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No. A creditor of this type cannot take action against any property until due process of the law has been followed. Which involves filing a lawsuit, winning a judgment, executing the judgment against any nonexempt property the debtor might have. The plaintiff might also have the option of wage garnishment or bank account levy, depending on the laws of the state where the debtor resides.
What else can I help you with?
Can a creditor close a revolving line of credit account without notice when the account has been in good standing?
Yes. If you have no balance due or outstanding charges.
What is the difference between credit card and revolving credit?
A credit card is a type of revolving credit, whereas a revolving credit account may or may not be a credit card. Revolving credit can also include other types of accounts, such as a revolving line of credit with a bank or a home equity line of credit.
Can a credit card that you had in your personal name but a lien on your corporate business account?
yes. the creditor can put a lien on anything that may be counted as your assets. if your corporate business account is one of your assets, the creditor can try to recover their money from that account.
How will a Loan affect credit?
If you pay the loan installments on time every month, it should have a good effect on your credit, provided it is an installment repayment and not a revolving repayment. The only way that revolving debt improves your credit standing is if it is not carried for more than 29 days. In other words, if you pay the complete balance of your credit cards and revolving accounts (IE credit lines ect).instead of letting them remain outstanding for more than a month at a time, that is ideal for your credit standing- very few of us have the good sense to do this, but it will improve your score very quickly.
Can a credit card company freeze a checking account of a diabled person?
No creditor can freeze anyone's assets without court authorization--disability or not.
What is another name for credit?
Revolving credit
What does the term minimum payment mean?
That is the smallest possible periodic payment to a creditor that is necessary to keep the credit account in good standing.
What is the meaning of revolving line of credit?
The meaning of a revolving line of credit is a line of credit that is not linked to a certain number of payments. It is the complete opposite of installment credit.
Is a line of credit considered a revolving account?
Yes, if the account type is considered a line of credit it will be calculated into your revolving account balance on your credit report.
What is another name for open-end credit?
Revolving credit
What are the 3 categories of consumer credit?
The three types of accounts on a consumer credit report are installment accounts, revolving credit and open accounts. Credit cards are considered revolving accounts.
Who is a creditor?
The creditor is the person who provided services, goods, or credit.
