Unfortunately the concept of “Credit Repair” is a misnomer, the use of which in conjunction with fraudulent and deceptive practices has become so commonplace that a federal law was enacted to stop fraud associated with these activities. This Act called the Credit Repair Organizations Act and you will not find much mention of it on most so called “Credit Repair” websites. The fact is that accurate credit information cannot be “Repaired” as the name suggests. Competent legal representation however can help protect your rights and remove inaccurate, outdated, unverifiable, incorrect and other items from your credit report. To the extent the representation provided by the firm removes negative items from your credit report and your credit standing improves as the result you are better off. This is just good legal representation and the proof is in the results.

How the credit repair program Works.

The process of ensuring that your credit reports are accurate or addressing identity theft is a multi-step process which the firm has streamlined and refined so that the clients involvement is as painless and efficient as possible. The firm has combined state of the art technology with an interactive environment to speed this process.

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A loan modification is when a homeowner and a lender
change the terms of the mortgage agreement to new terms that both parties are bound by. There are many different ways that a homeowner can modify their mortgage. Some common terms that homeowners often modify are interest rates, principal balance owed, changing rates to a fixed rate, forgiveness of defaults/fees, or any combination of these terms.

When Should You Modify A Loan?

When you can make your regular monthly payment but can’t afford to catch up on the past due amount. Loan modification is an excellent alternative to having your home foreclosed. Lenders do not wish to foreclose on your home because they would make more money by modifying your loan agreement so that you can continue to pay them. Foreclosure is usually the last option for both you and the lender. These services also seem to benefit individuals who possess a sub-prime mortgage or are victims of predatory lending.

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Debt settlement is a great service that allows consumers to pay off their debts for less than the amount they owe. It’s a great alternative for anyone considering to file for bankruptcy. The basic process of debt settlement is you send out monthly payments to a debt settlement company. All your funds are placed in an escrow account until you save enough to make an appropriate settlement offer. Often times debt settlement companies can negotiate your debts as high as 40% of the balance.

The creditors main incentive for settling debts is they can obtain money that would have otherwise been lost if the debtor filed for bankruptcy. It’s even more cost effective for them to settle a debt with you then to sell your debt to a third party collection agency. Often times collection agencies will purchase your debt for under 10 cents on the dollar. Your creditors are not looking out for your best interest when negotiating with you. It’s all about numbers and the bottom line, the quicker you understand this the better off you will be. If you are not familiar with the complicated debt settlement process it’s a good idea to enlist the services of a professional.

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