Better Credit Blog

AUGUST 9, 2021

Even just one outstanding debt is a headache that can drag down your credit rating and make it tough to get a loan for a home or a car. Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further.

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Debt Guru

JANUARY 27, 2020

But if you can’t pay and remain in delinquency for a certain amount of time (for federal loans, the time frame is typically nine months without making a payment), your lender will declare the loan in default. . Possibly the worst thing about defaulting on your loan is that the entire balance becomes due at the time of default.

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Sawin & Shea

MARCH 6, 2024

Understanding Debt Consolidation Debt consolidation is the process of taking out a brand-new loan and using the money to pay off other loans or debts. Pros & Cons of Debt Consolidation Debt consolidation can be great if you qualify for a loan with a low enough interest rate.

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Credit Corp

DECEMBER 22, 2020

Whether you make your debt payments on time makes up 35% of your credit score. Making on-time payments is one of the smartest ways to use your debt to your advantage. If you need a little help, debt management apps can help you organize and manage all of your debts in one place. Debt Manager .

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Credit Corp

FEBRUARY 9, 2024

We’ll help you weigh those options and share several resources that can help you learn how to reduce debt over time. Each debt relief option has its pros and cons. Having good credit can help you secure better loans. While this helps by making one payment out of several, it’s not a strategy that directly gets you out of debt.

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Credit Corp

OCTOBER 25, 2023

Types of credit card consolidation include credit card consolidation loans, balance transfer credit cards, home equity loans, HELOCs, retirement loans, cash-out auto refinance, family loans, and debt management plans. You can go about consolidating credit card debt in a few different ways.

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Nerd Wallet

AUGUST 28, 2020

offers many common credit counseling services by phone or online, including debt management plans, student loan counseling and housing counseling. Consumer Education Services Inc. CESI is headquartered in Raleigh, North Carolina, and offers services in all 50 states and Puerto Rico. CESI offers.

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Hudson Weir

AUGUST 21, 2023

In this guide we explore HMRC debt management and collection, including the options if your business is struggling to make a repayment. The National Audit Office reports the total tax debt reached £42bn in September 2021, up from £16bn in January 2020 before COVID-19. If that’s the case, your company isn’t alone.

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Credit Corp

AUGUST 24, 2021

This might include options such as budgeting, debt settlement, consolidation loans, or debt management programs. Even for-profit debt management companies often provide a free consultation to help you understand what your options are. Consolidation loans. The credit counselor helps you create a plan.

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Sawin & Shea

AUGUST 9, 2023

Creditors cannot reclaim any of your property if you default on a loan. However, secured debt means the borrower has put up collateral (e.g. a car or their home), and agrees that they will repay the loan in a timely fashion or else the lender will gain ownership of the collateral they used to get the loan.

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Qualco

OCTOBER 25, 2023

Artificial Intelligence and Machine Learning automate credit scoring, making loan approvals swifter and more accurate. Mastering Data Synchronisation in Collections & Recoveries To address debt management challenges, digital debt collection solutions provide customisable tools that adeptly manage the customer regardless of circumstance.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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Credit Corp

OCTOBER 4, 2021

When you choose a mortgage lender and are approved for your home loan, your lender is agreeing to lend you all funds necessary to cover your home purchase. For a mortgage, you’ll typically need a credit score of at least 620 for a conventional loan. Your Debt-to-Income Ratio (DTI). Debt Management Tips.

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Collection Industry News

JANUARY 13, 2024

Auto loan and mortgage debt increased by 4%, while student loan debt saw a modest rise of 1.6%. Household debt in the “Other” category — which includes retail cards and other consumer loans — also saw a substantial increase of 7.7% Here’s how you swim to shore: Assess the situation: Get real with your debts.

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Credit Corp

JULY 26, 2021

Mortgage Debt. Joint mortgages pass directly to co-borrowers, who become responsible for the loan. the decedent—pass to listed beneficiaries, who then become responsible for the loan. If beneficiaries can’t or won’t assume the loan, they can sell the property to settle the debt instead. Car Loan Debt.

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Roths Child Law

APRIL 6, 2023

Certainly, filing for bankruptcy isn’t the best debt management or debt solution for all consumers. If you are simply struggling to pay your mortgage but are not yet behind on your payment schedule by much, negotiating a loan modification may be a better option.

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Debt Guru

MARCH 6, 2020

Use the same formula that lenders rely on when evaluating a loan application. It’s called your debt-to-income ratio, and it’s your total monthly debt payments divided by your gross monthly income. The result is a percentage that determines your creditworthiness – in short, if lenders believe you’ll be able to repay the loan.

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Hudson Weir

APRIL 25, 2022

If you don’t pay the debts you owe, be that a loan, an invoice or anything else, then you’re liable to the same penalties and punishments that you would be were the company solvent. This, in turn, makes it more challenging to take out loans, mortgages or other credit-based options. Getting help with debts you owe.

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Debt Guru

APRIL 14, 2023

If you’ve spent any time researching home loans, you’ve probably heard that most lenders want your down payment to be at least 20 percent of the home’s purchase price. Basically, this is your lender’s way of covering its bases, just in case you default on your loan. Sure, 20 percent is a good down payment if you can make it work.

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Fico Collections

MARCH 30, 2022

While the bank had used FICO’s decision optimization technology for several years to improve strategies in loan consolidation and loan pricing, this was the first time it used the approach to solve an operational decision problem. . eská won a 2022 FICO® Decisions Award for debt management. Finding the right balance.

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Debt Guru

APRIL 19, 2022

Do you toss and turn at night worrying about your debt? From student loans to high credit card balances, carrying too much debt is common in America, which runs on credit. According to a recent Experian consumer debt study, outstanding consumer debt in this country reached nearly $15 trillion.

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Debt Guru

AUGUST 30, 2021

When your voicemail is filled with messages from collection agencies and stacks of bills arrive in your mailbox that you have no chance of paying, it’s time for some serious debt relief help. So, when should you seriously consider debt relief? Debt Management. Do-It-Yourself Debt Relief.

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Fico Collections

FEBRUARY 26, 2021

“One of the solutions we chose is the FICO Customer Communications Services, which our Home Loans portfolio implemented first," said Sibulelo Ncamani, a change lead in the Collections Transformation Programme at Absa. "We Again, FICO CCS was able to accommodate Absa Home Loans. Improving Communications in Collections.

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Qualco

JUNE 2, 2021

What happened when a leading loan servicing organisation looking to optimise its treatment process and increase cash collections decided to leverage enhanced analytics? The internal collections floor used pre-determined, customised call scripts to conduct settlement negotiations and provide debt management advice to customers.

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Collection Industry News

DECEMBER 17, 2023

As debt-servicing costs have climbed, new financing options for developing countries have dwindled. In 2022, new external loan commitments to public and publicly guaranteed entities in these countries dropped by 23% to $371 billion—the lowest level in a decade.

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Debt Guru

JULY 28, 2021

First, Make Contact With Your Loan Servicer. Before deciding how to move forward, your first step is to contact your mortgage loan servicer. Because loans are often sold to other lenders, it might not be the servicer that first agreed to grant you the mortgage. Refinance Your Loan. Loan Modification.

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Debt Guru

MAY 28, 2022

Banks take your ability to pay the monthly payment into consideration when deciding whether or not to grant you a loan. Lenders use guidelines that state how much of your monthly income should be spent on mortgage payments – if your DTI exceeds that amount, they won’t grant you the loan. So how do you do that? The 28/36 Rule.

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Debt Free Colorado

MARCH 1, 2022

Don’t hire an out-of-state “law firm” to modify your loan – there are a number of free options you can take advantage of by contacting your loan servicer directly. The tools available to you depend on the type of mortgage loan you have, so please find the correct option below. Fannie Mae. Freddie Mac. VA-guaranteed.

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Debt Guru

OCTOBER 29, 2020

If you are paying a high interest on any big debts (mortgage, high-balance credit cards, personal loans, etc.), For mortgages and personal loans, securing a lower interest rate will involve refinancing the note, but might be worth it if rates have dropped since you took out the loan. Increase your income. Salary increase.

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Personal loans Loans Debt Management Lender 98

Fico Collections

JULY 29, 2020

Further assistance was announced in July offering customers a further four month deferral or the option to restructure their loan. Once the holiday is over customers will face an increase in their repayments to cover capitalised interest and an accelerated amortization schedule to meet the contracted terms of their loan.

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Sawin & Shea

AUGUST 24, 2020

If you’re dealing with debt and considering filing for bankruptcy, it’s a good idea to get professional legal advice on how to handle the proceedings. Credit counseling and debt management agencies may be able to assist you as you work, but with so many untrustworthy schemes out there, how do you know what the right step should be?

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Credit Corp

JULY 20, 2021

If these options fail and you still have a large medical sum to pay, consider taking out a loan with a low interest rate and monthly payment plan. It might be a better option than paying off your medical debt with a credit card or other high-interest loan. Personal Loan Debt. How to Avoid Personal Loan Debt.

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Hudson Weir

JULY 25, 2022

A debt can become statute barred if the creditor and debtor do not communicate for a period of six years (or five, in Scotland). For example, student loans changed in format in 1998, and the fact payment can be deducted from wages can make it harder to make a case for it being statute barred.

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Debt Guru

SEPTEMBER 30, 2021

If you have few open credit accounts, closing a credit card can make it harder to qualify for other loans in the future. If you intend to apply for credit in the near future – say, for a new car loan or a mortgage – it’s best not to cancel any credit card accounts until the new loan has been approved. Qualifying for credit.

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Fico Collections

SEPTEMBER 30, 2022

Burcu Çalıcıoğlu has more than 18 years of risk management experience in banking and financial services and held various roles in managing retail credit portfolios, leading risk technology projects, using decision analytics and automated decision systems to solve complex business problems across the credit life cycle. See all Posts.

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CSA

SEPTEMBER 11, 2020

with thousands of SMEs needing to be paid for their goods and services, and where loans repaid helps to keep the wider costs of credit lower for all in society. s Debt Management function. Collections and recoveries remain an important part of the economic ?plumbing?, You can view the slides from Chris' presentation here.

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Taurus Collect

FEBRUARY 1, 2024

Debt collectors reach out for one clear reason: you likely have an unpaid debt that has been reported as delinquent. Sold Debt : Sometimes, the original creditor sells the debt to a collection agency if they have been unsuccessful in collecting the debt themselves.

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