Credit Education
Take Control of Your Credit and Make Smarter Financial Decisions. Lets educate ourselves on each derogatory/delinquent account below.
COLLECTIONS
Collections are a result of a debt becoming seriously delinquent. These debts can be credit cards, medical bills, and even utilities. Typically, debts are sent to collection agencies after a consumer fails to pay a debt for 180 days, but each creditor’s policy may vary.
CHARGE-OFFS
Charge-offs are debts that the original creditor has deemed unlikely to be paid. Like collections, typically a charge-off occurs when a consumer has become seriously delinquent on a debt – failing to pay for 180 days.
LATE PAYMENTS
Late payments occur when a consumer is at least 30 days past due on an account. Some creditors do not report late payments until a consumer is at least 60 days late. Each creditor’s policy varies.
BANKRUPTCIES
Bankruptcies are legal processes in which consumers that are unable to pay their debts are granted relief of their debts. Most frequently, bankruptcies are initiated by the party owing the debt.
REPOSSESSIONS
Repossessions are processes in which a lender can retake possession of an asset (typically vehicles) when a consumer defaults on payments.
INQUIRIES
Hard inquires occur when a creditor reviews a consumer’s credit profile before making a decision to extend credit.