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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 ...
The bottom line. It’s important to review your credit report regularly and dispute all inaccurate information. A Section 609 dispute letter allows consumers to request verification of accounts ...
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.
Here’s an estimate of how much bad credit might potentially cost you if a lender charged you a higher interest rate on a 30-year, fixed-rate mortgage of $350,000 due to a poor FICO Score: FICO Score
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.
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you ...
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