CreditStrong for Business

AUGUST 27, 2024

If a consumer has an unpaid debt on an existing credit account, the original lender will eventually close the account and charge off the bad debt. Generally, these debts are reported to the credit bureaus and remain as a negative entry on your credit history for seven years. How Long Does It Stay on My Credit Report For?

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Collector Credit Reporting Agencies Credit Scoring Third Party Collections 52

CreditStrong for Business

AUGUST 16, 2024

In the business credit world, there are five main credit reporting agencies. These credit bureaus gather information about your company and resell it to others that want to predict the risk of loaning money to your company. It’s wise to understand who the business credit bureaus are and how they operate.

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RMAi Blog

OCTOBER 14, 2024

In This Update Earlier this month, the CFPB issued an Advisory Opinion reminding debt collectors of their obligation to comply with the Fair Debt Collection Practices Act and Reg F’s prohibitions on false, deceptive, or misleading representations in the collection of medical debt (see RMAI’s October 4, 2024 Member Alert ).

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CreditStrong for Business

JULY 11, 2024

FICO is overwhelmingly used by most consumer credit lenders. VantageScore vs FICO Most people use the terms credit score and FICO Score the same way, but there’s more than one type of credit score. Both are valid and used by multiple types of lenders to determine your likelihood of repaying debts and credit risk.

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Credit Scoring Credit Reporting Agencies Credit and Collections Credit Unions 59

CreditStrong for Business

OCTOBER 8, 2024

Building credit is an important part of your financial life. Your credit score determines the loans and credit cards you can qualify for and the interest rates of the loans you can get. What Bills Help Build Credit? What Bills Help Build Credit?

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Credit Scoring Credit and Collections Medical Billing Credit Reporting Agencies 52

CreditStrong for Business

OCTOBER 8, 2024

Most utility payments will not appear on your credit report and will not affect your credit. Some services are available that will report utility bill payments, but some only report to one credit agency, and others charge a fee. Does Paying Utilities Build Credit? Sign up for eCredable Lift.

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Credit Scoring Collector Credit and Collections Credit Reporting Agencies 52

RMAi Blog

SEPTEMBER 13, 2024

On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report. Medical debt, rental debt, and consumer complaints were among the topics focused on in the report. The report stated that the CFPB received approximately 109,900 debt collection complaints in 2023.

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CreditStrong for Business

SEPTEMBER 4, 2024

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. With a chapter 13 bankruptcy, your credit is affected for seven years.

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CreditStrong for Business

OCTOBER 30, 2024

The rapid rescore process is a service most commonly purchased by a mortgage lender when a prospective homebuyer’s credit score needs a slight improvement for either qualifying for a mortgage loan or securing a more favorable interest rate. Often, the credit report information is sent every 30 to 45 days.

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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

The Red Spectrum

MAY 18, 2023

When it comes to managing your finances and building a healthy credit history, understanding how credit card payments affect your credit reports is essential. What Are Credit Bureaus? Before diving into the details, let’s first understand what credit bureaus are.

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RMAi Blog

AUGUST 14, 2024

The Q&A largely focused on participant inquiries about the process of submitting medical debt rulemaking comments, the likelihood of the rule proposal surviving legal opposition, and the relevance of credit reporting. RMAI is concerned that the current exemption for credit cards is not broad enough. First Credit Union v.

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CreditStrong for Business

OCTOBER 30, 2024

Adverse credit report entries generally remain for seven years; however, the negative impact should decline over time. If other reported accounts are current and remain in good standing, substantial improvement is attainable in under one year. How Does Debt Settlement Affect Your Credit? How Does Debt Settlement Work?

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tillful

MAY 17, 2023

Here’s a closer look at what collection filings and derogatory marks mean for businesses. Plus, learn how long they stay on your record, how to prevent them, and tips on getting your business credit back on track. What does it mean to have a business debt in collections? What is a derogatory mark on a credit report ?

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Credit and Collections Bankruptcy Credit Reporting Agencies Credit Scoring 52

CreditStrong for Business

OCTOBER 11, 2024

The goal of the organization is to serve the business lending industry by providing accurate and reliable data to help lenders predict small business credit risk. Business credit reports that contain data from the SBFE might make or break your future business credit applications. No SBFE credit reports.

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CreditStrong for Business

SEPTEMBER 4, 2024

Fixing your credit might seem complicated, but it’s actually a simple process. Not to mention, working with a credit repair company can be expensive. Don’t drop hundreds of dollars on credit repair if you don’t have to. Recent credit score statistics show that 54% of people never check their credit.

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CreditStrong for Business

AUGUST 27, 2024

You’ve taken the time to review your credit report, but some of the information isn’t correct. You may even see an account reporting to your credit that is expired or doesn’t belong to you at all. A credit report mistake could be the cause behind a low credit score. Duplicate credit accounts.

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Credit Scoring Credit Reporting Agencies Credit and Collections Credit Unions 52

CreditStrong for Business

AUGUST 30, 2024

Good credit is essential for obtaining the financing many businesses need to grow their operations. If your business credit has suffered some setbacks, you’ll need to rebuild it before applying for new loans or credit cards. Repairing bad credit works a little differently from establishing it the first time.

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RMAi Blog

JANUARY 25, 2023

Simmons will share his insights and interpretations of the consumer credit environment so that attendees can apply them to their specific businesses. TransUnion is also involved in the conference education program. The Keynote Address will be given by Dan Simmons, Senior Director of Consulting at TransUnion.

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CreditStrong for Business

SEPTEMBER 4, 2024

A foreclosure is a negative mark that remains on credit bureau reports for up to seven years. During the seven-year period, lenders that conduct credit inquiries will view the foreclosure as a negative item and may hesitate to approve you for a loan, credit card, or other financings.

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Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 52

CreditStrong for Business

SEPTEMBER 17, 2024

Most negative credit report entries, such as late payments, that appear on your credit history with the major credit bureaus remain there for seven years. 7 Strategies To Rebuild Credit The first step to rebuilding credit involves obtaining a recent copy of your credit report.

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Due

APRIL 2, 2024

Life’s uncertainties—job loss, emergencies, foreclosures, bankruptcies—can severely damage credit. With a commitment to bouncing back, discipline, careful planning, concrete goals, and strategic choices, it is possible to recover from financial troubles and rebuild your credit status. Bad credit carries numerous disadvantages.

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Credit Scoring Bankruptcy Credit and Collections Chapter 7 72

CreditStrong for Business

JULY 11, 2024

Equifax’s three primary business credit scores are their Credit Risk Score, Payment Index Score, and Business Failure Score. A good Credit Risk Score or Payment Index Score generally indicates that your business is likely to make its payments on time. Credit Risk is the most similar of the three to a personal credit score.

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Eastern Credit Management Services

FEBRUARY 28, 2020

It is a question that seems so simple, but for someone who’s never placed an account for collection, it is none the less important! Making the choice to send your customer to collections is a big decision, this blog is going to answer this question for you and hopefully help you decide! This may take one call or numerous calls.

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Due

JANUARY 3, 2023

You might get asked similar questions by lenders when you apply for loans and credit cards. To find out, they might check your credit report. What are credit reports, why are they important and what is in them? What is a Credit Report and Why is it Important? Credit Reports vs. Credit Scores.

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Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 119

CreditStrong for Business

JULY 1, 2024

Building credit is an important part of your financial life. Your credit score determines the loans and credit cards you can qualify for and the interest rates of the loans you can get. What Bills Help Build Credit? What Bills Help Build Credit?

Credit Scoring 52

Credit Scoring Credit and Collections Medical Billing Credit Reporting Agencies 52

CreditStrong for Business

OCTOBER 3, 2024

When you’re focused on improving your credit, you’re always keeping tabs on the personal tradelines being added and removed from your credit report. If you’ve recently added a new tradeline with the hopes of increasing your credit score, you’re probably wondering when it will start showing.

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CreditStrong for Business

AUGUST 2, 2024

In many cases, a consumer who has seemingly been managing their finances responsibly will notice an unexpected credit score drop. This negative credit score fluctuation is particularly troubling for those concerned with maintaining good credit for an upcoming home or auto loan. 8 Reasons Why a Credit Score Drops 1.

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Credit Scoring Bankruptcy Credit and Collections Third Party Collections 52

Fundera

NOVEMBER 9, 2017

Business credit scores are vital to a business’s health and success. If you own a business and have any sort of open credit, then you certainly have a corresponding credit score. What’s a Business Credit Score? A business credit score is similar to a personal credit score. Check your credit report.

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CreditStrong for Business

SEPTEMBER 12, 2024

Unfortunately, regardless of the reason, they will affect your credit score. Still, you may be wondering—how long do late payments stay on your credit report? How Different Entries Affect Your Credit Score Equifax , Experian , and TransUnion , the three major credit bureaus, compile the data that creditors report.

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tillful

JUNE 14, 2023

Looking to learn the ins and outs of Experian business credit scores ? as a consumer credit reporting company, but it also collects information on millions of businesses and provides business credit reporting services. If you do, you can access your Experian credit score through Tillful at no extra cost.

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Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 52

Lendio

APRIL 23, 2024

As a small business owner with poor credit, it can be even more difficult to find the financing you need. In this article, we’ll explore the possibilities of getting a startup business loan with no credit check or poor credit, as well as alternative forms of financing to consider. Getting a business loan with no credit.

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Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 52

CreditStrong for Business

MARCH 9, 2023

When making improvements to your credit score, watching for any small movements can be anxiety-inducing. Credit score updates can happen on a daily basis. However, most people won’t notice it change that often because many credit monitoring tools only update credit scores once per month. That’s not entirely true.

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

CreditStrong for Business

AUGUST 23, 2024

Small business owners looking for a way to finance and organize purchases will want to know how to get a business credit card. In addition to having the application information ready in advance, you’ll want to know how both personal credit and business credit scores are considered for approval. Why do they ask this?

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Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 52

Lendio

DECEMBER 14, 2022

Even as a small business owner with no revenue and no credit (or bad personal credit), you might be able to find a startup business loan. Getting A Business Loan With No Credit. When you apply for a business loan, many commercial lenders will review your credit history to get a sense of how you’ve handled debt in the past.

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Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 98

CreditStrong for Business

OCTOBER 1, 2024

Jargon in the credit industry makes it difficult for many consumers to understand our credit system. As a result, nearly 40% of Americans report having no idea how their credit scores work 1. A tradeline refers to the open and closed accounts in your credit report.

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

Fundera

SEPTEMBER 29, 2017

When you become a business owner, you quickly realize that it isn’t just about your personal credit score anymore. Yes, your personal credit score still plays a (surprisingly) important role in your business’s life, but now you have another financial indicator to pay attention to: your business credit score. The industry.

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