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If a Collection Account Is Deleted, Does Your Credit Score Increase—Answered

CreditStrong for Business

A collection account is a record on your credit report that notifies lenders and other financial institutions that you have defaulted on paying a debt. The other widely used version, FICO Score 8, does not ignore paid collections or medical bills.

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Business Loans Vs. Personal Loans: What to Know

Lendio

It can come in handy if you’d like to consolidate debt, fund a home improvement project, or pay an emergency expense, such as a car repair or medical bill. Flexible: A personal loan can be used to pay for a variety of personal expenses, like car repairs, medical bills, and home improvement projects.

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Should You Ever Give an Employee a Loan?

Fundera

Maybe they’re faced with unexpected car repairs, medical bills for a family member, or even something like a surprise furnace replacement. Include the loan’s details—like total amount—and repayment terms—like payment amount, payment frequency, interest rate, and what happens in case of default. Paycheck Advance.

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13 Surprising Factors That Affect Your Credit Score (and Why Small Business Owners Should Care)

Fundera

When a credit bureau computes your credit score, their job is to produce a number that estimates—given your past and current financial history—how likely you are to default on future debts. Any contract where you choose to default on your payment obligations can end up in collections—gym memberships included. Gym Memberships.

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Employee Loans: Everything You Need to Know

Fundera

The promissory note will outline the loan’s repayment terms, including the payment amount, payment frequency, interest rate, and what happens if the employee defaults on the loan. Maybe they’re faced with unexpected car repairs, medical bills for a family member, or even something like a surprise furnace replacement.

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RMAI Update March 2023

RMAi Blog

The RIC was sold to a financing company and the consumer subsequently defaulted. 24, 2023) A consumer received a letter seeking payment for medical bills. Several years later, the court confirmed the default judgment and the debt collector began contacting the consumer to collect the debt. Credit Bureau Servs. ,

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Business Loan vs. Personal Loan: Which Should You Choose?

CreditStrong for Business

If you ever default, they’d be able to collect by seizing personal assets. If you default, the lender will seize your pledged assets. And of course, if you’re looking to finance something that isn’t business-related, like medical bills, debt consolidation, or home improvements, you won’t be able to use a business loan.