Month: January 2015

FTC Releases Latest Study on Credit Reporting Agencies

The Federal Trade Commission (FTC) on January 21, 2015 released its latest study on the 3 major credit reporting agencies (Experian, Equifax, Transunion). The study contains results about credit report errors. This was a follow up to a study issued in 2012 which discovered that, “that one in five consumers had an error that was corrected by a credit reporting agency (CRA) after it was disputed on at least one of their three credit reports. The study also found that about 20 percent of consumers who identified errors on one of their three major credit reports experienced an increase in their credit score that resulted in a decrease in their credit risk tier, making them more likely to be offered a lower auto loan interest rate.”

credit report errors

The follow-up study which surveyed consumers that had disputed one or more items on their credit report found that, “31 percent stated that they now accepted the original disputed information on their reports as correct. However, nearly 70 percent continue to believe that at least some of the disputed information is inaccurate. 45 percent said they plan to continue their dispute, and 50 percent plan to abandon their dispute, while others are undecided.

This latest study “also examined whether consumers from the 2012 study who had their credit reports modified after disputing information on their credit reports had any of the negative information that had been removed subsequently reappear on their reports”.

The study found that in only about 1 percent of the cases did an item such as credit report errors reappear after it had been removed.

The Commission issuing the study, “recommends that CRAs (Credit Reporting Agencies) review and improve the process they use to notify consumers about the results of dispute investigations, and that CRAs continue to explore efforts to educate consumers regarding their rights to review their credit reports and dispute inaccurate information such as credit report errors.

You can view the full study results here.

For information on how you can dispute credit report errors and derogatory items on your credit report contact us at: (619) 492-3040 or (727) 222-0120

Or, visit us at www.eracreditservices.com

Supplement Retirement Income – Use Your Skills, Work From Home

Some people who have recently retired from their job are not looking to settle into playing golf every day. Or, they may need to supplement retirement income. And, of course, many people of early retirement age have a wealth of experience and want to maintain an active daily schedule.

supplement retirement income

According to a Global Entrepreneurship Monitor (GEM) report, 18% of those involved in early entrepreneurship are over 55 and 7.9% are over 65 years of age. That number could be as high as it is due to many older people finding it difficult to procure employment that will pay them for their experience and skills. Or, they simply have worked for someone else for so long they want to be their own boss. Therefore they choose to start their own business.

In any case, starting a business from home is a great solution to supplement retirement income.

Our company, ERA Credit Services, working in conjunction with Financial Education Services (FES) has a business opportunity that may be a great fit for some of these people. It involves helping individuals get their personal finances on track, has services that the majority of the population needs, requires a low start up cost, provides a comprehensive training program, can be very lucrative, and can be done from home on a part-time or full time basis.

Our flag ship product is a set of financial services that helps people increase and protect their credit, identity, family, finances and future called the Protection Plan. The core service is credit restoration. Although we speak to everyone about our services our best source of clients is referrals from professionals in credit related industries such as real estate, mortgage, banking, auto, solar and other industries.

Many of our independent agents are people who want to supplement retirement income by using the skills and experience they have to develop relationships with these professionals and build a pipeline of customer prospects. In addition, those with management skills can build a sales team to create leverage in developing a string residual income.

FES has been in business since 2004 and is headquartered in Farmington Hills, MI. They have an A+ rating with the Better Business Bureau and conducts business in all 50 U.S. states. The flagship service, credit restoration provided by their credit restoration division, United Credit Education Services which also carries an A+ rating.

For more information, visit the ERA Credit Services website or call us at 727-222-0120.