Comments for Credit Repair College

Comment on Banks look at the five C’s of credit by Bryony

Bryony — Tue, 28 Oct 2008 09:33:37 +0000

This is great info to know.

Comment on Knowing the Payday Trap and How to Get Out of Payday Loan Debt by Jeff Kursman

Jeff Kursman — Tue, 30 Sep 2008 02:26:43 +0000

To add onto what Payday Lending Rep said, the only way to reach the much-hyped triple digit APR is to take out one advance and continue to renew the same advance every two weeks for an entire year. State laws and industry best practices do not allow this to happen.

Reputable payday lenders want customers to use payday advances wisely. The service’s goal is to be a solution for those who need low-dollar, short-term credit. A payday loan may not be the best choice in every situation. Payday advances are small, unsecured, short-term loans, usually due on the borrower’s next payday. The average loan is $300 and the typical fee is $15 per $100 borrowed.

Comment on Credit will tighten, but mortgage rates stay low by Improve Your Crdit Score Before Refinancing « credit score news aggregator

Improve Your Crdit Score Before Refinancing « credit score news aggregator — Sun, 28 Sep 2008 10:57:50 +0000

[...] First, said Deal, it’s always worth it to repair your credit. [...]

Comment on Are ID theft monitoring services worth it? by Jaikumar Vijayan

Jaikumar Vijayan — Mon, 15 Sep 2008 16:52:48 +0000

Privacy group says identity-theft monitoring services may be a waste of money

Many are overpriced and offer protections that can be had for free, PRC claims

July 29, 2008 (Computerworld) Consumers who sign up for identity-theft monitoring services may be getting a lot less protection against some common types of fraud than they assume they are, according to an online guide released yesterday by the Privacy Rights Clearinghouse (PRC).

What’s more, many of the services offered by identity-theft monitoring vendors can often be obtained for free, the San Diego-based privacy advocacy group claimed.

The PRC’s guide doesn’t mention any vendors by name and notes that the available monitoring services “vary tremendously” in what they offer. Even so, many of them are overpriced and don’t provide anything close to full protection against identity theft or credit fraud, said Paul Stephens, the PRC’s director of policy and advocacy and the author of the guide, which offers tips on selecting monitoring services.

“There is no correlation between the price you pay and the services you get,” Stephens said. People who think they need monitoring services should first make sure that there are no free or lower-cost alternatives that they can take advantage of, he added.

Comment on Knowing the Payday Trap and How to Get Out of Payday Loan Debt by Payday Lending Rep

Payday Lending Rep — Fri, 12 Sep 2008 19:27:31 +0000

Customers do have alternatives and these are important when it comes to making financial decisions. Payday loans are one of these options. When facing an unexpected expense between paydays and have to pay a bill today, customers look at their choices and make a reasonable choice. Customers tell us that they use payday loans to avoid other fees that are far more expensive (i.e. credit card late fees, non-sufficient fund fees, overdraft protection).

To say that payday lenders strive to get customers to continuously roll their loans over is invalid. Under Community Financial Services Association of America’s Best Practices, any customer who cannot repay their loan when due has the option of entering into an extended payment plan, allowing them to repay the loan over a period of additional weeks. This option is provided to customers for any reason and at no additional cost.

You claim that rollovers are frequent and that to believe otherwise is unrealistic, however, regulator reports show that more than 90 percent of payday advances are repaid when due.

Payday advances play a necessary role, providing hard-working people with a reasonable, well-regulated option for meeting unexpected or unbudgeted expenses and other short-term financial needs.

Comment on Cut through the confusion and vote ‘yes’ on Issue 5 by Karen

Karen — Wed, 10 Sep 2008 14:08:41 +0000

I’m thankful that the Plain Dealer and other newspapers are trying to help voters avoid confusion on election day. The payday lenders have worked very hard to blur the distinction between voting yes and voting no. To vote for lower interest rates and to end predatory lending, you need to vote YES. If you want to keep 391% interest rates, vote NO. I’m going to vote yes to help the hundreds of thousands of Ohioans that are caught in a cycle of debt! The YES folks have a website: http://www.yesonissue5.com

Comment on Knowing the Payday Trap and How to Get Out of Payday Loan Debt by John

John — Tue, 09 Sep 2008 20:03:01 +0000

You don’t need a debt consolidation service, and beware there are many of these service out there that are not reputable, and just take your money. Best advice is to go to the lender and work something out directly with them yourself. Most payday lenders have extended payment plans available, just ask for details. Also, if the payday lender does not want to work with you, then pay your bank to stop payment on the check and then see if the will work with you. They can not put you in jail and it is not enough to sue you over.

Comment on Knowing the Payday Trap and How to Get Out of Payday Loan Debt by How to Get Out of Payday Loan Debt | Profacere Blog

How to Get Out of Payday Loan Debt | Profacere Blog — Mon, 08 Sep 2008 12:12:57 +0000

[...] payday lender might offer you flexibility over the payment terms by allowing you a maximum of two one-month [...]

Comment on Credit repair is a DIY project by Correcting errors on your record is a task best done on your own — with occasional help from reputable sources « repair your credit right

Sun, 07 Sep 2008 19:12:54 +0000

[...] credit bureaus investigate disputed records electronically, and often the system fails to detect mistakes when they have [...]

Comment on AG’s time to review petitions upheld by York

York — Sat, 06 Sep 2008 19:35:56 +0000

The payday lenders have tried just about everything to continue charging 391% interest. So far, it’s just not working. They’ve filed several frivolous lawsuits, spent millions on commercials and lied to Ohio voters to their faces. Something tells me they ought to just try offering a product that is both effective and fair, rather than their predatory and trap dependent payday loans at 391% interest! It would save them and Ohioans a lot of time, energy and money!

Vote yes on issue 5!