Perspectives

Commercial collections rarely turn on one issue.

For lenders, equipment lessors, companies that extend capital, and businesses carrying large commercial claims, recovery often depends on a combination of documentation, collateral position, timing, jurisdiction, and enforcement strategy. Recent litigation and regulatory developments are reinforcing a familiar lesson: the strongest collection position is usually built long before default occurs.

Over the last several months, several trends have emerged that commercial creditors should be watching closely.

1. Collateral Rights Are Being Tested More Aggressively

In distressed commercial cases, courts continue to scrutinize whether a creditor actually has the rights it believes it has. This is especially important in equipment finance, lease financing, receivables financing, and asset-based lending.

Recent equipment-financing litigation has highlighted a practical issue: funding the purchase of equipment does not automatically create an enforceable interest in that equipment. A lender still needs a clear, documented path to title, assignment, control, lien rights, or another enforceable collateral position.

For commercial lenders and lessors, this is a reminder that the paperwork matters. Purchase orders, vendor agreements, master lease schedules, assignments, UCC filings, delivery confirmations, and collateral descriptions should all work together. If there is a gap, that gap may become the debtor’s argument, another creditor’s advantage, or the bankruptcy court’s concern.

2. Bankruptcy Strategy Is Becoming More Complex

Large commercial bankruptcy cases continue to test creditor expectations around priority, cash collateral, and adequate protection.

In recent bankruptcy disputes involving receivables and cash collateral, courts have been asked to decide how much protection a secured creditor must receive before a debtor can use cash tied to the creditor’s collateral. These cases matter because they show how quickly leverage can shift once a debtor files bankruptcy.

For creditors, the issue is not just whether a lien exists. The issue is whether the creditor can prove the lien, defend its priority, and act quickly enough to protect the value of the collateral before it is used, depleted, or disputed.

This is where commercial collections and bankruptcy strategy overlap. A creditor with a strong pre-default file, accurate collateral records, and a fast response plan is in a much better position than one trying to reconstruct the deal after the bankruptcy petition is filed.

3. Liability Management Disputes Are Reshaping How Creditors Read Loan Documents

Recent litigation over “uptier” and liability management transactions has put renewed attention on credit agreement language. These cases often involve sophisticated creditors fighting over whether a borrower and a majority lender group can restructure debt in a way that improves one creditor group’s position while leaving others behind.

For middle-market lenders and commercial creditors, the takeaway is broader than the highly structured finance world. Courts are looking closely at the actual language of the deal documents. Pro rata sharing provisions, amendment rights, sacred rights, buyback language, collateral releases, intercreditor terms, and assignment restrictions can materially affect creditor leverage when a borrower becomes distressed.

The practical lesson: creditors should not assume that “standard” loan documents will protect them in every scenario. The more complex the borrower, collateral pool, or lender group, the more important it becomes to understand how the documents operate under stress.

4. Commercial Financing Disclosure Laws Are Expanding

A growing number of states are applying consumer-style disclosure concepts to certain commercial financing transactions. These laws vary by state, but many focus on small business financing, sales-based financing, merchant cash advances, factoring, asset-based lending, lease financing, and other commercial credit products below certain dollar thresholds.

This is an important development for lenders and finance companies operating across state lines. A transaction that is routine in one state may trigger specific disclosure, registration, formatting, timing, or penalty considerations in another.

The larger trend is clear: regulators are paying closer attention to commercial credit products, especially where small businesses are involved. Even when a transaction is not consumer credit, lenders should expect more scrutiny around transparency, pricing, fees, repayment terms, and borrower understanding.

5. Digital Assets and Modern Collateral Are Moving Into the UCC Framework

States continue to adopt UCC amendments addressing digital assets and “controllable electronic records.” For commercial lenders, this matters because collateral is no longer limited to traditional inventory, equipment, accounts, and general intangibles.

As digital assets, electronic payment rights, tokenized assets, and technology-based collateral become more common, lenders will need to understand how perfection and priority work in this newer framework. In many cases, “control” may become more important than filing alone.

Even lenders that are not directly financing cryptocurrency or digital assets should pay attention. Commercial collateral packages are evolving, and the law is trying to keep up.

6. Alternatives to Bankruptcy May Become More Common

Another trend to watch is the continued development of assignments for the benefit of creditors, commonly known as ABCs. These state-law liquidation alternatives can be faster and less expensive than federal bankruptcy in some cases, particularly for small and mid-sized businesses.

For creditors, ABCs can create both opportunity and risk. They may lead to quicker liquidation and distribution, but they also require creditors to understand state-specific procedures, deadlines, priority rules, and objection rights.

If more states adopt uniform ABC legislation, creditors may see more distressed businesses choosing this route instead of Chapter 11 or Chapter 7. That means creditors need to be prepared to evaluate recovery options outside the traditional bankruptcy process.

What This Means for Commercial Creditors

The common thread across these developments is preparation.

Commercial creditors should be reviewing:

• Whether loan, lease, and security documents clearly describe the collateral and enforcement rights
• Whether UCC filings are accurate, timely, and consistent with the transaction documents
• Whether guarantees, assignments, venue provisions, and default remedies are enforceable
• Whether multi-state financing activity triggers commercial disclosure or registration obligations
• Whether credit documents address future restructuring, amendments, subordination, and collateral changes
• Whether internal teams know what to do immediately when a borrower shows signs of distress

Commercial collections is not just about filing a lawsuit after an invoice goes unpaid. It is about building leverage, preserving rights, understanding risk, and choosing the right enforcement path.

The WFJ Perspective

At Wagner, Falconer & Judd, we help commercial creditors simplify the complex. Our work with lenders, lessors, suppliers, and businesses with significant commercial claims is focused on practical recovery strategy: understanding the documents, identifying leverage, protecting collateral, and moving matters toward resolution.

As commercial finance, bankruptcy, and creditor-rights issues continue to evolve, the businesses that are most prepared will be the ones that treat collections as part of a broader risk-management strategy.

The best time to strengthen your recovery position is before default. The second-best time is the moment risk appears.

WFJ helps creditors act with clarity when both timing and strategy matter.

As an artist, one of the more confusing topics is royalties. What they are, and how they are collected is often a mystery to artists starting out. There are different organizations that all collect different aspects of the song’s royalties. While you collect digital master royalties by someone that is called a distributor, there is another royalty that may be missed out on: songwriter royalties. These are paid in two different forms: performance and mechanical royalties. These are collected and administered by different entities depending on the use. It’s important for artists and businesses to be aware of these organizations, to ensure that they are collecting all the royalties they are entitled to for their art.

ASCAP: The American Society of Composers, Authors and Publishers, or ASCAP, is a non-profit organization known as a Performing Rights Organization, that pays performance royalties to songwriters, composers and music publishers when their music is played publicly. It is one of the largest performing rights organization in the world and distributes the license fee collected from granting businesses and other organizations licenses to play your music. Instead of asking the owner of the copyright directly, it issues blanket licenses for songs represented by ASCAP without worrying about individual licenses.

WHY THIS IS IMPORTANT FOR YOUR BUSINESS: Without a license, it could lead to copyright infringement claims against you or your business. Using copyrighted material without a license may expose you to copyright infringement liability. When music is played in a bar, shop, on TV, or on the radio, all of these require a public performance license to use that material. It does not matter where you are located or the size of your business, if you play music at your establishment, you need to obtain a license (subject to limited statutory exemptions).

WHY THIS IS IMPORTANT FOR YOU AS AN ARTIST: Without ASCAP, you may be losing out on money every time your song is played. Royalties, a topic we will do another blog to cover, are important to understand and why you need to ensure that your music is protected. When your music is played publicly, you can easily have it tracked and distributed based on performance data and reporting by ASCAP and you receive royalty income.

BMI: BMI, or Broadcast Music Inc., is another performing rights organization that licenses music to businesses to ensure that creators are paid, and businesses are licensed. BMI and ASCAP both perform the same job, but have different price and payment models, as well as different music that they license.

WHY THIS IS IMPORTANT FOR YOUR BUSINESS: Similar to the reasons for ASCAP, you need a license to play music. Both platforms will be able to license different forms of music, so the important thing is to ensure that what genre and artist you want to play, is licensed under the correct company.

WHY THIS IS IMPORTANT FOR YOU AS AN ARTIST: Again, we are looking at similar reasons to ASCAP. Both do the same job, but there are different benefits and payment forms to look into for each organization. It is important to fully evaluate both organizations and see which fits best in your individual artistic needs.

MECHANICAL LICENSING COLLECTIVE: The Mechanical Licensing Collective, or MLC, is all about collecting mechanical royalties. It was created as a nonprofit organization and administers blanket mechanical licenses to streaming or download services, and collects those royalties then pays it out to songwriters and publishers. When music is distributed through different streaming sites, such as Spotify or Apple Music, the services pay royalties to the MLC under a blanket compulsory license and then sent to the songwriter and publishers. It makes it easy for the streaming platforms to comply with a blanket mechanical license, and then be administered through one organization. Generally, royalties are distributed on a monthly basis, based on a statutory royalty rate under US copyright law. These royalties will be held for at least three years, so copyright holders may have royalties sitting to collect.

WHY THIS IS IMPORTANT FOR YOU AS AN ARTIST: This is another avenue that most people miss when it comes to collecting royalties for you as an artist. Most people have heard of BMI or ASCAP, but forget that there is an entirely different world when it comes to streaming sites.

There are some other organizations to explore, but we have covered three of the major organizations within the royalty space. It is important to understand the impact each has on your career and royalties, so you are able to collect all the profit you are entitled to. Here at WFJ, we can help counsel you on what you need to sign up for, and how to do it correctly.

Paige Kochanski is an attorney in WFJ’s Entertainment Law group. Her work focuses on music, film, and creative content legal matters and they regularly assist clients with contracts related to music, songwriting, publishing, copyright and more. She is passionate about helping businesses and individuals navigate entertainment matters with clarity and confidence.

When a a large portion of your accounts receivable is tied up with just one or two customers, your business is exposed to client concentration risk. It’s common-especially for growing companies- but it can quietly strain cash flow and increase vulnerability if a major customer delays payment, disputes an invoice, or experiences financial trouble of their own.

Strong sales don’t always equal strong cash flow. If your largest customers pay slowly, pay inconsistently, or negotiate one-sided terms, your business can end up financing their operations as your expense.

Why Client Concentration in A/R is Risky

Client concentration risk occurs when a significant percentage of your outstanding invoices are tied to a limited number of customers. The risk isn’t just lost revenue-it’s timing and reliability of payment.

When a large customer delays payment, it can impact:

• payroll and staffing decisions
• vendor and supplier relationships
• expansion plans and reinvestment
• Your ability to weather unexpected expenses

Over time, informal payment practices like flexible payment timelines, loosely written contracts, or inconsistent follow-up can create long-term financial pressure.

How Contracts & Collections Affect Cash Flow

Your contracts and collections process are the foundation of predictable revenue. Weak payment terms, unclear enforcement language, or outdated agreements make it harder to address late payments without damaging relationships.

A trusted law firm can help you:

• Clarify payment terms (due dates, acceptable payment methods, and invoicing requirements)
• Add protections such as late fees, and reimbursement of collection costs
• Establish dispute resolution timelines so invoices don’t remain in limbo
• Create consistent collections workflows that support firm but professional follow-up
• Identify red flags in contracts with your largest customers that increase financial risk

The goal is not to escalate conflicts-but to avoid them by setting clear expectations upfront.

Action Steps: Reduce A/R Risk & Stabilize Cash Flow

Business owners can take proactive steps to reduce client concentration risk and improve cash flow:

1. Review Your A/R Concentration
   • Identify what percentage of your outstanding receivables comes from your top one to three customers. If one client represents a large share, your cash flow may be overly exposed.
2. Audit Your Payment Terms
   • Look for unclear language, long payment windows, missing late fee provisions, or informal side agreements that weaken your leverage.
3. Standardize Your Collections Process
   • Create a consistent timeline for reminders, follow-ups, and escalation so late payments are addressed early-before they become chronic.
4. Update Contracts Before Problems Arise
   • Renegotiate outdated agreements and tighten payment provisions before a dispute or delay occurs
5. Consult Legal Counsel Strategically
   • A law firm can help you restructure contracts, improve enforcement language, and design collections strategies that protect cash flow while maintaining professional relationships.

A More Predictable Path Forward

Strong revenue doesn’t automatically mean strong financial health. Businesses thrive when payments are reliable, expectations are clear, and risks are managed intentionally. Addressing client concentration in A/R isn’t about preparing for conflict-it’s about creating stability.

Wagner, Falconer & Judd works with businesses to assess accounts receivable risk, strengthen contracts, and build smarter collections strategies- helping keep your cash flow steady so you can focus on growth, not chasing payments. 

Renting-whether you’re a tenant trying to understand a lease or a landlord managing property-comes with legal questions and potential disputes. Traditional legal help can be expensive and intimidating. That’s where LegalShield and its provider law firm Wagner, Falconer & Judd step in to give you accessible, affordable legal support whenever you need it.

What LegalShield Does for Renters and Landlords

LegalShield is a membership-based legal plan that connects you with experienced attorneys for low monthly fee. Instead of paying high hourly rates, members get legal help when they need it-including for rental-related matters.

Lease Help & Review

Before signing a lease, members can get:

• Consultation on lease terms to make sure they’re fair
• Document review to identify hidden risks in rental agreement
• Negotiation assistance if a term seems problematic

Landlord-Tenant Disputes

If you’re dealing with issues like this:

• Repairs not being made
• Lease violations
• Security deposit withholding

LegalShield members can get legal advice and consultation to understand rights and next steps.

Ending a Lease or Renewal Questions

Whether you’re ending a lease early or negotiating a renewal, having a lawyer’s input can protect your interests and avoid future problems.

Discrimination & Other Tenant Rights

Members have access to legal advice if a landlord refuses to rent based on protected characteristics like religion or race, helping ensure fair treatment under the law.

Pet & Other Miscellaneous Issues

Even issues like pet-policy disputes or exceptions for pet deposits can be handled with legal guidance-often securing better outcomes than going it alone.

LegalShield Membership Benefits You Should Know

LegalShield isn’t just about rental and lease advice-its membership package delivers a wide range of legal advantages:

• Unlimited legal consultation for personal matters (including housing issues).
• Document review so contracts and letters are vetted by a lawyer before you sign.
• Letters of phone calls on your behalf to resolve disputes or clarify terms.
• Discounts on additional services if your situation goes beyond what’s covered in your plan.
• MemberPerks savings on everyday purchases and services include with your plan.
• 24/7 emergency access if your rights are threatened or you’re facing urgent legal issues.

LegalShield offers three levels of plans-Basic, Advanced, and Premium-each with increasing coverage and benefits you can choose based on your needs.

Wagner, Falconer & Judd: Your Provider Law Firm

When you become a LegalShield member, you legal support is delivered through its provider law firms. For members in much of the Midwest and Canada-including regions like Minnesota, Wisconsin, North Dakota, South Dakota, Montana, and beyond-WFJ is that firm.

Here’s how we help:

• Quick attorney response: Members can call WFJ or use the LegalShield app to ask legal questions, with a promise of follow-up within a few business hours.
• Document reviews: WFJ attorneys will review contracts and provide feedback-including lease agreements-to make sure you are legally protected.
• Dispute assistance: If you’re in a legal disagreement with a landlord or tenant, WFJ lawyers can write letters or make calls on your behalf to often resolve matters faster.
• Affordable deeper support: If you need work beyond your membership’s included services, WFJ offers discounted rates on additional legal help.

With decades of experience serving LegalShield members, WFJ makes legal help approachable and practical-especially for housing situations that can feel complex or stressful.

Final Thoughts

For renters and landlords alike, legal issues don’t always announce themselves-they just happen. with a LegalShield membership backed by the expertise of Wagner, Falconer & Judd, you get peace of mind, professional support, and a legal safety net that’s affordable and easy to access. Whether you’re signing a lease, facing a dispute, or simply want clarity before making a housing decision, this team is on your side.

Late payments are more than an inconvenience-they disrupt cash flow, strain vendor relationships, and pull focus away from running your business. For companies in construction, manufacturing, professional services, and beyond, payment delays can quickly become a recurring operational risk rather than one-off frustration.

At Wagner, Falconer & Judd, we regularly work with businesses facing the same question: At what point does a late payment become a legal issue? The answer isn’t just about timelines-it’s about protecting your business interests strategically.

Why Payment Delays Hurt More Than You Think

Payment delays create ripple effects that can impact your entire operation. When receivables slow down, businesses may struggle to cover payroll, pay vendors, invest in growth, or take on new projects. Over time, consistent delays can turn into bad debt, forcing companies to write off revenue they already earned.

There’s also the hidden cost of time Chasing unpaid invoices diverts leadership and accounting teams from higher-value work. When delays become habitual, they can signal deeper issues with a client’s financial stability-or their respect for your terms.

When Late Payments Become Legal Risk

Not every late invoice requires legal intervention. However, there are clear signs that payment delays have crossed from “business as usual” into “business risk”, including:

• Repeated missed deadlines despite reminders
• Broken promises to pay by a certain date
• Partial payments without explanation
• Disputes raised only after payment is due
• Silence or avoidance from the debtor

These patterns may indicate cash flow problems, internal disorganization, or intentional delay tactics. Left unaddressed, they increase the likelihood that payment may never come.

Legal Action as a Business Tool-Not a Last Resort

Legal action is often viewed as confrontational, but in reality, it is a business tool designed to protect your financial interests. Strategic legal intervention can:

• Signal that your company takes payment obligations seriously
• Prompt faster resolution when informal efforts stall
• Preserve documentation and evidence if litigation becomes necessary
• Help enforce contract rights, lien rights, or bond claims
• Improve long-term payment behavior across your client base

In many cases, a well-timed attorney demand letter or structured collections approach results in payment without the need for litigation. The key is acting early-before unpaid balances grow or deadlines to enforce your rights to expire.

Timing Matters: Don’t Wait Too Long

Delaying legal action can limit your options. Certain rights-such as mechanic’s liens, bond claims, and statutory remedies-are time sensitive. Missing these deadlines can mean losing leverage or the ability to recover payment entirely.

Proactive legal guidance allows businesses to evaluate:

• The strength of their contract and documentation
• Whether lien or bond rights apply
• The cost-benefit of pursuing formal collections or litigation
• How to structure future contracts to reduce risk

How WFJ Helps Businesses Navigate Payment Delays

Wagner, Falconer and Judd works with businesses across industries to manage payment risk before it becomes a crisis. Our attorneys assist with:

• Contract review and drafting to strengthen payment protections
• Strategic collections and demand letters
• Preserving and enforcing lien and bond rights
• Litigation when informal efforts fail
• Developing internal payment policies and escalation processes

Our goal is to help clients recover what they are owed while minimizing disruption to their operations and relationships.

Proactive Steps You Can Take Today

If payment delays are becoming a pattern, consider these immediate steps:

• Review your contracts and payment terms for enforceability
• Track payment behavior by client and identify repeat issues
• Establish clear internal escalation timelines
• Consult legal counsel early to preserve your options
• Strengthen upfront documentation and invoicing practices

Bottom Line

Payment delays aren’t just an accounting problem-they are a business risk that requires strategic decision-making. Knowing when to escalate from internal follow-up to legal action can protect your cash flow, your team’s time, and your long-term stability.

If your business is experiencing recurring payment delays or growing unpaid balances, Wagner, Falconer & Judd can help you evaluate your options and take action before the problem grows.

Need help protecting you right to get paid?

Our Commercial Collections and Construction law team work with businesses to enforce payment rights and protect cash flow. Reach out to Wagner, Falconer & Judd to discuss proactive strategies and next steps.

Accidents don’t come with a warning label. A car crash, a slip and fall, a workplace injury, or an unsafe property condition can change your life in seconds. While no one plans to be injured, understanding your rights and responsibilities before an incident occurs can make a significant difference in protecting your health, finances, and legal options.

At Wagner, Falconer & Judd, we help individuals and families navigate personal injury claims with clarity and confidence. Below is what you should know before an accident happens-and the critical steps to take immediately after.

What to Know Before an Accident Happens

Understand What a Personal Injury Claim Is

A personal injury claim arises when someone is injured due to another party’s negligence or unsafe conduct.

Common examples include:

• Motor vehicle accidents
• Slip and fall injuries
• Dog bites
• Construction site accidents
• Unsafe premises or defective products

If another party failed to act reasonably and caused your injury, you may be entitled to compensation for medical expenses, lost wages, pain and suffering, and other damages.

Know That Insurance Companies are Not Neutral

Insurance adjusters are trained to protect their company’s bottom line. While they may appear helpful, their goal is often to minimize payouts. Early statements, recorded calls, or quick settlement offers can work against you if you don’t fully understand your rights.

Documentation Matters More Than You Think

Strong personal injury claims are built on evidence. Photos, medical records, witness information, and timely reports can make or break a claim. Knowing this ahead of time helps you take the right steps when emotions and stress are high.

Time Limits Apply

Every state has statutes of limitations that imit how long you have to bring a claim. Waiting too long can permanently bar your right to recover compensation, even if your case is strong.

Legal Guidance Early Can Protect Your Case

Talking with a personal injury attorney early can help preserve evidence, avoid costly mistakes, and position your claim for a stronger outcome-even before you decide whether to move forward with a lawsuit.

What to Do Immediately After an Accident or Injury

Get Medical Care First

Your health comes first. Seek medical attention immediately, even if injuries seem minor. Some injuries take time to appear, and medical records provide critical documentation of your condition.

Document the Scene (If You Are Able)

Take photos or videos of:

• The accident scene
• Property conditions
• Vehicles involved
• Visible injuries

If there are witnesses, collect names and contact information.

Report the Incident

• Car accidents: call law enforcement
• Workplace injuries: report to your employer
• Slip and falls or premises injuries: notify the property owner or manager

Request copies of any reports made.

Be Careful What You Say

Avoid admitting fault or speculating about what caused the accident. Statements made in the moment can be taken out of context later.

Do Not Rush Into a Settlement

Quick settlement offers may not reflect the full extent of your injuries or future medical needs. Once you accept a settlement, you often waive your right to pursue additional compensation later.

Contact a Personal Injury Attorney

An experienced attorney can:

• Evaluate whether you have a claim
• Communicate with insurers on your behalf
• Help preserve evidence
• Protect your rights from the start

Why Working with Wagner, Falconer & Judd Matters

Personal injury claims are about more than compensation-they’re about accountability and recovery. At WFJ, our personal injury attorneys work closely with clients to:

• Evaluate claims honestly and clearly
• Navigate insurance company tactics
• Pursue fair compensation
• Reduce stress during an already difficult time

We understand that injuries affect more than just finances-they disrupt your work, family life, and sense of security. Our role is to handle the legal complexity so you can focus on healing.

Proactive Protection Starts With Knowing Your Rights

You can’t predict accidents- but you can prepare for them. Knowing what to do before and after an injury can protect your health, your financial future, and your legal rights. If you or a loved one has been injured, or if you want to understand your options before something happens, Wagner, Falconer & Judd is here to help.

Need guidance? Contact WFJ to speak to a member of our personal injury team and learn how we can support you through every step of the process.

Many people have heard the term “Credit Score” and “Credit Report” and know that it is important for credit cards but are not aware of how it is impacted both positively and negatively.

A Credit Report is record of your payment history, the amount of money you have borrowed, the amount of money used compared to how much you are qualified to use, the length of time you have been borrowing money, and the age of your accounts. Lenders and financial institutions can send this information to three credit bureaus, Equifax, TransUnion, and Experian, who keep track of the information. While all three bureaus report this information, some lenders may not report to all three.

A Credit Score is a rating of the ability of an individual to pay back borrowed money, using the information contained in a Credit Report. A credit score may vary depending on the credit bureau you that the lender is using, and the algorithm that they are using.

Not all borrowed money and payments are reported to the Credit Bureaus, but common lenders include private and public student loans, banks, credit card companies, and auto loans. It is the responsibility of the lender to report that information, if they do it for all individuals.

Typically, it takes at least 3-6 months of good credit behavior to see a noticeable change in your credit score. It is difficult to make a change any faster, unless the negative information on your credit report was a minor blip, like being late with bill payments one month. Some helpful tips for increasing your credit score are:

1. Always pay the full amount of your loans on time – One missed OR late payment can negatively impact your score
2. Use less of your credit limit – scoring models include how much credit/loans you are able to take out, and calculate how much you use compared to how much you can use. You can talk to your credit card companies about increasing your limit, pay off your credit card before big purchases, or make payments more frequently.
3. Keep open lines of credit, even if you’re not using them – As the models include the length of time accounts have been open, keeping older accounts open can help to increase your credit score.
4. FACT CHECK YOUR CREDIT REPORTS – Post the Covid-19 pandemic, all three Credit Bureaus will provide you a free weekly credit report, without impacting your Credit Score. While there are many sites that state they offer you free credit reports, the site authorized by the Federal government is www.annualcreditreport.com. Verify the information from all three Credit Bureaus is correct.
5. Dispute incorrect information – If you requested your credit report and the information is not correct, follow the steps from www.annualcreditreport.com to dispute the information.

Here are some time frames for negative information that detracts from your credit score:

• A delinquent account remains on your credit report for 7 years
• Car repossession stays on your report for 7 years
• Chapter 7 bankruptcy is on your report for 10 years. Chapter 13 remains for 7 years
• Hard credit application inquires remain on your report for 2 years
• Public record items such as property liens are on your report for 7 years.

Rental payments typically have not been reported to the bureaus, but a 2024 TransUnion study revealed an increasing trend of landlords and property managers reporting tenant rent payments. You aren’t allowed to self-report your on-time rent payments, but there are several rent reporting services that range in price. (Your landlord might even offer to cover this expense, as most of these services offer other resources to support those managing properties.)

For more information on Credit Reports and Credit Scores, the Federal Consumer

Financial Protection Bureau has a number of helpful articles to learn more.

Consumers have numerous options for reviewing, consolidating, and appealing information on their credit reports. It’s hard to know which option is best for your unique situation, so let the experienced attorneys at Wagner, Falconer & Judd simplify that for you. The sooner you take charge of your credit report, the sooner you can improve your score-so reach out to us today!