0
What is the link between initial credit assessment and collections?
Wiki User
∙ 12y ago
To greatly simplify matters, if the initial credit assessment (determined during underwriting the risk of a potential account the prior to approving the loan) reveals any red flags (e.g., income not high enough to support loan, previous chargeoffs, judgments or bankruptcies, multiple late payments, etc.), the loan will not get approved, so that loan would never get to collections because that loan was not made.
Collections activities begin after a given payment has not been received. For some companies, that may be nothing as they allow for "sloppy" or late payers (typically by charging a fee). For others, they may immediately start reaching out to the cardmember for payment.
Because loans that have the potential to get to collections don't get made, there is no actionable correlation between initial credit assessment and loans that end up in collection.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What are three types of credit?
1 Liberal on credit/conservative(tight) on collections 2 Moderate on credit/moderate on collections 3 Conservative(tight) on credit/liberal on collections
Credit Assessment?
Credit Assessment Use this calculator to assess your credit. After entering your information, your credit is assessed as 'Good', 'Fair' or 'Needs Improvement'. Press the report button for more information about what this assessment means to you.
Who is ICC collections?
Interstate Credit Control - they are a collection agency
Is it possible to go outside the country even if you have an unpaid credit card account?
Unpaid credit cards won't effect your ability to travel. If left unpaid, they will be charged off and likely assigned or sold to a collections agency. The collections agency will continue to attempt collections, and your credit will be impacted negatively for seven years.
On credit card what is difference between initial credit line and partial line amount?
According to Citi, the partial line amount is the available cash advance amount, and the credit line is the limit on the account
What are three types of credit?
1 Liberal on credit/conservative(tight) on collections 2 Moderate on credit/moderate on collections 3 Conservative(tight) on credit/liberal on collections
Credit Assessment?
Credit Assessment Use this calculator to assess your credit. After entering your information, your credit is assessed as 'Good', 'Fair' or 'Needs Improvement'. Press the report button for more information about what this assessment means to you.
What is a business credit assessment?
A business credit assessment is a method of calculating the creditworthiness of a business. Most lenders will complete a business credit assessment to determine whether or not to extend a loan.
Can Court collections be removed?
Collections can be disputed to the credit bureaus using the Fair Credit Reporting Act. The credit bureaus have 30 days to verify the listing or the listing must be removed from your credit report.
Who is ICC collections?
Interstate Credit Control - they are a collection agency
Can you file for bankruptcy if your credit cards have gone into collections?
Yes.
Is it possible to go outside the country even if you have an unpaid credit card account?
Unpaid credit cards won't effect your ability to travel. If left unpaid, they will be charged off and likely assigned or sold to a collections agency. The collections agency will continue to attempt collections, and your credit will be impacted negatively for seven years.
On credit card what is difference between initial credit line and partial line amount?
According to Citi, the partial line amount is the available cash advance amount, and the credit line is the limit on the account
Can a credit card come send you to collections if you are making a payment?
They can do whatever they want if you are behind, but it would be weird for them to pursue collections if you are making REGULAR payments. Call the credit card company and make arrangements.
Will an unpaid Planned Parenthood bill show up on your credit and hurt your credit?
If they choose to send you to collections, yes.
If you had unpaid bills that went to collections can you pull them out of collections by paying?
Yes, once you paid them, then you would no longer be in collections. Your credit report should update to reflect that it was either paid, or settled.
What services are offered by the Credit Boards website?
The website, Credit Boards is a resource for the consumer who is looking to educate and inform themselves about credit, credit cards, collections, and bankruptcy.
