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In such an ideal scenario, every customer would have both the ability and the integrity to pay their bills in full and on time, eliminating any need for a creditmanagement. Just 25 years ago, credit executives were primarily concerned with financial risks — except of course for the Y2K bug that briefly stole the spotlight.
After, the Great Recession of 2008, commercial bankruptcies peaked in 2009 and did not drop below pre-recession levels until 2012. Here’s a primer on credit insurance. Readers of Your Virtual CreditManager can access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner accredit.
New York SB 5010 – This bill would expunge all debt associated with consumer credit transactions at the expiration of the statute of limitations. The RIC was sold to a financing company and the consumer subsequently defaulted. However, the bill will need to be amended to exempt judgments from the bill’s scope. ]
Importantly, the contract between the medical provider and the servicer stated that “during the time that the medical account is being serviced by the [servicer], the account shall not be considered delinquent, past due or in default, and shall not be reported to a credit bureau or subject to collection legal proceedings.”
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