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Monday, 23 July 2018
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Credit Tips
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Two managers said owner Tara Dailey did not pay her rent and had moved. We tried to reach the company through calls and facebook before getting an email response. ABC3340 News has heard from several other customers with similar claims to Clifton's. They say when they started asking questions they were blocked from the facebook page and Dailey would not respond.
They tell us they paid hundreds of dollars and there were no results improving their credit. The BBB says demands to pay advance fees from credit repair companies should be a red flag. Always have a signed contract with any guarantees in writing. You should also have the option to cancel within three days. Some have filed complaints with the Attorney General's office. Former employees also contacted our I-Team citing questionable practices. Bounceback's facebook page says the company has offices in Georgia as well. A name change to One Merit Solutions was also announced.
Whether you call it credit repair history of the history of the credit repair business, here are some facts. Risk-based pricing is the real reason that there is a credit repair business. Risk-based pricing is the practice of charging different interest rates to different people. Lenders decide who gets the best interest rates based almost entirely on a person’s credit score.
Credit repair allows borrowers to qualify for the lower interest rate. To achieve credit repair, history must be rewritten, to a certain extent. Inaccurate, misleading and unverifiable information must be removed in order to improve a person’s credit score. People involved in the credit repair business know how an individual’s credit score is computed. One might think that it is based entirely on a person’s payment history, but other factors are used to determine a person’s credit score.
Some borrowers consider only the FICO credit scores; some consider the credit rating and others actually look at the information listed on a credit report by one or more of the credit bureaus. The history of the credit repair business or credit repair history is relatively short, but the history of credit scoring and rating goes back nearly as far as bank loans.
Lenders needed some sort of system to evaluate a person’s “creditworthiness”. Several laws govern what information can be used to determine a person’s creditworthiness. Several laws are designed to help consumers report unfair or inaccurate information. A credit repair business that is familiar with the laws regarding credit issues will be able to provide the most help to consumers who hope to achieve credit repair. History does not always repeat itself, just because an individual had credit problems in the past, does not mean that they will continue to have credit problems in the future.
Critics of risk-based pricing feel that charging a person a higher interest rate, because they have had problems repaying loans in the past will only make it harder for that same person to repay loans in the future. When the credit repair business works, it works to keep this from happening. Even a person whose credit score is “not that bad” can benefit from credit repair.
If a company in the credit repair business has an effective credit repair history, they may be able to save a consumer much more than the cost of the services. For instance, FICO provides the following figures. 1335. The rates go up as the score goes lower. 1567 and a credit score below 620 will require “creative financing”.
5568, just in interest on their mortgages in the last two years. If we look at credit repair history on an individual basis, some credit repair specialists are more effective than others. Some recommend solutions which can create more problems than they solve. The credit repair business can be a dream come true to persons with “really bad credit” and a money saving tool to those with “not so bad” credit, if the person chooses the right law firm.
What is Credit Repair, When people mention credit repair, they are often referring to organizations that charge a fee, promising to remove negative information from your credit report. The most important thing to know about these organizations is that there is nothing they can do for you that you can’t do for yourself.
If you feel there is inaccurate information appearing on your credit reports, you have the right to contact each of the three credit reporting agencies and dispute that information for free. You can dispute information on your Experian credit report online, by phone, or by mail. Credit repair companies do not have any special rights or privileges when it comes to disputing information on your credit reports. They are regulated by the Credit Repair Organizations Act (CROA).
Before paying for services with any organization promising to fix your credit, be sure you understand your rights under this federal law. Here are just a few of the things the law requires. The single most important factor in credit scores is paying your bills on time. Once your accounts are current, the most important thing you can do is make sure all of your payments are made on time, every time. You may also want to consider ordering your credit scores from each of the three credit reporting agencies. When you receive a credit score, it should come with a list of the elements in your credit report that are most affecting your score. Paying attention to this list will help you determine what changes you can make to further increase your credit rating going forward.