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The expansion of accessible credit can come with a downside of exclusion as people with poor credit (those that are considered high risk by credit scoring systems) become dependent on short-term alternatives such as licensed money lenders (the home credit industry), pawn brokers, payday lenders, and even loan sharks. [20]
The weird thing: That information used to be in my credit report up until 10 years ago, when the biggest credit card companies stopped reporting that payment data because it created too much ...
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Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt. [1]
VantageScore 3.0, with scores ranging from 300 to 850, is a user-friendly credit score model developed by the three major nationwide credit reporting agencies, Experian ®, TransUnion ®, and ...
The DFS has the authority to license and regulate service contract providers. [20] A list of the currently licensed service contractor providers can be found at Currently Registered Service Contract Providers. New York State and other states, such as California, [5] have the authority to fine or prosecute unlicensed service contract providers. [21]
Hard money lenders would consider lending in this situation if they can be assured that, should the loan go into default, they can sell the house, pay off the first mortgage and still earn a ...