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What is a 'Charge-Off' - A charge-off is a debt, for example on a credit card, that is deemed unlikely to be collected by the creditor because the borrower has become substantially delinquent after a period of time. However, a charge-off does not mean a write-off of the debt entirely. BREAKING DOWN 'Charge-Off' - A charge-off usually occurs when the creditor has deemed an outstanding debt is uncollectible; this typically follows 180 days or six months of non-payment. In addition, debt payments that fall below the required minimum payment for the period will also be charged off if the debtor does not make up for the shortfall. The creditor crosses off the consumer’s debt as uncollectible and marks it on the consumer’s credit report as a charge-off. Effect of Credit Report and Credit Score - The repercussions for having a charge-off on your credit report includes a fall in credit score and difficulty in getting approved for credit or obtaining credit at a decent interest rate in the future. Paying off or settling the overdue debt will not remove the charge-off status from the consumer’s credit report. Instead the status will be changed to “charge-off paid” or "charge-off settled.” Either way, charge-offs remain on the credit report for seven years, and the affected party will either have to wait out the seven years or negotiate with the creditor to have it removed after paying off all the debt. In the latter case, if the inability to repay the debts on time was due to a temporary setback like job loss, the debtor could write to the lender detailing the issue with proof of a good payment history up to the time he lost his job. Read More »
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What is a 'Charge-Off' - A charge-off is a debt, for example on a credit card, that is deemed unlikely to be collected by the creditor because the borrower has become substantially delinquent after a period of time. However, a charge-off does not mean a write-off of the debt entirely. BREAKING DOWN 'Charge-Off' - A charge-off usually occurs when the creditor has deemed an outstanding debt is uncollectible; this typically follows 180 days or six months of non-payment. In addition, debt payments that fall below the required minimum payment for the period will also be charged off if the debtor does not make up for the shortfall. The creditor crosses off the consumer’s debt as uncollectible and marks it on the consumer’s credit report as a charge-off. Effect of Credit Report and Credit Score - The repercussions for having a charge-off on your credit report includes a fall in credit score and difficulty in getting approved for credit or obtaining credit at a decent interest rate in the future. Paying off or settling the overdue debt will not remove the charge-off status from the consumer’s credit report. Instead the status will be changed to “charge-off paid” or "charge-off settled.” Either way, charge-offs remain on the credit report for seven years, and the affected party will either have to wait out the seven years or negotiate with the creditor to have it removed after paying off all the debt. In the latter case, if the inability to repay the debts on time was due to a temporary setback like job loss, the debtor could write to the lender detailing the issue with proof of a good payment history up to the time he lost his job. Read More »
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Software is important as well, it’d be difficult to scale your business without the software. It can help you to manage your customers easily. The cost for the software to generate would be 90$-800$. It can reduce the work load in 5 minutes per client per 2 months. It can be very affordable and profitable as well. Read More »
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Welcome and thank you for taking the leap to begin the process of restoring your credit. As of today, over 80 million consumers have bad credit, and because of it, they are facing high interest rates as well as constant denials when applying for a home loan, car loans, apartments, and credit cards. Our goal is to assist with three aspects of your financial life: restore your credit, rebuild it, and raise your credit score. We want to get you back on track so you can start enjoying the finer things in life. The primary focus of our job is to help you remove, correct, repair/update inaccurate, misleading, unverifiable late pays, charge-offs, collection accounts, tax liens, judgments, bankruptcies, repossessions, foreclosures, inquires, identity theft accounts, and wrong personal information. Read More »
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Whether you are new to the business or an experienced credit repair practitioner, learning different ways to dispute inaccurate information for your client can always bring great satisfaction at the end of the day. Credit repair is not something you learn overnight, as it takes time, patience and discipline. In this training module, we cover what the laws say about challenging inaccurate information and various other aspects of credit repair. Read More »
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Whenever you check your credit report, you`ll find a section titled "Credit Inquiries" or "Regular Inquiries." These inquiries are made by organizations that pulled your credit report – and they can remain on your report for up to two years. I`m sure you`re already wondering if they have any connection with your credit score (they do), and what you can do about them (read on to find out)! Credit inquiries are of two kinds – hard and soft. Hard inquiries occur when you grant a lender permission to pull your credit report with the hope that you`ll be able to secure a loan of some kind, such as car loans, credit cards, home loans etc. Read More »
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Living alongside bad credit in the country today can be done, however it`s tough. Low credit score makes a lot of things difficult, impossible, if not more expensive. By way of example, were you aware insurance carriers often charge a better rate for drivers that have low credit score scores? For anyone who is getting new utilities turned on as part of your name, this company will look at the credit to determine whether you should pay a security alarm deposit. We all know that banks check fico scores before they give you a bank card or a loan. As years pass by, a list of companies who examine your credit will probably grow instead of shrink. Read More »
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An undesirable score is somewhat subjective based on the sort of credit an individual is getting. Mortgages have several the strictest credit standards while department shop credit cards have fairly lax standards. House loans will typically consider anything under 640 as a bad score, but that does not necessarily mean it truly is impossible to get a home financing under some programs. Read More »
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