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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 ...
One method of correcting erroneous information is to submit a 609 dispute letter to the credit bureaus. This simple letter requests that the credit bureaus seek proof of any specific debts from ...
The effect of the so-called "FTC Holder Rule" is to make "the holder of a consumer credit contract, whether it be a loan company, a bank or other concern, responsible for honoring all the obligations of the merchant who originally sold the goods".
In finance, bad debt, occasionally called uncollectible accounts expense, is a monetary amount owed to a creditor that is unlikely to be paid and for which the creditor is not willing to take action to collect for various reasons, often due to the debtor not having the money to pay, for example due to a company going into liquidation or insolvency.
While credit repair companies often claim they can "erase" bad credit or boost your scores, claims like these can be both false and misleading. Follow 5 steps to fix your credit without spending a ...
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 .
People with no credit history may have trouble getting approved for today’s best credit cards, for example, while people with bad credit may have trouble applying for credit, renting an ...
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