They are easy to hate, aren’t they?
They call you and demand money for something you couldn’t pay for in the first place. They try to help you ‘find’ money by taking out additional loans, or by borrowing from family. They want you to make payments. They are even willing to waive the interest they charged you.
I talk to a lot of people that are in the credit repair game for the wrong reason. They are looking for MORE credit, a new car, a new house, or the ability to carry that shiny gold card. However, they have yet to fix the problem that got them in trouble in the first place.
I see a lot of ads for ’30 Day Credit Repair’ or ‘Credit Repair Fast’. The ads are on the radio, on the internet, and I wouldn’t be surprised if they show up in your mail box.
Can they really fix your credit in 30 days?
I found this news story put together by FrontLine and The New York Times.
It talks about some of the history of credit cards, but also many of the dirty little secrets of the credit industry. If you are looking for some background, this is a good place to start.
Becky has a JC Penney card, issued by GE Money Bank. She has never been late (she showed me her payment history online), and is well below her credit limit of $400.00. A few days ago, right after she made a large payment and paid the card off, she got a letter telling her that her credit limit would be reduced to $100.00 or her current credit limit, whichever was greater…
When you file for bankruptcy, you may choose to keep some of your debts. For most debts, like credit cards, you just keep making payments and they will probably never say a thing unless you have included that creditor in you list of creditors that you provide to the court. In other words, if you don’t mention that creditor to the courts, the creditor may never know you filed for bankruptcy.
When you file for bankruptcy, you will be asked to provide a list of your creditors, and any accounts that are to be included in bankruptcy. This list is intended to be exhaustive. The court will take your list, and use it to notify your creditors that you have filed for bankruptcy protection, and let them know that they can no longer pursue collections against you.
Getting sued is a terrible thing. The prospect of having to go to court, the possibility of a judgment on your credit report, and having to meet a debt collector face to face fills most people with dread. Unfortunately, once that suit is filed, there is very little you can do to get out of going to court.
Often, when you are starting out to build or rebuild credit, you will have a very difficult time getting a credit card. The creditors look at you and see that you are too large a risk to work with. When that happens, you can either keep trying different creditors, or you can try to get a secured credit card or secured loan through your credit union or bank…
I’m so excited, I can’t hardly stand it! My book, Credit Cleanup, is available for sale!
This e-Book will show you how to read a credit report, how to find errors and items harming your credit scores, and how to fix those items that can be fixed efficiently and effectively. You don’t have to pay someone else to do this work! Credit Cleanup will teach you how to manage your credit report and keep it clean, and it will do this for hundreds or thousands less than you would pay a credit repair company, and with better results!
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