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 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.
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/
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.
“I have been using Mortgage Audits Online for a few months and I am very pleased with the work. The audits are very detailed and prepared so a 4th grader can read them. I recommend these guys to all my friends in the business.”
“Thank you…Thank you…Thank you… Your company has created an affordable solution that is spot on as good if not better than audit reports that cost 3-4 times as much.”
“I certainly appreciate your courtesy and thank you in advance for the service. Please know too, that I am recommending Mortgage Audits Online to all of my law associates.”