Paying off collections will severely damage your credit scores for three main reasons:
1. Paying off a collection updates the statute of limitations, allowing the collector to pursue the debt for longer.
2. The collection status remains as a "9", indicating a defaulted account, even after paying off the balance.
3. Paying off a collection often updates the date reported on your credit reports, keeping the negative item visible for longer.
The only way to truly improve your credit is by having negative items deleted altogether from your credit reports.
Knowing Your Checking Account - It's a Money ThingTim McAlpine
It’s a Money Thing is a collection of effective and affordable financial education content designed to engage and teach young adults while setting your credit union apart. These presentations and other elements are all customizable with your credit union's logo. Check out Currency Marketing at currencymarketing.ca/money-thing for more information.
2BHK & 3BHK Apartments for sale in Hoodi, Bangalore at DSR Lotus Towers
2BHK Apartments in Bangalore
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Villa Houses in Bangalore
Apartments for sale at Electronic city
For More: http://bangalore5projects.blogspot.in/2016/01/dsr-lotus-towers-in-2bhk-3bhk.html
Knowing Your Checking Account - It's a Money ThingTim McAlpine
It’s a Money Thing is a collection of effective and affordable financial education content designed to engage and teach young adults while setting your credit union apart. These presentations and other elements are all customizable with your credit union's logo. Check out Currency Marketing at currencymarketing.ca/money-thing for more information.
2BHK & 3BHK Apartments for sale in Hoodi, Bangalore at DSR Lotus Towers
2BHK Apartments in Bangalore
Site at Bangalore
Villa Houses in Bangalore
Apartments for sale at Electronic city
For More: http://bangalore5projects.blogspot.in/2016/01/dsr-lotus-towers-in-2bhk-3bhk.html
38 page e-book on Credit Repair, Debt Consolidation and Identity Theft for the individual who wants to gain the knowledge to repair their own bad credit.
Credit Repair Program: Partner Overview. In Searching For Credit Repair Companies To Promote, Take The Time To Understand How To Select A Credit Repair Firm That Can Help You Achieve Your Goals.
You can liberate your credit score by following some well-established guidelines. Use this quick-start guide as a primer to the world of DIY credit repair.
My Money Story Series: Credit Karma Talks Finances, Credit, and DebtKabbage
Visit our SlideShare to learn from our partner, Credit Karma, why you should check and build your credit report, best practices for establishing financial health, and how to recover from debt.
The longer you have for saving up, the less money you need to allocate each month toward your goal. www.lifethenfinance.com
3. The Power of Compound Interest • if you begin saving $100 a month at age 21 and earned 8 percent interest, by 65 your account would be worth about $447,000. www.lifethenfinance.com
4. The Power of Compound Interest: Cont.... • Increasing the monthly contribution to $200 would double that to about $893,000 www.lifethenfinance.com
5. • Because of the power of compound interest, it’s to your advantage to start your long term savings as early as possible!
38 page e-book on Credit Repair, Debt Consolidation and Identity Theft for the individual who wants to gain the knowledge to repair their own bad credit.
Credit Repair Program: Partner Overview. In Searching For Credit Repair Companies To Promote, Take The Time To Understand How To Select A Credit Repair Firm That Can Help You Achieve Your Goals.
You can liberate your credit score by following some well-established guidelines. Use this quick-start guide as a primer to the world of DIY credit repair.
My Money Story Series: Credit Karma Talks Finances, Credit, and DebtKabbage
Visit our SlideShare to learn from our partner, Credit Karma, why you should check and build your credit report, best practices for establishing financial health, and how to recover from debt.
The longer you have for saving up, the less money you need to allocate each month toward your goal. www.lifethenfinance.com
3. The Power of Compound Interest • if you begin saving $100 a month at age 21 and earned 8 percent interest, by 65 your account would be worth about $447,000. www.lifethenfinance.com
4. The Power of Compound Interest: Cont.... • Increasing the monthly contribution to $200 would double that to about $893,000 www.lifethenfinance.com
5. • Because of the power of compound interest, it’s to your advantage to start your long term savings as early as possible!
Learn how to manage your credit thereby increasing your credit scores. Learn how and why you should separate your personal credit from your business credit.
Picking Up The Pieces: Rebuilding Your Credit After Financial DisasterCurtis Rose
It happens to many people sooner or later: a financial challenge knocks you down and your credit goes down with you. How can you stop the descending spiral of financial collapse?
The good news is: while it does take some time and effort, even the worst credit can be salvaged and be well above average again within 12 months!
This special report details strategies that will get you back on a positive financial track and help you rebuild your credit quickly.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
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www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
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3 reasons paying off collections will severely damage your credit
1. 3 Reasons Paying off
Collections will Severely Damage
your Credit Scores
By Lenders Choice Credit Solutions
2. • Many consumers believe that paying off
collections is the best way to improve credit
• In reality, paying off collections will almost
always HURT your credit scores
3. • Today we will focus on
exactly what happens to
your credit when a
collection is paid off
• At the end of this webinar
you will know all the facts
and insider secrets that
collection companies don’t
want you to know
4. Reason 1: Paying off a collection
updates your SOL
• Every account you owe money on
has a Statue of Limitations SOL
• This SOL determines how long by law
a creditor can collect on that debt.
5. • The SOL varies based on the state you live in or
the state you acquired the debt
• Each state has different time frames that
collectors can attempt by law to collect on that
debt
6. • Your SOL will also vary based on
the account type
• Mortgages, judgments, and tax
liens are a few accounts which
have longer times where the debt
can be collected on
• Credit cards and other installment
loans usually have shorter times
that collectors can collect
7. • Many states have a Statue of
Limitations of 4 years on credit card
and contract debt.
• This means the collector can only
collect for 4 years beyond the Date
of Last Activity of that account
• Mortgages in many states have a
SOL of 7 years where the bank can
pursues you to collect on that debt
8. • When a payment is made on a collection
account the Date of Last Activity is updated to
the date the payment was made
9. • For example, let’s say you had a
CHASE credit card that went
into collections 3 years ago
• If the SOL was 4 years, that
would mean you can only be
pursued for 1 more year on
that account
• But when you make a payment,
you update the Date of Last
Activity on that account
extending the SOL
10. • If you make a partial or full payment to that
collection company today, you reset the SOL to
today when you made that payment
• They would have only been able to pursue you for 1
more year if you didn’t make a payment.
11. • But now that a payment was just made, you just
reset the SOL and now the collector has 4 MORE
years to collect starting from the day you made
the payment
12. • When you pay off a collection you extend the
Statue of Limitations on how long that collector to
collect.
• This is one great reason you do not want to pay off
a collection
13. Reason 2: Paying off a collection does not change
the account “status”
14. • If you have an account in good standing it reports
as a “1” status
• For example, a paid as agreed Mortgage reports as
a M1 status, and a paid as agreed Revolving
account reports as a R1 status
15. • When late payments occur, that “1” status changes
based on how late the account is being paid
• The first late payment changes the status to “2” and
as the account becomes further behind the
numbers increase until the account ends up in a
collection as a “9” status
• All collections report as a “9” status and severely
damage your credit scores.
16. • Your credit scores are a mathematical model
designed to depict your risk of going 90 days late
on an account in the future
17. • When you have collections and “9” status
accounts your risk is high and your scores are
lower as a result
• When you pay off a collection, the account still
remains a “9” status
• It is still looked at as a defaulted account, and you
still are just as high of a risk for defaulting in the
future
18. • The truth is, your scores will not
go up when a collection is paid
because the collection “9”
status still remains and it is still
looked at as a defaulted account
• Paying off a collection will NOT
raise your scores for this reason
19. Reason 3: Paying off a collection will
update your Date Reported
• Every account on your credit report has a
particular time it can be reported for
20. • The times these accounts can report
varies based on account types
• Most negative accounts remain on your
report for 7 years. Tax liens,
bankruptcies, and other government
accounts can remain on the credit for 10
years
• Other IRS type debts can remain on the
report indefinitely
21. • The time starts from the date you went late, NOT
your date of last payment like the Statue of
Limitations
• Many creditors will update this date when a
collection is paid off, even though they are not
supposed to by law
22. • But if you are in a re-payment plan for a debt, and
miss a payment, they can legally update this date
on your reports
23. • For example you have a Capital One credit card
which you started going late on 4 years ago
• The account is due to drop off in 7 years, so since it
is 4 years old already it will drop off in 3 more
years
• But in many cases when you make a payment on
this debt the collector updates this date to the
date you make the payment
24. • That means that account will now report on your
credit much LONGER than it should. It was due to
drop off in 3 years based on the prior example,
but now that clock is reset and will remain for
another 7 years.
25. • Paying off collections in many cases updates
your account so collectors can keep the
negative item on your credit report much
longer than it should be
26. • When you pay off a collection many items on
your report are updated. Ads you know now,
most of them are not good and will severely
hurt your credit score
27. • The only good thing that
happens is the balance is
reported as $0 if it is paid off
• Your scores benefit a little based
on now having a $0 balance
instead of an outstanding
balance.
28. • But having a $0 balance does not outweigh having
the Date of Last Activity updated, so your credit
scores mostly will go down as the bureaus see it as
a recent collection and still a “9” collection status
• This means your risk is still high, and your scores
stay low
29. • The only way to improve credit is to DELETE the
negative item
• When the item is deleted, all the history is wiped
out and the “9” status collection is gone for good
30. • If you do want to pay off a collection, make sure
you obtain a Pay to Delete letter to have the item
removed completely.
• Otherwise, dispute and delete your negative items
31. • But don’t pay off collections or you WILL hurt your
scores due to these 3 reasons on how that paid off
collection affects your credit scores
32. Get started today so you can have
the excellent credit you deserve!
Call us today!
214-307-4946