New Jersey Bankruptcy, Real Estate and Business Law Blog

Is There More Than One Type of Credit Score?

The different types of credit scores.

Credit scores can determine the conditions you are offered on loans, jobs you may receive and where you can sign residential leases. These scores are determined by calculating the information on your three credit reports. The three credit bureaus (Experian, TransUnion and Equifax) each maintain an individual report on your credit history. There are two main credit scoring models: FICO and VantageScore. These credit scoring models have multiple variations that are used by specific lenders. A 2012 Consumer Financial Protection Bureau (CFPB) report suggests there are 49 separate FICO scores, some of which are industry-specific. For instance, there are FICO scores that are used in the auto and mortgage lending industry. VantageScore also has multiple scoring models. Some of these variations, especially for FICO scores, have been around for many years. Your credit scores can vary depending on the type of scoring model that was used to calculate the information…
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How Can I Protect My Business After a Natural Disaster?

Is your business protected from severe weather?

In the past few weeks, weather on the East Coast has been borderline apocalyptic. The recent “bomb cyclone” and nor’easters have pummeled New Jersey. Power outages, heavy winds and freezing weather caused billions in damages across the East Coast. There are steps you can take to protect your business after natural disasters. However, you should consider purchasing natural disaster insurance for your business, if you have not already. If you have natural disaster insurance, the following steps may help you while filing a claim. Call your insurance provider. Do not wait to contact your insurance provider after a natural disaster has caused damage to your business. Insurance companies have time limits on filing claims. If you wait too long, you may not be able to recover compensation. Document the damage. If it is safe to do so, you can return to your business to document the damage. Photographs of the…
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Does My Company Need a Social Media Policy?

Should your company use a social media policy?

Social media platforms have become an all-encompassing part of our society. In addition to having individual uses, these platforms also allow businesses to promote their brands. However, certain mistakes on social media could hurt the reputation of your business and its brand. It is important to consider creating a social media policy for your employees. A policy could address issues that include but are not limited to: Identifying who can represent the company online. Your policy could list the names of people who are allowed to speak for your company on social media. Select these people to avoid creating any confusion among clients or other employees. Identifying topics that cannot be discussed on social media. Your policy could address certain topics that cannot be discussed on the company’s social media accounts. For example, the policy could bar employees from posting confidential or proprietary information. Additional taboo topics, such as talking…
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Seven Mistakes That Can Hurt Your Credit Ratings

Our blog explains how to resolve issues with student loan payments.

Your credit scores are created by using the information that is contained on your three credit reports, which are compiled by Equifax, Transunion and Experian. There are also different types of credit scoring models that are used by various lenders. For example, there are various types of FICO scoring models. VantageScore is also becoming more popular with lenders. Despite the diversity of scoring systems, there are still common factors that can hurt or improve your scores. Making late payments. Creditors could report you to the three credit bureaus if you do not make timely payments on your debt obligations. This may occur after 30, 60, 90 or 120 days. Depending on the creditor, you may not be reported for six or more months. Late payments can seriously harm your credit scores. Overextending your credit. Your credit scores can also be hurt if take out too many lines of credit, especially…
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What Debt Collectors Can and Cannot Do While Collecting Debts

Debt collectors can be very stressful

Debtors in the US have certain rights that must be respected by debt collectors. Several years ago, The New York Times wrote an interesting piece on how debt collectors resorted to mob tactics to intimidate debtors. The article described instances of physical violence and destruction of property. Fortunately, debt collectors are not allowed to resort to these tactics in the US. The Fair Debt Collection Practices Act (FDCPA) offers you certain protections if you have consumer debts. Under this law, third-party debt collection agencies are forbidden from the following: Making threats of physical violence or harm Using obscene or profane language Misrepresenting themselves or the debts owed Threatening to have you arrested Making repeated phone calls with the intent to annoy or harass Giving false information about you to other parties Coming to your workplace to collect payments Pursuing you for debts you do not owe We have only listed…
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