Legal Word of the Day
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Late Payments
If you are late with a payment, the 30-180 day delinquency can stay on your credit report for up to 7 years. … Full Definition »

Credit Repair Legal Terms and Legal Words. Consumer Protection Terminology

bad debt
the debt that can not be collected for different reasons. Generally, credit card debts used to purchase basic nesessities as well as hospital care debts considered "bad debts". Accounts receivable that will likely remain uncollectable and will be written off. Bad debts appear as an expense on the company's income statement, thus reducing net income. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Installment account
Car loans, student loans, and home loans are examples of installment accounts. With installment account you must make monthly payments of set amount by certain date. The amount remain unchanged from month to month until the loan is paid in full. All three credit agencies—Experian, Trans Union, and Equifax—will report information related to installment … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Judgments
a judgement, if recorded, becomes a matter of public record. If you have property or buy property, a title search will turn up items of public record. The judge can order that your assets be sold to pay the judgement. A recorded judgment gives the creditor or collection agency the legal right to try and recover payment for a period of up to 20 years. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Late Payments
If you are late with a payment, the 30-180 day delinquency can stay on your credit report for up to 7 years. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
penalty rate
This is a high rate that is imposed by a credit card issuer if you defaulted on your monthly payment. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Revolving account
These are accounts that require you to pay a minimum payment each month along with the finance charges/interest that has accumulated from one billing cycle to the next. With a revolving account the terms are open or there is no exact fixed date for you to pay off your account. The entire balance, assuming you don't pay it off in full, revolves from one … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Tax Liens
If an owner of a house defaulted on payment of real estate taxes a lien may be placed on the property to secure payment of taxes. A tax lien may be placed for non payment of federal, as well as state taxes. If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home. There are a number of options to … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
Universal default
A clause in a credit card agreement allowing creditors to increase interest rates if a person did not pay the amount due on time or defaulted on his payment to any other creditor. … Full Definition »
Law topic: Credit Repair << Legal issue: Consumer Protection
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New Times, New Challenges: Law and Advice for Savvy Seniors and Their FamiliesNew Times, New Challenges: Law and Advice for Savvy Seniors and Their Families
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U-T San DiegoHe would get paid before rendering the service, a violation of federal credit repair law, the United States Attorney's Office said. At arraignment as the indictment was unsealed, U.S. Magistrate Judge Stephen Hillman allowed Middlebrook to post a $175 ... more »
Daily Journal OnlineMOBERLY, Mo. (AP) — The city of Moberly is working to repair its credit rating after plans for an artificial sweetener factory collapsed. The city council passed two resolutions on Monday designed to convince a financial investment services firm that ... more »
Kathleen M CallanAttorney at LawPRACTICE AREA: Administrative Law, Real Estate Law, Industrial Development Law
Carl TomAttorney at LawPRACTICE AREA: Real Estate Law, Business Law, Industrial Development Law
Francis O KadiriAttorney at LawPRACTICE AREA: Personal Injury, Family Law, Real Estate Law, Criminal Defense, Contracts, Business Law, Immigration Law, Litigation, Industrial Development Law
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