Credit Score Needed to Buy a House - Nexum Group Inc | Florida Collection Agency

Credit Score Needed to Buy a House

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Credit Score Needed to Buy a House

The Society is becoming more and more dependent on using credit to make purchases and decisions. These days, good credit is used for more than just getting a credit card or a loan. More and more businesses are making the case that you must have good credit score before they extend their products or services to you.

DO COLLECTION AGENCIES TAKE ITEMS OFF YOUR CREDIT?

  1. Many creditors send your account to a debt collector if you’ve left it unpaid for several months. Once the debt collector has been assigned the account, part of their practice is to list the account on your credit report.

 

  1. Having a debt collection on yourcredit report hurts your credit score. The entry will remain on your credit report for seven years for future creditors and lenders to see and scrutinize. The best option for dealing with collection accounts is to have them removed from your report.

 

  1. How to get items off your credit. Collection Agencies will typically report the debts to the credit bureaus as paid. You must speak with the reporting agency about how to get the item removed. Some agencies will remove it while some will report it as paid.

 

WHY DO YOU NEED CREDIT?

  1. Credit has a lot of benefits. It’s a lot more convenient than cash, and most people can’t afford to pay the full price for major purchases like a car or a home upfront. And credit’s importance isn’t limited to purchases. Potential employers and landlords may consider your credit as part of the selection process.

 

  1. Credit grantors review credit applications and credit reports to determine financial risk: If they lend you money, extend you credit or give you goods and services, will you pay them back? They may consider your income, how long you’ve lived at your present address, how long you’ve worked for the same employer, what kinds of assets you have and your bank account balances. But often, though, the primary resource guiding their decision is your credit history

 

WHAT CREDIT SCORE YOU NEED TO HAVE TO BUY A HOUSE

 

  1. Most lenders will require a credit score of 640 or above before they will even think about giving you money to purchase a home.

 

  1. No one wants to do business with someone who is financially challenged — particularly if you are asking to borrow money for 30 years in a house. Bad credit scores can scare off real estate agents if they know you may be unable to make the payments on the house.

 

  1. After the housing market failed several years ago and many homes went into foreclosure, many banks are now extra cautious and stricter when it comes to approving someone for a mortgage.

 

  1. To be approved for the purchase of a house, lenders have to feel confident you are going to be able to handle the mortgage payments.

 

DO COLLECTION AGENCIES TAKE STUFF OFF YOUR CREDIT?

  1. Many creditors send your account to a debt collector if you’ve left it unpaid for several months. Once the debt collector has been assigned the account, part of their practice is to list the account on your credit report.

 

  1. Having a debt collection on yourcredit report hurts your credit score. The entry will remain on your credit report for seven years for future creditors and lenders to see and scrutinize. The best option for dealing with collection accounts is to have them removed from your report.

 

  1. How to get items off your credit. Collection Agencies will typically report the debts to the credit bureaus as paid. You must speak with the reporting agency about how to get the item removed. Some agencies will remove it while some will report it as paid.

 

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Terms of Service Agreement

This agreement is made between Nexum Group and You herein referred to as client.

  1. Client warrants the authenticity of all claims placed with Nexum Group for collections. Client agrees to forward supporting documentation for each claim to prove the validity of the debt upon request.
  2. Nexum Group agrees to use its best efforts to collect on any and all claims submitted.
  3. Claims placed with Nexum Group by CLIENT shall be charged the below contingencies.

Any claim under (1) year over $1,000 shall be charged a contingency of 30%. Any claim over (1) year over $1,000 shall be charged a contingency of 35%. Any claim that is under $1,000 or requires litigation shall be charged a contingency of 40%. Nexum Group is owed its respected fee regardless if the debtor pays the CLIENT directly or Nexum Group.

  1. Client shall report all direct payments made within (4) days of receipt of payment. It is agreed that commissions due on direct payments shall be remitted to Nexum Group within (14) days.
  2. Any merchandise returned to CLIENT by debtor will entitle Nexum Group to a 10% contingency of the invoiced amount.
  3. CLIENT agrees that Nexum Group can forward a case to an outside law firm to assist in the recovery to assist in the recovery and grands permission to do so at their discretion. CLIENT must give the approval to transfer the case if the transfer results in additional charges
  4. Any claim placed by CLIENT that is found to be placed in error or previously paid will be bill by Nexum Group at a rate of 10% of the amount.
  5. Nexum Group shall account to client all payments collected monthly and provide portal access to track payments online. CLIENT will be provided a statement enclosed with each payment made by Nexum Group. Anything collected before the end of each month will be remitted at the end of the following month.
  6. CLIENT may recall a claim forward to Nexum Group if the claim is not in legal status or there has been no recovery on the account within 90 days. Any cancellations must be expressed in writing via email to corporate@nexumgroupinc.com. Upon cancellation, all fees owed to Nexum Group shall be paid in full. Claims withdrawn after payments have been received or intended to be received CLIENT shall be charged the full contingency for balance submitted. 
  7. This agreement shall is governed by the laws in the state of Florida. In the event, any provision is found to be invalid or unenforceable, that provision shall be deemed removed and remaining provisions shall remain in full effect.


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By signing below, you authorize Nexum Group Inc. to make debit entries in the form of ACH transfers in accordance with the Payment Schedule. You acknowledge that the origination of ACH transactions to your account must comply with the provisions of U.S. Law and the Rules of the National Automated Clearing House Association.

Your payment will be made automatically from your designated account. If your due date falls on a weekend or holiday, your payment will be deducted on the first business day following your payment due date.

If there are insufficient funds in your account, Nexum Group Inc. may elect to electronically (or by paper draft) re-present your payment up to two more times. You also understand and authorize Nexum Group Inc. to collect a return processing charge by the same means, in an amount not to exceed that as permitted by state law. You may cancel this authorization by sending written notice to Nexum Group Inc. at the address above or at 877-652-0822, or by completing a new copy of this form. Nexum Group Inc. must be notified of revoked authorization at least 1 day prior to the payment due.

Please keep a copy of this authorization for your records. If you should have any questions concerning your payment arrangement please contact us at the phone number listed list above.

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NEXUM GROUP INC is a Licensed Florida Collection Agency with offices in Orlando FL, Fort Lauderdale FL, Jacksonville FL, & Tampa FL. Specializing in Consumer & Commercial Collections //]]>