3 Step Guide To Understanding Credit Repair
There has been a lot of conversation over the legitimacy of credit repair. Many banks and credit institutions have gone to great lengths to assert that credit repair is both ineffective and illegal. On the other hand, many private credit repair institutions have claimed to be successful in removing significant events—like bankruptcy and tax liens—from credit reports. With such contrasting claims, it is hard to tell just how effective and how ethical credit repair really is. Here is a three step guide to understanding the way credit repair works.
Credit Repair Can Remove Errors From Your Credit Report
It may surprise you to learn that your credit report contains errors. A study conducted by CBS news indicates that as many as 80% of credit reports may contain errors. The
Auto loans and the notorious “Yo-Yo” dealer scam
Car dealers call them “spot deliveries.” They occur when a customer drives home his or her new car immediately after a deal is concluded. Nothing wrong with that. Who wants to wait days or even longer before taking delivery of a vehicle? Let’s face it, we’re all like kids before Christmas when we change cars, and just can’t wait to play with our shiny new toy.
For most buyers, driving away in the new vehicle isn’t a problem. But some unscrupulous dealers use spot deliveries as a device to hook unwary customers in an unsavory auto loans scam. And a new report from the Center for Responsible Lending (CRL) reveals that this practice is more common than you may think.
What is a Yo-Yo scam?
Herb Weisbaum described how the scam works on MSNBC on Apr. 12. He told the two completely separate stories of Leslie Hurst of Ludlow, Ky.
Business Owner Helps Customers Spend Less
The Great Recession has changed a lot of ways we conduct business. Big box stores have been crumbling one by one. We have come to understand that the sluggishness of the economy just might be the new normal. One example being on how businesses are evolving and adapting can be seen in the ingenuity, freshness and new approach some entrepreneurs have been taking.
An inspiring story comes from Tracy DiNunzio, the Founder of Recycled Bride. In the late 2000’s her and her then husband shared the idea of owning a business. Since they were newlyweds and all the stress and chaos of planning a wedding fresh in their memories, they founded a company around weddings.
Nothing new or original about that. What is different is how she went about it. Their research showed that 2.5 million weddings are held in the U.S. e
Debt Settlement v. Bankruptcy
Debt settlement almost sounds too good to be true. Advertisements claim to be able to reduce credit card debt to a fraction of the amount you owe, allowing you to get out of debt by paying pennies on dollars you owe. The good news is that it debt settlement is legitimate. In some cases you can settle your debt for a fraction of the money you owe. While debt settlement will save you tons of money, your credit will be significantly affected by debt settlement. Understanding exactly what debt settlement is, how to do it, and what it will do to your credit will help you decide if debt settlement is right for you.
What is debt settlement?
Debt settlement, sometimes referred to as debt consolidation, involves cutting a deal with your lender. Usually you will negotiate your debt down to a reduced amount and then pay off your debt in one lump payment.