by: Michael Creditfirm.
Many Americans are still grinding through life with Bad Credit. In fact, over 110 million Americans (50% of the population with credit files) have had their credit file negatively affected by the recent economic crisis according to Business Wire. So how do you know which Credit Repair company to choose when looking for help in improving your credit report?
Going through life living with bad credit, many Americans struggle repaying high interest loans and making minimum monthly payments on their credit cards, barely covering their interest charges which can be as high as 29.99%. Paying more money to rent then they would to own because they don’t qualify for a mortgage based on their credit history.
Good credit can save you thousands of dollars by allowing you to qualify for low interest rate mortgages, auto loans, credit cards, and more. Unfortunately, most people choose to live with bad credit rather than be proactive and make a change to improve their credit.
Choose to be proactive and fix your bad credit, it’s time to get serious about credit repair. CreditFirm.net has helped thousands of clients qualify for low interest rate mortgages, auto loans, credit cards, and more, by improving their credit scores. Let CreditFirm.net guide you down the journey toward fixing your bad credit. We’re not your typical credit repair service. With 15 years of credit repair experience, we have helped thousands of clients increase credit scores and improve credit reports. Results and customer satisfaction are of the utmost importance for us, that is why we are always eager to help and answer any questions which you may have.
CreditFirm.net will never ask you to pay for any credit repair services which we have yet to complete. This is why we offer a FREE Credit Consultation with a qualified credit consultant who will:
Help you obtain your FREE credit report and go over it
- Explain what is inside your credit report. (both positive and negative)
Explain what a credit score is and how it is calculated
- Explaining the different types of credit scores and the metrics used in calculating them.
Create a Custom Action Plan
- A guide for you to follow which will outline the necessary steps in order to improve your credit score.
- Different Clients have different goals and no 2 situations are exactly alike. This is why we treat every case on an individual level. We are not a credit repair factory like many of our competitors, all of our work is custom.
One service level
- Unlike our competitors, we don’t confuse you with different levels of service offering different credit repair techniques. We have one service level, we utilize every tool we have and we only have one speed, FAST. We do everything we can, as fast as we can, to help you improve your credit and reach your goals.
- We follow the Credit Repair Organization Act (CROA) to the tee. We do not offer guarantees because the CROA prohibits such practices, but we do promise first-rate service, an attention to detail, and our dedication to improving your credit report and score.
We want you to be confident in your credit repair decision and let our results speak for themselves. This is why our clients enroll in our credit repair service for distinctive monthly servicing periods and pay only for the credit repair services which have already been performed and delivered.
by: Michael Creditfirm.
NCO Financial Systems, a subsidiary of NCO Financial Group, Inc., is a collection agency servicing industries such as manufacturing, healthcare, telecommunications, retail, educational, government, as well as many others. NCO purchases defaulted consumer debt for pennies on the dollar in an attempt to settle the accounts with consumers. The company has more than 100 offices, primarily in the US, but also in Antigua, Australia, Barbados, Canada, Guatemala, India, Mexico, Panama, the Philippines, Puerto Rico, and the UK.
NCO Group, Inc., began in 1926, when it was founded as National Collection Office. By 1986, the company had 60 clients and only $40,000 in profits. In that same year, the company attained new management and grew more than 400 percent in the first year. By 1992, the company had more than 800,000 debts to collect and was operating in all 50 states. In the eight-year period ending in 1994, the company grew to $5 million in sales and 125 employees. In November 1996, the newly renamed NCO Group, Inc. completed its initial public offering (IPO) which raised $30 million. In 2006 NCO was bought by One Equity Partners (OEP), the private investment arm of JP Morgan Chase. In 2010, NCO had over 30,000 employees and an estimated revenue of $1.6 Billion.
On several occasions, NCO has been accused of violating the Fair Debt Collection Practices Act, refusing to verify and validate the debt, contacting third parties about the debt, claiming that they were calling from a law firm, attempting to collect debt that was past the statute of limitations, and harassing and threatening people on the phone. As a result, in 2004, NCO paid a fine of $1.5 million to the Federal Trade Commission (FTC). And in 2006, NCO paid a $300,000 settlement to the Commonwealth of Pennsylvania for violations of the state’s consumer protection statute.
Most recently, the Minnesota Department of Commerce has fined NCO Financial $250,000 for failing to properly screen its employees. Officials claim that convicted felons had been allowed to contact debtors and have access to consumer’s private personal/financial information, such as social security numbers, dates of birth, addresses, and financial account numbers. The civil penalty paid by NCO represents violations that were committed by convicted felons who were employed by NCO subsidiaries. Many of these actions were violations of state laws as well as the Fair Debt Collection Practices Act (FDCPA).
Solution for NCO Financial Collections
Credit Firm.net has helped thousands of their clients delete NCO Financial Systems collection accounts from their credit reports as well as stopping the abusive calls. If you have been contacted by NCO or have an NCO Account reporting on your credit report, contact Credit Firm.net to improve your credit.
by: Michael Creditfirm.
Asset Acceptance, LLC. (AA) is one of the biggest collection agencies in the United States. Asset Acceptance works under the umbrella of Asset Acceptance Capital Corporation (AACC) which was founded in 1962. The company specializes in the purchasing defaulted consumer debt and settling the accounts for the original creditor.
How AAC buys debt
Asset Acceptance purchases this debt for a significant discount, sometimes as little as 2% of the original amount owed. Once the debt is purchased, Asset Acceptance proceeds to report the new collection account to the 3 major Credit Reporting Agencies (Experian, Equifax, and TransUnion), and contacts the consumer in an attempt to settle the account.
Asset Acceptance has been known to use predatory business practices to collect on their debt and has had 769 complaints filed through the BBB in the last 36 months. The FTC has also recently levied a $2.5 million dollar fine against Asset Acceptance Capital Corporation for “Abusive Practices”. The company has been known to Re-Age Debt, report incorrect balances, and continue collections after the expiration of the statute of limitations.
Suzanne Martindale, staff attorney for Consumers Union, a non-profit organization based in New York and the publisher of “Consumer Reports” magazine says, “Some debt collectors unfairly target consumers even when the statute of limitations has passed or when they don’t have the proper documentation to prove the debt is owed.”
Credit Firm.net has helped thousands of their clients delete Asset Acceptance collection accounts from their credit reports as well as stopping the abusive calls. If you have been contacted by Asset Acceptance or have an Asset Acceptance Collection Account reporting on your credit report, contact Credit Firm.net to improve your credit.
by: Michael Creditfirm.
How long does an account appear for on a credit report?
As you may already know, the Fair Credit Reporting Act (FCRA) limits how long a derogatory item can appear on your credit report. All derogatory information is supposed to be removed after 7 years. (10-15 years for certain public records). Unfortunately, collection agencies and original creditors use a loophole known as re-aging debt to circumvent this law and continue to report derogatory accounts for longer than 7 years.
What is Re Aging?
Re-Aging means the collection agency or the original creditor change the “FCRA Compliance Date” when reporting to the credit bureaus (Equifax, Experian, TransUnion). The FCRA Compliance date is the date when the reported account will be removed from your credit report. This should be 7 years after the first delinquency (10 years for certain public records). Most commonly, collection agencies will report the FCRA Compliance Date, 7 years from the date they opened the account (bought the account from the original creditor), not 7 years from the date the account became derogatory. Considering collection agencies often resell debt back and forth between each other, it isn’t uncommon to see the same debt with 2-3 different collection agencies, and 2-3 different FCRA Compliance Dates.
The Solution for ReAged Accounts
The best way of remedying illegal action like this is to be proactive. Re-Aging has become common practice and we see it more and more every day. Credit Firm has helped thousands of our clients delete re-aged accounts from their credit reports. If you think that you may be a victim of re-aging, please call 800-750-1416 for a free consultation with one of our experienced credit consultants.