In accounting, the term "sundry creditors" is used to designate a group of suppliers on a ledger sheet, according to The Law Dictionary. It is typically used for suppliers that are used infrequently or that do not fit into categories generally used by a business, although according to FinanceReading.com, it can be used for any customized grouping of organizations to which a person or company owes money.Know More
When formulating a balance sheet, the term "sundry creditors" can be used as a heading for all the money owed to an entity for goods and services, but not money owed as interest on a loan or as taxes, according to FinanceReading.com. The heading is listed under the category of liabilities, which, according to Investopedia, includes all financial obligations of an entity.
The term "sundry debtors" is the reverse of sundry creditors, and refers to a group of entities who owe money to a person or organization. On a balance sheet, the heading of sundry debtors is categorized under assets, which Investopedia defines as anything that can be converted into liquid cash. A sundry creditor can also be considered a subcategory of creditors in general, which are defined entities that have extended credit to another entity, either in the form of a loan or in a contract for goods and services provided, as explained by Investopedia.Learn more about Credit & Lending
Methods for removing derogatory information from credit reports include asking creditors to remove negative information; filing a dispute with the credit reporting agency; filing a complaint with the Consumer Financial Protection Bureau, or CFPB; and hiring a consumer law attorney, according to Credit.com. If these methods do not work, all derogatory information except for unpaid judgments and tax liens must be removed from a credit report after seven to 10 years.Full Answer >
Findlaw advises creditors to take the most direct approach to collect on a judgment, which entails simply asking the individual or business owner to pay the money owed. Debtors who have a stable financial situation may pay the judgment to avoid collection activities and additional legal action.Full Answer >
Improving bad business credit involves monitoring credit reports for mistakes, contacting creditors to request a payment plan and paying outstanding credit balances, according to Experian. Making sure that vendors are reporting company payments can help raise credit scores as well.Full Answer >
Fix poor credit by prioritizing the negative entries on your credit report and satisfying your debts by paying the balance or arranging a payment plan settlement with creditors. Raise your credit score by correcting any errors on your credit report and building positive credit relationships. Open a secured credit card account to rebuild poor credit more quickly through faithful and timely payment, as Forbes advises.Full Answer >