Debt collection is when a collection agency or company tries to collect past due depth from borrowers, you could possibly be contacted from a debt collector if you haven't made a credit card or loan payment. Whether those payments are fairly new or severely passed due.

If you have cosigned on a loan or you're an authorized user on a line of credit for somebody else, you might also be contacted from a debt collection agency looking to get paid for the money owed.

These overdue debts can be:

• Medical debt

• Car/auto loan debt

• Personal loan debt

• Credit card debt

• Unpaid utility and phone bills

• Student loan debt

Medical debt is handled different than the other types of consumer debts. Medical bills will not affect your credit as long as you pay them. Most medical providers don't sell your debt to a collection agency until your 60, 90 or even 120+  days  past due. 

And even after your bill goes to collections, sometimes it won't show up right away on your credit report. So medical bills don't impact your credit score right away.

A charge off is a debt that the creditor has given up trying to collect on after the person who borrowed the money has missed payments for several months. This could happen when credit card debts or with installment loans: auto loan, personal loan or a student loan.

Before your account was officially charged off you probably missed a few number of payments. Those missed payments alone can significantly damage your credit because payment history is a huge factor in determining your credit scores.

If you do not recognize an inquiry that is shown up on your credit report, the first thing to do is identify the type of inquiry. This could be an indicator of credit fraud, but generally, it's not.

There are two types of inquiries on your report: “hard inquiries” & “soft inquiries”

Soft Inquiries : usually initiated by others like companies making promotional offers of credit. Soft increase happen when you check your own credit report or when you use credit monitoring services from companies. These increase do not impact your credit score.

Hard inquiries: result of your application being processed for a credit line or other services. If you haven't applied for any line of credit or services, a hard inquiry from an unknown company could indicate someone is using your identity to apply for credit.  

• An inquiry may also appear on your credit report under an abbreviated name, most common with retail credit companies, they might use a different name based on who manages their account. In most cases, you may not see the full name of the retail store.

A repossession is the seizure of property that happens as a result of non-payments of a debt. This can happen quickly and without warning. Some lenders technically are able to repossess immediately after one missed payment. Most of the repossessions we see take place on accounts that are only 10 days or more past due. This can happen to any item that was used on credit.

This can include:

• Your home (foreclosure)

• car furniture

• electronics

• appliances

• boats

• motorcycles

• & more

Identity theft is when someone steals your personal information and uses it without your permission. There are many different forms of identity theft. Each one can affect you in a different way. There is no way to save yourself against theft completely. However, if you are diligent and learning how your information can be at risk and what fraudsters can do with it, you'll be better equipped to protect your data and act quickly if someone does manage to steal it. 

The rapid growth of technology on the Internet, as well as your personal information is always at risk. If you are not careful and monitoring your credit file, you may not notice that you've been a victim until the damage is already done. ID theft can result in immediate financial loss, damage to your credit and emotional distress.

The top 10 most common ways identity thieves get a hold of your data: 

• Data breaches

• Unsecure browsing

• Dark web marketplace

• Malware activity

• Credit card theft

• Mail theft

• Phishing and spam attacks

• Wi-Fi hacking

• Mobile phone theft

• Card skimming.

Our home loan ready program takes as little as 30-45 days for results. This program is designed to help you go about your home buying process confidentially don't know the home buying process?

Don't worry, our home alone, ready experts will assist you from the beginning to the end of the process. They will assist you with proper education you need so your home buying process can be a breeze. We will be with you every step of the way accommodating to you and all your needs.