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What Your Car Says About Your Credit

September 8, 2015 by  
Filed under Blogs

auto credit

It’s an interesting fact that there is a correlation between the type of car a person drives and their credit score. It’s also interesting to note that the car brands with the fewest buyers (Mitsubishi and Suzuki) also tend to have the buyers with the lowest credit scores.

What’s the actual breakdown of credit score to car?

Here is the full list of average scores paired with the cars they buy:
(Source: Experian)

Mitsubishi Buyers: Average Credit Score of 694
Suzuki Buyers: Average Credit Score of 704
Dodge Buyers: Average Credit Score of 718
Kia Buyers: Average Credit Score of 721
Toyota Buyers: Average Credit Score of 723
Jaguar Buyers: Average Credit Score of 810
Infiniti Buyers: Average Credit Score of 810
Audi Buyers: Average Credit Score of 810
Porsche Buyers: Average Credit Score of 810
Acura Buyers: Average Credit Score of 813
Lexus Buyers: Average Credit Score of 816
Volvo Buyers: Average Credit Score of 818

So what’s the difference between a Mitsubishi driver and a Lexus driver? About 122 points, according to the statistics.

This is a perfect example of how credit is a reflection of so much more than just payment performance.

Regardless of the car you drive, the assumptions that are made based on a credit rating can make or break you — both personally and in business. This is an important key to remember as you build your business and your credit.

What does your credit score say about you?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Bad Credit Ruins Lives

September 3, 2015 by  
Filed under Blogs, Credit Repair

bad credit

Bad credit ruins lives. The difference between living life and struggling to survive is based completely on your credit score. Let’s take a look at a car loan as a simple example.

A $20,000 car loan with good credit will cost approximately $322 monthly. This is based on a 5% interest rate for 72 months.

The exact same $20,000 car loan with bad credit will cost approximately $541 monthly. This is based on a 21% interest rate for 60 months (bad credit means a higher rate and shorter term).

This is the same car, but one is costing $219 more EVERY month.
The person with good credit will pay $23,184 for their car.
The person with bad credit will pay $32,460 for the same car.
That’s a $9,276 difference!

This example is not extreme, it is based on common interest rates you will actually see on a $20,000 auto loan.

Rent and home expenses are another area where consumers with bad credit get taken advantage of.

A $100,000 mortgage costs a consumer with good credit $577 monthly and $207,720 over 30 years.
The same home will cost someone with bad credit $841 monthly and $302,760 over 30 years.

The person with good credit will pays $264 less every month and saves $95,040 over the lifetime of the loan.

This means that the person with bad credit will pay $95,040 more in interest for a $100,000 loan, all because of their bad credit.

Most people know that credit has an adverse effect on their life. But, the truth is, bad credit controls their lives. Outrageous amounts of interest are being charged each and every month to people who can least afford to pay it.

That debt and those higher payments handcuffs most families, forcing them to live paycheck-to-paycheck.

Bad credit ruins lives. This is why we exist. We help people reach their financial goals and improve their quality of life by increasing the credit scores.

Are you ready to get started?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

What is the Statute of Limitations?

September 1, 2015 by  
Filed under Blogs, Credit Repair

SoL

Almost all creditors, reporting on your credit report have a statute of limitations for how long they can attempt to collect on a debt. The statute of limitations is the legal time frame that the debt can be pursued through the legal system.

The statute of limitations is typically based on either your state of residence or the state in which the debt was obtained, as well as the type of debt. Contractual, oral, credit card, and installment debt all have different statutes of limitations.

For Example; Here is a state list of the statute of limitations for credit card debt.

These statutes are important for a few reasons. Firstly, there are some disputes based on the debtor not being able to collect on the debt due to the statute of limitations expiring.

Secondly, this is why your clients probably don’t, in most cases, want to make any kind of payment to a collection company. The time they can collect would then extend from the time your client made their last payment to that collection company or creditor. This is why some collection companies make it so easy for consumers to pay with payments.

WARNING!
According to the Federal Trade Commission, making ANY payment or signing a promissory note to a debtor can reset or restart the statute of limitations, even after it’s expired.

This is why it is so crucial that you have a team of certified credit professionals like CreditFirm.Net working on your credit.

Are you ready for a better credit score?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

IRS Hacked

May 26, 2015 by  
Filed under Blogs, Identity Theft

internal revenue service logo

Over 100,000 Tax Returns Breached

According to the Internal Revenue Service, hackers gained access to a secure system called “Get Transcript” and stole personal information such as social security numbers, dates of birth, addresses, along with complete tax returns to over 100,000 individuals.

The data breach is being investigated by the Treasury Inspector General for Tax Administration as well as the IRS Criminal Investigation unit. In the mean time, the “Get Transcript” application has been shut down temporarily.

The IRS will provide free credit monitoring services for the approximately 100,000 taxpayers whose accounts were accessed.

If your one of the 100,000 individuals who’s personal-confidential information was accessed, the IRS will be notifying you of this by mail and giving you access to free credit monitoring.

You can read more about identity theft here, and the 4 critical steps to recovering your credit.

http://www.irs.gov/uac/Newsroom/IRS-Statement-on-the-Get-Transcript-Application

If you’ve been a victim of identity theft and need professional help to recover, we’re here for you.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Credit Reporting System Gets Overhauled

credit repair service

Changes to the Credit Reporting System have been announced which will change everything.

1. Consumers will now have access to 2 free credit reports per year at www.annualcreditreport.com. To get your second free report, a consumer will need to have initiated an investigation with a credit reporting agency and had a change to their credit report take place due to the investigation.

2. Medical debt in collections will be subject to a 180-day waiting period before reporting on a consumer’s credit report (previously 30 days). This will help mitigate the damage collection agencies do against consumers because of delayed payments from insurance companies. According to a recent report from the CFPB, about 43 million Americans have unpaid medical collections reporting on their credit reports.

Now, here’s the BIG News!

3. The 3 credit reporting agencies – Experian, Equifax, and TransUnion – will change how they investigate errors and process disputes on consumer credit files. Actual human beings will now review the errors in question and process investigations on behalf of the credit reporting agencies. This is a HUGE change to the highly automated credit reporting process in which only 15% of investigations were processed by the credit bureaus. The remaining 85% of the investigation requests were forwarded to creditors, so that they could investigate and police themselves.

According to these new changes, trained agents will review disputes sent in to the credit bureau and conduct an actual investigation into the accounts in-question instead of passing the buck to the creditor. This should make fixing consumer credit errors much more simple and make the entire credit repair process much faster and more efficient.

If you’re ready to take advantage of these changes, get started today.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

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