CREDIT CARD COMPANIES EXPLOIT LOOPHOLES

This is why we do not advocate debt settlement/debt consolidation. We receive calls from consumers who trusted the debt settlement / debt consolidation company and next thing that happened either the company disappears or the consumer credit accounts are moved on to collections.

This situation with Linda Robertson could have turned out different had she known about our company. If she contacted us WHEN she was receiving collection letters, we would have steps for her to take for collection debt elimination and not pay any collector.

PALM BEACH, Fla. — For the companies that promise relief to Americans confronting swelling credit card balances, these are days of lucrative opportunity. Consumers rarely emerge from debt settlement programs with their credit card balances eliminated, these critics say, and many wind up worse off, with severely damaged credit, ceaseless threats from collection agents and lawsuits from creditors.

5 WAYS TO MINIMIZE YOUR CREDIT CARD PAIN

We only advocate having only one credit card for emergencies.The alternative way for credit restoration

BUILD CREDIT WITHOUT A CREDIT CARD

NEXT LEVEL CREDIT
“Taking Your Credit to the Next Level”

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Credit card rate hikes reviewed, penalty fees crimped

Most credit card penalties will be limited to $25, and fees for customers who don’t use their cards will be eliminated under rules released Tuesday by the Federal Reserve.

The Fed also ordered a review of all credit card interest rate hikes imposed since January 2009, including most of the record increases that came in the wake of a nationwide cutback on credit.

The rules, which implement a final set of changes that Congress passed in May 2009, take effect Aug. 22.

“The Federal Reserve’s guidelines issued today are great news for consumers,” said Rep. Carolyn Maloney, D-N.Y., one of the authors of the credit card laws.

READ the article: CNN Money.com 6/15/2010

*****

Let’s talk about staying away from credit cards. We advocate the consumer having one card for emergencies. READ our blog post on building credit without a credit card.

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

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Nothing is easy when it comes to money and credit, but this information we are about to tell you, in our humble opinion, is a method that is different and easy to help your credit restoration process and build credit for yourself. It is very creative and we are very excited to tell you about it.

A VISA/MC LOGO ACCOUNT / PREPAID DEBIT CARD

A PRACTICAL WAY TO BUILD YOUR CREDIT

ACCOUNT NOW APPLICATION

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Lori Swanson, Minnesota AG does it again. She is on the warpath in our humble opinion. This article is regarding collections and lawsuits from junk debt buyers.

Legislation set to be introduced in Minnesota later this month would ban the practice known as “re-aging” delinquent accounts, making it more difficult for debt buyers to collect debts – particularly in cases where the amounts owed cannot be verified.

The bill would require debt buyers filing collection lawsuits to produce documents that prove the borrowers being sued actually owe the debts. That paperwork includes a copy of the contract or written evidence of the original debt, an affidavit stating the date and amount of last payment and written proof that the collection company does, indeed, own the account.

Failure to do so could result in fines reaching $2,500 per violation – and consumers would have the right to sue for damages. The Minneapolis Star Tribune published a story about the proposed legislation in Tuesday’s edition. Read more here: ARTICLE

Highest debt buyers 2007 rankings according to revenues (in thousands)…

1 Sherman Financial Group $1,250,000
2 Unifund 375,000
3 Asset Acceptance Capital Corp. 344,100
4 FirstCity Financial Corp. 310,000
5 Encore Capital Group Inc. 255,140
6 Aktiv Kapital Group1 240,684
7 NCO Portfolio Management 186,963
8 Portfolio Recovery Associates Inc. 163,357
9 1st Credit Ltd.2 107,546
10 ASTA Funding Inc.3 101,979
11 Intrum Justitia Group 59,000
12 Lowell Group 56,000
13 New Century Financial Services Inc. 47,000
14 Professional Recovery Systems LLC 35,000
15 RJM Acquisitions LLC 32,000
16 Resurgence Financial LLC 23,000
17 The Sagres Company 12,500
18 Streamline Capital Partners LLC 1,850

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

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Read below about the new program:

“As you know, we have been helping homeowners with mortgage problems for several years.

We have been successfully helping those facing foreclosure by stopping the foreclosure process, and giving the borrower six months of grace from mortgage payments. By getting the attention of the lender, it usually allows us (or the borrower) ample time to work out some form of relief with their lender.

Just recently we have developed two new programs that we believe will offer even greater benefits to those in some form of distress. Usually in a distressed situation, the borrower finds themselves wanting to either keep the home and get some mortgage relief, or just walk away from it. For whatever reason they might want to keep it, we can cause the mortgage to be completely rewritten, at about 40% of the current market value of it. If they want to just walk away from it (perhaps underwater with the mortgage), we can get them 5% of the current market value for doing so. In either case, their credit does not suffer a foreclosure, a bankruptcy, or any deficiency judgment, and their credit rating may even improve. We cannot address any lates, but those are more quickly resolved by the borrower than the more serious issues.

For those who have recently gone through foreclosure, we are able to keep them in the property, rent free, for six months, enabling them to more easily transition to new housing.

We are also able to completely address relief from credit card debt.” (not relief from collection debt – contact Next Level Unlimited for collection debt elimination)

“Taking Your Credit to the Next Level”

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We heard on talk radio last week something interesting about credit cards. When a consumer pays off the balance in full that month, they will be penalized. We have not confirmed it and still are checking into it. We want you to get rid of the collection debt in your life, clean up your credit report and raise your credit score. We advocate ONE card of your choice only.

We posted this article below for you to read here and click on the link below about 5 other reasons you will be snapped into reality about credit cards. You will eliminate your collection debt and you will raise your score. You may be tempted to get credit cards again.

Five evil things…  

What’s a cardholder to do?

Consumers must pay close attention to the terms of their contracts, staying alert to any changes.

“It’s boring reading, and it can be hard to understand, but that’s where everything is spelled out,” said Lowcards.com’s Hardekopf.

Of course, while there are laws aimed at helping consumers, legislation can’t do it all.

“As we close the loopholes on some things, they open up elsewhere,” said Consumer Union’s Banks. “Reform acts don’t cover everything, and cardholders have to watch out for their own accounts.”

And if you don’t like your credit card’s new terms? “Shop around — you are not married to your card,” Hardekopf said. “It’s a partnership, not a lifelong contract.”

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

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You know how we feel about credit cards. We advocate ONLY one AFTER your credit score is restored and up to 700 at least. All of the consumers we talk to do not have a problem with that at all. They have learned an expensive lesson and have a very bad taste in their mouth about the little piece of plastic.

The consumer was a target with a score of 600s back in the 90s. The consumer thought they wanted to keep up with the Jones’. The Jones’ are in credit card debt for the next 60 years and no one knows. Society is to blame? Or what about the fact that we do not make enough money at our job to have the “nicer” things in life? This really boils down to psychology and marketing and what we do not have in life. Credit cards make you feel soooo good. Well see where that got us!

The creditors greed saw an opportunity of trillions of dollars with consumer credit cards. Who to blame? Ah, the blame game. The creditors and MARKETING put the temptation out there, and WE bit. Blame is on both parties.

Here are some articles to inform you of changes today. Even though you may not have a credit card at this stage in your life, it is very important that you are aware of significant changes because soon your financial situation will be in another stage (credit restoration) and you will be able to have ONLY one card. For emergency only!

NEW YORK (AP) — The rules your credit card company operates by will start getting much clearer on Thursday. But just because you’ll know what they’re up to doesn’t mean you’re going to like what you learn.

Regulations aimed at reining in practices like unexpected interest rate increases and credit limit cuts start with two rules. Consumers will now be given advance warning of any major changes to the terms of their accounts, and get more time to pay their balance after receiving a bill.

and more. . .

Effective today, new lending and interest rate laws will force credit card companies to provide customers with more time to pay their bills. The companies will also need to warn customers in advance of any major changes to the terms of their accounts.

NEXT LEVEL CREDIT ”Taking Your Credit to the Next Level”

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We know these myths are out there floating and questionable and we are excited to have it here in print for you to read. Knowledge is power. Learn the facts about credit restoration.

750 is the new 720 — at least as far as average credit scores go. As today’s lending requirements remain tight, credit is harder to come by, and it’s tougher to get an above-average credit score than it used to be. A higher score could translate into a better interest rate and save you thousands of dollars. Whether you’re thinking of refinancing your mortgage, purchasing a new home, or taking out a car loan, it’s especially crucial today to understand what affects your credit report — and what doesn’t. There are common misconceptions about credit reports, and believing in untruths can hurt you. Read on to learn more.

1 – Myth: I can boost my credit score by closing credit cards I don’t use.

Fact:

Think twice before closing an account — especially if it’s a credit card you’ve had for several years. Your credit rating is determined in both the duration an account has been open and the balance in relation to the card’s limit, says Rodney Anderson, managing partner of Rodney Anderson Lending Services, a division of Supreme Lending, located in Plano, Texas. If you’re inclined to close your account, you’re much better off just sticking the card in a drawer — being sure to keep your account active, he says, by using it at least once every three months.

2 – Myth: Checking my credit report will lower my score.

Fact:

A “hard credit pull” — the type of examination that’s made for those applying for a new credit card, say, or a mortgage — stays on a credit report for six months, and it will lower a credit score. But checking your own credit report, contrary to hurting your score, is “a great tool, especially when you’re making big-ticket purchases,” says Charles Harris, an executive at FreeCreditReport.com. “The higher your score, the more likely you may be able to negotiate lower interest rates, which gives you more control over your personal finances.”

3 – Myth: My age, race, gender, marital status, religion, income, or home address can affect my credit score.

Fact:

Not true, says Lynnette Khalfani-Cox, author of Zero Debt: The Ultimate Guide to Financial Freedom. Federal law prohibits credit scoring from taking any of those factors into account.

4 – Myth: If I negotiate with my credit-card or mortgage company, my credit score will go down.

Fact:

Not necessarily, says Spencer Sherman, author of The Cure for Money Madness and founder of financial advisors Abacus Wealth Partners. If you’re up-to-date with payments, then negotiating your credit-card or mortgage payments will not likely affect your score,” he says. To protect your score, he advises, try extending the term of the loan or negotiating a reduction in interest rate, rather than trying to get the principal reduced.

5 – Myth: I pay cash for everything and don’t buy on credit or use credit cards, so my credit score should be excellent.

Fact:

Having no credit history, or never using credit, can actually hurt your score, Khalfani-Cox says. Card issuers tend to view customers with neither debt nor credit cards as higher-risk than those who have cards and who manage their debt responsibly. Credit-rating agencies like to see that you have a history of paying credit obligations on time.

6 – Myth: My $6 library-card fine couldn’t show up on my credit report.

Fact:

Return your overdue books at once. Even miniscule library fines can lower a credit score by as much as 50 to 100 points, says Rich Rosso, a financial consultant for Charles Schwab & Co. Same with unpaid parking tickets and utility bills. If you pay up before your debt reaches a collection agency, you should be OK; your library probably posts its collection-agency policy online. “Every municipality appears to have various time frames for collection based on size of the debt and the length of time it’s been in arrears,” Rosso says. Cedar Rapids Public Library in Iowa, for example, will initiate a courtesy reminder three times after items are due. If fines are still not paid and books are not returned, then the borrower’s account may be turned over to a collection agency.

7 – Myth: If I pay off a collection account, my credit score will clear immediately.

Fact:

Not so. “Paying off a collection account will not remove it from the credit report,” Rosso says. “It will remain for seven years.”

8 – Myth: As far as credit rating is concerned, all credit cards are the same, whether it’s a Visa, an American Express, or a card from a department store.

Fact:

Stay away from store-brand credit cards. Approximately 10 percent of a person’s credit score is based on the institutions from which money is borrowed, says Anderson. Finance companies, which are often used by retailers that offer their own credit cards, are considered higher risk than banks. For example, Wal-Mart cards are backed by GE Money Bank and Ann Taylor credit cards are issued by the World Financial Network National Bank. “A prevalence of credit lines from finance companies could negatively affect your credit rating,” he says.

9 – Myth: “It’s OK if my card issuer lowers my credit limit a little bit — I never max out my cards. I keep my balance lower than 75 percent, so I should be fine.”

Fact:

That’s wrong, Sherman says. “Most people stay just at the edge of their credit limits, but you want to stay well below your maximum available credit.” That’s because 30 percent of your credit score is dependent upon the percentage you are using of your total available credit. Aim to keep your balance within 25 percent to 35 percent of your credit limit.

10 – Myth: I don’t make enough money to have a good credit score.

Fact:

While people with more money tend to have better scores, your income has no effect on your credit score, says Avinash Karnani, co-founder of justthrive.com, a personal-finance management site. “People who make more money are less likely to be borrowing above their limits and paying for things on credit, rather than using existing funds,” Karnani says. But anyone can improve his or her credit score by paying down debt, monitoring your credit report to track how often you’re applying for cards and loans, and making sure to keep your oldest credit card open so it remains in your credit history.

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Depending on the type of debt you have currently will gauge the amount of steps to debt elimination. Debt elimination is a big word with different meanings.

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We can be discouraged after reading this blurb below from a consumer but once again we have hope, AND determination, perseverence, tenacity and PASSION for the truth. We have not really said out loud here on this site…if you have not figured it out yet CREDIT REPORTING AGENCIES (CRAs) are not helping consumers. NOT.

All this sales and investment in software tracking you, but they can’t see what’s in front of their face when you send them proof the Collector is wrong.

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