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Credit report – This is the report which is really the history of an individual’s credit card debt repayment, outstanding debts, bankruptcies and late payments. It can also have his / her bankruptcies.
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Repossess – The voluntary or forced surrender of items in the case of the customer’s failure to pay back a loan.
Be sure to review the regulations within your condition to learn more in regards to the implications of not repaying a payday loan.