Your Virtual Credit Manager

FEBRUARY 13, 2024

After, the Great Recession of 2008, commercial bankruptcies peaked in 2009 and did not drop below pre-recession levels until 2012. Department of Justice projects a substantial increase in bankruptcy filings. Trustee Program has estimated that bankruptcy filings will double over the next three years.

Bankruptcy 130

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

Your Virtual Credit Manager

MARCH 4, 2025

As discussed in a recent post , gathering customer information doesn’t stop with the credit application. This company was fortunate to avoid significant bad debt loss until Ames Department Stores, Kmart, and Fleming Foods (a distributor) all filed bankruptcy within the same year. Bad debt losses were understandably huge.

Bad Debt 130

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

RevCycle

JULY 26, 2023

In fact, medical debt is the leading cause of personal bankruptcy in the country. In a 2022 report, the CFPB found that these cards can lead to higher costs for patients, as well as increased risk of debt collection and bankruptcy. It provides valuable information about the risks of these cards and how to protect yourself.

Collector 182

Collector Credit and Collections Medical Billing Debt Collections 182

Lendio

MAY 9, 2024

Whether you’ve gone through a personal or business bankruptcy, lenders will consider past bankruptcies when making a loan decision. This post will cover common questions about bankruptcy and how it impacts your loan application. Can you get a business loan after bankruptcy? Bankruptcy policy will vary by lender.

Bankruptcy 52

Bankruptcy Chapter 11 Chapter 7 Business Bankruptcy 52

Your Virtual Credit Manager

JANUARY 31, 2023

Cash flow problems: The primary reason businesses declare bankruptcy is liquidity issues, so it should come at no surprise that cash flow problems are a top reason for a business paying late. An invoice may have a wrong amount or be missing important information. Subscribe now Ten Primary Causes of Customer Late Payments 1.

Credit and Collections 246

Credit and Collections Bankruptcy Past Due Invoices Order to Cash 246

Your Virtual Credit Manager

JANUARY 23, 2024

Among other things, commercial bankruptcies have been steadily climbing over the past year. If the European parent company defaulted, the North American subsidiary would be pulled into bankruptcy even though its operations were profitable. Update financial information: at least annually.

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Credit Application Bad Debt Bankruptcy Credit Scoring 130

RMAi Blog

OCTOBER 25, 2024

John Kirby’s Background and Role John will be leading the Information Security and Technology group at Garnet Capital Advisors as Managing Director. He is a Certified Third-Party Risk Professional (CTPRP) and an Associate of Information Systems Security Management Professional (ISSMP). and Canada.

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Credit Unions Bankruptcy Transactions 130

RMAi Blog

SEPTEMBER 12, 2024

Its attorneys practice primarily in the areas of consumer financial services law, complex litigation and appeals, regulatory defense, bankruptcy and insolvency, attorney risk management, and data privacy. For information call 866-476-9103 or visit www.bn-lawyers.com. lawyers.com. as New President and C.E.O.

Law Firms 130

Law Firms Bankruptcy 130

CreditStrong for Business

FEBRUARY 25, 2025

As you become a responsible borrower and work toward building your credit history, youll find that your credit report may sometimes contain inaccurate or outdated information that may harm your score. It will take some time for them to respond to your disputes, and some may even require further information from you to validate your claims.

Credit Scoring 52

Credit Scoring Bankruptcy Credit and Collections Credit Reporting Agencies 52

RMAi Blog

AUGUST 14, 2024

Seventh Circuit Rejects Consumer’s FCRA and FDCPA Claims Arising from Post-Bankruptcy Collection and Reporting Freeman v. The consumer filed for bankruptcy and eventually cured her pre-petition mortgage default through her bankruptcy plan payments. Click here for more information on our live and recorded educational webinars.

Electronic Funds Transfer 130

Electronic Funds Transfer Credit and Collections Bankruptcy Law Firms 130

Due

JANUARY 3, 2023

You may also receive different interest rates based on the information on your credit reports. The reason for this is that credit scores are calculated using information from your credit report. Essentially, your scores summarize the information in your credit report. Personally Identifiable Information (PII).

Credit Scoring 119

Credit Scoring Bankruptcy Credit and Collections Credit Reporting Agencies 119

Emagia

NOVEMBER 20, 2024

By moving from account-level analysis to portfolio-wide insights, credit professionals can position themselves as strategic advisors, providing the data necessary for informed decision-making. The need for efficient automation and real-time visibility is paramount,” Shultz emphasized.

Credit and Collections 52

Credit and Collections Credit Management Bankruptcy Order to Cash 52

Fundera

APRIL 16, 2020

Fill in the identifying business information in Section I. Fill in the identifying personal information in Section II. SBA Form 1919, the Borrower Information Form, plays a major role in that assessment. This being said, the Borrower’s Information Form is broken into two sections: Section I and Section II.

Bankruptcy 52

Bankruptcy Default Small Businesses 52

Your Virtual Credit Manager

MARCH 19, 2024

Derogatory Information: You should be monitoring the creditworthiness of the customers in your AR portfolio. 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

Your Virtual Credit Manager

DECEMBER 27, 2022

A business's credit history also includes any past bankruptcies or defaults, as well as collection agency placements. In addition, it is a plus when the owners and top managers have no history of bankruptcy. Here are the five primary information sources used to evaluate an accounts credit risk.

Credit Scoring 130

Credit Scoring Credit and Collections Accounts Receivable (AR) Bankruptcy 130

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. In a bankruptcy, that puts you ahead of the unsecured creditors, but behind the secured creditors who have established priority.

Bankruptcy 100

Bankruptcy Credit and Collections Accounts Receivable (AR) Default 100

Lendio

MAY 3, 2024

Unlike personal credit scores, business credit scores take into account factors such as the company’s payment history, credit utilization rate, length of credit history, public records including bankruptcies, and the company’s size and industry. Recent credit inquiries : Have lenders recently requested information about your business?

Credit Scoring 97

Credit Scoring Credit and Collections Bankruptcy Transactions 97

Fundera

OCTOBER 19, 2018

SBA Form 1919, the Borrower Information Form, plays a major role in that assessment. Here’s a comprehensive guide to the Borrower Information Form, including tips on how to fill it out accurately so you can ensure the smoothest SBA application process possible. . Section I: Applicant Business Information.

Bankruptcy 40

Bankruptcy Default Small Businesses 40

RMAi Blog

JANUARY 23, 2023

Along with homelessness comes the need for trauma-informed physical and mental health care, as shelter is generally just one piece of the puzzle in meeting the greater needs at stake for the future of at-risk youth. The firm considers it a privilege to help meet these needs and looks forward to being a community supporter in 2023.

Law Firms 100

Law Firms Bankruptcy 100

Your Virtual Credit Manager

DECEMBER 6, 2022

Cash Flow is the number one cause of small business bankruptcies. Their payment experience with your firm now takes front and center, but it is also backed up by news about your customers (in the press, online or gleaned by your sales team) and credit bureau information. You can find out more about AR portfolio monitoring here.

DSO 130

DSO Credit and Collections Bad Debt AR Aging 130

Your Virtual Credit Manager

APRIL 2, 2024

For instance, bankruptcy within the next two years is more easily defined than the more nebulous state of financial distress. Scores provide valuable insights into the creditworthiness of business customers and help companies make informed decisions regarding trade credit extension, terms, and risk management strategies.

Credit Scoring 130

Credit Scoring Credit and Collections Bad Debt Credit Risk 130

RMAi Blog

MAY 3, 2023

Learn More For more information about Landmark Strategy Group, visit their website at thelandmarkcorp.com. The organization has earned the maximum 4-star rating from Charity Navigator, America’s largest charity evaluator. To learn more about FeedMore WNY and how you can support its mission, please visit feedmorewny.org.

Nonprofit Organizations 100

Nonprofit Organizations Credit Unions Bankruptcy Credit and Collections 100

RMAi Blog

APRIL 4, 2023

EverChain’s UDD provides unprecedented visibility into the client partners and also harnesses the power of five key advantages: UDD gives buyers the ability to view due diligence information on the Seller and the portfolios they’ve brought to market in real time at the time they are reviewing portfolios for bid.

Bankruptcy 100

Bankruptcy Credit and Collections Default 100

Fundera

SEPTEMBER 1, 2017

Payment history (including bankruptcies and judgments). And other publically accessible information. They might be innocuous, but if a credit bureau accidentally adds someone else’s bankruptcy onto your report and your credit score plummets, you could be in a bad position. Try not to file bankruptcy. Size of business.

Credit Scoring 92

Credit Scoring Bankruptcy Credit and Collections Default 92

Fundera

SEPTEMBER 29, 2017

You should review each one’s credit report of your business: they’ll all include the same basic information, but can differ on some points here or there. This is the same with personal credit scores: The personal and business credit reporting bureaus all collect similar information, but it’s not exactly the same. Company Information.

Credit Reporting Agencies 76

Credit Reporting Agencies Credit Scoring Credit and Collections Bankruptcy 76

Know-It Global

JUNE 20, 2023

It involves managing credit sales and making informed credit decisions, ensuring timely payment from customers, and minimising bad debt. It provides invaluable insights into the financial history, payment habits, and risk potential of a company, allowing creditors, suppliers, and partners to make informed decisions.

Bad Debt 19

Bad Debt Credit and Collections Debt Collections Credit Risk 19

Due

APRIL 2, 2024

Life’s uncertainties—job loss, emergencies, foreclosures, bankruptcies—can severely damage credit. Bankruptcy will likely exacerbate any credit issues, causing an initial drop of about 100 to 200 points in your credit score. In the US, it’s after ten years under a Chapter 7 and seven years after a Chapter 13 bankruptcy.

Credit Scoring 72

Credit Scoring Bankruptcy Credit and Collections Chapter 7 72

Fundera

DECEMBER 13, 2018

You actually have a bunch of different credit scores (more on that later), and all of those credit scores are dynamic , regularly fluctuating based on information your creditors report. In this instance, of course, the credit bureaus aggregate information on your business’s credit activity, rather than your personal credit activity.

Credit Scoring 75

Credit Scoring Bankruptcy Credit and Collections Default 75

Fundera

AUGUST 25, 2017

For more information, the Small Business Administration also has a comprehensive guide. Bankruptcy : No one wants to file for bankruptcy protection, but this could be your last resort if something goes wrong (or you never managed to plan one of the solid exit strategies listed above). They might have solutions (e.g.,

Small Businesses 96

Small Businesses Bankruptcy 96

Fundera

FEBRUARY 17, 2016

Y ou should review each one’s credit report of your business: they’ll all include the same basic information, but can differ on some points here or there. Company Information. Bankruptcy and Collections. The report will show any history of bankruptcy filings and/or overdue accounts that’ve gone to collections.

Credit Reporting Agencies 75

Credit Reporting Agencies Credit Scoring Credit and Collections Bankruptcy 75

Fundera

JUNE 7, 2016

As we discussed in the first part of this three-part series , Bond Street gathers a whole lot of information about you and your business during this initial application phase. Bond Street can then send this documentation, along with your credit information, to an underwriter for further review. Be Ready for the Call.

Bankruptcy 74

Bankruptcy Small Businesses 74

CreditStrong for Business

SEPTEMBER 12, 2024

Evictions, foreclosures, bankruptcies, and judgments are terrible news for your credit. Equifax, Experian, and TransUnion are the major credit bureaus or credit reporting agencies that collect and report this information. This resulted in bankruptcy being the only type of reportable derogatory public record.

Chapter 7 52

Chapter 7 Credit Reporting Agencies Bankruptcy Credit Scoring 52

Fundera

NOVEMBER 11, 2016

Outstanding debts, liens, bankruptcies, UCC flings or judgments connected to the business. One way to prevent errors is to make sure your information with credit reporting bureaus is accurate. However, you also have to check your report so that you can report any incorrect information. The post Worried About Getting a Loan?

Credit Scoring 93

Credit Scoring Credit Reporting Agencies Bankruptcy Small Businesses 93

Your Virtual Credit Manager

DECEMBER 26, 2023

For the past year, the number of commercial bankruptcies has been trending upward and is at a 4-year high. Beware of firms that have a significant history of being the subject of lawsuits or have a history of bad checks and bankruptcies. If you haven’t, you almost certainly will.

Collector 130

Collector Credit and Collections Default Third Party Collections 130

CreditStrong for Business

NOVEMBER 7, 2024

resident with a permanent address SSN or ITIN Checking account, prepaid account, or debit card Mobile phone number Email address Step 5: Don’t Close Down any Credit Accounts Consumer credit reports generally contain key information regarding any current, open credit accounts such as the origination date, balance, and payment status.

Credit Scoring 40

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

Your Virtual Credit Manager

SEPTEMBER 12, 2023

References require checking, a credit report must be ordered, all the information evaluated and a decision made. You also should be checking for derogatory information — liens, judgements, prior bankruptcies, etc — found on their credit report or in public records. Credit evaluations, however, often take time.

Credit and Collections 130

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

CreditStrong for Business

NOVEMBER 22, 2024

When you give them your information, the tools initiate a soft credit check, which doesn’t show on your credit report. Credit reports contain a detailed record of your credit history, but they don’t retain that information forever. Many lenders now have pre-approval tools that you can access online.

Credit Scoring 40

Credit Scoring Credit Reporting Agencies Bankruptcy 40