When a purchase is refunded to a credit card, the refund amount is processed as a deduction from the balance on the card. If the card has no outstanding balance, the refund is still processed. The amount of the refund…
Yes, it is possible to have a credit score of at least 700 with a collections remark on your credit report, however it is not a common situation. It depends on several contributing factors such as: differences in the scoring…
A situation with your credit report may arise where TransUnion has removed a derogatory collections statement but Equifax has not. In fact, this situation isn’t exclusive to just TransUnion and Equifax – it can occur with any combination of the…
When your proportion of loan balances to loan amounts is too high, this is typically the result of maxing out your credit card or having too many variable lines of credit. The statement is the reason provided when the borrower’s…
If a borrower is denied credit because the level of debt is deemed to be too high for the borrower’s income, as defined by lender policy, either of the following reasons will be given: “debt to income ratio too high”,…
If someone, such as parent, spouse or any other family member uses someone else’s personal information to open an account without that person’s knowledge, it is considered fraud and identity theft, the same as if perpetrated by a stranger. While…
Falsely disputing a credit card charge, accompanied with intent to cause trouble, can result in fines, court fees, time in court, and perhaps even a jail term, as this would be committing a type of fraud. Filing a false dispute…
When a credit application is denied, the applicant receives an Adverse Action Notice either electronically or as a hard copy. This is a document which clearly states the reasons for which the applicant was denied. Adverse Action Notices are an…
The phrase “delinquent credit issues explanation” is typically a request by a lender either on an online form or a hard copy asking the applicant to provide details of their current credit issues, possibly including the recent past. When a…
A towing company can most definitely send any unpaid towing and impound fees over to collections. This however, depends on the scenario, as it is sometimes just as likely that the vehicle will be removed from the drivers possession –…