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The letter of explanation addresses red flags that might derail your approval: why you were unemployed for a period of time or why there’s an unpaid balance on your credit report. Not every ...
If your credit report has any negative history, a lender may require a letter of explanation for a mortgage application. Needing a letter of explanation isn't a cause for panic, but it's something ...
Adverse credit history, also called sub-prime credit history, non-status credit history, impaired credit history, poor credit history, and bad credit history, is a negative credit rating. A negative credit rating is often considered undesirable to lenders and other extenders of credit for the purposes of loaning money or capital. [9]
Sample dunning record, from a 1913 business manual. Dunning is the process of methodically communicating with customers to ensure the collection of accounts receivable . Communications progress from gentle reminders to threatening letters and phone calls and more or less intimidating location visits as accounts become more overdue .
Standby letter of credit (SBLC): Operates like a commercial letter of credit, except that typically it is retained as a standby instead of being the intended payment mechanism. In other words, this is an LC which is intended to provide a source of payment in the event of non-performance of contract.
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The improved sentiment comes as home prices remain near all-time highs and mortgage rates have climbed since September to average around 6.7%.They're down slightly from as high as 6.84% in recent ...