The above question is related to credit and collection

12 CREDIT HISTORY 26 July 100A DATE REPORTED OF CONFORMED LAST PAID BALANCE PAST DUL HIGH CREDIT TWARE HON PAY DATE OPEN SOURCE DATE ACCOUNT TYPE 1-928 1-345 07 SA 07 9A 07 BAT OTAR 07 SAT OT DAR 07 9A T S 9A T 07 9AR R F F D 70,000 9.540 2.400 825 1-200 R 08 8J 01 9A OT SA 08 BH 03 J 01 BA 53,000 7,600 2.400 535 255 455 OS SA JT JT D 450 725 R R 07 A OG SA 07 SA 059A 654 1 N R 0481 02 9A JT JT 247 25 R 06 9A T 06 9AR N o 1400 630 220 65 30 OS DA 8 o 05 8J 07 9A T 1 B4 JT 0 07 9A o 125 02 9A 07 9A T U 32 o 136 057K 07 9A Interpret the information for the first four lines from the above credit history. taken from their most recent credit bureau report (See Quest 1 Module 2A). Following is the credit history Information on Peter and Pony Pudding 8. 53 CONTINUING CASE PROBLEM QUESTIONS Refer to the Puddingproof's Credit History report from the credit bureau shown on Page 38. Relate the Stages of Collection and the probable collection devices which would be used by each of the creditors listed in the Credit History 10. 55 What collection action will the finance company probably take concerning Peter's car loan? 11. What collection action would the finance company have taken up to this point? 55 ering 1a Perwy's contract with the Trust Company for her cw loan current Considering the status of their other credit accounts, what would be a good explanation of this 14. Three of the department stores now show the Ps being Class 3 in regards to their payments. What collection action would all three most likely have taken up to this point and what further action will they probably pursue if the past due is not paid shortly? 15. If the P's do not pay anything on these accounts within the next two months, are the stores likely to take drastic action and what form would this probably take? 12. Following is the credit history information on Peter and Penny Puddingproof taken from their most recent credit bureau report (See Quest. 1, Module 2-1). CREDIT HISTORY 28 July 199A DATE REPORTED or CONFIRMED SOURCE DATE OPEN ACCOUNT TYPE HIGH CREDIT LAST PAID BALANCE PAST DUE HOW PAY TRADE KEY DATE CLOSED 07 9A T R 05 8J 68,000 1 JT 1-925 1-345 07 9A 07 9A 07 9AR F 7,600 1 $ 70,000 9,640 2,400 825 07 9AT 1-200 0 01 9A 07 9A OG BH 03 8J F D 2,400 635 07 9AR 20 64 235 07 9AT S9AT R R 450 726 D. 456 01 9A 04 BI OG 9A 07 9A 06 9A 07 9A OS 9A 07 9AR N R 654 1 1,400 630 OG 9A T N 5 5 5 5 5 5 5 R 247 25 2 02 9A 06 8J 06 9AR o o 220 66 30 2 S 07 9A T o o 125 07 9A 84 1 02 9A 057K 07 9AT U o 136 07 9A 92 1 Interpret the information for the first four lines from the above credit history. 53 CONTINUING CASE PROBLEM QUESTIONS 8. Refer to the Puddingproof's Credit History report from the credit bureau collection devices which would be used by each of the creditors listed in the Credit History. shown on Page 38. It is now late January, 199B. Things have not gone well for the Puddingproofs. In October Peter fell off a ladder while doing some work on their house. One leg was badly broken and his back was injured. He has not worked since and does not expect to be able to retum to work until April. His company disability group insurance covers 40% of his salary (after tax) but this was not enough to cover their expenses so Penny had to take full time work which, fortunately, she was able to get at the Trust Company. The Credit History section of the credit bureau report dated 23rd January, 199B reads as follows: CREDIT HISTORY 23 Jan 199B DATE REPORTED or CONFIRMED SOURCE ACCOUNT TYPE DATE OPEN HIGH CREDIT LAST PAID PAST DUE HOW BALANCE PAY TRADE KEY DATE CLOSED R 01 SBT 01-9BR 06-8J 1-926 1-345 01-9B 1 JT F 3 F 1-200 1-217 690 200 11-9A 12-SA 01-98 2 JT B 70,000 9,540 2.400 7,816 825 450 01-9A 07-9A 07-9A 06-8H 03-8 12-9AR 01-90 T 01-9BT 01-9B T 01-98 T 67300 6,090 2,000 8,614 424 381 1 D 3 JT D R R R 85 124 126 3 JT D 01-9A 725 D R 01-9BT 12-9AR 627 435 11-9A 10-9A 11-9A 12-9A 11-9A 11-9A 119A 44 1 07-9A 04-81 JT 560 1,400 N R JT 01-9BT N 1,100 846 R 220 110 3 3 630 JT 02-9A 05-83 o 01-9B R 01-9B T 111 3 S o 220 245 111 88 12-9A 64 2 JT 02-9A 05-8J 12-9AT U 144 01-9B 124 What collection action will the finance company probably take concerning 11. What collection action would the finance company have taken up to this 55 10 Peter's car loan? point? Considering the status of their other credit accounts, what would be a good Penny's contract with the Trust Company for her car loan is current 13. explanation of this? 14. Three of the department stores now show the P's being Class 3 in regards to their payments. What collection action would all three most likely have taken up to this point and what further action will they probably pursue if the past. due is not paid shortly? 15. If the P's do not pay anything on these accounts within the next two months, are the stores likely to take drastic action and what form would this probably take? 12 CREDIT HISTORY 26 July 100A DATE REPORTED OF CONFORMED LAST PAID BALANCE PAST DUL HIGH CREDIT TWARE HON PAY DATE OPEN SOURCE DATE ACCOUNT TYPE 1-928 1-345 07 SA 07 9A 07 BAT OTAR 07 SAT OT DAR 07 9A T S 9A T 07 9AR R F F D 70,000 9.540 2.400 825 1-200 R 08 8J 01 9A OT SA 08 BH 03 J 01 BA 53,000 7,600 2.400 535 255 455 OS SA JT JT D 450 725 R R 07 A OG SA 07 SA 059A 654 1 N R 0481 02 9A JT JT 247 25 R 06 9A T 06 9AR N o 1400 630 220 65 30 OS DA 8 o 05 8J 07 9A T 1 B4 JT 0 07 9A o 125 02 9A 07 9A T U 32 o 136 057K 07 9A Interpret the information for the first four lines from the above credit history. taken from their most recent credit bureau report (See Quest 1 Module 2A). Following is the credit history Information on Peter and Pony Pudding 8. 53 CONTINUING CASE PROBLEM QUESTIONS Refer to the Puddingproof's Credit History report from the credit bureau shown on Page 38. Relate the Stages of Collection and the probable collection devices which would be used by each of the creditors listed in the Credit History 10. 55 What collection action will the finance company probably take concerning Peter's car loan? 11. What collection action would the finance company have taken up to this point? 55 ering 1a Perwy's contract with the Trust Company for her cw loan current Considering the status of their other credit accounts, what would be a good explanation of this 14. Three of the department stores now show the Ps being Class 3 in regards to their payments. What collection action would all three most likely have taken up to this point and what further action will they probably pursue if the past due is not paid shortly? 15. If the P's do not pay anything on these accounts within the next two months, are the stores likely to take drastic action and what form would this probably take? 12. Following is the credit history information on Peter and Penny Puddingproof taken from their most recent credit bureau report (See Quest. 1, Module 2-1). CREDIT HISTORY 28 July 199A DATE REPORTED or CONFIRMED SOURCE DATE OPEN ACCOUNT TYPE HIGH CREDIT LAST PAID BALANCE PAST DUE HOW PAY TRADE KEY DATE CLOSED 07 9A T R 05 8J 68,000 1 JT 1-925 1-345 07 9A 07 9A 07 9AR F 7,600 1 $ 70,000 9,640 2,400 825 07 9AT 1-200 0 01 9A 07 9A OG BH 03 8J F D 2,400 635 07 9AR 20 64 235 07 9AT S9AT R R 450 726 D. 456 01 9A 04 BI OG 9A 07 9A 06 9A 07 9A OS 9A 07 9AR N R 654 1 1,400 630 OG 9A T N 5 5 5 5 5 5 5 R 247 25 2 02 9A 06 8J 06 9AR o o 220 66 30 2 S 07 9A T o o 125 07 9A 84 1 02 9A 057K 07 9AT U o 136 07 9A 92 1 Interpret the information for the first four lines from the above credit history. 53 CONTINUING CASE PROBLEM QUESTIONS 8. Refer to the Puddingproof's Credit History report from the credit bureau collection devices which would be used by each of the creditors listed in the Credit History. shown on Page 38. It is now late January, 199B. Things have not gone well for the Puddingproofs. In October Peter fell off a ladder while doing some work on their house. One leg was badly broken and his back was injured. He has not worked since and does not expect to be able to retum to work until April. His company disability group insurance covers 40% of his salary (after tax) but this was not enough to cover their expenses so Penny had to take full time work which, fortunately, she was able to get at the Trust Company. The Credit History section of the credit bureau report dated 23rd January, 199B reads as follows: CREDIT HISTORY 23 Jan 199B DATE REPORTED or CONFIRMED SOURCE ACCOUNT TYPE DATE OPEN HIGH CREDIT LAST PAID PAST DUE HOW BALANCE PAY TRADE KEY DATE CLOSED R 01 SBT 01-9BR 06-8J 1-926 1-345 01-9B 1 JT F 3 F 1-200 1-217 690 200 11-9A 12-SA 01-98 2 JT B 70,000 9,540 2.400 7,816 825 450 01-9A 07-9A 07-9A 06-8H 03-8 12-9AR 01-90 T 01-9BT 01-9B T 01-98 T 67300 6,090 2,000 8,614 424 381 1 D 3 JT D R R R 85 124 126 3 JT D 01-9A 725 D R 01-9BT 12-9AR 627 435 11-9A 10-9A 11-9A 12-9A 11-9A 11-9A 119A 44 1 07-9A 04-81 JT 560 1,400 N R JT 01-9BT N 1,100 846 R 220 110 3 3 630 JT 02-9A 05-83 o 01-9B R 01-9B T 111 3 S o 220 245 111 88 12-9A 64 2 JT 02-9A 05-8J 12-9AT U 144 01-9B 124 What collection action will the finance company probably take concerning 11. What collection action would the finance company have taken up to this 55 10 Peter's car loan? point? Considering the status of their other credit accounts, what would be a good Penny's contract with the Trust Company for her car loan is current 13. explanation of this? 14. Three of the department stores now show the P's being Class 3 in regards to their payments. What collection action would all three most likely have taken up to this point and what further action will they probably pursue if the past. due is not paid shortly? 15. If the P's do not pay anything on these accounts within the next two months, are the stores likely to take drastic action and what form would this probably take