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By Greg On August 27, 2009No CommentsConfessions of a Credit Repair Agency
By Marc Chase
Credit Repair, a very debated topic on the net right now as to whether it?s legal, effective, ethical and an avenue worth pursuing for individuals with negative, inaccurate or unverifiable information on their credit reports. No matter where you search, you will find varying opinions in regard the legitimacy of the credit repair industry, from The FTC and Attorney General, to Debt consolidation companies and law firms practicing credit repair companies. First off to answer the question is Credit Repair and its practitioner?s legal, the answer is yes! There is a specific body of legislation, The Credit Repair Organizations Act (CROA) that outlines how credit repair companies may legally operate. This Federal regulation is proof that the industry as a whole is legal and not a scam. I think the negative overtones are more likely a case of a few hundred bad apples taking advantage of people.
The second most debated topic in many of the popular credit forums is whether or not one should even use a credit repair company, or give it a go themselves? The Art of Credit Repair or credit restoration is not necessarily a difficult one to grasp and despite what a lot of the Credit repair companies and lawyers would like you to believe, there is no ?magical, proprietary dispute letter?. Remember, the Fair Credit Reporting Act (FCRA) was set up so that consumers could fix errors on their credit reports on their own. It was not set up so consumers could fix errors If they had the magic letter. It really is almost as simple as saying?.
?Hey this is not my account, please verify the information and remove from my report?
So why would you consider hiring a company to improve your credit score if it is so easy? The art of credit repair is not perfectly written letter, but more of knowing the little tricks credit bureaus and collection agents use to avoid eliminating the debt. As much bad press credit repair agencies have received, Bureaus and Collection agencies are no angels either. They try and trick you, they don?t always follow procedure and we?ve seen numerous cases of them breaking promises consumers have made with them when negotiating debt.
Credit Report Repair Agencies should be well versed and know what to expect and exactly how to negotiate through all the little tricks that the average consumer wouldn?t. If you are lucky enough to be working with an ethical Company that does its job and at a good price, it can work wonders for your credit score. The people we spoke with that do favor using an agency to fix their credit, do so because typically it?s only 30.00 to 50.00 per month and they just don?t feel like dealing with the headaches, nor do they want to be their own guinea pigs.
If you do make the decision you would rather leave it to the pros, what steps should you take to make sure you?re hiring the right company? At the time of writing this there is very little governing the industry outside of CROA and it is a craps shoot for the most part.
However, there is hope on the horizon. Currently a non-profit organization is being formed called The National Credit Repair Association (NCRA) This industry organization brings overdue legitimacy and integrity to the credit repair field, and represents all certified credit repair organizations. The idea is that accredited credit repair firms are overseen to ensure they embody top standards and ethics, and adhere to all applicable state and federal laws in their practices. In other words, the ?BBB? of the Credit Repair Industry.We highly recommend that you utilize this service when fully launched as it will force legitimate companies to sign up much like they would the BBB and it will also weed out the unscrupulous credit repair companies who do not wish to adhere to standards. The Credit Repair industry is a legal and much needed industry, but much like any ?new fad? its going to take time to get regulated, weed out the scum and let the professionals rise to the top.
In closing credit repair is something that most Americans will probably have to deal with at some point in their lives. It can be done by you with a little homework, accurate record keeping and patience, or you can hire a firm just as long as you?ve done your homework, insist the company is a member of The NCRA and make sure they are not breaking laws when dealing with your personal credit scores.
Article by http://www.mycreditgroup.com
Article Source: http://EzineArticles.com/?expert=Marc_Chase
http://EzineArticles.com/?Confessions-of-a-Credit-Repair-Agency&id=228206
Refinancing? Weigh risks of debt cons… - msnbc.com
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By Greg On August 19, 2009
No Comments
Debt Relief Consolidation: Free or Not Free?
By Vince T. Paxton
If you have a high balance of outstanding debt, you may want to consider debt consolidation. By using debt consolidation services, you can reduce your interest rate, the amount you are repaying and ultimately reduce the stress caused by this debt. The choice is yours, though. You can choose debt relief consolidation services that are either ?for-profit? or ?free?. For-profit services usually charge a flat monthly fee but with other charges applied beyond that flat fee On the other hand, free consolidation services are associated with creditors and therefore only charge the flat fee per month. This, obviously, saves the debtor money in the end. He or she is, in fact, trying to reduce their debt and incur additional unnecessary expenses when alternatives are available.
A benefit to free debt consolidation companies is that their services go far beyond just consolidation of credit cards and debt loans. The subsidies they receive from their supporting creditors give them more freedom to more thoroughly help those with poor credit. They are able to afford the risk. This is one reason why those with poor credit ratings prefer these services over the for-profit consolidation companies. Those with poor credit will benefit from those companies offering education on consumer debt repair. Repairing your credit rating is an important aspect of improving your entire financial future.
In addition to choosing the right company, the actual consolidation program will also be extremely important in your decision-making, especially for those severely in debt. For individuals in such a situation, accelerated debt consolidation is probably the best consolidation program. The accelerated program is similar to regular consolidation but rather separates the debt into unsecured and secured, only consolidating the unsecured debts. You can get lower rates and a faster repayment plan through accelerated consolidation programs, but the more secured debt you have, the more difficult it will be in obtaining this plan. The most common types of unsecured debt today are personal loans, credit cards and department store cards. Secured debts involve collateral, or an asset to secure the loan such as a house or car.
Whether you choose accelerated or regular debt consolidation, do not underestimate the benefits of a ?free? debt consolidation organization. Not only are you saving money in unnecessary fees, the services they are able to offer the consumer can equip you with money management skills to better secure your long-term financial health by eliminating debt and repairing your credit.
Vince Paxton very often creates reports on themes relating to consumer debt repair. Sharing his passion in detailed writings, the author demonstrated his experience on issues dealing with debt relief consolidation and debt loans.
Article Source: http://EzineArticles.com/?expert=Vince_T._Paxton
http://EzineArticles.com/?Debt-Relief-Consolidation:-Free-or-Not-Free?&id=388858
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By Greg On August 19, 2009
No Comments
Confessions of a Credit Repair Agency
By Marc Chase
Credit Repair, a very debated topic on the net right now as to whether it?s legal, effective, ethical and an avenue worth pursuing for individuals with negative, inaccurate or unverifiable information on their credit reports. No matter where you search, you will find varying opinions in regard the legitimacy of the credit repair industry, from The FTC and Attorney General, to Debt consolidation companies and law firms practicing credit repair companies. First off to answer the question is Credit Repair and its practitioner?s legal, the answer is yes! There is a specific body of legislation, The Credit Repair Organizations Act (CROA) that outlines how credit repair companies may legally operate. This Federal regulation is proof that the industry as a whole is legal and not a scam. I think the negative overtones are more likely a case of a few hundred bad apples taking advantage of people.
The second most debated topic in many of the popular credit forums is whether or not one should even use a credit repair company, or give it a go themselves? The Art of Credit Repair or credit restoration is not necessarily a difficult one to grasp and despite what a lot of the Credit repair companies and lawyers would like you to believe, there is no ?magical, proprietary dispute letter?. Remember, the Fair Credit Reporting Act (FCRA) was set up so that consumers could fix errors on their credit reports on their own. It was not set up so consumers could fix errors If they had the magic letter. It really is almost as simple as saying?.
?Hey this is not my account, please verify the information and remove from my report?
So why would you consider hiring a company to improve your credit score if it is so easy? The art of credit repair is not perfectly written letter, but more of knowing the little tricks credit bureaus and collection agents use to avoid eliminating the debt. As much bad press credit repair agencies have received, Bureaus and Collection agencies are no angels either. They try and trick you, they don?t always follow procedure and we?ve seen numerous cases of them breaking promises consumers have made with them when negotiating debt.
Credit Report Repair Agencies should be well versed and know what to expect and exactly how to negotiate through all the little tricks that the average consumer wouldn?t. If you are lucky enough to be working with an ethical Company that does its job and at a good price, it can work wonders for your credit score. The people we spoke with that do favor using an agency to fix their credit, do so because typically it?s only 30.00 to 50.00 per month and they just don?t feel like dealing with the headaches, nor do they want to be their own guinea pigs.
If you do make the decision you would rather leave it to the pros, what steps should you take to make sure you?re hiring the right company? At the time of writing this there is very little governing the industry outside of CROA and it is a craps shoot for the most part.
However, there is hope on the horizon. Currently a non-profit organization is being formed called The National Credit Repair Association (NCRA) This industry organization brings overdue legitimacy and integrity to the credit repair field, and represents all certified credit repair organizations. The idea is that accredited credit repair firms are overseen to ensure they embody top standards and ethics, and adhere to all applicable state and federal laws in their practices. In other words, the ?BBB? of the Credit Repair Industry.We highly recommend that you utilize this service when fully launched as it will force legitimate companies to sign up much like they would the BBB and it will also weed out the unscrupulous credit repair companies who do not wish to adhere to standards. The Credit Repair industry is a legal and much needed industry, but much like any ?new fad? its going to take time to get regulated, weed out the scum and let the professionals rise to the top.
In closing credit repair is something that most Americans will probably have to deal with at some point in their lives. It can be done by you with a little homework, accurate record keeping and patience, or you can hire a firm just as long as you?ve done your homework, insist the company is a member of The NCRA and make sure they are not breaking laws when dealing with your personal credit scores.
Article by http://www.mycreditgroup.com
Article Source: http://EzineArticles.com/?expert=Marc_Chase
http://EzineArticles.com/?Confessions-of-a-Credit-Repair-Agency&id=228206
By Greg On August 18, 2009
No Comments
Confessions of a Credit Repair Agency
By Marc Chase
Credit Repair, a very debated topic on the net right now as to whether it?s legal, effective, ethical and an avenue worth pursuing for individuals with negative, inaccurate or unverifiable information on their credit reports. No matter where you search, you will find varying opinions in regard the legitimacy of the credit repair industry, from The FTC and Attorney General, to Debt consolidation companies and law firms practicing credit repair companies. First off to answer the question is Credit Repair and its practitioner?s legal, the answer is yes! There is a specific body of legislation, The Credit Repair Organizations Act (CROA) that outlines how credit repair companies may legally operate. This Federal regulation is proof that the industry as a whole is legal and not a scam. I think the negative overtones are more likely a case of a few hundred bad apples taking advantage of people.
The second most debated topic in many of the popular credit forums is whether or not one should even use a credit repair company, or give it a go themselves? The Art of Credit Repair or credit restoration is not necessarily a difficult one to grasp and despite what a lot of the Credit repair companies and lawyers would like you to believe, there is no ?magical, proprietary dispute letter?. Remember, the Fair Credit Reporting Act (FCRA) was set up so that consumers could fix errors on their credit reports on their own. It was not set up so consumers could fix errors If they had the magic letter. It really is almost as simple as saying?.
?Hey this is not my account, please verify the information and remove from my report?
So why would you consider hiring a company to improve your credit score if it is so easy? The art of credit repair is not perfectly written letter, but more of knowing the little tricks credit bureaus and collection agents use to avoid eliminating the debt. As much bad press credit repair agencies have received, Bureaus and Collection agencies are no angels either. They try and trick you, they don?t always follow procedure and we?ve seen numerous cases of them breaking promises consumers have made with them when negotiating debt.
Credit Report Repair Agencies should be well versed and know what to expect and exactly how to negotiate through all the little tricks that the average consumer wouldn?t. If you are lucky enough to be working with an ethical Company that does its job and at a good price, it can work wonders for your credit score. The people we spoke with that do favor using an agency to fix their credit, do so because typically it?s only 30.00 to 50.00 per month and they just don?t feel like dealing with the headaches, nor do they want to be their own guinea pigs.
If you do make the decision you would rather leave it to the pros, what steps should you take to make sure you?re hiring the right company? At the time of writing this there is very little governing the industry outside of CROA and it is a craps shoot for the most part.
However, there is hope on the horizon. Currently a non-profit organization is being formed called The National Credit Repair Association (NCRA) This industry organization brings overdue legitimacy and integrity to the credit repair field, and represents all certified credit repair organizations. The idea is that accredited credit repair firms are overseen to ensure they embody top standards and ethics, and adhere to all applicable state and federal laws in their practices. In other words, the ?BBB? of the Credit Repair Industry.We highly recommend that you utilize this service when fully launched as it will force legitimate companies to sign up much like they would the BBB and it will also weed out the unscrupulous credit repair companies who do not wish to adhere to standards. The Credit Repair industry is a legal and much needed industry, but much like any ?new fad? its going to take time to get regulated, weed out the scum and let the professionals rise to the top.
In closing credit repair is something that most Americans will probably have to deal with at some point in their lives. It can be done by you with a little homework, accurate record keeping and patience, or you can hire a firm just as long as you?ve done your homework, insist the company is a member of The NCRA and make sure they are not breaking laws when dealing with your personal credit scores.
Article by http://www.mycreditgroup.com
Article Source: http://EzineArticles.com/?expert=Marc_Chase
http://EzineArticles.com/?Confessions-of-a-Credit-Repair-Agency&id=228206
