Your Virtual Credit Manager

SEPTEMBER 19, 2023

Commercial bankruptcies have been trending upward for most of this year, so it is likely some of your customers are in a downward spiral, if it has not yet shown up in their payment pattern. The bank will pay you if your customer defaults. It gives the creditor priority over claims made by other secured and unsecured parties.

Credit and Collections 130

Credit and Collections Default Bad Debt Credit Risk 130

Your Virtual Credit Manager

JUNE 4, 2024

If there are unresolved discrepancies, you need access to the supporting documentation in order to resolve them. Also, by putting the call results in a written communication to your customer, you are creating a valuable paper trail should the customer default. Schedule a Follow-up Activity: Not following up is a mortal collection sin.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

Your Virtual Credit Manager

FEBRUARY 28, 2023

While bankruptcy filings have not increased substantially in the past year, they have begun to tick up and it is widely anticipated that filing will continue to increase as pandemic relief is finally spent, revenues decrease due to a faltering economy, and costs increase due to inflation and rising interest rates.

Bad Debt 130

Bad Debt Accounts Receivable (AR) Credit Risk Bankruptcy 130

Fundera

MARCH 2, 2019

Loan Default Definition. Loan default occurs when a borrower breaches a material term of their loan agreement. The most common reason for a loan default is that the borrower stops making loan payments. When loan default occurs, the lender can accelerate the remaining balance or take legal action against the borrower.

Default 40

Default Bankruptcy Credit and Collections Credit Scoring 40

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. Profit & Loss Statement.

Small Businesses 105

Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

Fundera

JUNE 26, 2017

The lien protects the interests of the lender in the case of borrower default or bankruptcy, in which case those business assets would be foreclosed on, seized, or sold off to pay back the lender. . How is it filed? The creditor’s name and address.

Bankruptcy 85

Bankruptcy Default Small Businesses Transactions 85

Fundera

MAY 10, 2016

Out of all your financial numbers, documents, and sheets, your credit score might just be one of the most important attributes out there. Payment history (including bankruptcies and judgments). Don’t default! That perfect credit score isn’t easy to attain if you’re climbing back from a loan default. .

Credit Scoring 76

Credit Scoring Bankruptcy Credit and Collections Default 76

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. Profit & Loss Statement.

Credit Scoring 105

Credit Scoring Credit and Collections Bankruptcy Small Businesses 105

Abrigo

DECEMBER 29, 2023

Infographic: Digital lending and credit automation — Before and after Originating loans can be a long, frustrating process because it often involves large spreadsheets, data that is repeatedly entered, and constant document collection. It provides some dos and don’ts for helping avoid construction loan defaults.

Credit Risk 88

Credit Risk Credit Unions Credit and Collections Small Businesses 88

Know-It Global

JUNE 20, 2023

Similarly, suppliers can evaluate the risk of late payments or default, allowing them to set appropriate credit terms. They contain information about credit utilisation, payment history, outstanding debts, and public records such as bankruptcies or liens. Regular Credit Reviews: Credit reports can change frequently.

Bad Debt 19

Bad Debt Credit and Collections Debt Collections Credit Risk 19

Your Virtual Credit Manager

SEPTEMBER 12, 2023

You also should be checking for derogatory information — liens, judgements, prior bankruptcies, etc — found on their credit report or in public records. When unobserved risks build up in your AR, the impact will be slower payments and defaults leading to bad debts. Here’s more on credit evaluations.

Credit and Collections 130

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

Fundera

NOVEMBER 23, 2018

The lien protects the interests of the lender in the case of borrower default or bankruptcy, in which case those business assets would be foreclosed on, seized, or sold off to pay back the lender. . To be sure, most of the benefits of filing UCC-1 liens are benefits for lenders. An Example of a UCC Lien Filing.

Bankruptcy 75

Bankruptcy Default Small Businesses Transactions 75

Fundera

MARCH 21, 2018

Here, although a local bank is still granting you the actual financing—not the SBA itself—the government agency is partially guaranteeing the bank loan with federal money in case of default. If you’ve repaid debts, declared bankruptcy, defaulted on loans, paid bills on time, etc. Of course, no one plans to default on their loan.

Credit Scoring 73

Credit Scoring Bankruptcy Small Businesses Default 73

Fundera

AUGUST 4, 2018

That all translates to a lot of forms to complete, a lot of supporting documents to gather together, and a lot of patience on the applicant’s end. Start by organizing the 21 essential SBA forms and documents on this list. Before You Gather Documentation…. Best to get a head start on the process, right? Business Information.

Bankruptcy 71

Bankruptcy Medical Billing Small Businesses Credit and Collections 71

Fundera

AUGUST 4, 2018

That all translates to a lot of forms to complete, a lot of supporting documents to gather together, and a lot of patience on the applicant’s end. Start by organizing the 21 essential SBA forms and documents on this list. Before You Gather Documentation…. Best to get a head start on the process, right? Business Information.

Bankruptcy 71

Bankruptcy Medical Billing Small Businesses Credit and Collections 71

Fundera

MARCH 8, 2016

Applying for a loan can be pretty time-consuming: you have to collect all your financial records and documents, complete application forms, and make sure you have a convincing reason to take out a loan. 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.

Credit Scoring 74

Credit Scoring Default Credit and Collections Small Businesses 74

CreditStrong for Business

OCTOBER 24, 2024

Qualifying for a business loan will generally require documentation such as a bank statement confirming the revenue, credit, assets, or banking history of the business. Keep in mind that lenders will generally require some verifiable form of documentation when assessing types of alternative income.

Bankruptcy 52

Bankruptcy Credit Scoring Credit and Collections Credit Unions 52

Fundera

OCTOBER 20, 2019

Although this may seem like a daunting task—especially if you’ve never taken an accounting class—there are some basic accounting terms and documents that aren’t too difficult to learn. Your 4 Most Important Business Accounting Documents. Managing a small business, especially your business finances, involves a lot of paperwork.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

CreditStrong for Business

AUGUST 30, 2024

Public records contain information sourced from government documents, often from courts at the local, state, federal levels, and some community resources. The publicly reported events included bankruptcy, foreclosure, unpaid tax liens, and any civil judgments resulting from a lawsuit. Step 2 Organize all documents for review.

Credit Reporting Agencies 52

Credit Reporting Agencies Credit and Collections Bankruptcy Credit Scoring 52

TreviPay

SEPTEMBER 18, 2024

This type of insurance acts as a safety net, covering unpaid invoices when clients default or face financial difficulties. Its primary purpose is to mitigate the financial risks of trade credit by covering outstanding receivables if a customer defaults because of insolvency or other financial difficulties.

Bad Debt 52

Bad Debt Default Credit and Collections Export Credit 52

Fundera

JULY 6, 2016

Payment history—including bankruptcies and judgments. But overall, your credit score is a good measure of how you repay your debts, what kind of credit you look for, how well you understand the amount of debt you can actually take on, whether you’ve successfully avoided bankruptcies and tax liens, and more. Document preparation fees.

Credit Scoring 74

Credit Scoring Credit and Collections Bankruptcy Small Businesses 74

Fundera

APRIL 16, 2020

For applicants, this means extensive documentation—like SBA Form 1919—that dive deep into you and your business’s finances and history. Therefore, in order to streamline your application process, you’ll want to gather some documentation ahead of time to refer to as you complete this form. Luckily, we’re here to help.

Bankruptcy 52

Bankruptcy Default Small Businesses 52

Fundera

APRIL 17, 2018

In particular, the three types of public record data that can appear on your credit report —bankruptcy, civil judgments, and tax liens—can cause major damage to your credit score. In this public document, the government asserts that it has first dibs to seize the individual’s assets in order to recoup their missing debt.

Credit Scoring 67

Credit Scoring Bankruptcy Small Businesses Default 67

MNS Credit Management Group

OCTOBER 31, 2022

The UAE bankruptcy legislation is distinct from this new statute. The present bankruptcy law in the UAE solely applies to businesses and entities based there. This has been replaced with a more lenient procedure under the UAE’s new federal law on insolvency, which enables defaulters to manage their unpaid debts more effectively.

Debt Collections 52

Debt Collections Credit and Collections Bankruptcy Default 52

Pactola

DECEMBER 7, 2020

While distressed loan servicing may pose significant new challenges, if addressed on a structured approach, it can significantly reduce risk, facilitate timely correction of borrower loan defaults and may ultimately contribute to strong customer loyalty.

Credit and Collections 40

Credit and Collections Bankruptcy Credit Risk Default 40

Fundera

NOVEMBER 17, 2018

If you’ve never taken an accounting class, this will provide a basic review of accounting terminology , documents, and accounting software options, as well as tips on when and how to bring in a professional. Your 4 Most Important Business Accounting Documents. Key Business Accounting Terms to Know. Estimated Tax. Employment Taxes.

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

Fundera

NOVEMBER 17, 2018

If you’ve never taken an accounting class, this will provide a basic review of accounting terminology , documents, and accounting software options, as well as tips on when and how to bring in a professional. Your 4 Most Important Business Accounting Documents. Key Business Accounting Terms to Know. Estimated Tax. Employment Taxes.

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

Sky Business Credit

AUGUST 18, 2021

Chattel paper – a document that contains information about monetary obligation paired with the specifics of a security interest held by the creditor; this is usually a lien on a moveable piece of property. This means the account debtor has gone out of business or filed for bankruptcy for it to qualify for non-recourse protection.

Brokerages 40

Brokerages Bankruptcy Credit and Collections Default 40

CreditStrong for Business

OCTOBER 11, 2024

Traditional lenders may impose a waiting period before you can qualify for a new loan after derogatory credit events like bankruptcy, foreclosure, etc. If they know the local market well, they may not request those documents. You may still be able to find a private money lender that will work with you.

Credit Scoring 52

Credit Scoring Credit Unions Bankruptcy Default 52

Fundera

OCTOBER 23, 2019

Pass-through taxation is the default, but LLC can elect corporate tax status. An individual who operates a business on their own is by default a sole proprietor. Any person selling goods and services without a partner is a sole proprietor by default. Operations and management. One owner who has final say on all decisions.

Bankruptcy 40

Bankruptcy Business Bankruptcy Default Credit and Collections 40

tillful

JANUARY 9, 2023

Or why SBA loans, the crème de la crème of small business loans, require so much documentation? In other words, it's the probability of default. The “riskier” a borrower, the more likely that they will default on a loan, line of credit, or other financial product. Well, it all comes down to credit risk. Public Records.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Risk Default 52

CreditStrong for Business

SEPTEMBER 4, 2024

The credit reporting bureau, Equifax, explains that only bankruptcy will typically have a more damaging impact on a consumer’s credit score than a foreclosure will. Be sure to clearly describe the potentially incorrect information and gather any supporting documentation that might be necessary.

Credit Scoring 52

Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 52

Fundera

OCTOBER 19, 2018

If you operate under a franchise , license, distributor, membership, dealer, or jobber agreement, attach a copy of the agreement, plus any other documents that would be helpful in letting the SBA understand the nature of that agreement. Have any applicants or affiliates ever filed for bankruptcy? Does the business have any affiliates?

Bankruptcy 40

Bankruptcy Default Small Businesses 40

tillful

MARCH 22, 2023

Continuing with the above bankruptcy example, if the veil is pierced, then an owner’s personal assets could be seized to cover the business’s outstanding debts. Beyond bankruptcy, liability can come into play when corporations are sued or when they default on debts. a corporate lawyer at DeCarrera Law.

Bankruptcy 52

Bankruptcy Law Firms Default Small Businesses 52

Due

MAY 5, 2023

It can also be costly to prepare taxes for individual stocks, since they require a lot of tax-related documentation. Close to a third of BNPL users had difficulty making payments, resulting in them skipping a bill to avoid defaulting on their plans, according to the Consumer Financial Protection Bureau (CFPB). This might sound harsh.

Insurance Companies 119

Insurance Companies Credit Scoring Medical Billing Deductions 119

Fundera

SEPTEMBER 7, 2016

Bankruptcy. If either you or your business has filed for bankruptcy within the last 10 years, chances are Wells Fargo won’t lend to you—unless you’ve fully repaid all of your creditors. And if an account default occurs, your interest rate will bump up. The Wells Fargo BusinessLoan will come with a documentation fee of $150.

Small Businesses 59

Small Businesses Credit Scoring Bankruptcy Credit Reporting Agencies 59

Team Financial Group

JULY 11, 2023

This mitigates the financial risks associated with defaults, bankruptcies, or unforeseen circumstances, offering businesses greater peace of mind and protection against potential losses. In such cases, we assist by taking on the underwriting responsibilities and preparing the documentation.

Credit Unions 40

Credit Unions Bankruptcy Transactions Default 40