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COLLECTIONS
LATE PAYMENTS
LATE PAYMENTS
What Is Debt Collection?
Debt collection is when a collection agency or company tries to collect past-due debts from borrowers such as yourself. Debt collectors will contact you if you haven’t made loan or credit card payments and those payments are severely past due.
LATE PAYMENTS
LATE PAYMENTS
LATE PAYMENTS
What Is A Late Payment?
A late payment is an amount of money a borrower sends to a lender or service provider that arrives after the date that the payment was due or after a grace period for the payment has passed.
How much a payment is late and other factors can hurt a person’s credit score and, indeed, their ability to obtain credit at a favorable rate.
Regardless of the reason, there are several consequences to making late payments.
There are various types of charges, including late payment fees.
-Interest added to the delinquent payment.
-Possible termination of service or default of a loan.
Paying 30 days or more past due could drop your score as much as 100 points.
CHARGE-OFFS
LATE PAYMENTS
CHARGE-OFFS
What Is A Charge-Off?
A charge-off is a debt that a creditor gave up trying to collect on after the debtor — the person who borrowed the money — has missed payments for several months.
This creates your account to become delinquent for nonpayment, such as with credit card debts, or with installment loans like an auto loan, personal loan or student loan.
Regardless of the type of debt, a charge-off means that, as a last resort, the creditor can decide that the debt is a loss for the company and designate it as a charged-off account, or “charge-off.”
LIENS
REPOSSESSIONS
CHARGE-OFFS
What Is A Lien?
A lien is a legal claim against a piece of property or asset that is recorded with the local county, giving the lienholder a legal interest in a property. This happens if you did not pay for something that was due. Liens are generally granted by a property owner or by a court. Once granted or awarded, the lien is filed against a specific parcel of property and recorded with the local county recorder.
BANKRUPTCIES
REPOSSESSIONS
REPOSSESSIONS
What Is A Bankruptcy?
Bankruptcy is a legal process overseen by federal bankruptcy courts. It's designed to help individuals and businesses eliminate all or part of their debt or to help them repay a portion of what they owe.
Declaring bankruptcy has a serious, long-term effect on your credit. It can remain on your credit report for 7-10 years, affecting your ability to open credit card accounts and get approved for loans with favorable rates and cause burden.
REPOSSESSIONS
REPOSSESSIONS
REPOSSESSIONS
What Is Repossession?
Repossession — the seizure of property that usually occurs as a result of nonpayment of a debt. Repossessions can happen quickly and without warning. Some lenders may technically be able to repossess collateral immediately after a missed payment, yet most repossessions take place on accounts that are 10 days or more past due.
Any item used to secure a loan or a line of credit can be subject to repossession if the debt goes into default. This can include your home, your car or any other item that you purchased with credit, such as furniture etc.
FORECLOSURE
FORECLOSURE
FORECLOSURE
What Is Foreclosure?
Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Typically, default is triggered when a borrower misses a specific number of monthly payments, but it can also happen when the borrower fails to meet other terms in the mortgage document.
ID THEFT
FORECLOSURE
FORECLOSURE
What Is Identity Theft?
Identity theft is when someone steals your personal information and uses it without your permission. There are several forms of identity theft, and each one can affect you in a different way.
There's no way to inoculate yourself against identity theft completely. Yet being equipped on understanding how it can happen and prevent can help you act quickly.
Due to the nature of technology and the internet, your personal information is always at risk. If you're not carefully monitoring your credit file, you may not notice you've been victimized until the damage is already done.
Here are 10 of the most common ways identity thieves get hold of your data and miss use it.
1. Data Breaches
2. Unsecure Browsing
3. Dark Web Marketplaces
4. Malware Activity
5. Credit Card Theft
6. Mail Theft
7. Phishing and Spam Attacks
8. Wi-Fi Hacking
9. Mobile Phone Theft
10. Card Skimming
FRAUD
FORECLOSURE
MEDICAL BILLS
What Is Credit Fraud?
Credit fraud is the criminal use of someone else's personal credentials, as well as their credit standing, to borrow money or use credit cards to purchase goods or services with no intention of repaying the debt.
Credit card fraud is the most prevalent type of identity theft.
The person whose credit is misappropriated typically ends up with unpaid debt in their name. While this can eventually be sorted out, the process takes time and effort, and may cause credit scores to suffer temporarily and hamper a person's ability to obtain new credit for a time.
MEDICAL BILLS
UNAUTHORIZED INQUIRIES
MEDICAL BILLS
How Does Medical Debt Affect Your Credit Score?
Medical care is obviously an important part of staying healthy, but costly medical bills can cause your bank account to suffer. Medical debt can negatively impact your credit score because by the time it shows up on your credit report, the debt has already gone to collections. Having an account in collections can seriously affect your credit score even if you are actively making payments on the debt.
PRIMARY TRADELINES
UNAUTHORIZED INQUIRIES
UNAUTHORIZED INQUIRIES
Primary Tradelines
A primary tradeline is a credit account under your name. Such as when you apply for a credit card and get approved, that will be considered a primary tradeline added to your credit record.
UNAUTHORIZED INQUIRIES
UNAUTHORIZED INQUIRIES
UNAUTHORIZED INQUIRIES
Unauthorized Inquiries
There are two types of inquiries on your report: "hard inquiries" and "soft inquiries."
-Soft inquiries are usually initiated by others, like companies making promotional offers of credit or your lender conducting periodic reviews of your existing credit accounts. This also occur when you check your own credit report or when you use credit monitoring services from companies. With soft inquiries, these inquiries do not impact your credit score.
-Hard inquiries are the result of your application for credit or other services. If you haven't applied for credit or services, a hard inquiry from an unknown company could indicate someone is using your identity to apply for credit.
