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The 341 meeting is an important milestone in the Chapter 7 bankruptcy process. A person is considered to have bad credit if they have not paid their bills on time or owed too much money in the past. Bankruptcy is a legal proceeding carried out in order for individuals or legal entities to be freed from their debts, while at the same time providing creditors with the opportunity to repay them. The Pinnacle Score is a credit scoring method developed by Equifax. A collection agency is a company that lenders use to recover overdue funds or funds from accounts that are in default. An installment loan is used for a specific purpose and is issued for a specific period of time. A loan is usually defined as an agreement between a lender and a borrower. The term “credit limit” refers to the maximum amount of credit that a financial institution provides to a customer on a credit card or line of credit. A credit rating is a quantitative assessment of a borrower’s creditworthiness in general or in relation to a financial obligation. A credit report is a detailed report of your credit history prepared by a credit bureau.