Scams are everywhere, and they can help bring down the public image of an entire industry. It is happening now with credit repair agencies. The Better Business Bureau (BBB) is cautioning consumers to keep a lookout for credit repair scams. While your credit score matters when it comes to buying a car, home, or even getting a job, you need...
Do you know your credit score? Most people don’t monitor their credit scores closely enough. As a result, their scores are not as high as they could be due to errors and unknown debts. The credit repair industry is growing as consumers are beginning to realize how credit affects their ability to make large purchases and even apply for certain...
Credit repair merchant accounts come with their own set of risk factors. This can be confirmed by the fact that conservative banks and traditional card processors will not give these businesses the time of day. One reason they contend is that the type of customer being helped is already on the line because they have had problems paying their bills...
Tax season is also the season when many check their credit scores. While there are many legitimate websites and services, some are not, and those can damage the entire industry. Credit repair agencies are who people turn to when they need to get their spending in check, pay down debt, and otherwise strengthen their credit score. You do not have...
Data breaches have continually been in the news over the last year. From Target to Neiman Marcus, consumers have been flooded with reports of their sensitive information being compromised. When Target’s POS system was hacked, it instigated consumer rage and a series of Congressional hearings investigating weaknesses in data security. Now in the wake of the most recent Home Depot...
Helping others when they have found themselves with credit difficulties is a rewarding business opportunity. Not only does it allow a way to help others, it can help to pay your bills and overheads too, because you charge a fee for your services. The important areas to consider are how your customers will pay you for your services helping to...
Tokenization is still a varied topic in the payment industry. Some consider it to be a taboo subject, while others are embracing it with open arms. The fact is, only time will tell what really happens with token payments. However, Apple is helping push the argument into the mainstream, thanks to their newly implemented “Apple Pay” system. While not everyone...
With the way the credit industry has suffered these last few years, many are very happy to see new credit repair merchants entering the arena. Consumers are happy as well. Having one smaller bill to pay every month is better than 10 or 15 accounts that will barely see the minimum payment. Credit issuers, whether branded or unbranded credit cards...
How the CFPB Works The Consumer Financial Protection Bureau (CFPB) began operations in July 2011, and takes complaints about a wide range of financial services including credit cards, mortgages, bank accounts and services, private student loans, auto and other consumer loans, credit reporting, debt collection, payday loans, and money transfers. On July 21, 2014, the CFPB announced that it...
Since the economic crisis of 2008 the economy has been slowly recovering. The latest data shows that the economy is continuing to grow and perhaps is getting stronger, coming close to reaching pre-crisis levels. In fact the Credit Default Indices show a decline in default rates. The S&P Dow Jones/Experian Credit Default Indices, which measures the changes in consumer credit...
