Your Virtual Credit Manager

OCTOBER 8, 2024

Older debts are often more difficult to recover because the debtor’s financial situation may worsen over time, or the business may close, become insolvent, or declare bankruptcy. In cases of bankruptcy or liquidation, the likelihood of repayment drops dramatically, as creditors may only receive partial payments or nothing at all.

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Third Party Collections Credit and Collections Bankruptcy Bad Debt 100

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

Credibly

OCTOBER 31, 2023

Table of Contents What happens if you default on a business loan? What happens if your business defaults on a loan? What’s the difference between default and delinquency? What you can do before your loan goes into default Does defaulting on a business loan affect my personal credit?

Default 40

Default Credit Scoring Credit and Collections Bankruptcy 40

CreditStrong for Business

JULY 11, 2024

It’d be helpful if you get it, but you’re probably wondering what credit score you need to get a small business loan. In this article, we’ll cover the different types of business loans and the credit expectations for each. SBA Loans The SBA offers some of the most diverse small business loans.

Credit Scoring 52

Credit Scoring Small Businesses Credit Unions Bad Debt 52

Your Virtual Credit Manager

MAY 2, 2023

Growth is down, interest rates continue rising, small businesses are facing a credit crunch, commercial bankruptcies are skyrocketing and experts see an emerging threat: Washington Post: U.S. Please feel free to share this newsletter with your small business customers. economy grew at 1.1% economy grew at 1.1%

Bankruptcy 100

Bankruptcy Credit and Collections Accounts Receivable (AR) Default 100

Your Virtual Credit Manager

DECEMBER 26, 2023

First we look at Red Flags that may indicate a customer could begin paying slower or default. Far more damaging is a customer that defaults (never pays). An inability to replace the loss with new business will put a serious crimp in your cash flow, especially when the default involves a large amount.

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Collector Credit and Collections Default Third Party Collections 130

tillful

MAY 31, 2023

Amidst fintech lenders closing up their small business operations plus recession rumors, there’s been a bit of concern about credit crunches, and if we’re in one. A real-life example of a credit crunch What do credit crunches mean for small businesses? So, what causes a group of borrowers to default around the same time?

Small Businesses 52

Small Businesses Credit Scoring Default Credit Unions 52

Your Virtual Credit Manager

MARCH 19, 2024

Learn More About YVCM Services Readers of Your Virtual Credit Manager can access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner accredit. More About Purchasing Credit Reports Please feel free to share this newsletter with your small business customers.

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Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Your Virtual Credit Manager

JULY 23, 2024

This is especially true in the case of small business customers, who will do everything they can to keep paying their suppliers and vendors, including tapping out their personal credit, until the bottom falls out. Irregular payments are a clear warning sign that default may be around the corner.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Shared Service Center Small Businesses 130

CreditStrong for Business

OCTOBER 24, 2024

Business Loans Small business owners might qualify for some type of business loan. A business’s income is used to qualify the loan, not income from a job. Small Business Administration), a small business loan from a traditional bank, or various online lenders that offer business loans.

Bankruptcy 52

Bankruptcy Credit Scoring Credit and Collections Credit Unions 52

Fundera

AUGUST 11, 2016

You took out a small business loan with the best of intentions… But things didn’t quite work out the way you’d planned—and now you can’t make your loan payments. What happens when you default on a loan? What Happens When You Default on a Loan? What Happens When You Default on a Loan?:

Default 75

Default Credit Reporting Agencies Credit and Collections Credit Scoring 75

BitX Funding

DECEMBER 13, 2022

Many small business owners find it difficult to obtain capital to grow their businesses without credit or a poor credit history. There are still options out there for getting a small business loan with bad credit. It is more difficult than ever to do business in today’s economy.

Small Businesses 52

Small Businesses Credit Scoring Credit Unions Bankruptcy 52

Abrigo

DECEMBER 29, 2023

From upcoming new requirements on small-business lending to watching out for deteriorating commercial real estate loans, these resources provided insight and tips to keep staff sharp. It provides some dos and don’ts for helping avoid construction loan defaults. Stay up to date on CFPB 1071.

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Credit Risk Credit Unions Credit and Collections Small Businesses 88

Your Virtual Credit Manager

DECEMBER 27, 2022

Cash flow is the biggest cause of customers defaults, but often cash flow is a result of other financial problems or miscues. Please share this newsletter with your small business customers. A business with a strong credit history is more likely to be considered creditworthy than one with a weaker credit history.

Credit Scoring 130

Credit Scoring Credit and Collections Accounts Receivable (AR) Credit Application 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 Credit and Collections Bankruptcy Credit Scoring 40

Your Virtual Credit Manager

APRIL 2, 2024

Still others may be predictive of default, financial distress or financial health, and creditworthiness. For instance, bankruptcy within the next two years is more easily defined than the more nebulous state of financial distress. delinquency or default) than will be found in a random sample.

Credit Scoring 130

Credit Scoring Credit and Collections Bad Debt Credit Risk 130

Your Virtual Credit Manager

AUGUST 22, 2023

Selling to new businesses on credit terms has always meant taking on more risk than is involved with established businesses, but recent substantial increases in inflation, interest rates, and labor costs raises the specter of a large number of business defaults for the foreseeable future. Furthermore, 86.5

Credit and Collections 130

Credit and Collections Bad Debt Credit Risk Small Businesses 130

Fundera

FEBRUARY 6, 2018

Running a business involves a constant learning curve. And that applies whether you’re a rookie entrepreneur just starting out with a great idea for a new business or a more established small business owner with a quickly growing business that needs to expand. Accounting Terms to Know. Accounts Receivable.

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Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

Fundera

OCTOBER 20, 2019

How to Manage Small Business Finances in 5 Comprehensive Steps. Choose a business bank account and separate your personal and business finances. Organize your business finances by using accounting software and hiring a professional. Understand and fulfill your business tax responsibilities.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

CreditStrong for Business

AUGUST 23, 2024

Report users can purchase business credit scores from Equifax too, such as: Business Delinquency Score Business Delinquency Financial Score Business Credit Risk Score Early Default Score And More Different business scoring models have different numerical ranges.

Credit Reporting Agencies 52

Credit Reporting Agencies Credit Scoring Credit and Collections Bankruptcy 52

CreditStrong for Business

SEPTEMBER 27, 2024

One of the first decisions every business owner must make is which type of legal entity they’ll use to conduct their business. Limited liability companies (LLC) and sole proprietorships are two of the most popular options for small business owners. An LLC protects those assets as a corporation would.

Default 52

Default Credit and Collections Small Businesses Bankruptcy 52

Your Virtual Credit Manager

MAY 16, 2023

By avoiding the following common traps, or myths if you will, businesses can minimize the risk of non-payment or default and make better informed decisions about extending credit to other businesses that will boost sales and profits. Please feel free to share this newsletter with your small business customers.

Bad Debt 100

Bad Debt Credit and Collections Default Small Businesses 100

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. Please feel free to share this newsletter with your small business customers. The bank will pay you if your customer defaults.

Credit and Collections 130

Credit and Collections Default Bad Debt Credit Risk 130

Your Virtual Credit Manager

JUNE 4, 2024

The experts at Your Virtual Credit Manager are currently offering 33 percent off our standard small business consulting rates. Learn More About Consulting Readers of Your Virtual Credit Manager can access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner accredit.

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Collector Credit and Collections Past Due Invoices Credit Management 130

CreditStrong for Business

NOVEMBER 1, 2024

The SBA microloan program provides a relatively small amount of funding for select small businesses through nonprofit intermediary lenders. SBA microloans are part of a federal program where the Small Business Administration works with community-based lenders to provide loans to certain types of small businesses.

Small Businesses 52

Small Businesses Default Bankruptcy Credit Scoring 52

Your Virtual Credit Manager

DECEMBER 20, 2022

Why not share this newsletter with your small business customers. The good news is that in a bankruptcy, you will be ahead of all the general unsecured creditors. it just might help them pay you sooner! Share Controlling Credit Risk Increasing sales to high margin customers disproportionately increases total gross profit.

Deductions 130

Deductions Credit and Collections Bad Debt Credit Risk 130

Fundera

MARCH 28, 2018

You probably know how important your credit score is when you’re applying for a small business loan. Still, as a small business owner, it’s crucial to keep your personal credit score as high as possible. You’ll keep your credit score high—and eventually get the best deal possible on your small business loan.

Small Businesses 88

Small Businesses Credit Scoring Default Credit and Collections 88

Fundera

NOVEMBER 17, 2018

Some small business owners are already financial experts: they have MBAs, experience in the private sector, and strong literacy in all things related to managing small business finances. If managing finances for a small business has you feeling completely overwhelmed, take a look at this comprehensive primer.

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

Fundera

NOVEMBER 17, 2018

Some small business owners are already financial experts: they have MBAs, experience in the private sector, and strong literacy in all things related to managing small business finances. If managing finances for a small business has you feeling completely overwhelmed, take a look at this comprehensive primer.

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

MNS Credit Management Group

AUGUST 7, 2023

However, there is always the possibility of loan default. Lenders are picky about whose businesses they give credit to. A business credit score is a credit rating that indicates how likely a company is to repay its loans on schedule and without default. What is a company credit score?

Credit Scoring 52

Credit Scoring Credit Risk Credit and Collections Bad Debt 52

Your Virtual Credit Manager

DECEMBER 6, 2022

Under-performing AR has the potential to create a cash flow crisis that can shut down your business in very short order. Cash Flow is the number one cause of small business bankruptcies. Please feel free to share this newsletter with your small business customers. it just might help them pay you sooner!

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DSO Credit and Collections Bad Debt AR Aging 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

Lendio

JUNE 4, 2024

As a small business owner, you’re probably familiar with at least a few of the many loan products available. If you default on secured loans, the lender can seize the collateral as repayment for the loan amount. Many lenders require you to offer an asset to secure a debt. What is cross-collateralization?

Default 52

Default Credit and Collections Credit Unions Bankruptcy 52

Fundera

NOVEMBER 9, 2016

So, small business owner, you need to finance your business… Who’s going to be the small business lender to step up and meet your financing needs? But with signs that commercial banks are opening their credit to small business owners , now’s a great time to consider bank loans for your business.

Small Businesses 82

Small Businesses Credit and Collections Default Bankruptcy 82

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. In other words, it's the probability of default. All public records get recorded on your business credit report.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Risk Default 52

tillful

FEBRUARY 28, 2023

Have you heard about the FICO Small Business Scoring Service (SBSS)? Like most business credit scores, the SBSS helps lenders and service providers understand the level of credit risk that businesses present. small business credit applicants. Public records : Any public records such as bankruptcies or liens.

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Credit Scoring Credit and Collections Small Businesses Bankruptcy 98

Fundera

DECEMBER 13, 2018

When you’re navigating the small business loans process—or any kind of lending process, for that matter—you’re bound to bump up against your credit score again and again (and again). And, as you can imagine, getting a perfect credit score allows you the most and best small business loan options at your fingertips.

Credit Scoring 75

Credit Scoring Bankruptcy Credit and Collections Default 75