Blog

Credit scoring first started in the late 1950’s to support lending decisions in large department stores. The concept was revolutionary and by the end of the 1970s, most of the nation’s largest commercial banks, finance companies, and credit card issuers used credit-scoring.  However, credit scoring was widely adopted when Fannie Mae and Freddie Mac fully […]

There is nothing illegal about credit repair. In fact, the Fair Credit Reporting Act (FCRA) spells out legal rights and protocols for disputing items on a credit report. In addition, the Federal Fair Credit Billing Act (FCBA) allows the right to request broad amounts of information regarding billing and payment history from a creditor (e.g.

Make sure you have a contract in place when offering credit repair services.  A contract is very important because CROA specifically states you must have a contract in place before you do any work for a consumer.  The definition of what a service is must be detailed inside your contract. Inside your contract, it should

Here are some do’s and don’t’s relating to compliance. Don’t make deceptive claims.  Often you’ll see certain advertisements like, “We can erase your bad credit,” “100% Guaranteed,” or “Create a new identity legally,” “We remove bankruptcies, judgments, liens, and bad loans from your credit file, forever.”  When offering credit repair services you can’t make these

Utilization of credit accounts for 30% of a consumer credit score. This is a substantial factor in the FICO model, utilization is calculated by dividing your current balance by the credit limit, example $500 balance on a credit card that has a $1000 limit: $500 / $1000 = 50 % Utilization Percentage Higher utilization rates

During this webinar you will learn about interesting issues that pop up for consumers around the holiday season. Learn what really aggressive actions credit card companies take during the season to get your business, learn about how rates and terms are worse during this time, discover how all of this affects your consumers and your

When sending a dispute letter to the credit bureaus you want to make the dispute letter look “consumer authentic.”  The credit bureaus receive 5 -10,000 disputes per day so you want your letter to blend in. You do not want to tip them off that you are a credit repair company. One strategy for this