The only thing they can do is not issue you any credit, if they see foreclosure in your credit report. But they won't see it there, they will see it on your credit score. Or they can charge you higher interest rates than other people with better credit scores than yours.
If foreclosure proceedings were initiated, and that is all that is claimed on the credit report, then the bank cannot change the report. If the credit report shows that the foreclosure took place, however, the bank would have to correct that. Similarly, a credit card company won't take back any delinquent payments reporting just because the card was paid off. They are legally obligated to report accurately.
Information in a credit report comes from banks, mortgage lenders,credit unions, credit card companies, insurance companies, landlords, department stores and employers.
To determine if that person should be given a loan or credit card
Technically, yes, but usually this is not the case. Most major companies will post the good and the bad, particularly credit card companies and banks. Other companies will only report the negative, such as utility companies, apartment rental companies, etc.
Normally it takes 7 years for a foreclosure to expunge from your credit report. However it that meantime, paying bills early, paying more then minimum on credit card bills. Just managing your money in general. Slowly over time it will improve.
That is a yes and no answer. No, the accounts won't be affected immediately. Yes, later they will. Ok, you won't lose the cards because of the foreclosure but as the credit card companies do run periodic checks on your credit you may find that they may lower or remove the credit line until such time as they feel safe to let you charge again.
Many credit card companies will require that the credit card be guaranteed by the business owner. This means that the credit card would show up on the business owner’s credit report. This might pose a problem if you get into substantial debt.
It depend on the individual credit card companies if they report on your credit history or not, like some department store credit cards may not show on a credit report
Free Credit Score and Experian are the two main companies that provide credit scores. However, beware of free trials with the companies. They are often difficult to cancel and could charge your credit card.
Elan Financial Services processes applications and services accounts for small credit card companies.
You will not need to report your personal credit cards stolen to the credit bureau. Once you have reported your cards stolen to the credit card companies they are with, they will take care of the rest for you.
When a person applies for a car loan, mortgage or credit card, the lender determines if lending money to the consumer will be a risk. Credit scores are one way to help credit card companies make the decision to issue credit. To determine if that person should be given a loan or credit card (apex)