123CreditFixed

123CREDITFIXED: YOU KNOW WHAT IS AN UNSECURED LOAN?

THERE ARE TWO KINDS OF LOANS: SECURED LOANS & UNSECURED LOANS

A SECURED LOAN is a loan that is backed by assets or property, which guarantees repayment. Theis asset or property is known as collateral. The most common type of secured loan is a mortgage since mortgages are secured by the home that was purchased with the mortgage proceeds. If you fail to repay your mortgage, the real estate you purchased with the mortgage loan can be repossessed by the lender as repayment. Another common type of secured loan is auto loans, which work the same way.

AN-UNSECURED LOAN is a loan that is not secured by other funds or property. In most instances, the only thing backing the loan is your pledge to pay it back. The most common type of unsecured loan is a credit card. Other than your agreement to repay the money you borrow on your credit card, most credit card issuers do not have a right to take the merchandise purchased with the credit card as repayment if you fail to make your payments.

Other types of unsecured loans include business loans, student loans, and even debt consolidation loans. A debt consolidation loan is a popular means of merging multiple debts owed on several unsecured accounts into one loan with one monthly loan payment.

Student loans are also a type of unsecured loan, although they tend to have hallmarks more commonly associated with secured loans. When you take out a student loan you not only “agree” to repay the loan but you must also sign a “promissory note.” The promissory note then becomes the collateral for your student loan similar to how a check secures your obligation to pay for the items you purchase with it.

Because their loans are not secured by collateral, most unsecured creditors rely on reputation and good faith to trust that you will repay your unsecured debt. A record of how you honor your financial obligations is maintained by the three major credit bureaus. These bureaus generate credit reports concerning the loans you take out and your history of payments and/or default. This history is then reduced to an individual bureau’s assessment of your credit score.

All three bureau scores are scaled against the credit scores of other responsible borrowers to rate your overall creditworthiness. As long as you make the payment required every month, your lender will report this positive information to the credit bureaus, giving other consumer credit lenders a favorable indicator of your creditworthiness. If you miss a payment or stop paying altogether, they will also report this information, partially to warn other lenders that you did not make the payments as required per the terms of your loan agreement. This, in turn, will cause your credit score to decrease and may cause some or all of these lenders to refuse to lend you money in the future.

In addition to reporting your credit history to credit bureaus, some lenders will also insist that you agree to automatic monthly payment deductions made from your bank account as a condition of obtaining an unsecured loan. These automatic monthly deductions not only increase the likelihood that you will make your payment every month but also that the payment will be made on time. Automatic monthly payment deductions can also sometimes be very difficult to cancel, requiring you to contact both your lender and your bank to have the payments stopped.

WE CAN HELP REMOVE:

LATE PAYMENTS
COLLECTIONS
CHARGE-OFFS
IDENTIFY THEFT
INQUIRIES
FRAUD
INCORRECT PERSONAL INFORMATION
CLOSED ACCOUNTS
NEGATIVE SETTLEMENTS

POMEDOS QUITAR:

PAGOS TARDES
COLECCIONES
LAS ANULACIONES
ROBO DE IDENTIDAD
INVESTIGACIONES DE CREDITO
FRAUDE
INFORMACIA PERSONAL INCORRECTA
CUENTAS CERRADAS
ASENTAMIENTO NEGATIVOS

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REMEMBER THE NECESSITY FOR EXCELLENT CREDIT CANNOT BE OVERSTATED!

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Call 805 385-1100 or email [email protected]

123CreditFixed: DO YOU KNOW WHAT HAPPENS IF YOU DEFAULT ON AN UNSECURED LOAN?

Just because an unsecured loan is not secured does not mean there are no consequences if you fail to repay the debt or fail to make your payments on time. Most creditors charge hefty late fees each month that your payment is not received on time. Also, if you have agreed to have your payments automatically deducted from your account and the funds to cover the payment are not available when your lender attempts to make the deduction, your bank account will most likely be overdrawn. This results in even more fees charged by your bank.

Late fees and insufficient fund fees associated with business loans can even be much higher, as business loans are not usually covered under federal and state consumer protection laws.

Simply not making your payment on time is known as a delinquency and can be quite costly. If you stop paying your loan altogether for several months, you will be in default on that loan. Once your loan goes into default, it will most likely be turned over to a debt collector. The debt collector will then begin calling you numerous times per day requesting payment on the debt. These calls will typically be accompanied by threatening collection letters in the mail. If neither of these collection tactics works, the debt will most likely be turned over to a professional debt collection law firm representing either the debt collector or the original creditor.

While most law firms will make an initial attempt to settle or collect payment on the debt from you, they are not required to do so. Other than a letter simply stating that they have taken over the debt and providing you with information where you can submit your payments, the only other correspondence you may receive from them is notification of a lawsuit requiring you to appear in court.

Once the lawsuit has been filed, your lender will be a lot less likely to settle the account or offer you reasonable repayment terms. This is because if the creditor wins the lawsuit, a judgment will be issued against you. A judgment is a court order declaring that you owe the debt and that it must be repaid. The unsecured debt then essentially becomes secured by the judgment of the court.

In addition to the numerous means of enforcing a judgment at the creditor’s disposal such as garnishments and bank account levies, the creditor may also report the judgment to the credit bureaus, which will significantly lower your credit score. The judgment can remain on your credit report for up to 10 years, whether you ultimately pay it or not, in addition to the other negative information on your credit report which can remain on your credit history for up to seven years. All of which will impact your ability to obtain credit in the future and lead to significantly higher interest rates on any credit you do eventually obtain.

WE CAN HELP REMOVE:

LATE PAYMENTS
COLLECTIONS
CHARGE-OFFS
IDENTIFY THEFT
INQUIRIES
FRAUD
INCORRECT PERSONAL INFORMATION
CLOSED ACCOUNTS
NEGATIVE SETTLEMENTS

POMEDOS QUITAR:

PAGOS TARDES
COLECCIONES
LAS ANULACIONES
ROBO DE IDENTIDAD
INVESTIGACIONES DE CREDITO
FRAUDE
INFORMACIA PERSONAL INCORRECTA
CUENTAS CERRADAS
ASENTAMIENTO NEGATIVOS

LET US HELP FIX YOUR CREDIT TODAY FOR A BETTER TOMORROW!

CALL TODAY FOR A FREE CONSULTATION @ 805 385-1100 or email us if you have a question @ [email protected] 123CREDITFIXED.COM

LLAME HOY PARA NO UNA, SINO DOS CONSULTAS GRATUITAS Y REGÍSTRESE PARA LA REPARACIÓN DE CRÉDITO Y OBTENGA UN SEGUNDO PAQUETE DE REPARACIÓN DE CRÉDITO A MITAD DE PRECIO

Recuerde que no se puede exagerar la necesidad de un crédito excelente. 123CreditFixed se especializa en ayudarlo a comprender el crédito, así como su situación financiera. Ya sea que le ayudemos a negociar debido a una demanda que se ha presentado o negociando su deuda no garantizada 123CreditFixed funciona con usted en cada paso del camino.

¡La única manera de ir desde aquí es arriba

POMEDOS QUITAR:

PAGOS TARDES

COLECCIONES

LAS ANULACIONES

ROBO DE IDENTIDAD

INVESTIGACIONES DE CREDITO

FRAUDE

INFORMACIA PERSONAL INCORRECTA

CUENTAS CERRADAS

ASENTAMIENTO NEGATIVOS

LET US HELP FIX YOUR CREDIT TODAY FOR A BETTER TOMORROW!

CALL TODAY FOR A FREE CONSULTATION
805-385-1100 [email protected]