute it with the insurance company and the debt collection agency. I disputed with Vector and they never did anything about it.

I wrote a letter to the collection agency and they ignored the letter and kept harassing me. I even sent a copy of a company email from a company exec and the debt collector ignored it too.

After emailing and calling the insurance company every week for six months they finally agreed to take it off. The collection agency was notified and finally took the hit off my credit. It took Vector a little longer to clear their records.

Vector would do NOTHING without the company telling them to remove the hit. You really are held captive by them and at their mercy.

 

[RomCat]

Your reply is most appreciated. It looks like I've got a few people in my corner to fight on my behalf.. Once I told them the circumstances they almost couldn't believe it. When I provided names and numbers, they verified and have now gone to bat for me. Thank You! You are a most honest and sincere individual on this site.
RC

 

[insurancemet]

What happens if you get on the vector list but eventually pay your debt..Does it stay on record like a bad credit or late payment type of thing? Also, do all report to Vector like the big mutual companies...say you leave Ny life or Northwestern, MM and you owe about $1000 do they all report you or not necessarily. Also, do they let you do monthly payments on it without having it reported..Does this also affect your ability to get E and O insurance?

 

[Guest]

What happens if you get on the vector list but eventually pay your debt..Does it stay on record like a bad credit or late payment type of thing? Also, do all report to Vector like the big mutual companies...say you leave Ny life or Northwestern, MM and you owe about $1000 do they all report you or not necessarily. Also, do they let you do monthly payments on it without having it reported..Does this also affect your ability to get E and O insurance?

All the big insurance companies use Vector. It is the Transunion of the insurance world.

After payment arrangements are made and you start making timely payments, or after you pay off the debt, the Vector hit should be removed.

 

[GoCubsGo]

Never had a vector so I don't know for sure but I would think it's up to the insurance company whether to report it or not so I would talk to them and see if they will take a payment arrangement and agree not to report it if you make the payments. I would think most would.

 

[donamese]

Carriers or IMOs can make the decision whether to place an agent on Vector. Vector is not a credit report, once a debt is paid off then it is removed and will not show historically. They will state if there is a payment arrangement and the agent is making payments.

 

[hcaulfield]

I just received a vector that is holding up one appointment and possibly blocking a salaried position. Earlier in this thread I saw the advice to just pay it off and consider it a learning experience. I do not get that mentality. I am being told I owe 1300.00 plus and when I use the very information supplied to me by that company I still have a very healthy positive commission account. I also see Vector One compared to credit agencies which is an apple orange comparison. Bad reports to a credit agency can be challenged and must be answered. A bad report to Vector One puts the burden of proof on the agent and the company only needs to be a paying member that logs in and enters an amount . The particular company I speak of I have found after the fact is notorious for vectors without substance. Looks to me an easy way to clear out commission accounts on active agents by dumping lapsed policies of agents who have no account build up and have left the industry. In my case numbers and names do not match up.

 

[donamese]

I just received a vector that is holding up one appointment and possibly blocking a salaried position. Earlier in this thread I saw the advice to just pay it off and consider it a learning experience. I do not get that mentality. I am being told I owe 1300.00 plus and when I use the very information supplied to me by that company I still have a very healthy positive commission account. I also see Vector One compared to credit agencies which is an apple orange comparison. Bad reports to a credit agency can be challenged and must be answered. A bad report to Vector One puts the burden of proof on the agent and the company only needs to be a paying member that logs in and enters an amount . The particular company I speak of I have found after the fact is notorious for vectors without substance. Looks to me an easy way to clear out commission accounts on active agents by dumping lapsed policies of agents who have no account build up and have left the industry. In my case numbers and names do not match up.

If this is true, bring the data to the DOI and file a complaint there. They will certainly bring it to the attention of the carrier and will come to a decision on who is correct.

 

[hcaulfield]

If this is true, bring the data to the DOI and file a complaint there. They will certainly bring it to the attention of the carrier and will come to a decision on who is correct.

Thank you for the advice! Logging off and contacting the DOI.
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Just to update my progress today. I contacted the former company and asked they send me all my commission statements, lapse and decline reports as I was unable to retrieve my last couple of statements after leaving. I contacted the DOI in my state and have supplied them with information I used in determining my account health. They will also be contacting my former employer as well as they are opening an investigation and demand an answer from the company within 15 business days. If I had just paid as some suggest I would be out 1300.00 I did not owe. Pretty easy process.

 

[Cofie]

All the big insurance companies use Vector. It is the Transunion of the insurance world.

After payment arrangements are made and you start making timely payments, or after you pay off the debt, the Vector hit should be removed.

I have been trying to find Vector online with no success. Can you give me contact information for them. I want to be proactive to a situation.

Thanks