Due

FEBRUARY 6, 2023

Having an emergency savings account is one of the most crucial ways to prevent credit card debt from building up. As a result, this prevents harming your credit score or even bankruptcy. This Due article explains the different types of budgets and ho to choose the right type. Understand credit scores.

Credit Scoring 115

Credit Scoring Default Bankruptcy 115

CreditStrong for Business

JULY 5, 2022

Payment history is the most important factor in calculating your FICO® credit score. Your payment history accounts for over a third of your overall FICO credit score, comprising 35% of the impact of all FICO credit score factors. Read more about the factors that impact your credit score.

Credit Scoring 52

Credit Scoring Credit Card Payments Credit and Collections Deductions 52

Fundera

OCTOBER 16, 2015

In this article, I’ll try to help out by taking a closer look at two very popular alternative financing sources, Kabbage and OnDeck, and when it comes to Kabbage vs. OnDeck, how they differ. . Personal credit scores. Personal guarantee required, which means lenders can come after your personal assets if you default.

Small Businesses 102

Small Businesses Credit Scoring Deductions Default 102

CreditStrong for Business

FEBRUARY 21, 2025

How Being a Sole Proprietor Works A sole proprietorship is the default corporate structure for every one-person business. Because theyre the default choice, sole proprietorships are one of the most common business structures. Youll have some problems building business credit as a sole proprietor.

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Default Deductions Credit Scoring Small Businesses 52

tillful

MAY 12, 2023

A poor business credit score or thin credit history can get in the way when applying for small business loans. This is especially true in higher interest rate environments, when lenders pull back on credit (like now). In this article, we’ll talk about how you can qualify for business loans, and which options to look into.

Credit Scoring 98

Credit Scoring Credit and Collections Small Businesses Default 98

Emagia

MARCH 15, 2024

While optimized credit risk management and accounts receivable processes can positively impact critical KPIs such as revenue leakage, default and delinquency rates, dysfunctional customer relationships, and excessive overheads, inefficient processes can have unfavorable effects on these metrics.

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Credit Risk Default Credit Management Credit and Collections 52

Emagia

MARCH 15, 2024

While optimized credit risk management and accounts receivable processes can positively impact critical KPIs such as revenue leakage, default and delinquency rates, dysfunctional customer relationships, and excessive overheads, inefficient processes can have unfavorable effects on these metrics.

Credit Risk 52

Credit Risk Default Credit Management Credit and Collections 52

The Red Spectrum

JUNE 12, 2023

Secured Credit Cards : A secured credit card requires you to deposit a certain amount of money as collateral to the issuing bank. The deposit serves as your security in case you default on your payments. The credit limit on a secured credit card is usually equal to 80% to 100% of your deposit.

Credit Scoring 96

Credit Scoring Transactions Default Small Businesses 96

Pactola

JULY 20, 2020

A Wall Street Journal article from July 14, indicates that the largest U.S. banks of JPMorgan Chase & Co, Citigroup, and Wells Fargo took huge hits to their second quarter profits to stockpile $28 billion to cover losses as consumers and businesses begin to default on their loans. Black Knight reports that 4.75

Default 40

Default Law Firms Credit Scoring Credit and Collections 40

Fundera

MARCH 6, 2019

Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Business Credit Score. A business credit score is calculated based on the information found in the business credit report. Credit Limit. FICO Score. Bootstrapping.

Credit Scoring 105

Credit Scoring Credit and Collections Bankruptcy Small Businesses 105

Due

JANUARY 27, 2023

Credit score. It is also important to maintain a good credit score in order to maintain financial health. The debt-to-credit ratio can be influenced by many factors including debt payments, credit utilization, repayment history, credit mix, and credit history. Numbers vary by lender.

Credit Scoring 105

Credit Scoring Credit and Collections Credit Card Companies Default 105

Fundera

FEBRUARY 6, 2018

Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Business Credit Score. A business credit score is calculated based on the information found in the business credit report. Credit Limit. FICO Score. Bootstrapping.

Small Businesses 105

Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

Fundera

MARCH 8, 2016

This document lowers the lender’s risk—by letting them chase after your personal assets if your business fails or you default on the loan. In other cases, their personal credit scores might be too low for them to be eligible guarantors. Personal Guarantees and Personal Credit. Okay, maybe not those last two.).

Credit Scoring 74

Credit Scoring Default Credit and Collections Small Businesses 74

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Starting in October, free subscribers will only receive the introductory section of our weekly articles. Plus, you get full access to our growing archive of over 100 articles! When unobserved risks build up in your AR, the impact will be slower payments and defaults leading to bad debts. Offer ends 9/30/23. Subscribe now 2.

Credit and Collections 130

Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

Fundera

AUGUST 3, 2016

Over time, your credit report records the ups and downs of your life story—and every money-related decision you make. The Role of Credit Bureaus. Unfortunately for borrowers, your credit score isn’t a memoir. How Does Credit Work? Figuring Out Your Score. The FICO Algorithm. Payment History (35%).

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Credit Scoring Credit and Collections Default Credit Reporting Agencies 73

Know-It Global

JULY 26, 2023

In this article, we’ll outline 15 actionable steps that can help you significantly reduce debtor days and optimise your cashflow! Evaluate and improve your credit terms Begin by assessing your current credit terms and ensure they are reasonable and aligned with industry standards.

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Due

OCTOBER 9, 2024

This article aims to provide an in-depth understanding of the relationship between mortgage rates, the 10-year treasury rate, individual credit scores, and the MOVE Index. A credit score is a numerical expression based on a level analysis of a person’s credit files, representing the creditworthiness of an individual.

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Credit Scoring Default 52

tillful

JANUARY 9, 2023

You’re probably aware that good business credit comes with perks, but it might be less clear as to why. Well, it all comes down to credit risk. Your business credit score is an indicator that banks and other financial institutions use to gauge the risk associated with lending to your small business. What is Credit Risk?

Credit Scoring 52

Credit Scoring Credit and Collections Credit Risk Default 52

Fundera

NOVEMBER 29, 2019

A confession of judgment is a clause within a loan agreement that allows a lender, if the borrower has defaulted, to obtain a judgment against the borrower without following regular court procedures. The purpose behind confessions of judgment is to facilitate a quick resolution when borrowers default on a loan.

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Default Credit Scoring Small Businesses 63

Your Virtual Credit Manager

MARCH 19, 2024

For more on systematic collections, check out this article from YVCM’s “Basics Department.” This is done by getting updated credit reports, updating credit references, sharing information with a credit industry group, and monitoring various information sources both internal and external.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Fundera

NOVEMBER 14, 2018

Whenever you open a credit card or apply for a loan, credit bureaus collect information about your usage. That information appears on your credit report and is used to calculate a numeric credit score. Read on to learn all about how credit works, so you can be a smarter consumer and business owner.

Credit Scoring 57

Credit Scoring Credit and Collections Default Credit Card Companies 57

tillful

MARCH 8, 2023

Over the past two decades, the financial services industry has been gravitating towards a more comprehensive approach to credit risk assessment. Credit scoring models alone don’t tell the whole story, so companies are looking to alternative credit data to fill in the gaps. Here are a few examples.

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Credit Scoring Credit Reporting Agencies Bankruptcy Default 59

Fundera

MARCH 9, 2019

Chances are you’ve heard of your FICO score and consider it pretty much interchangeable with your “credit score.” This article will explore how one corporation came to be synonymous with the “credit scoring” industry and give a little insight into how a FICO score is calculated based on your credit history.

Credit Scoring 52

Credit Scoring Default Transactions 52

Fundera

JANUARY 7, 2016

Bank lending tends to focus on businesses that have been operating for at least ten years, according to a recent Wall Street Journal article. Startups and fledgling businesses might qualify for working capital loans, equipment loans, lines of credit , professional practice loans, and franchise startup loans through alternative lenders.

Credit Scoring 61

Credit Scoring Small Businesses Default 61

Lendio

NOVEMBER 9, 2023

Lenders consider the following requirements when evaluating a potential small business owner for a business loan: Credit score Revenue Time in business Collateral/Personal guarantee Business plan Industry, geography, and company size Financial documentation 1. Start by paying bills promptly, as late payments harm your score.

Credit Scoring 52

Credit Scoring Default Small Businesses 52

Credibly

JULY 11, 2023

In this article, we will discuss what loan stacking is, why it’s risky, and what you can do instead. The general loan stacking definition is when you take on multiple business loans (or other financing like lines of credit, merchant cash advances etc.) This can be exacerbated if the lenders you are working with make hard credit pulls.

Credit Scoring 52

Credit Scoring Default Small Businesses 52

tillful

MAY 31, 2023

While your revenue and credit scores haven’t changed, your application gets rejected. This can happen as the result of a credit crunch — also called a credit crisis or credit squeeze. In this article: What is a credit crunch? What causes credit crunches? As homeowners defaulted across the U.S.

Small Businesses 52

Small Businesses Credit Scoring Default Credit Unions 52

CreditStrong for Business

AUGUST 30, 2024

In this article, we’ll go over what constitutes a low-risk and high-risk industry and why it matters to your lender. Solid revenues, profitability, good credit scores, and length of time in business are all driving forces behind what minimizes the credit risk for a lender. What Are Some Low-Risk NAICS Codes?

Credit Scoring 52

Credit Scoring Credit and Collections Insurance Companies Credit Risk 52

Due

SEPTEMBER 30, 2023

And of course, like a personal loan, a good credit score helps to earn more favorable, inexpensive terms when it comes to a business loan. Be aware, however, that defaulting on an SBA loan can be very costly for a business.

Small Businesses 119

Small Businesses Transactions Deductions Credit Scoring 119

Prime Commercial Lending

AUGUST 25, 2014

That means that if you’re forced to default on the loan, the lender will be unable to seize any of your business’s assets without a court order. However, they do usually require a high credit score to approve your loan. Are Business Credit Cards a Line of Credit? What is an Unsecured Business Loan?

Credit Scoring 52

Credit Scoring Default Small Businesses 52

Regal Credit Management

SEPTEMBER 6, 2021

What qualifies as bad credit? According to FICO , a score between 580 and 669 is fair, while a score between 300 and 579 is very poor. In this article, we’ll assume bad credit falls somewhere between 580 and 620, which is the lowest score you can have—while still getting approved for a mortgage.

Credit Scoring 52

Credit Scoring Credit Management Default 52

BitX Funding

FEBRUARY 9, 2023

In this article, we will guide you through the steps to get a short-term loan quickly, and efficiently and the types of short-term loans. Most lenders have a repayment deadline that must be met to avoid late fees and potential damage to your credit score.

Credit Scoring 52

Credit Scoring Small Businesses Default 52

tillful

MAY 21, 2023

The main difference between secured and unsecured cards is that a secured card requires a cash deposit at credit card account opening to set the credit limit, while an unsecured one has no such deposit requirement. Read on to learn more about how prepaid cards, as well as secured and unsecured credit cards work.

Credit Scoring 52

Credit Scoring Credit Card Companies Default 52

Fundera

MARCH 5, 2019

Legal documents (business licenses, articles of incorporation , contracts with suppliers/vendors, franchise agreements, and leases for commercial vehicles or real estate, just to name a few). SBA Loan Process vs. Business Line of Credit. Some lenders don’t even look at your credit score.).

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Credit Scoring Small Businesses Default 75

Fundera

APRIL 20, 2018

Legal documents (business licenses, articles of incorporation, contracts with suppliers/vendors, franchise agreements, and leases for commercial vehicles or real estate, just to name a few). SBA Loan Timeline vs. Business Line of Credit. Some lenders don’t even look at your credit score.).

Credit Scoring 75

Credit Scoring Small Businesses Default 75

Eagle Business Credit

MAY 5, 2023

In this article, we will discuss the typical qualification criteria for a small business bank loan. A credit score is a numerical representation of an individual’s or business’s creditworthiness. A lower credit score may result in higher interest rates, smaller loan amounts, or even loan rejection.

Small Businesses 40

Small Businesses Credit Scoring Credit and Collections Invoice Amount 40

Prime Commercial Lending

AUGUST 11, 2014

While most loans are based on credit scores, hard money loans are based primarily on collateral. That’s why they’re called “hard money” loans, because they’re based on hard assets like property, rather than credit ratings or other financial measurements.

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Credit Scoring Default Small Businesses 52