Fundera

MAY 10, 2016

Well, if you’re a credit score aficionado like we are, you’ll recognize 850 as the absolute perfect credit score. Out of all your financial numbers, documents, and sheets, your credit score might just be one of the most important attributes out there. Quick(ish) Review: What’s a Credit Score?

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Credit Scoring Bankruptcy Credit and Collections Default 76

CreditStrong for Business

NOVEMBER 7, 2024

Prospective homebuyers seeking a mortgage loan may use several strategies for improving low credit scores. Examples include reviewing credit bureau reports for possible credit account errors, avoiding late payments, paying down debt, and getting a credit builder loan.

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

Your Virtual Credit Manager

MARCH 19, 2024

Collection activity: Document the instances of broken promises or payment agreements before speaking to the customer's management. 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.

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Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

CreditStrong for Business

AUGUST 30, 2024

How Does an Eviction Affect Your Credit? Consumers recognize that a poor credit history hinders their eligibility for financing homes, cars, and other large purchases. People with low credit scores often pay higher insurance rates and may have fewer employment options when credit checks are part of background checks.

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Fundera

MARCH 26, 2018

And among those fluctuating factors might be a minimum credit score for loan eligibility. But for the vast majority of small business loans , the lender will at least look at your credit score. With that in mind, it’s worth looking at the minimum credit scores required for each loan type—or at least the ranges they’re in.

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Credit Scoring Credit and Collections Accounts Receivable (AR) Small Businesses 71

CreditStrong for Business

SEPTEMBER 4, 2024

According to FICO’s credit scoring model, consumers with higher credit scores should expect a more dramatic decrease in their credit score than those with average or fair credit scores. In most cases, the credit agencies will issue a formal response to your dispute within a month.

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Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 52

CreditStrong for Business

NOVEMBER 15, 2024

Credit Score and Credit History With any type of financing, investment property loans included, good credit can work to your advantage. When you have a good credit score, it makes it easier to qualify for loans and get competitive offers from multiple lenders.

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CreditStrong for Business

SEPTEMBER 17, 2024

You know your credit score plays a big part in this but what about your credit history, debt to income ratio, additional assets, and employment status? Credit Score The credit score requirements depend on which type of loan you choose as well as which lender you decide to work with.

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CreditStrong for Business

SEPTEMBER 17, 2024

If you want to know how to rebuild credit, you can start by making timely payments on all available credit accounts and using other strategies explored in this article. 7 Strategies To Rebuild Credit The first step to rebuilding credit involves obtaining a recent copy of your credit report.

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Fundera

JULY 6, 2016

That’s right: your personal ( not business) credit score matters more than anything else. In this credit score guide, we’ll take a look at why your credit score matters, how it affects your business financing, and what improving your credit can do. What’s a Credit Score? Quick Reminder.

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Credit Scoring Credit and Collections Bankruptcy Small Businesses 74

CreditStrong for Business

SEPTEMBER 12, 2024

While the presence of hard inquiries on your credit report can significantly impact your overall creditworthiness, applying for credit or loan-related services will inevitably lead to a hard inquiry being recorded. But how long do hard inquiries stay on your credit report? How Much Can a Hard Inquiry Impact Your Credit Score?

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Credit Scoring Credit Card Companies Credit Reporting Agencies Credit Application 52

Due

JANUARY 3, 2023

Often referred to as credit reporting agencies, these companies work independently. Credit Reports vs. Credit Scores. Your credit scores are also influenced by your credit reports. The reason for this is that credit scores are calculated using information from your credit report.

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Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 119

CreditStrong for Business

OCTOBER 11, 2024

Most hard money lenders require a hefty down payment, experience as a real estate investor, a good personal credit score, and a certain loan-to-value ratio. Minimum Credit Score Requirements Many private money lenders only approve hard money loan applications with a personal FICO® Score of 680 or higher.

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Credit Scoring Credit Unions Bankruptcy Default 52

Lendio

JUNE 6, 2023

Think of business credit as your personal credit score. A better business credit score gives a company more access to funds from lenders and banks because of a good track record in availing and repaying debt. Vice versa, bad business credit can also negatively affect your personal credit.

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Credit Scoring Credit and Collections Bankruptcy Transactions 52

tillful

JANUARY 11, 2023

Credit is a fundamental business tool that allows companies of all sizes to keep operations running smoothly, invest in expansion, and work with their partners and vendors. Traditional business credit scores work off key indicators that they’ve determined to accurately reflect a company’s financial strength and creditworthiness.

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Credit Scoring Credit and Collections Bankruptcy Credit Risk 52

Emagia

OCTOBER 17, 2022

RPA is now part of the modern credit risk management platform to help enterprises automate many human manual activities, such as entering data, communicating with customers, and collecting relevant data from various sources such as the Office of Foreign Assets Control (OFAC), U.S. Credit Risk Management– Frequently Asked Questions (FAQs).

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Credit Risk Credit Scoring Bankruptcy Credit and Collections 52

CreditStrong for Business

MARCH 29, 2023

You know your credit score plays a big part in this but what about your credit history, debt to income ratio, additional assets, and employment status? Credit Score The credit score requirements depend on which type of loan you choose as well as which lender you decide to work with.

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Credit Scoring Bankruptcy 59

CreditStrong for Business

MARCH 6, 2023

Each credit reporting agency will provide you a free copy annually and offers easy ways of disputing any errors that are contributing to your low credit score. Consumers actively rebuilding credit must pay all current credit accounts on time. Unfortunately, you credit report may take longer to clean up.

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Credit Scoring Chapter 7 Credit and Collections Bankruptcy 52

tillful

JANUARY 9, 2023

Or why SBA loans, the crème de la crème of small business loans, require so much documentation? 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. Character - the borrower’s credit history. Borrower Reputation. Payment History.

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Credit Scoring Credit and Collections Credit Risk Default 52

BitX Funding

DECEMBER 13, 2022

If you don’t have the highest credit score in town, don’t worry! There are still options out there for getting a small business loan with bad credit. Increasingly, credit scores are used to evaluate the potential risk of a borrower. Why Does Your Credit Score Matter for Credit?

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Small Businesses Credit Scoring Credit Unions Bankruptcy 52

CreditStrong for Business

MARCH 8, 2023

A credit reporting company must maintain the inquiry (entry) as part of the credit history unless it was fraudulently conducted. Data shows that consumers with six or more inquiries on their credit bureau report are several times more likely to file bankruptcy. Soft credit checks have no impact on your credit score.

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Credit Scoring Credit Card Companies Credit and Collections Credit Reporting Agencies 52

Fundera

SEPTEMBER 20, 2017

We’re thinking of a number between 300 and 850… and it’s your credit score. Unless you have an absolutely perfect credit score—850—we’re willing to bet that you’d like to tack on a few points to that three-digit number. Building credit fast is no easy task. Why You Need to be Monitoring Your Credit.

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Credit Scoring Credit Reporting Agencies Credit and Collections Bankruptcy 98

Your Virtual Credit Manager

SEPTEMBER 12, 2023

For lower credit limit requirements you will need to rely on the account’s payment history, available from their references and on their credit bureau report, or possibly a credit score. Ultimately, you need to have the information, skills and tools to make a good decision.

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The Red Spectrum

APRIL 11, 2023

One way for new businesses to build their credit history and obtain a business credit score from credit reporting agencies is by opening net 30 vendor accounts that have lenient approval criteria and offer credit purchases with a 30-day payment window. Burstbiz 2. The Red Spectrum 3. What is a Net 30 Account?

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Credit Reporting Agencies Credit Scoring Credit and Collections Credit Application 52

Fundera

DECEMBER 27, 2018

If you’re a small business owner, you have two credit scores. There’s your personal credit score, and then there is your business credit score. A business credit score is a reflection of the creditworthiness of your business. Payment History. Public Record.

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Credit Scoring Bankruptcy Credit Risk Credit Unions 55

CreditStrong for Business

NOVEMBER 1, 2024

Also, certain negative items on your credit report, such as a recent bankruptcy or foreclosure, can pose a significant challenge. If you’re denied because of credit reasons, consider working to improve your business credit scores before you apply for any type of financing.

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Due

JULY 18, 2023

And, sometimes, this has resulted in bankruptcy. As an example, despite filing for bankruptcy in 2022 , influencer Christie Swadling shared ‘money-saving tips’ online. Despite projecting a lavish lifestyle on social media, the YouTuber is struggling financially, according to documents that leaked online in February 2023.

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Bankruptcy Credit Scoring 98

Fundera

AUGUST 29, 2016

We’re thinking of a number between 300 and 850… and it’s your credit score. Unless you have an absolutely perfect credit score—850—we’re willing to bet that you’d like to tack on a few points to that three-digit number. Building credit fast is no easy task. Why You Need to be Monitoring Your Credit.

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Credit Scoring Credit Reporting Agencies Bankruptcy Small Businesses 75

Fundera

MARCH 6, 2019

One of the important documents required by lenders and investors that shows a summary of the actual collection of revenue and payment of expenses for your business. Bankruptcy. Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Credit Limit.

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Credit Scoring Credit and Collections Bankruptcy Small Businesses 105

Fundera

FEBRUARY 6, 2018

One of the important documents required by lenders and investors that shows a summary of the actual collection of revenue and payment of expenses for your business. Bankruptcy. Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Credit Limit.

Small Businesses 105

Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

Fundera

APRIL 17, 2018

Watch out, because you might just see a bump in your personal credit score on the way. That’s because thanks to Experian, TransUnion, and Equifax—the three major credit bureaus—credit reports no longer include tax liens. Credit Reports No Longer Include Tax Liens. What’s a Tax Lien?

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Credit Scoring Bankruptcy Small Businesses Default 67

Fundera

OCTOBER 20, 2019

Get a handle on your personal and business credit scores. We’ll break down need-to-know accounting terms, how to handle your credit scores, how to apply for a business loan, and more—so that you’ll have all the information you need to manage your small business finances.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

Fundera

MARCH 2, 2016

Most businesses can qualify for an SBA loan if they’ve operated for at least 2 years, have no recent bankruptcies or foreclosures, and have positive cash flow,” says Judy Balint, CMO at SmartBiz. Balint says that applicants also need to meet the following criteria for a SmartBiz loan: A good personal credit score.

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Bankruptcy Credit Scoring Small Businesses 73

Fundera

FEBRUARY 26, 2019

One of the most important factors in a business loan application is your credit score. And of course, credit is equally important for personal milestones, such as buying a home or car. There is a lot of information about your financial history tied up in your three-digit credit score.

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Fundera

MARCH 2, 2019

The lender’s remedies will vary based on the specifics of your loan agreement, but here are the general loan default consequences: Lower credit score – The lender will report each missed payment to credit bureaus, which can hurt your credit score. Such legal claims can be time consuming and expensive.

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Fundera

MARCH 10, 2016

The length of the process depends on how quickly the borrower submits their required documentation. Each application is unique, so there may be times that a borrower needs to provide additional documentation,” says Balint. citizen or Lawful Permanent Resident who is at least 18 years old, and a good personal credit score,” she says.

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Credit Scoring Bankruptcy Small Businesses 76

Fundera

MARCH 21, 2018

If you want to be the best possible candidate for a local business loan, credit is king. You have a business credit score, right? If you’ve repaid debts, declared bankruptcy, defaulted on loans, paid bills on time, etc. You’ll want to be in excellent credit standing—think high 600s-plus for a local bank loan.

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Credit Scoring Bankruptcy Default Small Businesses 73