We can not pull or order your credit reports for you, beware of companies that do! A company or individual must have a “permissible reason” for pulling a consumers credit report. Permissible reasons are: judgment/collections, extension of new credit and employment screening. Since none of these apply to credit repair and inquiries count against your credit score, we will not pull your credit reports. Instead we will send you to a website were you can order a 3-in-1 credit report and receive it instantly on-line, it is a consumer disclosure and DOES NOT count negatively against your credit score!
How much does bad credit cost you?
Example 1: Financing an Automobile
If you are making payments on a typical auto loan, you are probably paying between $5,000 and $9,000 more in interest just for having bad credit. See the chart below.
|$20,000 car paid over 5 years:|
|Credit status||Rate||Payment||Cost of bad credit|
Example 2: Mortgage on a Home
Bad credit in auto financing can really hurt, but it is nothing compared to the cost of bad credit when a home is involved. A typical home can cost between $50,000 and $130,000 more in interest if you are buying the home with bad credit. See the chart below.
|$100,000 home paid over 30 years:|
|Credit status||Rate||Payment||Cost of bad credit|
How quickly can I pay off my debts with good credit?
The impact of a higher rate on a $500 balance, if you make a minimum payment of $10 per month:
|Number of months to be rid of debt||83||94||120||168|
|The interest you will pay over time||$329.42||$431.08||$698.50||$698.50|
What about Consumer Credit Counseling?
We have all seen countless ads for non-profit Consumer Credit Counseling agencies, but how can a non-profit organization pay so much for advertising, and if you don’t pay for their services who does? We know all those people don’t work for free, the phone companies are not providing them with free 800 numbers, and TV stations are not giving them free air time, so how are they doing it? They are “sponsored” by major banks and lending companies, and the way they keep their sponsorship is by collecting money for the sponsors! They may say they work for you, but we all know in the end, they work for whoever is pays the bills… This means they are nothing but collections agencies, sponsored by your lenders and creditors. Truly a wolf in sheep’s clothing. They also don’t tell you that they are going to destroy your credit rating when you enter their program. All of your accounts will be charged off and settled for less than the full amount will be entered on your credit reports. Your credit reports will also be noted that you are enrolled in their program, you might as well see if they can just stamp a skull and cross bones on your credit reports!
We are very different from a non-profit credit counseling agency, because we work for YOU, they work for your creditors! Depending on the age of your debts we can either remove them from your credit reports without you paying them, or settle them with a deal that is in your favor, not the lenders.The choice is up to you!
Who are the Credit Reporting Agencies?
The three major credit reporting agencies, also called Consumer Reporting Agencies (CRA’s) are NOT government agencies, they are for profit, multi-million dollar corporations that gather and sell your private personal information, to creditors, insurers, employers, landlords, and companies that solicit you for credit and insurance offers. They also sell your information to telemarketing and mailing list companies, without your permission and in most cases without your knowledge! They admit that errors occur on consumer reports, but they do nothing to correct them. If they really cared what they reported, they could send everyone a copy of his or her credit report once a year and ASK if everything is right! But they don’t, instead they report whatever they want and make the consumer “prove” that the report is inaccurate.
Why do the Consumer Reporting Agencies Dislike Credit Repair?
Because they lose money! A person with “bad credit” has 70% more inquiries on their file than a person with “good credit”, think about that for a minute, every time a credit file is pulled the CRA’s make money (in between three and five dollars a piece)! So do they want you to fix your credit, absolutely not! Thankfully we live in a democracy, where everyone is entitled to a fair defense. A courtroom would never stand for a prosecuting attorney to point his finger at you and yell “guilty” and then not prove his case… so why would we stand for the credit reporting agencies to do it? We agree with the law makers and Congress; that the credit reporting agencies must back up what they report about you. The real issue here is not always whether the information is even accurate or not, but is the reporting agency able and willing to prove it. If your defense is properly presented, it is usually more trouble for the credit reporting agencies to verify the information on your report than it is for them to simply delete it. You can appeal to the three reporting agencies yourself, or you have the right to hire someone to do it for you. The choice is up to you, we have helped countless people regain control of their credit situation, and we would like the opportunity to help you.
I would like to thank you at Fowler and Fowler for your services. My credit score is now above 700. I was able to get a car financed for only 6.9% and I have been approved for a new mortgage at only 5%. When I first decided to get help with my credit history I wasn't sure if it would be worth it. I would now freely recommend your services to anyone who has old credit history that is causing them problems.
C.L. of Tulsa. OK
Just a quick note to say thank you and you're doing a great job, please keep up the good work!! My FICO score has gone up to 625 as of today---from the low 500's in October, that's wonderful. Merry Christmas and Happy New Year.
L. R. of Naperville, IL