CreditStrong for Business

SEPTEMBER 4, 2024

Making the decision to file for bankruptcy is far from easy. The trade-off for having your debt eliminated is a long-lasting derogatory mark on your credit report identifying you as a huge credit risk. Your credit report sees the effects of a bankruptcy filing for ten years for a chapter 7 bankruptcy.

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Bankruptcy Chapter 7 Credit Scoring Credit Reporting Agencies 52

Your Virtual Credit Manager

OCTOBER 15, 2024

Photo by Melinda Gimpel on Unsplash ) The American Bankruptcy Institute recently reported that, “The 6,067 total commercial chapter 11 bankruptcies filed during the first nine months of 2024 represented a 36 percent increase over the 4,561 filed during the same period in 2023.” Trustee Program.

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Chapter 11 Bad Debt Accounts Receivable (AR) Chapter 7 130

Your Virtual Credit Manager

AUGUST 11, 2024

Commercial bankruptcies have been surging since mid-2022. Chapter 11 filings, used by businesses hoping to reorganize, have increased by 34 percent in the first six months of 2024 compared to last year. Department of Justice expects a sharp increase in bankruptcies with the U.S. And the future is bleak — the U.S.

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Sub-Chapter V Bankruptcy Credit and Collections Chapter 11 100

CreditStrong for Business

AUGUST 9, 2024

Here, efforts to improve your credit score remain stymied without actually obtaining a loan, credit card, or another opportunity for establishing a payment history on your credit report. Bankruptcy Borrowers who accrue substantial debt may find themselves insolvent and incapable of repaying their existing obligations.

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Credit Scoring Chapter 7 Credit and Collections Bankruptcy 52

CreditStrong for Business

NOVEMBER 7, 2024

Step 3: Lower Outstanding Debt The second leading factor used in FICO’s credit score formula is the amount of debt owed , which is 30% of the basis for credit scores. Keep in mind that simply having existing debt will not adversely impact credit scores or cause lenders to view you as a poor credit risk.

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Credit Scoring Credit and Collections Credit Reporting Agencies Credit Card Companies 40

tillful

MAY 17, 2023

Unfortunately, derogatory marks cause your credit scores to drop and alert future creditors that you present a higher credit risk. Along with credit account information, credit reports typically include public records — records of incidents or actions recorded with a government agency. Trade data : 60 months.

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Credit and Collections Bankruptcy Credit Reporting Agencies Credit Scoring 52

Due

JANUARY 3, 2023

There are a number of elements that make up your credit report, including personal information, your credit account history , and your credit inquiries. Credit bureaus receive this information from your lenders and creditors. FICO® Scores are used to determine whether you are a good credit risk for future lenders.

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Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 119