Credit Credit RepairLoan Credit Credit Repair
by Robin Leonard and John Lamb; Nolo, 268 pages ($24.99).
A workbook with a series of information on credit repair and restoring good credit. -- McGraw-Hill, 272 pages ($24.95). Deciphering credit reports, avoiding insolvency and repairing credit reports. -- The Complete Credit Repair kit by Brette McWhorter Sember; Sourcebooks, 448 pages ($19.95).
Cover credit reporting, reduce debts and find credit support. -- " The Credit Repair Handbook" by John Ventura; chaplain, 240 pages ($19.95). Describes how credit reporting and scoring work, corrects credit bureau issues and rebuilds loans.
All credit repair credits are not equally made.
Investigations by money facts in June last year showed that nearly 700 detrimental credit mortgages were available, an increase of 167 in the previous quarter. 2.3 billion euros were available in the first half of 2009. Consequently, brokers of course lead their customers instead to specialized creditors, as the companies are willing, willing and able to extend credit to a much wider group of borrower.
However, some of these creditors also offer these borrower the opportunity to fix their creditworthiness and later ensure a first-class hypothec. More and more brokers are marketing these in the form of credit repair loans. Borrower not only get easy credit that they would not otherwise get, but also - if they keep up with their repayment schedule - can regain their creditworthiness and move to one of the major suppliers with a lower offer.
An overwhelming proportion of credit repair mortgage loans are badly-designated. In simple terms, many of these offerings fail to live up to their promises, and consultants who make these assertions should be careful about how they meet their clients' needs. However, the creditors who check the credit files will still see any missing payment, default, bankruptcy or CCJ within the last six years.
Loan repair mortgages do nothing to get these off; nothing can. Those goods cannot, and have not been designed to, provide this warranty. Undoubtedly agents should support borrower by providing remedies that help them recover their loans - but that requires more than just encouraging pledges.
But advisors must be clear in their own heads and with their customers as to what these offerings can provide and what compromised credit mortgage loans can do. The thing they don't want to do is pledge a return that won't come true.