Credit Corp
MARCH 7, 2021
Lenders of secured loans can repossess collateral if the loan is not repaid. A bank, credit union, or other financial institution often approves the loan based on creditworthiness of the borrower, their credit history, and their perceived ability to repay. A car might be put up as collateral for an auto loan.
Sawin & Shea
JUNE 7, 2023
When a borrower applies for a loan or credit card, the lender will assess their creditworthiness by looking at their income, credit score, and debt-to-income ratio. Creditors can pursue reimbursement from the co-signer via repossessions, foreclosures, wage garnishment , and other aggressive actions.
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Better Credit Blog
DECEMBER 28, 2020
They let lenders access your complete credit report, which they use to assess your creditworthiness. Repossessions. They’re used any time you actually apply for a new loan, credit card, or line of credit. When you apply for a credit card, it could lead to a hard inquiry on your Equifax, Experian, and TransUnion reports. Charge offs.
Collection Industry News
JUNE 10, 2024
It finalized, it would: Remove exceptions that let lenders use information about medical debt to make determinations about someone’s creditworthiness. Bar lenders from using medical devices like wheelchairs and prosthetic limbs as collateral for loans or from repossessing them if someone can’t repay the loan.
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