No the debt statute of limitations (SOL) has not been extended. The SOL varies by state. You can learn more about your rights in terms of debt collection by reading up on the FDCPA. It was last amended in 2006.
Long-Arm
No, but neither do they HAVE to extend you credit.
Companies extend credit to their customers for several reasons. One reason is financial. Companies make money from charging customers interest on their credit lines.
No
Though risk factory is there in credit sales, you are to extend credit against sales to stay in business. However, to safeguard your interest, you are to extend long term credit to customers only assessing detailed whereabouts ,financial standing, credit worthiness etc.
Yes. If they extend the line of credit to you, and you do not activate it, it will still show up on your credit report.
The company extending the credit is the judge of that. they have guidelines to determine who that extend credit to.
If it shows on your CR, it will effect how lenders extend credit to you.
There are several companies that will extend a line of credit to a small business. These include but are not limited to Business Cash Advance, Funding Knight and Loans Pronto.
No.
Credit means extending periodic payment against sales by the seller to a buyer/customer. In business, you cannot always expect cash and you are to extend credit to your customers to remain in business. In the broader sense, banks extend various types of credit to business houses to meet up their multipurpose requirements.
The purpose of a credit application is to give the creditor information on the person who wants them to extend credit to them in order to decide the best way to limit their risk in extending that credit.