Vectors/Bad Credit

[Life4me]

Will any insurance companies take an agent with bad credit or vectors? They are more than two-three years old.

 

[Agentguy5]

Will any IMO's take an agent with bad credit or vectors? They are more than two-three years old.

It's the Insurers that wont want to risk taking on agents with Vectors....

I think Lincoln Heritage will take em... could be wrong

 

[Life4me]

I know they do. My friend sells FE and she sells for them but her commission is low thats why I wanted to inquire if she could get contracts with other companies that pay better commissions.

 

[VolAgent]

It really depends on the situation, how bad it is and if the agent is trying to pay off the debt.

Generally if it isn't too big and the agent is addressing it, other contracts can be had.

 

[GoCubsGo]

DO Vectors go away once you pay them? If they do you might want to go with LH until you clear them up and then contract whit some real companies.

 

[donamese]

I believe Vector clears them once paid. If you have are making payments and Vector confirms that, some companies will be more apt to appoint but if it is just a stale debt then odds aren't in your favor.

 

[PA Bill]

I don't know about vectors but my credit has been crappy going on 5 years now and I have not yet had trouble with getting appointed. ( knock on wood) I have even been getting the customary 9 month advance which surprised me frankly. Seems like insurance companies care more about vectors as that would a history of stiffing insurance companies. I guess they don't care as much if we stiff credit card companies and such. So long as as your issues are outside your insurance practice, I wouldn't sweat it.

 

[djumterps]

i think the fresher it is then it is more of a problem. you could always turn on payment plans for a little while if you could handle it to get your appointments and explain the situation on your applications.
i have some stuff that is 5-6 yo and have just had a few question the credit issues. two years might be kind of fresh.
i had one recently ask me alot of questions and i told them that i was looking to settle any remaining debt as i generate savings. they gave me the appointment.

 

[Life4me]

I know with credit, after two years they kinda look the other way and issue you small credit lines while you rebuild. I guess maybe with insurance companies they are cautious with the vectors. My friend is a good producer so I would like to see her get better commisions. She got into FE with some bad companies and made some rookie mistakes starting out.

 

[djumterps]

should could try one give explanations and see what happens. they will ask about corrective actions or plans for it.

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one other piece of advice. credit cleansing.
lexingtonlaw(.com) look up their web site.

will work to remove bad history altogether. friend told me good things about them.