United Home Life Charge Back...one agent story

[Todd King]

Yeah the person who told me about getting billed for chargebacks, also told indirectly about vector hits. That’s why carriers will request to see your credit history, because a vector hit can actually show up in it, and they want not necessarily check if you pay you bills on time but more so, if you have had any companies “vector” you.

No, a Vector check and a credit check are two different things. Vector is strictly for insurance reporting, nothing to do with credit. Vector One is the name of the company.

 

[VolAgent]

No, a Vector check and a credit check are two different things. Vector is strictly for insurance reporting, nothing to do with credit. Vector One is the name of the company.

Vector is subject to FCRA, but in and of itself it will not affect your credit rating. Now, there is nothing to stop someone also reporting a debt balance to a credit bureau as well.

Of course you can always dispute it and I believe legally they are supposed to ignore it, but that doesn't mean they always do.

 

[ccage]

No, a Vector check and a credit check are two different things. Vector is strictly for insurance reporting, nothing to do with credit. Vector One is the name of the company.

OK, so when they are checking a credit report they are legit checking your credit... SO what credit score do you need to sell insurance. I know with SEC and securities is has to not have to be a perfect 800 just no late payments are charge-off, and any bankrupt basically mean you can never have that career

 

[Todd King]

Vector is subject to FCRA, but in and of itself it will not affect your credit rating. Now, there is nothing to stop someone also reporting a debt balance to a credit bureau as well.

From a Lawyer specializing in consumer protection law: Vector-One is not subject to the limitations imposed on the credit reporting agencies.

The Fair Credit Reporting Act is federal legislation that governs consumer credit reports. It contains many safeguards for consumers relating to outdated or erroneous items on the report. The protection does not extend to a purely commercial transaction. The collection of business, trade, and commercial credit reports are not covered by FCRA.

Vector-One reports only commission-related debit balances. Commission-related debts are by their nature commercial and not consumer. Thus, Vector-One reports deal with commercial and not consumer transactions.

 

[VolAgent]

From a Lawyer specializing in consumer protection law: Vector-One is not subject to the limitations imposed on the credit reporting agencies.

The Fair Credit Reporting Act is federal legislation that governs consumer credit reports. It contains many safeguards for consumers relating to outdated or erroneous items on the report. The protection does not extend to a purely commercial transaction. The collection of business, trade, and commercial credit reports are not covered by FCRA.

Vector-One reports only commission-related debit balances. Commission-related debts are by their nature commercial and not consumer. Thus, Vector-One reports deal with commercial and not consumer transactions.

I saw that, I also saw a link right above it where Vector One used the FCRA to try and dismiss a motion against it. That same case has been sited several times saying that there is no private action under a section of the FCRA. So it would suggest that Vector One is subject to the FCRA.

Sadly, I can find no other cases referencing Vector One, or its real name, and the FCRA.

 

[WinoBlues]

Yeah the person who told me about getting billed for chargebacks, also told indirectly about vector hits. That’s why carriers will request to see your credit history, because a vector hit can actually show up in it, and they want not necessarily check if you pay you bills on time but more so, if you have had any companies “vector” you.

Have you written your first case yet? Just curious.

 

[donamese]

You can challenge a Vector hit by sending an appeal to Vector, they then reach out to the carrier for a response. If the carrier does not respond within 30 days, Vector will remove the hit from your record.

 

[Abrasax]

OK, so when they are checking a credit report they are legit checking your credit... SO what credit score do you need to sell insurance. I know with SEC and securities is has to not have to be a perfect 800 just no late payments are charge-off, and any bankrupt basically mean you can never have that career

I know several people who would have never been appointed if most carries require good credit. I think there are still a couple that do like Aetna and Americo. If you're in an IMO your upline usually takes on your debt risk so the carrier isn't as concerned about your credit. I'm sure they look at it much more closely if you're contacting directly through them.

 

[Newby]

I know several people who would have never been appointed if most carries require good credit. I think there are still a couple that do like Aetna and Americo. If you're in an IMO your upline usually takes on your debt risk so the carrier isn't as concerned about your credit. I'm sure they look at it much more closely if you're contacting directly through them.

You are correct. An up line gets notified if an agent has a bad credit history or criminal background history when they are contracting. Then depending on how bad it is we decide if he gets appointed or not. If it's too bad and recent some companies won't appoint the agent regardless of what we want.

Our agency is pretty tight on approving agents with issues. If the agent disclosed any potential problems to us before contracting and they make sense we will usually appoint them. If the issues are a surprise when the carrier contacts us, usually that's not going to be a good thing.

Agents that seem surprised that you have to write a check back to the company if you owe debt are the scary part of this business.