HOW LONG DOES IT TAKE TO CLEAR A BAD CREDIT REPORT?
It depends on the seriousness of the past problems. Credit reporting agencies often want references on loans and employment for the past five to seven years. What Is Collateral? Collateral is anything of value that can be taken by the lender if you do not pay back the loan. The lender wants to identify property which has a value at least equal to the amount of the loan so that the property can be used to pay back the debt if you are unable to repay the loan. If the collateral’s value is not worth equal to or more than the amount of the outstanding debt, the lender may seek a deficiency judgment against you for the difference. There is another type of loan called an “unsecured loan” which does not require collateral, but is based on the user’s ability to pay (i.e., credit cards, student loans). Can A Lender Have Different Rules For Making Loans To Women And Men? No. It is unlawful for any creditor to discriminate against any applicant on the basis of sex or marital status. (§ 725.07, F
