A credit score is a complex mathematical model that evaluates many types of information in a credit file. A credit score is used by a lender to help determine whether a person qualifies for a particular credit card, loan, or service. Most credit scores estimate the risk a company incurs by lending a person money or providing them with a service; specifically, the likelihood that the person will make payments on time in the next two to three years. Generally, the higher the score, the less risk the person represents. Consumers must purchase their credit scores by contacting the credit reporting agencies directly
Secured debt means that you’ve put something you own on the line in promise of paying what you borrowed. Unsecured debt requires repayment, too, but your lenders don’t have immediate rights to your property. A secured debt is a debt that you collateralized with an asset that you own. When you collateralize a debt, the lender puts a lien on that asset, which gives the lender the legal right to take the asset if you fall behind on your payments. For example, if you have a mortgage loan, your lender has a lien on your home. If you have a car loan, the lender has a lien on your vehicle.
A lot of your debt, like credit card debt, is probably unsecured, which means that the creditors do not have liens on any of your assets. If you don’t pay an unsecured debt, the creditor will try to get you to pay. If you don’t, the creditor may bring a debt collector on board to try to get money. If you still don’t pay, the creditor must sue you to get the court’s permission to try to collect what you owe. The creditor can ask the court for permission to seize one of your assets, put a lien on an asset so you can’t borrow against it or sell it without paying your debt, and/or garnish your wages (taking a portion of them each pay period), assuming wage garnishment is legal in your state.
The length of a debt resolution case varies, even debt-by-debt. It is helpful to remember that once this process begins, your attorney will initiate a review and investigation of all the documents associated with each one of your debts in order to determine your responsibilities and your rights, and suggest the best course of action for you to take. Additionally, you can do your part to keep your case moving forward by maintaining contact with the law firm and sending any information they may request in a timely manner.
Our attorneys work with multiple law firms who focus their practice on consumer advocacy law in almost all states across the United States, with your appointed attorney serving as your primary point of contact.
Your attorneys legal fees are agreed upon at the moment your case is accepted. Interest-free monthly installment plans are available.