This shows up on the forum frequently. Seems there are many agents on the forum that have experienced credit problems. Just curious, did these problems occur before you became an agent or after? I know I had a hard time when I first became an independent because I did not have the discipline to deal with the fluctuations in income that came from being on straight commission..
Credit Issues
- Thread starter dtran310
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- 30,590
If that question's for me...it happened long after. But like someone said, it could just be the person handling it. I feel like, "oh well", there are plenty of others out there that are every bit as good or better.
Question was not aimed at anybody in particular.. And, you are right, there are plenty of companies that work with people that have poor credit or bankruptcies in their past as long as the agent is upfront about it.
- 30,590
Most companies ask about bankruptcy on the contract application and want an explanation. Many only worry about recently, or in the last 10 years.
Most will contract an agent as long as the Bankruptcy has been discharged and htere were no insurance company funds involved. Many will even give the agent advances. A Vector hit is much more damaging that other type of credit problems so even if an agent is undergoing credit problems now, he needs to make sure he stays straight with his insurance companies.
- 30,590
Very true! From what I understand, being on the Vector list pretty much "blackballs" you from being contracted with any new companies..
An upline can be a factor in whether the company will take a risk as well. They can go to bat for you a little harder since they are responsible for any debt left on the table.
Vector is a pretty sure decline since it is past money owed to an insurance company. The rest is fairly subjective but if you recently had a bankruptcy, or had one 5 years ago then accumulated 30K in charge offs 2 years ago then your odds may be rough. Past due child support is another one where they tend to be less forgiving.
Vector is a pretty sure decline since it is past money owed to an insurance company. The rest is fairly subjective but if you recently had a bankruptcy, or had one 5 years ago then accumulated 30K in charge offs 2 years ago then your odds may be rough. Past due child support is another one where they tend to be less forgiving.
- 30,590
It may end the obligation, but I would think it would stay on Vector's records.
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