Archive for December, 2008
Dec
29
Credit Repair Truth or Dare
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Jim Kemish asked:
Credit Repair and the Great Illusion
Credit repair is a discovery process. The vast majority of consumers in the United States are intimidated by the thought of credit repair. The credit bureaus are viewed in the same light as the Internal Revenue Service; a temperamental and potentially ruthless big brother. Oddly enough, this perception could not be farther from the truth. It turns out that the credit bureaus are quite tame and even reasonable, if you know how to manage them.
Protecting the Myth
Like the Wizard of Oz, the credit bureaus live happily behind the curtain of illusion, benefiting from the aura of power. Let’s dispel the myth a bit to spark your credit repair efforts. The credit bureaus are not government entities, nor do they have any government blessing. They are big business, and exist to make money. And they do a great job of it. They are well managed, well focused, and extremely profitable. And in spite of the fact that they have become indispensible intermediaries and guardians of your precious credit score, any communication from you is an unwanted burden on their bottom-line.
Credit Repair and the Truth
So, what went wrong? If the credit bureaus are doing such a great job of running their operations why are there so many errors in consumer credit files? Why is credit repair even needed? There is no contradiction here. Profitability and competence in no way guarantee an accurate product. In fact, by moderating the effort that goes into quality control the credit bureaus demonstrate their business savvy and bolster their bottom line. Does this seem outrageous? After all, your financial life depends on your credit scores. Shouldn’t the credit bureaus be held to the highest level of accuracy when it comes to such important data? Yes and no.
Legislation Cuts Both Ways
Because of the importance of the product they offer, the credit bureaus have been on the business end of countless lawsuits. In fact, a day does not go by when a non-compliance lawsuit is not filed against one of the three major credit bureaus. The importance of credit repair and the groundswell of consumer concern have not escaped the notice of federal lawmakers. The law that governs the credit reporting industry and provides legal leverage used by professional credit repair services is called the Fair Credit Reporting Act (FCRA). There is much in the way of consumer protection built into the FCRA, but there is just as much protection for the credit bureaus.
Credit Repair to the Rescue
The law simply demands of the credit bureaus that reasonable steps be taken to maintain quality. And here is the essential point for all of those interested in credit repair to be aware of; reasonable steps may be determined by the credit bureaus based on the costs associated with implementation. In other words, if it costs too much to fix, it’s going to stay broken. But, not to worry, you are not without a remedy. Credit repair to the rescue.
Credit Repair and the Bureaucracy
As frustrating as it may be to discover that there such a margin of error allowed in an industry that has so much power over your life, there are ways you can make sure that your credit report shines. All the credit repair tools you need are built into the same tome of law, the FCRA. Many people think of the FCRA as the consumer protection law that was designed to force the credit bureaus to provide more accurate data. It’s not so.
Looking More Closely
A close reading will reveal the fact that the overriding focus of the consumer protection built into the FCRA provides consumers with basic legal rights to rectify credit reporting errors. This is a radical difference from forcing the bureaus to be accurate. The true message of the FCRA is, look out for you, because no one else will.
How Bad is it?
If the FCRA puts so much of the burden of accuracy on the consumer, it means, by inference, that in the absence of consumer participation credit reports are likely contain errors and require credit repair. And that is exactly what has occurred. Fully seventy-five percent of consumer credit reports contain errors. Fifty percent contain errors significant enough to cause those afflicted to pay premium interest rates and even get denied for loan requests.
The Law is Your Sword
Credit repair, as a result, is as an essential process in your life as a regular physical examination or tuning up your car. Credit repair is far more than a credit rejuvenation for those with past credit issues, it is a necessity for everyone. If you don’t have the time to manage the credit repair process on your own, hire a professional. It’s important, it’s your credit, take care of it. Good luck!
Copyright © 2008 James W. Kemish. All Content. All Rights Reserved.
Credit Repair and the Great Illusion
Credit repair is a discovery process. The vast majority of consumers in the United States are intimidated by the thought of credit repair. The credit bureaus are viewed in the same light as the Internal Revenue Service; a temperamental and potentially ruthless big brother. Oddly enough, this perception could not be farther from the truth. It turns out that the credit bureaus are quite tame and even reasonable, if you know how to manage them.
Protecting the Myth
Like the Wizard of Oz, the credit bureaus live happily behind the curtain of illusion, benefiting from the aura of power. Let’s dispel the myth a bit to spark your credit repair efforts. The credit bureaus are not government entities, nor do they have any government blessing. They are big business, and exist to make money. And they do a great job of it. They are well managed, well focused, and extremely profitable. And in spite of the fact that they have become indispensible intermediaries and guardians of your precious credit score, any communication from you is an unwanted burden on their bottom-line.
Credit Repair and the Truth
So, what went wrong? If the credit bureaus are doing such a great job of running their operations why are there so many errors in consumer credit files? Why is credit repair even needed? There is no contradiction here. Profitability and competence in no way guarantee an accurate product. In fact, by moderating the effort that goes into quality control the credit bureaus demonstrate their business savvy and bolster their bottom line. Does this seem outrageous? After all, your financial life depends on your credit scores. Shouldn’t the credit bureaus be held to the highest level of accuracy when it comes to such important data? Yes and no.
Legislation Cuts Both Ways
Because of the importance of the product they offer, the credit bureaus have been on the business end of countless lawsuits. In fact, a day does not go by when a non-compliance lawsuit is not filed against one of the three major credit bureaus. The importance of credit repair and the groundswell of consumer concern have not escaped the notice of federal lawmakers. The law that governs the credit reporting industry and provides legal leverage used by professional credit repair services is called the Fair Credit Reporting Act (FCRA). There is much in the way of consumer protection built into the FCRA, but there is just as much protection for the credit bureaus.
Credit Repair to the Rescue
The law simply demands of the credit bureaus that reasonable steps be taken to maintain quality. And here is the essential point for all of those interested in credit repair to be aware of; reasonable steps may be determined by the credit bureaus based on the costs associated with implementation. In other words, if it costs too much to fix, it’s going to stay broken. But, not to worry, you are not without a remedy. Credit repair to the rescue.
Credit Repair and the Bureaucracy
As frustrating as it may be to discover that there such a margin of error allowed in an industry that has so much power over your life, there are ways you can make sure that your credit report shines. All the credit repair tools you need are built into the same tome of law, the FCRA. Many people think of the FCRA as the consumer protection law that was designed to force the credit bureaus to provide more accurate data. It’s not so.
Looking More Closely
A close reading will reveal the fact that the overriding focus of the consumer protection built into the FCRA provides consumers with basic legal rights to rectify credit reporting errors. This is a radical difference from forcing the bureaus to be accurate. The true message of the FCRA is, look out for you, because no one else will.
How Bad is it?
If the FCRA puts so much of the burden of accuracy on the consumer, it means, by inference, that in the absence of consumer participation credit reports are likely contain errors and require credit repair. And that is exactly what has occurred. Fully seventy-five percent of consumer credit reports contain errors. Fifty percent contain errors significant enough to cause those afflicted to pay premium interest rates and even get denied for loan requests.
The Law is Your Sword
Credit repair, as a result, is as an essential process in your life as a regular physical examination or tuning up your car. Credit repair is far more than a credit rejuvenation for those with past credit issues, it is a necessity for everyone. If you don’t have the time to manage the credit repair process on your own, hire a professional. It’s important, it’s your credit, take care of it. Good luck!
Copyright © 2008 James W. Kemish. All Content. All Rights Reserved.
Dec
28
Student Loan Debt Consolidation – Student Can Easily Consolidate Their Student Loan
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Debt asked:
A student debt consolidator provides a debt relief by suitably merging together the undergraduate’s exceptional loans. The meaning of this is that the debt consolidator will get in touch with all your lenders, “pay off” the balances on your behalf and subsequent to this instead of two or more credits, you only be indebted to one lender! By signing up with an student debt consolidation curriculum, you will be in favor to begin a new credit with the lender.
Fundamentally, this kind of curriculum falls under 2 categories:
1) Unsecured consolidation loan
2) Secured consolidation loan
The earlier category of debt consolidation loan does not force you to raise collateral. Though you will require putting more finance for your monthly refund, you can induce this consolidation loan in a moderately rapid time.
A secured consolidation loan in contrast, requires appropriate collateral and since you are not expected to hold properties of your own, you might require enrolling for assistance from your parents or custodian. With security, you can have a loan of more money but do make a note of the fact that the repayment phase for this loan group is typically longer than normal ones.
With the help of student debt consolidation loans you begin with one loan with a small interest charge which is reasonable and which will assist you to perk up your credit score. Accepting this loan will discontinue any collection mediators harassing calls and provide you a strain free future to construct your credit for upcoming borrowing. Thus for easy repayment of the debts one should go for secured debt consolidation loans.
A student debt consolidator provides a debt relief by suitably merging together the undergraduate’s exceptional loans. The meaning of this is that the debt consolidator will get in touch with all your lenders, “pay off” the balances on your behalf and subsequent to this instead of two or more credits, you only be indebted to one lender! By signing up with an student debt consolidation curriculum, you will be in favor to begin a new credit with the lender.
Fundamentally, this kind of curriculum falls under 2 categories:
1) Unsecured consolidation loan
2) Secured consolidation loan
The earlier category of debt consolidation loan does not force you to raise collateral. Though you will require putting more finance for your monthly refund, you can induce this consolidation loan in a moderately rapid time.
A secured consolidation loan in contrast, requires appropriate collateral and since you are not expected to hold properties of your own, you might require enrolling for assistance from your parents or custodian. With security, you can have a loan of more money but do make a note of the fact that the repayment phase for this loan group is typically longer than normal ones.
With the help of student debt consolidation loans you begin with one loan with a small interest charge which is reasonable and which will assist you to perk up your credit score. Accepting this loan will discontinue any collection mediators harassing calls and provide you a strain free future to construct your credit for upcoming borrowing. Thus for easy repayment of the debts one should go for secured debt consolidation loans.
Dec
27
Credit Repair to the Rescue
Posted by: | Comments
Ian Webber asked:
Join the ranks of the millions of people that have discovered the benefits of professional credit repair. Far too many people have stood on the sidelines, discouraged by the complexity of their credit report and their own doubts about the effectiveness of the credit repair process. But the word has gotten out. And it’s spreading fast.
The credit reporting industry which is made up millions of creditors and the three major credit bureaus is rife with inefficiencies and errors. It’s a fact of life. No one denies it. Congress passed the Fair Credit Reporting Act (FCRA) in acknowledgement of the problem and to provide consumers, like us, with free access to our credit reports.
This was done with the express purpose of encouraging us to proofread our reports and to have a fair chance to spot and correct the inevitable mistakes. Unfortunately, congress did not do enough. The subject matter is still confusing. Have you looked at your credit reports? They look like they are written in code. And to make things worse the three credit bureaus each offer their reports in completely different formats. So even if you figure out one report the others may still look foreign. Wow.
These days, unless you are independently wealthy, there is nothing more important than your credit. If you are going to undertake the task of credit repair you need to know what you are doing. Either learn the craft or hire a credit repair professional. If your car needed a tune up, you wouldn’t just open the hood and try to fix anything that looked out of place. Your credit report is no less complicated.
Effective credit repair requires a working knowledge of the Fair Credit Reporting Act (FCRA) that codifies the responsibilities of the credit bureaus in managing data and in dealing with consumers during the dispute and resolution process. And the FCRA is just the tip of the credit repair iceberg.
To do the job right you also need to know the applicable state statute of limitations to guide you in managing collections. You also should be familiar with the Fair Debt Collection Practices Act (FDCPA) in case you have to deal head-on with a collector. And to top it off, you definitely better know how the FICO credit scoring model works, otherwise you may send your credit score into a tailspin even while you are removing errors.
The good news is that a number of truly professional credit repair companies have emerged into public view, courtesy of the Internet. Their expert services are available to anyone who does not have the time or inclination to master the intricacies of the process on their own. If you are a diehard DYI kind of person, then you will love the challenge and probably even enjoy the task of credit repair. But otherwise you should reach out to an expert that will help you reach your credit potential.
A word about the Fair Trade Commission (FTC). The FTC is responsible for many of the public warnings about bogus credit repair companies. This was never meant to disparage legitimate professional credit repair services. Every industry has its share of bad apples, and consumers should remain alert when hiring anyone for any reason. Hence, there are a number of prudent precautionary measures I would suggest you consider.
Check with the Better Business Bureau. Most credit repair companies are listed with the BBB and you might get a feel for the experience you might have should you decide to do business with a particular firm. To presence of many complaints is a bad sign. But the most important thing that you should do is to pick up the phone.
Call a couple of credit repair companies and have a chat. Ask some good questions. Test their knowledge. See how you feel. If you are put off for any reason you might want to try another company. You might also do some research on Google. Just type in the name of the company and see what comes up. The credit repair process can take time and you don’t want to be working with anyone that makes you uncomfortable.
I should also note that all of the legitimate credit repair businesses that I have seen charge within the same general range. Small differences are expected in any business, but there may be something very wrong if a company is charging an unusual amount of money. You should also know that the Credit Repair Organizations Act (CROA), which governs credit repair companies, does not permit charging fees in advance. A small set up fee charged after the initial file setup is complete is fine and then the monthly feel should be charged at the end of each month of service. A little bit of homework goes a long way. Choose wisely, profit greatly. Good luck!
Copyright © 2008 Ian Webber. All Content. All Rights Reserved.
Join the ranks of the millions of people that have discovered the benefits of professional credit repair. Far too many people have stood on the sidelines, discouraged by the complexity of their credit report and their own doubts about the effectiveness of the credit repair process. But the word has gotten out. And it’s spreading fast.
The credit reporting industry which is made up millions of creditors and the three major credit bureaus is rife with inefficiencies and errors. It’s a fact of life. No one denies it. Congress passed the Fair Credit Reporting Act (FCRA) in acknowledgement of the problem and to provide consumers, like us, with free access to our credit reports.
This was done with the express purpose of encouraging us to proofread our reports and to have a fair chance to spot and correct the inevitable mistakes. Unfortunately, congress did not do enough. The subject matter is still confusing. Have you looked at your credit reports? They look like they are written in code. And to make things worse the three credit bureaus each offer their reports in completely different formats. So even if you figure out one report the others may still look foreign. Wow.
These days, unless you are independently wealthy, there is nothing more important than your credit. If you are going to undertake the task of credit repair you need to know what you are doing. Either learn the craft or hire a credit repair professional. If your car needed a tune up, you wouldn’t just open the hood and try to fix anything that looked out of place. Your credit report is no less complicated.
Effective credit repair requires a working knowledge of the Fair Credit Reporting Act (FCRA) that codifies the responsibilities of the credit bureaus in managing data and in dealing with consumers during the dispute and resolution process. And the FCRA is just the tip of the credit repair iceberg.
To do the job right you also need to know the applicable state statute of limitations to guide you in managing collections. You also should be familiar with the Fair Debt Collection Practices Act (FDCPA) in case you have to deal head-on with a collector. And to top it off, you definitely better know how the FICO credit scoring model works, otherwise you may send your credit score into a tailspin even while you are removing errors.
The good news is that a number of truly professional credit repair companies have emerged into public view, courtesy of the Internet. Their expert services are available to anyone who does not have the time or inclination to master the intricacies of the process on their own. If you are a diehard DYI kind of person, then you will love the challenge and probably even enjoy the task of credit repair. But otherwise you should reach out to an expert that will help you reach your credit potential.
A word about the Fair Trade Commission (FTC). The FTC is responsible for many of the public warnings about bogus credit repair companies. This was never meant to disparage legitimate professional credit repair services. Every industry has its share of bad apples, and consumers should remain alert when hiring anyone for any reason. Hence, there are a number of prudent precautionary measures I would suggest you consider.
Check with the Better Business Bureau. Most credit repair companies are listed with the BBB and you might get a feel for the experience you might have should you decide to do business with a particular firm. To presence of many complaints is a bad sign. But the most important thing that you should do is to pick up the phone.
Call a couple of credit repair companies and have a chat. Ask some good questions. Test their knowledge. See how you feel. If you are put off for any reason you might want to try another company. You might also do some research on Google. Just type in the name of the company and see what comes up. The credit repair process can take time and you don’t want to be working with anyone that makes you uncomfortable.
I should also note that all of the legitimate credit repair businesses that I have seen charge within the same general range. Small differences are expected in any business, but there may be something very wrong if a company is charging an unusual amount of money. You should also know that the Credit Repair Organizations Act (CROA), which governs credit repair companies, does not permit charging fees in advance. A small set up fee charged after the initial file setup is complete is fine and then the monthly feel should be charged at the end of each month of service. A little bit of homework goes a long way. Choose wisely, profit greatly. Good luck!
Copyright © 2008 Ian Webber. All Content. All Rights Reserved.