A debt doesn’t generally expire or disappear until its paid, but in many states, there may be a time limit on how long creditors or debt collectors can use legal action to collect a debt. In many states, creditors and debt collectors can’t go to court to collect on an old debt because the time … Read more
The VA loan is one of the most popular benefits for veterans, active-duty and reserve service members, and qualifying spouses in the United States. With attractive rates and the ability to buy a home or refinance all of your equity with no money down, its easy to see why. Still, there are certain requirements put … Read more
The Federal Housing Administration (FHA) has more lenient borrowing requirements than some other types of home financing. The catch: extra FHA closing costs. Before you apply for an FHA loan, learn more below about what you’ll pay. Key takeaways. Getting an FHA loan to buy a house can be a great option, especially for first-time … Read more
Equifax’s business credit score is one of the most commonly used measures of creditworthiness, and it is considered to be a reliable indicator of how likely a borrower is to repay a loan. The scoring system that Equifax has in place factors in credit history, the amount of debt, the number of late payments, and … Read more
Getting a mortgage after being late on a few payments in the past year depends on a lot of things, like the lender’s requirements, how bad your late payments were, and how good your credit history is overall. Some recent late payments won’t hurt your credit score, so you might still be able to get … Read more
Numerous websites claim there is a magic 11 word phrase to stop debt collectors from collecting debts. That is false. The notion of an 11 word phrase to stop debt collectors is pretty much an Internet myth. It was created and perpetuated by individuals and marketing companies to sell advertisements and books. The truth is … Read more
If your credit score is 734, you are right in the middle. At the end of 2021, Experian said that the average American consumer had a FICO Score of 714. A score between 670 and 739 is usually thought to be good. Most lenders consider an 734 credit score to be an average credit score … Read more
Credit scores are three-digit numbers designed to represent how likely you are to repay a lender on time. Credit scores are one thing that potential lenders and creditors look at when they decide if they want to give you new credit. Lenders may also use your credit scores to set the interest rates and other … Read more
In terms of money, your credit score is one of the most important numbers. It changes everything, from the interest rates on loans and insurance to whether you can get an apartment. So if your score is lower than you’d like, the first thing you should do is raise it. The good news is, there … Read more
Any business that offers sales on credit runs the risk of being unable to collect on some of its debts. These uncollectable debts are known as bad debt expenses. Whenever this happens, you need to know how to properly record a bad debt expense in your books. In this article, we’ll define a bad debt … Read more