Accepting applicants who are in collections

[Steven Braden]

What are your best practices for accepting an applicant who has a credit report showing active collections?  The credit score meets our criteria 640 or greater, good landlord reference, and income of 3x's the rental rate?   I am hesitant to go forward with the applicant, given there are currently creditors who have turned over their accounts to collections for their debt?

Thanks in advance, 

Steven Braden