Daily Archives: October 22, 2008

Credit Repair, Debts, Financial, Financial Services, Money

While drinking my morning coffee I came across another one of these one way stories bashing Credit Repair

Its a pretty hard thing to do, ruining my morning coffee that is, but ABC news got me today! From the way this story reads it would appear that someone over at ABC owns stock in Trans Union, Equifax, and Experian. The story can be found here http://abcnews.go.com/Business/PersonalFinance/Story?id=6058693&page=1

I planned on doing an upbeat release today seeing as the cost of a gallon of gas has went down below $3.00, But once again the Doom Sayers force me to defend our industry.

I must say that the most appauling anti-consumer comment I have ever seen was part of this article “It’s ironic. People who are too strapped to pay their bills somehow scrape together enough money to pay a credit repair company.” Wow Elisabeth Leamy of ABC thats pretty harsh. I will go as far to say that it is an UnAmerican comment and goes against that whole Pursuit of Happiness thing that my country, The United States of America, belives in. It almost seems as if ABC and Elisabeth Leamy are unaware of the fact that according to the US PIRG over 79% of Credit Reports contain errors.

See it here: http://static.uspirg.org/usp.asp?id2=13649&id3=USPIRG

It sounds like ABC and Elisabeth Leamy would like to have us belive that seeking help from a professional is out of the question and illegal. Well, if that is the case, why do we have a law called the CROA?

See it here: http://www.ftc.gov/os/statutes/croa/croa.shtm

As a matter of fact I would like to quote the opening sentence of the CROA for the benefit of ABC and Elisabeth Leamy:

“(a) Findings.–The Congress makes the following findings:

(1) Consumers have a vital interest in establishing and maintaining their credit worthiness and credit standing in order to obtain and use credit. As a result, consumers who have experienced credit problems may seek assistance from credit repair organizations which offer to improve the credit standing of such consumers.”

Wow did everyone read the same thing I did? Sounds to me like the United States Congress says that consumers who have experienced credit problems may use credit repair. And all this from the FTC website! But wait a minute, ABC and Elisabeth Leamy just told us that the FTC says there are no legit Credit Repair Companies out there. So why would they put this on the FTC website? Perhaps ABC and Elisabeth Leamy should get the facts together and write an unbiased report on both sides of the story.

Oh and by the way ABC and Elisabeth Leamy if your reading this, by some miracle of god. Please read this press release, sent to all major news feeds, and tell me that we are all bad then.

http://www.prnine.com/releases-001162/credit/revolution-credit-solutions-inc-does-the-right-thing.html

http://eprnetworkblog.com/2008/09/15/revolution-credit-solutions-inc-rights-others-wrongs/

I will once again, for the benefit of ABC and Elisabeth Leamy, announce that if you have been victimized by one of these Bad Credit Repair companies you can get free help from us. All you need to provide us with is a copy of the complaint filed with the FTC and local authorities if applicable, and we will work with you for free. Tell me ABC and Elisabeth Leamy, do those sound like the words of a non-legit company?

I am going to end this release with some final quotes from the FCRA, this should give ABC and Elisabeth Leamy a beter idea of how the laws regarding credit reporting really work.

Quotes from the FCRA
“There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy.”

“(b) Accuracy of report. Whenever a consumer reporting agency prepares a consumer report it shall follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report relates.”

“(E) a statement that a consumer reporting agency is not required to remove accurate derogatory information from the file of a consumer, unless the information is outdated under section 605 or cannot be verified”

“(5) Treatment of Inaccurate or Unverifiable Information
(A) In general. If, after any reinvestigation under paragraph (1) of any information disputed by a consumer, an item of the information is found to be inaccurate or incomplete or cannot be verified, the consumer reporting agency shall–

(i) promptly delete that item of information from the file of the consumer,or modify that item of information, as appropriate, based on the resultsof the reinvestigation; and 

(ii) promptly notify the furnisher of that information that the information has been modified or deleted from the file of the consumer.

(B) Requirements Relating to Reinsertion of Previously Deleted Material
(i) Certification of accuracy of information. If any information is deleted from a consumer’s file pursuant to subparagraph (A), the information may not be reinserted in the file by the consumer reporting agency unless the person who furnishes the information certifies that the information is complete and accurate.
(ii) Notice to consumer. If any information that has been deleted from a consumer’s file pursuant to subparagraph (A) is reinserted in the file, the consumer reporting agency shall notify the consumer of the reinsertionin writing not later than 5 business days after the reinsertion or, if authorized by the consumer for that purpose, by any other means available to the agency.”

Thank You and God Bless America

For more on laws relating to Credit Reporting and Repair 
http://revolutioncreditsolutions.com/legal.html

To See actual results from our work in the past 
http://revolutioncreditsolutions.com/creditrepairresults.html

To See our service agreement 
http://www.revolutioncreditsolutions.com/Revolution…

To See our home page Credit Repair.

Via EPR Network
More Financial press releases

 

Banks, Checking & Savings, Debts, Financial, Money, Personal Finance

Lloyds TSB have reported that while many Britons have taken action to clear their debt, they are saving less money

Lloyds TSB Consumer Banking released a new report revealing that over half of UK adults have taken action to clear their debt, but despite gathering economic gloom, almost two in five Britons (37%) are saving less money.The ‘Financial Face of Britain’ report reveals the nation’s savings and spending habits, debt levels and tests Briton’s overall financial know-how.

The in-depth study, of over 5,000 adults*, shows a distinct change in financial behaviour as the credit crunch bites. But whilst spending levels have been curbed, the current financial crisis has hit consumer’s appetite to save at a time when acash reserve is vital.

The report reveals a third of people have changed their spending habits in the last six months and spent less to cope with the credit crunch, with almost 40% of under 35s reporting that they have been cutting back.

People have also reassessed their finances, with over half (55%) of UK adults taking action to clear their debt. Almost one in three (32%) have increased the amount they pay off each month, with a fifth (19%) focusing on paying off more of their debt which is on higher interest rates, such as store cards.

But, almost two in five (37%) are saving less, particularly the older age group; with 43% of 45-54 year olds currently neglecting their savings. While the younger generation are bucking this trend, with almost a third (32%) of under 25s currently putting more money to one side. But when it comes to long term savings, almost three quarters (74%) of under 25s do not have a pension and are not saving enough to secure their future.

Worryingly, one in five people have less than £500 in their savings, with four out of ten families having less than £500 available to them should disaster strike, making many consumers vulnerable to financial difficulty during these uncertain times.

In addition, over two million families are also failing to put enough money aside to secure their child/children’s future and the average family savings balance of£7,542 is considerably lower then the national average (£12,703) for a single person.

Consumers are aware that they need to save more but many people want more guidance and support to kick start the savings habit. Research shows that the majority of consumers are looking for advice and guidance on how to save more money and how to make long term savings.

Ian Larkin, managing director, Lloyds TSB Consumer Banking said: “It has never been more important to save. Economic conditions are set to become more challenging and a healthy savings balance could prove to be a financial lifeline for some families during the economic storm.

“But, with rising bills it’s becoming harder to put money on one side. We all understand the need to save but what consumers told us they need is more guidance and advice on how to save more when their finances are being squeezed. To tackle this, we are launching a nationwide programme to help get Britain saving, which is going to be packed full of advice on how to boost your savings balance and make saving a habit.”

About Lloyds TSB:

Lloyds TSB offers customers a wide range of current accounts, savings accounts,insurance, loans and credit cards, designed to meet different customers’ needs. Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes.

Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.

*Research conducted by ICM with 5000 UK adults between 29th July – 4th August 2008.

Via EPR Network
More Financial press releases