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First CreditUnion v. The consumer filed for bankruptcy and eventually cured her pre-petition mortgage default through her bankruptcy plan payments. The bill would broadly define medical debt to mean “a debt related to, in whole or in part, a transaction, account, or balance arising from a medical service, product, or device.”
Check Your Credit Scores and Reports Begin the auto refinancing process by reviewing your current creditreport. Consumers are eligible for a free copy each year through Experian, Equifax, and Transunion, the major creditreportingagencies.
But in addition to your score, you’ll want to dig into your full creditreport. By law, you’re entitled to one free creditreport per year from each of the three creditreportingagencies. You can access your free reports at AnnualCreditReport.com.
Secured credit cards are one of the most reliable credit-building tools available to people after bankruptcy. To qualify for one, you must provide a cash deposit equal to the credit limit that the card issuer holds onto as collateral. As a result, you can get a secured card with bad credit.
The former is older and better established, and the company claims that 90% of top lenders use at least one FICO credit score variant. They claim that 9 of the 10 largest banks and 29 of the 100 largest creditunions use their credit scores in one or more lines of business. VantageScore is gaining ground, though.
The Small Business Administration requires its lenders to use this score to screen applicants on certain loans, but it can also be used by other lenders that offer loans and lines of credit up to $1 million. There’s also the Equifax Small Business Credit Risk Score, which ranges from 101 to 992.
Also, if you pay your credit card bill regularly, your balance/utilization ratio may decrease. An individual’s credit utilization ratio indicates what percentage of their total available credit they are currently using. In the event that you fall behind on your loan payments or default, your debt may be collected.
The Court of Appeals of Wisconsin, District I, recently held that the National Bank Act does not preempt the Wisconsin Consumer Acts requirement to send a notice of right to cure to a borrower in default prior to filing a collection action. A Wisconsin borrower defaulted on two credit card accounts issued by a national bank.
Unregulated A private investor, like a hard money lender, isn’t regulated by the Federal Reserve like banks, creditunions, and other lenders. If you default on a hard money loan, the lender can take possession of the property. Does a Hard Money Loan Appear on Your CreditReport?
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