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Last article I spoke about the amount of time that negative marks will remain on your credit score. Those ones weren’t so bad. Late Credit Card payments are way more damaging.

Late Payments? Seven Years. A few creditors just might show you some mercy and will erase past credit problems if you settle your account immediately. Unfortunately, a late payment can occur whether your account is thirty days past due, all the way to 150 past due. Seven years from the first day the debt was reported will be the day that the information is taken off of your credit report. Fortunately, these negative marks are most common and have the least effect on your credit score.

Tax Liens come along with seven years of bad credit. A tax lien usually occurs when the local state or federal government claims ownership of your property because you haven’t paid your property or income taxes when they were due. No matter how fast you pay them, big brother is angry that you made him go out of his way to take your property. Seven years.

If you have a tax lien against you that you continue to not pay, it can remain on your credit report for 15 years. Your chances of being able to keep any money from Uncle Sam are slim to none, so might as well pay up now if you are in this scenario.

Foreclosures are never good news and they will be on your credit report for seven years. Considered to be one of the most severe negative accounts you can have on your credit report, if you have a foreclosure on your record, your chances of owning another home are shot unless you plan to pay for it entirely in cash.

Defaulting on student loans is never a good idea! Although before the administration of George W. student loans were typically forgiven if they were declared during a bankruptcy hearing, times have changed so it’s mandatory to take these things seriously. Defaulting on a student loan happens after 270 days of nonpayment. And before the loan is defaulted, rest assured you will get a vast amount of late payment fees.

Then there’s bankruptcy. Bankruptcy will stay on your report for ten years, and instead of giving a creditor your report, you may as well say “I am fiscally irresponsible and will be so for the next ten years.” So you may wind up living with that nosy mother in law that I wrote about in article 1 after all if you do not keep track of your finances.

Mallory Megan works for a debt collection company. Also she writes stories on business and finance, consumer spending and collection agencies. Get a totally unique version of this article from our article submission service

10 Tips to help you collect debt:

PREPARE: Go over the paperwork on the debtor before making a call. Knowing the history of the account is key. Have all the records in front of you, ready for reference if needed.

ATTITUDE: Adopting a straight, professional, business-like attitude is important. You have a contract or you delivered the goods, money is now owed and you have the right to expect payment. Do not let it become personal. Don’t yell or raise your voice; and NEVER curse. Don’t make idol threats; legal action is your recourse.

CONTACT: Be sure you are talking to the correct person. Do not let the individual brush you off with “You’ll have to talk to the bookkeeper.” Identify the person who will pay the bill. If you can not get through after several calls, tell the secretary that you know your calls are being screened. Indicate the purpose of your call and if necessary give deadlines.

CONTROL: Try to always control the conversation. Keep it focused on the debt and the debt only. Do not let the debtor attempt to sidetrack you with personal history, excuses, or other B.S.. Remember, the only objective of your call is to collect the money, or get a commitment to pay. Now is not the time become friends with the debtor or try to win an argument.

FLEXIBLE: Always be prepared to adjust to any situation. Think about the kind of customer you are dealing with and adapt to meet the circumstances. Be prepared to accept a reasonable payment schedule, and a willingness to deal with a customers circumstances.

NOTES: Always keep detailed, accurate notes of every contact with the account. Probe for further information on the customer. Notes of these contacts will help you in subsequent phone calls, and may be invaluable in litigation. Accurate notes will also help in further credit decisions, or in cases where skip tracing may be needed.

PRODUCTIVE: Keep calls brief and to the point. This is a business call only, not a social one. Try to view your efforts on a ratio of time expended to results achieved. Long conversations usually mean the customer is stalling for time or trapping you in the buddy syndrome.

PRECISE: Never leave a contact open ended, such as “Well talk next week,” or “Ill send what I can.” Every contact should result in a commitment to payment, of a specific amount, by a specific date, even the check number the customer is using to pay the pledge.

TIME: The longer an account is held, the less likely it is that it will be recovered. If payment or a payout is not arranged within 90 days, place the claim with a collection agency or start legal proceedings.

PLACEMENT: Just type “Collection Agency” to any search engine and pick a firm that ranks outside of the sponsored listings. If a Collection Agency needs to buy you or bid for your business they must be desperate and could have money issues.

Mallory McGuinness works for a collections agency that works with a debt collection lawyer. She also does stories on business, finance, the credit industry and collections agencies. Visit the Uber Article Directory to get a totally unique version of this article for reprint.