Credit Repair & Debt Relief Issues

Over the past couple of years there has been a huge boom of new credit repair companies as well as individuals claiming to do credit repair services. With this boom, there has been a huge increase in consumer complaints about the industry. The most common complaint being, “I paid my money and they never did anything for me, and I cannot get a hold of anyone.” The largest reason for this is that most of these credit repair professionals are nothing more than people who have purchased a do it yourself ebook on credit repair, and then begin soliciting money from others.

The problem with his is that even if these ebooks contained valuable information (most of them don’t), there is a big difference between cleaning up your own credit and performing credit repair for many others. Running a business is not something that most can do successfully, and those who do their research will find that most of the credit repair companies that are started, are not even around 6 months later.

The huge influx of credit repair companies all trying to compete has driven down the prices and forced most companies into a “monthly service fee” program model. Although I understand why most companies has moved to this model, it does not serve the consumer well at all. By only charging a low monthly service fee of $79-99/mo to perform full-service credit repair, the only way a company can be profitable is to only work on 1 to 2 items at a time. What this does is drag out the credit repair process over 9-18 months so that the company can still collect enough monthly fees to make it profitable.

Now, with all that being said, would you rather spend $1,000 to clean up your credit quickly in 3-6 months with a money-back guarantee, or would you rather spend $79 per month for 12-18 months with no guarantee and only a few items getting worked on at a time? If you think that you can spend $79/mo for only a couple months and a credit repair company is going to get you good results, think again. They are not going to lose money on you. $79 per month for 18 months comes out to $1422 and you may have only a few items corrected. To me it is obvious that I would rather pay $1000 and in 6 months if I don’t feel I got my money’s worth, have my case evaluated for the money-back guarantee.

We have done business in this manner for years and that is why we have no complaints. We are also now in the process of developing a new program for those who wish to do their credit repair on their own, but use our proven process that we have refined and simplified over the past 10 years. It will be a do-it-yourself credit repair program, but with our experts available to assist you when you need it. The cost will be a very low monthly membership that can be cancelled at any time.

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Here is something I saw cross my desk today that I thought was a bit funny, but not. At the bottom of a client’s credit card statements was the statement that I had to post a graphic image of in order to preserve it’s full impact (please see graphic inset).

If this is what they consider to be a ”nominal interest rate”, what do you suppose would be a high interest rate? it is no wonder so many people are in a position where they can no longer keep up. There are thousands of people without jobs, gas prices are ridiculous, and the cost of consumer goods has never been higher. You would think that the credit card companies would be best served to lower interest in order to maintain their clients on the books. But, as you can see from this example, that is not the case. We are helping our clients who are in financial hardships get out from under their debts very quickly with a great debt settlement program.

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If you have found yourself in a situation where you can no longer stay current on your credit card bills, medical bills, mortgage, etc., you may need to consider a debt settlement program as a suitable solution for getting out from under your debt burden.

A debt settlement program is a great option for those in financial distress and will allow you to continue paying the important obligations such as your mortgage, rent, auto loans, living expenses, while dropping your monthly payments on your unsecured debts to approximately 50% of what they are currently. The new low monthly payment will be set aside into an escrow account, and used to settle the accounts one at a time during the program.

For more information, please watch the short video about debt settlement and visit the website for additional information, or to request a free confidential debt consultation.

Visit online credit card debt consolidation for additional info.

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We have had many people request to see proof of our credit repair efforts for clients. Well, here it is. We have put together a short video to show you just a hand-full of actual client results that we get for our clients every day.

Part of the reason we are so effective is that we don’t allow our clients to sign up online. We don’t take our client’s payment until we have had a brief credit consultation and fully determined that credit repair is right for them.

Take a few minutes to watch the video, than feel free to contact us of you would like a free consultation about your credit. We will go over your situation and help you determine if credit repair is appropriate for you.

Please take a second after you have watched the video to rate it, and comment with what you would like to see more information on. As always, you can contact us with questions about credit, credit repair, or debt management.

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Can you buy a higher credit score by purchasing seasoned trade-lines? This questions seems to come up more and more these days. The answer to this is a bit complicated, so let me see if I can give a simple easy to understand answer.

Purchasing a seasoned trade-line is the process of paying a monthly fee for having your name added as an authorized user to a seasoned credit account for the purpose of getting that seasoned account to report on your credit report. The goal of doing this is to add a good trade-line to your credit that will boost your credit scores. 

Pros of paying for and adding seasoned trade-lines:Over the past this practice has been somewhat successful for those who already have good, clean credit, and just need a small boost in their credit scores to obtain financing they are currently seeking. You can add the trade-line(s), pay for them just long enough to get your financing, then stop paying for them and let them fall off your reports. Although this seems to be a simple and easy solution, there are some considerations that make this not so great.

Cons of paying for and adding seasoned trade-lines:  There are several problems with using seasoned trade-lines that have now raised the brows of the credit bureaus as well as federal officials. Although there is nothing illegal about adding another person to your account, the biggest problem is in how these seasoned trade-lines are being sold. As I mentioned above, they are only appropriate for someone with already good clean credit, yet there are hundreds of companies on the Internet selling trade-lines as a method of credit repair. Buying seasoned trade-line when you have derogatory trade-lines on your credit will do little to nothing to boost your credit. In fact, it is a ridiculous waste of your money. With the cost of these trade-lines ranging from several hundred to several thousand per month per trade-line, it is not an effective solution for 99% of those who seek them. The other issue is that there are now changes underway by the credit bureaus to not include authorized user accounts in the credit scoring model. This will completely negate the effectiveness of seasoned trade-lines altogether.

The bottom line: For those seeking to improve their credit, there are far better, less costly, and more effective ways to accomplish this. For some great tips, visit our credit repair articles area. In addition, if you have bad credit and are in need of credit repair, there is no company that does it better than NCA Credit Repair. Call them today and get a free consultation and make the decision for yourself.

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Over the past few years, debt settlement has become a hugely recognized method of getting out from under a large amount of debt ($10,000 or more). Keep in mind that this program is strictly for those who are in financial distress only. If you find yourself in a position where you can no longer make your minimum payments, a debt settlement program can set you up with a new structured monthly payment of about 1/2 of your current minimums. That payment goes into a trust account managed by a debt settlement firm and continues to build a balance over time. As the trust funds accrue, those funds are used to settle your accounts one at a time for significantly less than what is owed.

The most common question that people have is why would a creditor settle for less than what is owed. First of all, yes they do and they do it every day. The reason is because if you are truly in financial distress and the debt settlement attorney has done a good job of getting that information across, the creditors understand that taking a fraction of what is owed is better than getting nothing at all. It is also more financially sound for creditors to take some money and call it good, than spend more money trying to pursue you when you may not have the means to pay.  There are also some more intricate details at play here when your accounts are sold to collections for about 15-30% of the balance owed on the account. Now the collection company is pursuing you for the entire balance, but even if they settle the account with you for 20-50%, they make a nice profit. Yes, you read that right… you settle the account for less than you owe and the collection company makes a profit! 

If you are interested in getting a quote for a debt settlement program, here is a link to the company we recommend. They have been in the industry for a long time and have a spotless record with hundreds of happy clients. Recommended Debt Settlement Company.

In summary, a debt settlement program can be your best option if you find yourself falling behind on your bills unable to catch up. A good debt settlement program can get you out of debt in about 2-4 years.

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Every day we have people call who have already signed up for as many as three different credit repair services, and not received any good results. When I ask them why they chose those companies, the response is always, “They offered the lowest monthly fee.” I don’t know how many times I have to say this… Good credit repair is not cheap, and cheap credit repair is not good!

Why do people think that a credit repair company that is only receiving a small monthly service fee is going to do any significant work for them? I don’t understand it. When you are in a position where you are trying to get better financing on a home, car, etc., why would you stake your success on a company that hopes that you will sign up online, and forget about the small monthly fee escaping from your bank account every month?

At NCA Credit Repair, we simply don’t do business that way, and are disgusted with those that do. We work hard for every client and get results, and we think that is what you should expect. We also don’t think that you should ever sign up for a credit repair program without talking with them first. What kind of customer service do you get when you call in? Are they just trying to get your money, or are they really making sure that credit repair is right for you? The reason there are so many complaints about these crappy credit repair companies is because people continue to sign up for them because they are cheap. Come on people, spend a little more time on the front end making sure you are with a good company that actually has a vested interest in repairing your credit!

Here is a great credit repair company  you should compare.

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Yes, but most of what you see advertised are not free credit reports, they are free credit reports with a catch. The catch with most, is that you will get a 3-in-1 credit report for free, but you are signing up for a $49/mo subscription for a credit monitorinig service. There is only one way to get your credit reports for free, and that is by going directly to annualcreditreport.com. This service has now made it possible for everyone to get a free credit report from each credit bureau, once per year. These credit reports do not include credit scores, you will have to pay extra for those.

Keep in mind that going to annualcreditreport.com does not guarantee you will be able to get your credit reports. About 70% of the time, you will run into security issues that will prevent you from obtaining 1 or more of your credit reports. We do all this work for all of our clients, so we see it every day first-hand. It can take a great deal of skill to navigate through the red tape to getting your credit reports. The credit bureaus view providing credit reports to consumers as a nuisance, and they don’t make it easy.

Here is a link to complete instructions on getting your free credit reports.

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