The Ethical Credit Repair Alliance is the “Watchdog” organization of the credit repair business, committed to protecting consumers from credit repair scams and unscrupulous practices rampant in the profession.
For more information visit our Home Page. Look to the right for additional resources.
It seems sometimes that there are more credit repair scams than genuine operators out there. Do not despair, though. There are excellent credit repair agencies that are waiting to help you. Here are a few characteristics that you should watch out for:
1.There is no guaranteed outcome; if there is any guarantee related to repairing of credit repair, you are walking into a credit repair scam.
2.There is no quick-fix outcome; if anyone tries to convince you that this process can be fast-forwarded, beware! He or she will be promoting some type of illegal ploy.
3.You cannot change your SSN number, nor can you have get a “new credit report.” If the agency offers you a “new identity” or “new lease on life” beware! … this is highly improper and illegal.
4.You should not, and cannot, dispute everything negative entery on your credit report. If this is the process the credit repair agency plans to use to improve your score, that agency is among hundreds of credit repair scams that prey on the market of gullible people.
Identity theft is big business today. You need to adopt some very serious identity theft protection measures unless you want to be the next victim. One most important measure is to avoid carrying any personal information in your wallet or purse. You might get mugged or you might lose it and with it, you will put your identity at risk.
Another very effective identity theft protection measure to destroy (by burning or shredding) any an all bank statements as you receive them. Never throw these in the dustbin. Your identity theft protection measures should ensure that there is nothing in your garbage bin that will give away any information regarding you or your family.
One last very important identity theft protect measure is that you should always log out after you complete online transactions with your bank. Very often hackers have the ability to capture non-logged out accounts and impersonate you.
Avoiding identity theft may not always be easy; however, with a little care and alertness, you will be able to avert it to a large extent. Here are three tips that you should keep close to your heart:
1.Never put an automatic password feed into your laptop. You might have the laptop stolen and all your passwords with it. This will make it a walk in the park for a thief to access all your private and confidential information – making it easiest to take over your identity.
2.Never give any private information about yourself or anyone in your family over the phone. No matter how urgent the caller says it is – NEVER give any such information. Ask for the address and name, and offer to go there in person to give this information. Before doing so, check with the source for accuracy of the inquiry.
3.One other way to avoid identity theft is to change your credit card and utility bills to email statements. Most identity thieves look for and obtain information from the bills you receive in your mailbox.
Most people if asked will reply that they know the real implications of bankruptcy. One direct outcome will be that obtaining loans will become very difficult. Another will be that the interest charged for any loans will be ridiculously high. A third aspect will be that obtaining a credit card will not be as easy as it was previously.
These are a few very obvious implications of bankruptcy. However, there is more to it; factors and outcomes that do not show immediately. For example, relationships with friends and relatives may suddenly become strained. There will be stress on the employer-employee relationship; there could even be the danger of job loss. You will not be able to start a business until the bankruptcy is removed from your credit report.
Therefore, beware of the hidden implications of bankruptcy. This might not seem a bright idea, once you have a glimpse of what all you will tend to lose.
What are bankruptcy firms and how will these help you when you have lost everything? Bankruptcy is a legal process, which often people will find overwhelming. It is very important however, that you file for bankruptcy in such a manner that will harm you the least, and also protect you from future harassment. Choosing a good bankruptcy firm is one of the most critical aspects of the process. The following tips will help you find the right one:
1.Do not leave this decision for last. You want to have quality, so take your time researching and comparing the best there is on the market, within your budget. Experienced bankruptcy firms are always better than fledglings because they will be able to see many dangers that might not be visible to you.
2.Do not cut costs here. Good bankruptcy firms will not come cheap; however, even if you are hard pressed for money at the time, it’s well worth it. This will save you not only money but also much heartache.
Have you heard about ways that can settle debt without bankruptcy? This is great news for you if you are about to file for bankruptcy because you are completely paralyzed by the bills that keep piling up; if your finances are touching the lowest rung and you have nowhere to go; if the only visible solution to you seems to be declaring bankruptcy.
The method by which you can settle debt without bankruptcy has three steps:
1.Suspend payment to your creditors for a few months and pile the money into a saving account under the guidance of a reputable debt negotiation agency.
2.Let the credit repair agency take over. The moment you stop payment you will invite hounding collection on behalf of your creditors. Let your agency handle it.
3.The third step of settling debt without bankruptcy is to negotiation for better terms. Normally a
agency will have experts negotiators who will be able to cut your outstanding loans by as much as 40-60%.
When you are threatened by bankruptcy, do not despair. Before you throw in the towel, list all the bankruptcy solutions you have in hand and draw up a careful comparison chart for reference. There are excellent protective laws under Chapters 7, 10 and 13, each covering different aspects of financial distress.
The best way to go about it is to find a reputable bankruptcy law firm, or experienced credit repair agency that can guide you in choosing the best from among the available bankruptcy solutions. Make the extra effort in identifying a reputable professional agency that can offer you the required guidance. The survival of your business and your future depend upon the path you take when you are threatened with bankruptcy.
These Chapters of the are meant to allow you grace time that varies from 3 to 5 years. Such bankruptcy solutions can save you from more than 10 years of heartache.
So just what is Chapter 10 bankruptcy? This is a tiny clause in the Bankruptcy Act that can protect you from harassment and buy you time when you most need it. According to the US Bankruptcy Code, this chapter will permit a small company to avail of the court’s protection until they can work out a plan to extricate themselves from their financial impasse.
Chapter 10 bankruptcy is designed to aide small and micro entrepreneurs, who would otherwise lose their business to their creditors. Under this clause, the company will ask for a reasonable time during which they will draw up a realistic time and action plan to rebuild their financial base. If the Court find it acceptable, then the company will be offered protection under the Chapter 10 bankruptcy Act.
The main conditions imposed by Chapter 10 bankruptcy Act is that the company’s rejuvenating plans should not exceed three years or the total debt be more than US$2,500,000.00
There is too much argument in regard to the credit repair business to disregard it. The fact is, the reason that so many of those who need credit help fails to seek it, is the shady reputation this industry has gathered in the recent past. However, it would be unfair to say that all those who repair credit are dishonest.
You will also find professionals of high repute who will do their very best to restore your credit to “good health.” But that leaves one with the problem of how to go about finding which companies are reputable and how to stay safe from the traps the fraudulent credit repair business agents lay for you. Contrary to common belief, picking out a deceptive credit agency isn’t so complicated. The first warning sign is when the business you are looking into purports to repair your credit “quickly.”
Because your credit history was formed over the span of many years, it’s just not possible to improve your credit score overnight. If you hear a credit repair business tells you they can perform what you know is not possible, you need to back off, because they are definitely fraudulent!
In addition there are other warning signs you should look out for as well. The deceitful “professionals”, in most cases, will require full payment upfront.
A credit repair organization, under federal law, may not charge their entire fees up front. No matter how bad your credit report is, do not pay in advance of any services being rendered.
A less-than-reputable credit repair business is more than willing to use illegal methods. They will even advise that you use illegal means and talk you into thinking it’s OK to do so, since they have somebody on the “inside” in the credit bureaus who can cover up for them and you.
Make sure you don’t fall for these kinds of lies! Do not accept any tactics in order to improve your credit unless it’s 100 percent legal. No matter how bad your credit problems, they’ll be made so much worse if you’re caught trying to amend the situation illegally. You are primarily responsible when your credit report is repaired through illegal means; therefore, you can be prosecuted if caught breaking the law. Everything considered, it just isn’t worth risking it!
Another simple way to establish whether the credit repair business you’re considering is reputable, is to ask that they help you understand more about repairing credit. A reputable agency will be happy to give you guidance and advice (and possibly some “hand holding”) in your quest to learn more about how to repair credit. A trustworthy business will work as a facilitator, while a fraudulent company will be resentful and wary about sharing information in regard to repairing your credit.
One of the greatest and most harmful among the identity theft series is the social security identity theft. This enable the thief to impersonate you and avail for employment benefits, medical insurance, bank mortgage and other loans and many other such things that will leave you in a very precarious position with the law.
It’s very difficult if not impossible to identify and backtrack which tasks have been done by you, and which ones by the thief, for which legally, you remain responsible for everything that your impersonator does.
Beware – do not carry your SSN number in you handbag or wallet. Do not give this number or any other personal information over phone or email to anyone. In case any bank or other such authority asks this of you, reply that you will do it in person. You CAN prevent social security identity theft – and prevention is the only way you will remain safe.
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