Credit Card Debt Audit Reports

A credit card debt is debt is defined as an unsecured liability incurred through revolving credit card loans. The credit card loans are accumulated by borrowers who open numerous credit card accounts that have different limits. The outstanding debt is reported and tracked by credit bureaus and since the accounts are revolving they may remain open indefinitely.

The credit card debts are mostly carried over from month to month and hence become accumulated balances. Credit cards offer numerous advantages for borrowers as they can be utilized as much as needed.

Credit cards are audited by evaluating the effectiveness of the cards. The information that the credit card auditors try to find in the audit process includes;

  • The credit card issuance process.
  • The card holders acknowledgement on the use of the credit card
  • Spending limits on the credit card
  • Disallowed purchases
  • Credit card policy violations
  • Cardholder trainings

The audit is done to determine the lenders credit card debt level balances to the credit bureaus along with the borrowers’ activities. The report shows the borrower’s credit score as each individual credit is tracked based on itemized trade lines.

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The credit scores are useful as they are used in determining the creditworthiness of an individual the credit score number ranges from 300-850. This number is calculated based on the history of the credit. This history includes the number of open accounts, total debts and the debt repayment history.

This score is used to then evaluate the ability of the lender to repay loans in a timely manner. The credit scores are important especially when one wants to get a mortgage as the credit score will determine whether or not one will be able to get a mortgage. The higher the credit scores the higher the chances of acquiring a mortgage. For a free consultation please go to   https://www.mortgageauditsonline.com/

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