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What three types of information do creditors use to determine a prospective borrower's creditworthiness?
Wiki User
∙ 11y ago
well, theres corinary, which is how many of your family members are alive, and what their jobs are.
theres resiedntial, where you live and how you live.
and the personality clause, which is weather you creditor likes you enough to lend the money
Wiki User
∙ 11y ago
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What happens if your chapter 13 case is dismissed in California?
Creditors can resume collection procedures against the debtor(s) including lawsuits to recover monies owed.
Would it be cheaper to make a brass-clad zinc penny than make a copper-clad zinc penny like the us currently does?
Yes, but it would still cost more to mint and distribute the pennies thasn they are worth. It's time to get rid of the penny and require rounding up or down, though stores and creditors insist on rounding up.
If a company charge off a account can that compant collect on it?
The charging or writing off of a debt is only a required accounting entry by the creditor.It does not effect you, or change the amount you owe, or that you owe it.It does not change any of the legal methods to force collection that were available before making the entry. It does not change any of the creditors rights, or change your obligation in it. The debt is NOT forgiven.All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. they are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will ay, and the asset does not exist (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
How do l distinguish between internal and external users?
If you mean differences in internal and external users of financial statements, then the answer is as follows: Internal users are persons employed by the organization such as management (e.g. CFO, CEO); internal users also encompasses owners and board members of the entity. External users are those not employed by the organization such as potential investors or creditors; external users also do not include persons presently with ownership in the business nor board members of the entity.
Do you know if a certain form exists or an example of a Motion to Reopen a chapter 7 Bankruptcy?
The errors in the first answer are mostly clarified in the second, but consult an attorney familiar with the topic.They answers also do not answer the question ;) and that was where to find a form - and the very simple method of obtaining the document from Pacer will always work for such a need.After a web search gives you a case number and a reference to a Motion to Reopen Bankruptcy Case, log into Pacer (http://www.pacer.uscourts.gov) or the Electronic Case Filing server for the court referred to, search for the case and court, obtain the docket report, find the Motion to Reopen, and download that document and edit it.AnswerIRS obligations do not get discharged as the result of bankruptcy. All other creditors have to write off their debts, but the IRS gets to threaten you for the rest of your life, and even go after your estate.AnswerBankruptcy is a Federal Case, and the form would be the one used by the circuit in your area. Speaking to the Court Clerk should get you what they want to see.Re-opening a closed case is not for the faint of heart or wallet. And, if it even can be done, some real cause for it better be able to be shown...the fact that you just promised the court (and everybody else) something, many times over, made agreements etc. (probably that even had references to taxes, etc) but apparently didn't think about taxes, simply may not fly.Then, as above notes, do you really want to do so? Probably depends on the Chapter you filed and if/when you filed returns, when the IRS gave their notices and if there is a lien already: Most tax debts can't be wiped out in bankruptcy -- you'll continue to owe them at the end of a Chapter 7 case, or you'll have to repay them in full in your Chapter 13 plan.If you need to discharge tax debts, Chapter 7 will probably be the better option -- but only if you qualify for Chapter 7 and your debts qualify for discharge.You can discharge (wipe out) debts for federal income taxes in Chapter 7 bankruptcy only if all of the following conditions are true:* The taxes are income taxes. Taxes other than income, such as payroll taxes or fraud penalties, can never be eliminated in bankruptcy. * You did not commit fraud or willful evasion. If you filed a fraudulent tax return or otherwise willfully attempted to evade paying taxes, such as using a false Social Security number on your tax return, bankruptcy can't help. * The debt is at least three years old. To eliminate a tax debt, the tax return must have been originally due at least three years before you filed for bankruptcy. * You filed a tax return. You must have filed a tax return for the debt you wish to discharge at least two years before filing for bankruptcy. * You pass the "240-day rule." The income tax debt must have been assessed by the IRS at least 240 days before you file your bankruptcy petition, or must not have been assessed yet. (This time limit may be extended if the IRS suspended collection activity because of an offer in compromise or a previous bankruptcy filing.)The Effect of Federal Tax LiensIf your taxes qualify for discharge in a Chapter 7 bankruptcy case, your victory may be bittersweet. This is because prior recorded tax liens are not affected by your filing. A Chapter 7 bankruptcy will wipe out your personal obligation to pay the debt, and prevent the IRS from going after your bank account or wages, but any lien recorded before you file for bankruptcy remains. In effect, this means you'll have to pay off the lien in order to sell the property.
What is debtors and creditors?
Loaners and borrowers
Does debt consolidation lower your credit?
Debt consolidation does not lower your creditworthiness. There are some creditors who may contact the credit bureaus and make a notation on your credit report indicating that you are undergoing credit counseling. But this is a neutral notation and does not lower your creditworthiness. However, individual creditors may look at this notation differently. Some may view it negatively and thus it may have an impact on your creditworthiness. Some creditors may view seeking help as a good sign that you are taking responsibility. It all depends on the creditor and his views. Many adopt a neutral position.
After a promotion how do you increase your listed income at the credit bureaus?
Credit bureaus don't usually keep that information. You provide it to prospective creditors when you apply for a loan or credit card.
What requires creditors to provide borrowers with a complete written account of credit terms and cost?
Truth in Lending Law
Can you make a deal with creditors?
Yes but when trying to do so you should understand that you will have to pay the creditors something until the debt is settled and it is best to get a 3rd party to mediate and negotiate the deal. Alternatively you could go bankrupt - and that would void the debts BUT with a serious blemish to your future creditworthiness.
Do all creditors have access to banking information?
Creditors do have access to your information that shows up on various credit reports.However, unless you sign an authorization, they can not access your individual bank information.
Who are the primary users of financial accounting information?
creditors
Can the bank tell your tenants your personal information about your loan?
No, your creditors, even your potential creditors are prevented by Consumer Trade laws from discussing your information with anyone not specifically authorized by you.
What is most likely to be a user of information in a managerial accounting setting?
Creditors
List 6 users of accounting information?
1 - Financial institutions 2 - Creditors 3 - Banks 4 - Public 5 - Creditors 6 - Investors
How do creditors get your banking information?
If a creditor has your banking information it is because you gave it to them at one point in time. You could have provided the information when you made a payment.
Why creditors use accounting information?
Creditors want to evaluate before granting credit to company that will company be able to return back credit when maturity time arrives.
