A late payment occurs when a borrower sends money after the due date or the grace period has passed.

Bankruptcy is a federal court process to help individuals and businesses eliminate or repay part of their debt.

Repossession occurs when a lender takes back property, typically a vehicle, due to the borrower’s failure to make the necessary loan payments. This process allows the lender to recoup some of their losses by reclaiming and selling the asset.

Foreclosure is the legal process by which a lender takes possession of a property, usually a home, after the borrower fails to meet the mortgage payment obligations. This often results in the homeowner losing their property and can severely impact their credit rating.

Eviction is the process by which a landlord legally removes a tenant from rental property due to violations of the lease agreement, such as non-payment of rent or other breaches. This process can involve court proceedings and can lead to the tenant being forcibly removed from the property.

Medical bills are expenses incurred from medical treatment and services. These bills can accumulate quickly, especially in cases of severe illness or injury, and unpaid medical bills can lead to collections and negatively affect an individual’s credit score.

Funding refers to the process of securing financial resources, such as loans, lines of credit, or investment capital, to support various business activities or personal financial needs. In the context of credit restoration and wealth building, funding can be essential for starting or expanding a business, consolidating debt, or making significant purchases.

Shelf corporations, also known as aged corporations or shelf companies, are pre-existing corporations that have been established and left inactive for a period of time. These companies are often sold to individuals or businesses looking to benefit from the corporation’s established credit history and age, which can facilitate easier access to funding and other financial advantages.