Most Interesting Findings
If you were to type in the words “credit repair” in any major search engine on the internet you had better prepare yourself to be bombarded by companies who claim they can increase your credit score for a fee. On Google alone there comes up with over 7,580,000 results for credit repair and that number is increasing every day. Although according to an article published on the Federal Trade Commission’s website the best way for someone to repair their Credit and improve their credit rating is to simply do it themselves.
Unfortunately many consumers are being misinformed about the best way to go about receiving their credit reports. It appears that almost all companies that offer people access to their credit reports require you to sign up or pay for their services before you can view you credit reports. Because of all of the advertising and marketing that these companies put into the mainstream media most consumers sign right up without taking the time to learn their rights that were created by The Fair Credit Reporting Act (FCRA).
Certain laws were created to protect consumers by giving them the rights to be able to see the information being reported about their credit by the three major credit bureaus: Equifax, Experian, and TransUnion. By spending some time researching these laws and how the credit bureaus work you could teach yourself how to monitor, and repair your bad credit. Or if you can’t find the time to look into this information yourself you might consider purchasing a “how to” or “do it yourself” Credit Guide that can walk you through the steps of learning to manage your own credit.
These credit guides offer proven methods that consumers can use to improve their credit like correcting inaccurate information being reported on your credit reports and negotiation with collection agencies to remove negative items showing on your credit. Not to mention the amount of money you will save if you are currently enrolled in a credit monitoring or repair service. These kinds of services usually go for at least $20 a month giving you a possible savings of $240 a year by doing it yourself.
By learning how to manage your own credit you will also help to prevent yourself from becoming a victim of identity theft. Identity theft is currently one of the fastest growing crimes across the world and anyone who is not aware of what is being reported on their credit reports is more at risk to having their identity stolen. Some credit guides will also give you tips on what to look out for when monitoring your credit reports. A website that is increasing in popularity is FreeOnlineCreditGuide.com where you can learn how take repairing your credit into your own hands.
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Tags: credit repair
Posted in Credit · March 15th, 2010 · Comments (0)
Consumers are going to be in for a shocking surprise to be shown on billing statements for credit card accounts. Did you know that the average card holder only pays off only $2,000.00 every 3 years on their credit cards. If I would have told you this 2 years ago, you probably would think that I am a nut! How can it be within the laws for banks to charge you over 20% interest and on top of that keep you in debt for such a long period of time. Well, now you are going to notice that I was not lieing 3 years ago! Due to the new credit card reform, credit card companies are going to have no choice but to show you how long it will take to pay off your debts. The scary aspect of this is that on some of these statements credit card companies will have to clearly print that YOU WILL NEVER PAY OFF THIS ACCOUNT PAYING ONLY THE MINIMUM PAYMENT. I can already see your reaction! It’s probably something like “What! Are you kidding me, how, why, can they do that?”. The answer is yes they can and they will! I want to explain how, and why:
How:
The vast majority of credit card companies with the exception of few such as Discover credit cards, structure minimum payments as 1% of the balance plus interest charges. Some of these banks will even charge less as a minimum payment! Just for this example I am going to use 1% plus interest charges so you can fully understand how this works! Lets say you have a balance of $25,000.00 on one of your credit card accounts. On this card you are paying 20% interest. Well 1% of this balance will be $250.00 which is all you will put toward the balance this month. Interest this month will be $416.67 meaning your overall payiment will be $666.67 for the month. Knowing that only $250.00 of that payment will actually go toward the balance is anoying enough but now hopefully you can see how they can keep you in debt for so long!
Why:
Well when you look at it from the banks point of view this is actually a great thing for them. Over the term of your debt they are going to make more than what they loaned to you in the first place. Even if you don’t ever pay the debt off, the bank still stands to make a huge profit from your account! Now that you understand how and why they do this, I would like for you to go to www.JemCreditCards.com and learn how to get around it and actually get the chance to pay your debts off!
For more information on this topic or to discuss any other topic, feel free to contact us:
By phone : (561) 355-0069
By email : Support@JemCreditCards.com
On the web : www.JemCreditCards.com
Tags: credit card, credit card law, credit card laws, credit cards, credit cards law
Posted in Credit · March 15th, 2010 · Comments (0)