After a search on Google, Bing or Yahoo in an attempt to find the best credit repair company San Diego you have probably found several listings. Every one of them tells you they’re the best and most effective. Calling all these companies is very time consuming so here are some answers you want to get before proceeding.
A National Company vs. a Local San Diego Credit Repair Service
Which should you choose? It’s seems like it would be best to work with a local company. But many local credit repair companies are one person operations that have limited resources in their abilities and have no backup should something happen to that one person such as illness, vacation, closing their business and worse. What happens to your account and money? The national companies typically have poor or no personal customer service. And, what’s your recourse should you not get the results you’re looking for?
Solution – ERA Credit Services is local and national. We have been providing credit repair services to San Diego consumers since 2012 and pride ourselves on giving the personal service you expect. However, we are also part of a national credit repair company with 15 years experience and phenomenal customer support. You have the best of both worlds. And, you get our Customer Satisfaction Guarantee that will be honored no matter what happens to us locally.
Pricing – It’s simple. There’s one time account set up fee of just $99.00 and a monthly fee of $89.00. Here’s the key. Many companies that charge a monthly fee drag their feet. They prolong the process needlessly costing you more monthly fees. We aggressively try to remove all your derogatory items immediately reducing the amount of time you’ll be on service with us. Our goal is to be the best credit repair company San Diego. And we’ve proven for since 2012.
How Can You Stay Informed About the Progress of Your Credit Restoration?
Most companies send and receive communication directly to and from the credit bureaus. You are not part of the process and therefore have no way of knowing what’s happening with your account.
We get so caught up in the process of earning income to pay our bills, that we don’t take the time to protect the very valuable assets that what we have and the people in our lives such as our identity, credit, children, spouse, and plans for retirement in our to have financial peace of mind.
It may take a life changing event such as marriage, divorce, or birth of a child to assess what type of protections we have in place for our future. This is aNO BS 10 Point Plan to protect what you have and plan for the future.
Here is a 10 point plan to gain overall financial health and financial peace of mind
1. Know your Credit Score
Today our credit score is like a vital sign of our overall financial health. A low credit score can impact paying higher interest rates & insurance premiums. You can be denied the ability to purchase a home, buy a car, rent an apartment or even be denied a job. And reports show that 4 in 5 credit reports have errors on them causing a lower credit score. Credit Reporting Agencies pay millions of dollars each year in fines for not accurately verifying information and therefore report erroneous items to your credit file. Get a free copy of one or all 3 of your credit reports by visiting www.annualcreditreport.com (Experian, Equifax and Transunion).
2. Get your credit score to 750 or above so you can save the most money and have the most control over your financial future
Having a credit score lower than 750 can cost you over $200,000 and upwards of $1 million over the course of your lifetime! If you do not have a 750 score, the good news is that you can restore your credit score. You can potentially remove obsolete, erroneous, and unverifiable items from your credit report through the credit restoration process. There are solutions, education & systems on how to maximize your credit profile and boost your score.
3. Establish online credit related tools that enable you to monitor your credit reports and credit score, learn positive credit habits, and remove derogatory items from your credit reports
There are several online tools available today to help you in these areas. But it’s best to find a suite of tools available in one place to help in all these areas. Many online tools don’t give you a clear picture or work on a real time basis and therefore alert you when it’s too late. Having the right tool is key.
4. Have all of the following in place: Last Will, Living Trust, Health Care and Financial Power of Attorney
Having these vital documents in place can protect your family and save them the excessive cost of Probate. A Will alone without a Living Trust does not avoid Probate. A Will can be contested causing a financial & emotional strain on your family. Having all 4 documents in place allows peace of mind that your wishes are followed. It will also relay your medical and financial wishes should you not be able to do so yourself.
5. Have all of your personal and financial documents and information organized in a place that the people you designate could easily find if something were to happen to you $58 billion per year goes unclaimed in life insurance, pensions, stocks, bank accounts and other assets because loved ones simply don’t know they exist or where to find them.
6. Have Identity Theft Protection
Every 3 seconds an identity is stolen. The IRS has established a division to deal with nothing but identity theft. The FTC says 10 million Americans will have their identity stolen. It’s not a matter of if, it’s a matter of when you will have your personal and financial information compromised.
7. Have a budgeting and debt payoff tool, game plan, and time frame of when to be debt free Living our lives in debt is not something we have to do. The fact is that we can use the same amount of money we are paying out in debts right now and get ourselves out of debt. We can know that exact date we will be out of debt, and do it in nearly half the time. There are online tools available to help you with accomplish this.
8. Have $100,000 minimum in life insurance
$100,000 doesn’t go as far as it used to but it still will pay for final expenses, any outstanding miscellaneous debts such as credit cards, and not put any financial burden onto our loved ones.
9. Have a second income stream
In today’s economy one of the riskier things we can do is depend on one income whether it be a job or business. Options are critical to have if something unforeseen were to happen with our primary source of income. Reports show that if the average American were to lose their job, it would result in financial turmoil in a matter of weeks. The average debt per household is over $225,000 with many having less than $500 in savings.
10. Educate your children on matters of personal finance
Our school systems have never taught students how to be responsible with their finances as adults which is why many have learned the hard way. Schools today are no different. It is up to us, as parents, and older family members to educate our children how to take care of their finances.
We hope you found this information helpful.
If you would like to download a copy of this guide click below.
If you just searched on the internet for ways to determine how to choose the best network marketing company you saw that there are dozens of articles and blog posts on the subject. I have done so as well and want to share with you a company that passes every test that I have come across.
Please note that we represent Financial Education Services (FES) and have since 2012.
My wife is now also full time and we are partners in building our business. FES has helped us replace two full time incomes. I would like to be clear and obvious to the reader that we are looking for solid, hard working, individuals that are, in turn, looking for a network marketing opportunity. However, don’t let that take away from the fact that this company is well worth researching as a part time or full time career.
Let’s take a look at what they say and then describe the attributes of the FES.
Longevity– look for a company that’s been in business at least 5 years so you know that it has survived the period in which 95% of all companies fail.
FES- has been in business since 2004. Started network marketing business model in 2010.
Capitalization or Debt Owed– Find a company that is not leveraged to the hilt. They may have a great product and compensation plan but if the company doesn’t survive it won’t matter.
FES- is a debt free company and is growing consistently with a 30% to 100% annual sales revenue increase. It should be noted that FES carries an A+ BBB rating.
Ownership– Articles do differ on this topic. Some state that you should look for companies that still have the original ownership. Others say that the company should be publicly traded so that you can view financials. You’ll have to go with what you’re most comfortable with.
FES- is privately owned by the two gentlemen that started the company in 2004. They bring over 30 years of experience from the financial services industry. They have also teamed up with two people that bring over 50 years of experience of training and building sales teams in the network marketing industry. Their goal is to have the best network marketing company possible.
Product or Service– There should be a strong need for the product or service. The product or service should be unique and not easily purchased elsewhere. The product or service should be manufactured or delivered by the company and not outsourced.
FES- the core product is credit restoration. If you have stellar credit simply ask friends or any real estate agent or mortgage broker about the number of people with challenged credit. And, you can’t get credit restoration from a reputable company at a retail store. In addition, FES has a dozen other services such as online credit monitoring, identity theft protection, and a will and living trust. Lastly, the credit restoration service is provided by United Credit Education Services which is operated by the ownership of FES. United Credit Education Services also has an A+ BBB rating.
Inventory– Do you have to buy inventory when you start and/or continue to buy inventory?
FES- there is no inventory to purchase. However, FES does offer a Protection Plan to its Agents that contains all the services it offers for just $87/month. It’s a benefits package that also includes up to $100,000 in life insurance. An added feature is that, as an Agent, once you have 5 Protection Plan Customers or Agents on your team that are on the Protection Plan, your benefits package is free.
Customer Purchases– Will customers buy what you’re selling without becoming part of the business opportunity?
FES- the credit restoration service is sold to thousands of customers each year that are not Agents of FES nor ever become an Agent. In fact, a significant amount of the sales comes from referrals from professionals in credit related industries such as real estate, mortgage, banking and automobile.
Immediate Income– can someone earn income quickly or do they have to build a large team first?
FES- the commission alone on the credit restoration service is up to $100.00 giving a new Agent the opportunity to earn $400 per month on one sale a week, or $2,000 a month on 5 sales a week. This has nothing to do with building a team or recruiting. This does not include the residual income from each monthly payment your client makes.
Compensation Plan– Is the compensation plan designed to encourage building deep (helping your team) versus building wide (only helping yourself)?
FES- the compensation plan is designed to build deep. In fact, you only need 5 people front level to reach the top position in the company. And, part of the qualification for each new title and increase in pay is that you help others on your team.
Marketing and Technology– Does the company provide a customizable website, customizable marketing materials, and other marketing collateral both online and offline?
FES- Provided to each Agent is all of the above and very comparable to the top companies in the industry. Also, there are marketing videos, a CRM, and landing pages for each Agent.
Training– does the company provide online and offline training opportunities?
FES- There is a full curriculum of training consisting of an online video library, a series of weekly conference calls and webinars conducted by the top people in the company, and a series of live seminars that are conducted in cities around the country. This gives Agents the opportunity to learn from the top producers in the company on a regular basis so: 1) they do not have to rely on their sponsor’s level of knowledge or experience 2) they can develop a nationwide team and plug those people into the training system regardless of their own level of knowledge and experience.
I realize you may want further details on any and all of the above topics. As well, there may be other criteria that you may want to look into. This was written with the sole purpose of getting you to consider FES and contact me for more details.
FES may not be the best fit for you. You have to be or become passionate about what we do to help people with matters of personal finance. As well, you have to commit to your success in the business, be willing to get trained and execute what you learn. Success with any opportunity requires hard work and dedication.
Why contact us?
That’s a great question as well. In more than one article written about how to find the best network marketing company it suggests you enroll under someone that has proven and documented success with the company.
My wife and I (Dale & Shirley Guiducci) are full time with FES. We have reached the position of Vice President. As I stated above, FES has replaced both our previous incomes.
In 2013, our 1st full year, we were #2 in Sales and #2 in recruiting. We received the “Most Improved” award and were in the top 5 producers during a 5 month long annual Cruise Contest.
In 2014, we were #1 in Sales and #2 in recruiting. We received the “Outstanding Achievement” award and were #1 in the annual Cruise Contest. We were also inducted into the FES Six Figure Club.
In 2015, we were #2 in sales and #3 in recruiting. We received the “Leadership” award and were #3 in the annual cruise contest.
In 2016, we were #4 in sales, recruiting and was the #4 Most Valuable Agent in the company. We were again, #3 in the annual cruise contest. Also that year we reached the 1st level in the companies R&R Club and were awarded an Audi A5.
Feel free to visit the site we built for our team of independent Agents, EntrepreneurSkill.
Dale & Shirley host national training conference calls and webinars. And, have conducted live company overviews and trainings around the country from San Diego to the Tampa Bay area. Dale is also a trainer with Entrepreneurs International. A company founded by entrepreneurs, for entrepreneurs. EI teaches people the skill set and mind set necessary to be a successful entrepreneur.
We look forward to first providing you with further details so you can make an independent judgement and determine if FES is the best network marketing company. Then we would like to get to know you and have you learn about working with us. If all that feels and looks right then you can truly make an informed decision about your next career move.
There are no guarantees in attempting getting a mortgage with bad credit. However, with pending rate increases and still a reasonable real estate market, it’s worth a try. And, if you work on a few things you can increase your chances for approval.
Stesps you can take to get a mortgage with bad credit
The amount of income is not necessarily “the” key factor. Mortgage lenders are willing to grant a mortgage loan with poor credit as long as the borrower can demonstrate their ability to make repayments for the 25 or 30 years of the mortgage term.
Typically a borrower has to have enough income and low enough existing obligations so that the amount of those obligations plus the mortgage payment represents less than 40% of their income. For example, with a monthly income of $5,000, if the mortgage loan repayments raise total debt repayments to less than more $2,000, then the application can be approved.
Even with a low credit score if other factors are in place, and the borrower is showing increases in their credit score the underwriter may look more favorably on it.
There are two ways to increase a credit score. One is to build positive credit by getting credit lines (credit cards, etc.) that will turn into positive trade lines on the credit report. The only issue with this just before applying for a home loan is that it may appear that the borrower is trying to access too much credit, and eventually have too large of a credit limit.
The other way to increase a credit score rather rapidly is though credit restoration or what some people refer to as credit repair. This is the process of getting older derogatory items removed from a credit report because the creditor does not validate or verify the accuracy of the account. This can be done by the consumer but it is advisable to use a reputable credit restoration company. Just as someone could represent themselves in court it isn’t the best use of someone’s time nor do they perhaps have the expertise necessary for success especially if you are trying to get a mortgage with bad credit.
There is no underestimating the advantages of providing a large down payment. Usually, about 5% is the minimum required. But when it comes to applying for a mortgage loan with challenged credit, it may require a substantial amount more. For example, a 10% down payment on a property worth $250,000 requires $25,000. The financial discipline required to get $25,000 together is significant. This kind of discipline is exactly what lenders want to see before approving a mortgage loan.
Since we began representing United Credit Education Services in 2012, we have always strived to be a part of our community and support local businesses. We realize the challenge small business owners face and the huge benefit of referring business to each other. That is why we are proud to announce that ERA Credit Services is now a member of the Central Pinellas Chamber of Commerce.
We are very pleased to be a part of the Central Pinellas Chamber of Commerce.
We have already begun to establish meaningful relationships with business owners in the area. We look forward to helping small business owners with challenged credit as well as real estate, mortgage and banking professionals that need credit worthy clients.
The Central Pinellas Chamber of Commerce is one of the most active groups we have joined. In addition to leads groups that meet every two weeks, there are a variety of events that occur throughout the month that are always well attended by members and guests. As well, there are opportunities to host happy hour or other meeting events for more exposure for our business.
For more than 60 years, the Central Pinellas Chamber of Commerce has been empowering business by providing the necessary tools and resources to help them succeed. This includes networking leads groups, government advocacy and economic development initiatives in addition to programs and events focused on professional development.
If you would like further information about Chamber of Commerce activities and the benefits of joining the Chamber call Membership Director, Kathy Pabst Robshaw at 727-584-2321.
Below is some great information for every consumer on first getting, and then maintaining a good credit score.
Monitor Your Credit Report
First, in order to know if you have a good credit score, enroll for an online credit monitoring system that alerts you if there are changes to your report and/or credit score. We suggest SmartCredit.
Use Credit Cards Like a Debit Card
For building and maintaining a good credit score treat your credit card like it’s a debit card. If you can’t afford to pay off a purchase at the end of every month don’t make that purchase. And, use cards with benefits (travel, points, etc.)
Credit Card Balances
If you have to maintain a balance on your credit cards make sure it is low relative to your limit. A good rule of thumb is under 30% of the limit. The credit reporting agencies all consider debt to limit ratios an impact factor in calculating a good credit score.
Use of Credit Cards
If you have credit cards use them periodically, even just once every few months. A dormant card reduces the impact on a good credit score.
Resist Department Store Cards
If you have major cards you don’t need a store card. They usually come with annual fees and high interest rates.
Resist Co-signing for Others
When you co-sign for another on any type of loan you give up control of credit history to another person. If that individual is late on a payment in can cost up to 60 points and affect your good credit score.
Expand Your Portfolio
Maintaining a good credit score requires more good credit. If you have just a secured credit card, apply for an unsecured card after 6 to 9 months. But don’t have more than 3 credit cards. It’s simply not necessary.
Keep Track of Automatic Payments
Payments that are automatically deducted every month from your checking account by giving a creditor your debit or credit card must be monitored. If your card expires they can quickly turn into late payments. Late payments can have a huge impact on your good credit score.
Note Annual Fees
If you have credit cards and other accounts with annual fees make sure you pay those fees promptly. Sometimes they go unnoticed and therefore, unpaid causing late payments and delinquencies.
Keep Inquiries to a Minimum
Hard inquiries can cost you points on your credit score. Keep inquiries from prospective creditors to a minimum. Be especially careful when purchasing a car. Some dealerships and car lots will have several finance companies run reports on you all on the same day.
If Your Credit Score is Below 640, Get Help
A credit score below 640 will not typically put you in a position to qualify for a mortgage. As well, it will cost you more in interest rates and deposits for credit cards, insurance, cable, cell phone, other utilities and more.
Often consumers get calls from debt collectors or collection agencies stating that they owe a sum for a past due bill such as a credit card, medical bill, or other type of debt. In many cases, because of the strong stance taken over the phone by the debt collector, consumers panic and send them payment without knowing whether this company truly owns the account and legally can collect on it.
Think about it. Couldn’t anyone who simply knows about an overdue account call people and collect money if they are not forced to validate and verify information about the account and legally collect on it?
Within five days of their initial communication, debt collectors are generally required to send debt validation notices to alert consumers about their right to request proof that a debt is valid or dispute the debt. In other words, they must first, prove they own the account or otherwise can collect on it. And, they must inform the consumer of their right to dispute the debt.
The Consumer Financial Protection Bureau (CFPB) has found that Syndicated Office Systems, LLC, which does business as Central Financial Control, failed to send debt validation notices to more than 10,000 consumers. During this time, the company continued to collect over $2 million from consumers who did not receive the notices. These notices can be an especially important consumer safeguard with regard to medical debt, where issues like insurance reimbursements and medical billing processes are commonly fraught with complexity, confusion, and delay, and can lead to consumers being unsure of how much to pay or even whom to pay. More than 43 million Americans have medical debt adversely affecting their credit reports, and more than half of all overdue debt on consumer credit reports is from medical debt.
Consumers, when contacted by debt collectors, can request validation of the debt. If they do not receive validation in the mail they should not send any payment.
There are companies that call consumers and try to collect money on debt that they do not have the legal right to collect on. Some consumers have made payment to these fraudulent debt collectors and have not received credit and thus lost their money.
Bad credit and low credit scores can affect your life in many ways.
Bad Credit can prevent you from getting a decent payment on a car loan, or qualifying for a mortgage, line of credit or credit card. We all know that. But we don’t usually think about the fact that poor credit can hurt relationships, restrict you from being able to move, or even find a job. Here are some things to think about.
Bad Credit Can Affect Relationships
If you can’t borrow money due to bad credit, you may consider asking a friend or family member to help. Being late on a credit card payment will damage your credit rating. But being late in paying back a friend can damage the relationship. Bad credit can also have a terrible impact on marriages. Financial troubles are the leading cause of divorce in America today.
One of the best uses of a credit line or credit card is to have it in the event of an emergency such as a medical issue. However, if you are “maxed out” on a credit line and have a low credit score you risk not being able to handle such an emergency.
If an emergency such as a natural disaster, or if an opportunity such as a job offer in another area comes your way, you may not be able to leave. In addition, having bad credit can keep you from getting a travel rewards card allowing you to save money using mileage points to purchase tickets and accommodations.
Automobile insurers in some states increase auto insurance rates partly based on credit score.
Although some states don’t allow credit scores to be a factor in determining home owners insurance rates, in the states that do allow it people with bad credit pay at least twice as much as those with good credit.
Renting a Home or Apartment
More and more landlords, including owners of one or two units, are checking credit reports of applicants. Credit score and lack of evictions directly correspond to how responsible someone is.
Less than perfect credit can cost you $200,000 and up to $1 Million in higher interest payments over your lifetime.
You might be required to pay a deposit in order to get service if you have a bad credit score. It could be a significant deposit if you’ve been late on utility payments or defaulted in the past.
The Fair Credit Reporting Act allows government agencies that regulate professions to use credit reports. This means that states can require proof of creditworthiness before issuing everything from medical licenses to doctors, to construction licenses to contractors.
Quality of Life
Debt can keep you from getting an education. It can keep you in an unhealthy relationship. It can keep you from getting a better job. Debt can keep you from fulfilling your potential as a person.
What Should You Do?
There are ways to clean up a credit report potentially and even more to increase a credit score. Someone who has poor credit needs a game plan and a coach to educate and guide them. Give us a call and let the healing begin.
In April, the Wall Street Journal reported that soon consumer FICO credit scores will reflect payment history on utilities, cell phone accounts, and cable bills. How often someone moves will also be a factor in their FICO credit score.
It is unclear at this point how many consumers have already seen a change in their FICO credit score as a result of FICO working with 12 credit card issuers to test the new scoring model in lending decisions. The new scoring model is slated to be used nationwide by the end of 2015 providing a credit history for 53 million more consumers that currently don’t have one.
It is also unclear how this may affect consumer FICO credit scores. It may help those people with little or no credit history to establish one. It may also help those with an established credit history to bolster their score if they have an on time payment history in these areas. Currently, the only time payment history for utilities, cell phones or cable bills is reported is when there is negative information such as delinquent or unpaid amounts.
The new FICO credit score model will also report on how many times a consumer changes addresses. Frequent changes of address may lead to a creditor deciding that someone is unstable financially.
This represents an opportunity for the credit reporting agencies (Experian, Equifax & Transunion) to grow their business. Bringing into the fold 53 million more consumers will mean more data being submitted by creditors, more credit reports being pulled, and more consumer FICO credit score data being purchased by companies for marketing purposes. All of which generate revenue for the 3 agencies. It also means that companies will now have more data on more consumers allowing them to expand marketing efforts to these consumers.
These changes reflect a major change in the existing FICO credit score model. How much it will affect existing consumer credit scores and how many more consumers will now have access to credit remains to be seen.
The 3 large credit reporting agencies (CRA’s), Experian, Equifax & Transunion have collaborated on and announced the creation of the National Consumer Assistance Plan which they say will change the way unpaid and paid medical debt will be reported on a consumer’s credit report. This self imposed plan will also require the CRA’s to gather more and accurate information from creditors when an item is disputed by the consumer. This should help consumer credit.
The CRA’s will now wait 180 days before reporting unpaid medical debt allowing more time for the consumer and their insurance company to arrange for payment. In addition, paid medical debts will be removed from consumer reports, which is a change from the current 7 year reporting policy.
Also the CRA’s will hire and train employees to address and respond to consumer disputes. Currently the practice is automated in that over 85% of the disputes are simply sent to the creditor to address the issue.
This is certainly a step in the right direction.
However, it remains to be seen if Experian, Equifax and Transunion are committed to providing accurate information on consumer credit reports or of this is simply a measure to slow down the scrutiny of the federal and some state governments.
No Change as of June 2017
We originally posted this blog in March of 2015 when the report first came out. However, as of June of 2017 there has been no recognizable change to the way paid or unpaid medical debt is being reported. And, certainly no help for consumer credit scores. Since PR News Wire reported this there has been no follow up. We’ll assume that’s because of the difficulty in getting 3 separate $billion companies on the same page. Or, we’ll chalk this up to an attempt by the CRA’s to get good press back in 2015.