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Collections refer to the process in which a creditor or debt collector tries to recover money owed on an overdue account. When a debt becomes seriously delinquent, it may be sold to a collections agency, which will then attempt to collect the debt on behalf of the original creditor.
A charge-off occurs when a creditor writes off an outstanding debt as unlikely to be collected. This typically happens after a debt has been delinquent for a certain period, usually six months. While the debt is still owed, it's no longer counted as an asset on the creditor's books.
Bankruptcy is a legal process that allows individuals and businesses to seek relief from overwhelming debts that they cannot repay. It involves a court proceeding where assets are used to pay off creditors or a repayment plan is established.
Student loans are financial aid provided to students to cover the costs of higher education. They can be federal or private loans and must be repaid with interest, typically after the student finishes their education or leaves school.
Medical bills are invoices for healthcare services provided by hospitals, doctors, or other healthcare providers. These bills outline the costs of medical treatment, procedures, or consultations, and patients are responsible for paying them.
Foreclosure is the legal process through which a lender (usually a bank or mortgage company) takes possession of a property when the borrower fails to make mortgage payments. The property is typically sold to recover the outstanding debt.
Don't hesitate to contact us if you have any inquiries or if you want to learn more about credit repair.
You will know what problems are there with your credit report, and our expert will walk you through the credit repair process.
Call us right now to arrange an appointment with the counselor and get the help you require.
