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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
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Refinancing? Weigh risks of debt cons… - msnbc.com
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By Greg On August 17, 2009
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Getting Out Of Debt With Debt Consolidation Services
By Susan Jan
Many people nowadays suffer from bad credit and debt because of poor spending and money management habits. A solution to the debt problem is to consider debt consolidation services to help erase the debt and to repair credit. When your credit problem first started, you may be fooled into thinking that it is just a bit of debt, and that you would be able to handle it. However, all too often, debt quickly piles up to the point that you see no way out of your credit mess, as late fees and interest rates quickly mount. That is why debt consolidation is an attractive option because it eliminates stressful payments and helps get you out of debt and on your feet as quickly as possible.
Falling into debt can be a very traumatic and stressful experience for anyone, so it helps that there are useful resources that provide good advice, and help you deal effectively with your debt problem. That is exactly the purpose of debt consolidation, an excellent resource designed to help you manage and slash your debt when you can’t seem to manage it on your own.
When you turn to a professional debt counselor to repair your credit, you will need to show them all of your debt information, such as your minimum monthly payments, and the number of credit cards you hold etc.
Once you have engaged the services of a debt consolidation service, you no longer need to make payments to your creditors, and instead you can make lower payments against your outstanding balance to the debt consolidation firm and get out of debt more quickly.
Debt has become so pervasive nowadays with so many people managing their credit so poorly, that debt consolidation companies are springing up everywhere. So before settling on a debt repair firm, make sure to research and locate reputable debt consolidation companies before entrusting them with your information. Research the debt consolidation company’s history, reputation, policy and credit repair plan.
Getting out of debt is not very easy. Good debt consolidation companies can help you with your credit repair to a certain extent, but they cannot totally erase all the past blemishes in your credit report. Even though your bad credit remains on your credit report for a couple of years, your debt counseling agency may still be able to help you get approval for credit once you have proven your effort and determination in repairing your credit through consistent and timely payments.
In Debt? Visit Susan’s sites at Debt Reduction and Stop Bankruptcy.
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Hill & Smith says comfortable with FY mkt view - Reuters
BANGALORE (Reuters) - Britain’s highways infrastructure group Hill & Smith Holdings ( HILS.L ) reported on Monday a 2 percent rise in underlying pretax profit for the first half and said it was comfortable with the full-year market forecasts. The
More American Consumers Added Debt in July - Gallup
PRINCETON, NJ –The Gallup Personal Credit survey for July finds 27% of all Americans saying they increased their overall debt over the past six months — marking an increase from 22% in June and from what Gallup has measured since March. At the same
REFILE-UPDATE 2-Hill & Smith says comfortable with FY mkt view - Reuters
Refiles to add byline) * Sees H2 as strong as H1 * Sees year-end debt at 100 mln-105 mln stg * Underlying pretax profit up 2 pct at 20.5 mln stg (Recasts; adds details, CEO comments) By Ramkumar Dakshinamoorthy BANGALORE, Aug 17 (Reuters) - Britain’s
By Greg On August 16, 2009
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Credit Card Debt: Repair After Bankruptcy
By James Duggan
Ah, credit card debt. You’ve asked yourself the question many times, “Will I ever get credit again?” The answer, although seemingly complex, is quite simple: Yes. You can have another chance at re-establishing your credit. Filing bankruptcy is the first intelligent step taken to wiping out accrued credit card debt. The next step you’ll have to take is to repair your credit report. In order to do this, you’ll need to develop great patience while you’re re-establishing your credit, as these things do take time.
Two or three years after you’ve eliminated credit card debt by filing bankruptcy, you’ll want to start rebuilding good credit. How, you ask? Apply for secured credit cards. Preferably cards without annual fees attached to them. Do your research on the internet to see what others have done in similar situations. If you come across an offer which looks to good to be true, it most likely is. Use discretion when giving out Social Security numbers and personal information online.
Start small. Don’t expect anyone to hand you a $10,000 credit limit overnight. You’ve had a history of credit card debt, it’s not going to happen. Make lenders trust you again. Make monthly payments in the full amount. Your payment transactions will determine how successful your new credit report will be. If you’re late with payments you’re heading in the wrong direction. You don’t want to end up on the road to credit card debt or bankruptcy again, do you? Of course not.
The stronger your current financial condition is, the better candidate you may be for future credit. Convince lenders that you’ve left the past behind you. You’ve changed your ways. Show them how you’ve handled money since the bankruptcy. Prompt payments made in a full amount are very impressive to a credit lender. If you’re denied a major credit card, don’t get distraught. Try applying for a department store’s line of credit or a card issued by an oil company. These are some small steps to a successful debt-free future.
It’s also important to keep an eye on your credit report. Make sure that everything is accurate and appears is it is supposed to. Errors, which can go unacknowledged will only harm you in the future. Your local bank can give you a copy of your current credit report for a nominal fee. However, if you’re a legal resident of the United States, you are eligible to receive free credit reports. Specifically, one credit report per year.
In 2005, the Federal Trade Commission announced that every United States citizen is eligible to receive one free credit report on an annual basis, regardless of where they live. This was wonderful news to Americans everywhere. To receive your free credit report, you must supply proof of your identity. Questions you may be asked will include: your name, address, social security number, and a personal question [for security purposes] that only you will know.
Nevertheless, be very careful. There’s a wide number of companies who will promise free credit reports. But are they legitimate? Anyone can build a website and claim that they’re a credit agency. Why risk giving out your personal information to a stranger? Identity theft has become increasingly popular. Don’t fall prey to a fraudulent credit agency that you know absolutely nothing about. Do some background research on the company prior to using their services. If you can’t find any information relating to their services they’re probably not very trust-worthy.
Credit reports can be received online or through physical mail. Be certain that the company which is offering free credit reports is being employed by the FTC. Bear in mind, anyone can say they’re affiliated with the FTC. Make sure that they’re legitimate. Such a fiasco occurred recently on the internet. Thousands of people were taken advantage of when they filled out a form for a “free credit report.” Don’t give out your information to anyone but a trusted bank, a reputable mortgage broker, or an agency employed through the Federal Trade Commission.
To learn more about “fixing” your debt visit: http://www.fix-a-debt.com
All Rights Reserved - This article can be freely reprinted only if resource box and links are kept intact.
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By Greg On August 16, 2009
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Debt Management Versus Bankruptcy
By Leroy K. Calstard
In today?s world it is not difficult to obtain enough unsecured debt in a very short time to make bankruptcy look like an appealing option. But is this the best option for you? Before you decide to file for bankruptcy protection, you should really take a close look at a debt management program.
A debt management agency will generally assign a debt consultant to you to help you work out how much you owe, how much you can afford to pay and then help you to manage you budget and also pay off your debts.
This can help you in a number of ways. First of all it keeps the creditors off your back. They will call all of the people you owe money to on your behalf and talk to them about your particular situation. They will negotiate with each creditor to reduce the amount of the monthly payment that you owe them and they may even be able to help you get a reduced interest rate so that more of your payment actually goes towards paying off the debt, rather than paying more and more interest.
Secondly, your debt management counselor can help you buy going over all your household and living expenses and helping you to come up with a realistic budget. This way you can clearly see what you are wasting money on and what you should be paying for things like groceries and eating out at restaurants. Often times we waste money on things that we don?t really need, especially when we are up to our ears in debt.
The third way that your debt management company can help you out is by consolidating all your monthly payments into one. You send them the total amount that you are paying towards your debts and they disburse it for you and make sure that everyone gets it on time. This takes a lot of burden off you and you don?t have to worry about making sure everyone is paid the correct amount every month.
If this seems like a viable plan for you then you should definitely go with a debt management program over filing for bankruptcy. A debt management company is a lot less harmful to your credit rating and a bankruptcy will stay on your record for up to 10 years. For this reason you should opt for the debt management program and get out of debt ? you?ll be very happy that you did.
The collaborator Leroy Calstard is especially interested in issues associated to debt loans and consumer debt repair. Sharing his passion in publications such as http://www.creditenio.com/debtrelief.html ,the writer established his skill on information dealing with debt relief consolidation and consumer debt repair.
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