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What Is Default And How Does It Affect My Credit Score?
Author: Peter Kenny
In simple terms Authentic Marshon Lattimore Jersey , a loan default is when you have not made your agreed upon loan payments to the lender. There can be any number of reasons why a consumer may not have made payments, but once a certain period of time has elapsed, that non-payment record will become a part of the consumer's credit history. Once it becomes a part of the credit history (or credit record) it is available to be used during the formulation of the consumer's credit score.
Default can occur with any type of loan. Student loans, home loans Authentic Drew Brees Jersey , auto, SBA, 401k, and payday loans are all susceptible to loan default. One of the most common loans where default happens is with credit cards.
Consumers should understand that default is not the same as deferment. A deferment is a plan in which the payment is postponed by mutual agreement between the lender and the borrower. There are many types of deferment programs and plans available for consumers Authentic Michael Thomas Jersey , and those who are in danger of defaulting on a loan should look into a deferment before the default actually happens.
In general, lenders prefer to see a deferment rather than a default on a consumer's credit record. A deferment tells the lender that you are at least willing to make the payment, even if the payment is late. Default, on the other hand P.J. Williams Jersey , signifies to the lender that there is a far deeper problem with the consumer's finances.
Once a default is posted to a consumer's credit record or credit history it stays on file for up to seven years. Because of this long period of time, it is important for all consumers to avoid defaulting on a loan whenever it is possible.
One of the best ways to reduce the possible repercussions of a default is to contact the lender as soon as possible. If you are looking at missing just one or two payments, the lender may be able (and willing) to work some type of payment plan out with you. Most lenders are willing to do this because it is easier and more cost effective to work with a consumer than it is to foreclose on a home or repossess a car.
If your financial problems are going to more long term you may want to look into contacting a debt repayment agency. These are consumer credit agencies that work with you and the lender to make arrangements for alternative payment plans. In general, once a repayment plan has been approved by the lender Andrus Peat Jersey , the consumer puts money into an account with the debt repayment agency and the agency makes the payments for the consumer. There are often restrictions associated with these plans such as the consumer agreeing to not take on any more debt while the plan is in effect, but these restrictions are usually for the good of the consumer rather than being punitive.
Whenever possible, consumers should do whatever they can to avoid default on a loan. A default will normally cause far more problems than the solution, even if the solution is to severely restrict the spending that takes place at home for a while.
Article Source: http:www.articlesbasefinance-articleswhat-is-default-and-how-does-it-affect-my-credit-score-226655
About the Author:
Peter Kenny is a writer for The Thrifty Scot Sheldon Rankins Jersey , please visit us at Bad Credit Loans Tweet
Behind a career day for quarterback Matt Schaub, the Houston Texans erased a 17-14 halftime deficit to score– points in the second half and defeat the host Cincinnati Bengals 28-17. Schaub threw for 342 yards and 4 touchdowns against one interception in the solid road victory. Against a team that had won three straight games in the final seconds, Houston never gave Cincinnati the chance to create any late drama. Cincinnati dropped to 4-2 with the loss while Houston evened their record at 3-3.
Houston took the money as +3′ road underdogs with the outright win, and both teams are now 3-3 on the season against the NFL pointspread. The 45 points just managed to stay UNDER the posted total of 46. The Texans have gone UNDER in 4 of 6 this season while the Bengals evened their NFL totals record at 3-3.
After the victory Alvin Kamara Jersey , Schaub said that his team knew of Houston’s penchant for late game comebacks and that ‘putting them away’ would be a priority:
“Every game went down to the wire for them. Credit goes to them because they were able to find ways to win those games. So it was a matter of putting the game away.”
The Texans’ low key head coach Gary Kubiak would only offer that:
“Matt continues to put up exceptional numbers on the road.”
The defense did a stellar job as well, shutting out the Bengals in the second half. In the third quarter, Houston only allowed six yards on nine plays for a franchise record. Cornerback Dunta Robininson talked about the defensive corps mindset:
“It was swarm tackling. Everybody has a job to do, and today we made this team a one-dimensional team. Overall as a defense Marshon Lattimore Jersey , we played well.”
In the losing locker room, wide receiver Chad Ochocinco admitted that his team knew that they couldn’t rely on last minute heroics to win games:
“That’s our fault. We’ve been saying that we can’t keep winning with the way we’ve been playing. We’ve got to be consistent for all four quarters.”
The Bengals will play their next two games at home, starting with a contest against the Chicago Bears this Sunday. Cincinnati is a -1 home favorite with the total set at 42. They’ll host the Baltimore Ravens the following Sunday before traveling to Pittsburgh for a game against the Steelers on November 15. The Texans host the San Francisco 49ers on Sunday, with Houston a -3 home favorite and the total set at 44. They’ll take to the road for the next two games Drew Brees Jersey , p. |
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