A Sad Credit Reporting Change is Coming

Scared family faces credit issues related to human trafficking.

Why this credit reporting change is SAD?

Name: Cure My Score
Address: 1500 Ellsworth Ave, Suite 205R, Carnegie, PA, 15106
Telephone: 412-564-5370

When I first learned of this recently passed Act, I felt nothing but sadness that this act is needed. I have been in the credit and lending business for more than 30 years and I never once considered how credit damage would impact a survivor of human trafficking. I applaud congress for creating this Act to help these survivors.

I expect these survivors already face many issues with getting their lives back on track. It is nice to see that negative, derogatory credit reporting would not be a hurdle for them too. By having their negative credit reporting removed, a human trafficking survivor will have a much better chance to build a solid credit history, one that they alone are responsible for, and have greater financial opportunities. Better credit allows for more financial security and opportunities including employment opportunities, rental housing and future lending.

Proposed Credit Reporting Change

The CFPB, Consumer Financial Protection Bureau, is in the process of finalizing a proposed a rule change that will have a major credit reporting impact for a certain group of consumers.

The proposed rule change will apply to survivors of human trafficking. The rule change will require the Consumer Reporting Agencies, also known as Credit Reporting Agencies, not to report any negative information on a survivor’s credit reports during the period they were trafficked. The CFPB is proposing this rule change to implement the requirements set by Congress based on the recently enacted Debt Bondage Repair Act. Changes to the credit reporting system like the this proposed one are very rare.

How can survivors of Human Trafficking repair their credit?

At this time, the CFPB just concluded accepting public comments on this proposed rule. They are now working out the details for what documentation survivors will need to submit to the Credit Reporting Agencies. The Credit Reporting Agencies will be required to mask, or block, any negative reporting that occurred during the period the survivor was trafficked.

What Credit Reporting Agencies will this apply to?

This Rule will apply to all the Consumer Reporting Agencies. Most consumers think of the “Big 3”, Experian, Equifax and TransUnion, as the only Credit Reporting Agencies. This is not the case as there are many Consumer Reporting Agencies that house and sell consumers’ data. It is important that survivors work with all the Consumer Reporting Agencies to ensure their consumer files are cleared of any negative data during the time they were trafficked.

My Takeaway After Writing this!

As a father, husband, and friend to many, I have been blessed to not have this heinous crime impact me or my loved ones. I can only imagine that anyone who is evil enough to enslave another human would also abuse their finances in every way possible. My thoughts go out to anyone who is or has been part of any human trafficking and I hope they can find the freedom, safety, security and happiness they deserve.

Credit Repair Help Is Available

If your credit needs help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review. Like us on Facebook to receive future consumer credit tips.

December 14, 2021December 27, 2021

Who Is “The Best” Credit Repair Company?

The sad truth is many companies pay to have their name show up first with search engines like Google and Yahoo. Is ranking high or a company claiming they are “the best” alone enough to earn your business?

I decided to write about this due to a recent conversation I had with a company claiming they can get any credit repair company to report as “the best” on internet search engines. What struck me as odd is they didn’t have any questions related to the credit repair company success rate or services, they said all that was required was to pay them!

In full disclosure, I am the President of Credit Education for CureMyScore.com. Without a doubt, I believe Cure My Score offers the best credit repair services to help consumers regain control over their credit. It’s not placement on the search engine that makes me feel this way; it is what Cure My Score does every day to help their clients repair their credit.

Let’s face it; there are many credit repair companies to choose from. I actually know quite a few good ones and I know many that are not worth a penny of your hard earned money. When choosing a credit repair company, choose one you feel comfortable with. Make sure they have REAL credit education because it is all but impossible to master your credit until you understand how it works.

My advice is when choosing a credit repair company (or any company for that matter) rely on more than just a search engine placement before hiring them.

CREDIT REPAIR HELP IS AVAILABLE.

If your credit needs some help like this client, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review. Like us on Facebook to receive future consumer credit tips.

December 8, 2021December 9, 2021

3 Credit Score Killers To Avoid Over The Holidays

Unhappy man at Christmas who now needs credit repair.

3 Credit Score Killers To Avoid Over The Holidays

As they say, tis the season! But for many, the season comes with some major credit score declines. Lower credit scores lead to higher interest rates and denials. Credit scoring is complicated and many consumers cause credit damage to their credit score without even knowing it. It is important to understand some basics to ensure you don’t end up hurting your score.

1. Will that be cash or charge?

Paying for your purchases with a major credit card has some advantages over cash. Many credit card companies provide extra protection or extended warranties on items you purchase using their card as well as reward points and cash back. Using credit allows you not to carry large sums of cash which will prevent you from losing it or becoming a victim of theft. The downside to using credit cards is it causes an increase in your credit utilization rate which leads to a lower credit score. Another downside is that it is harder to stick to your budget leading you to big bills come January. We all know how fast those charges add up.

2. Would you like to open a new credit card and take 5% off?

Let’s face it; all retailers want you to use their cards allowing them to make more money. Opening new credit cards, for most, is not healthy to their credit score. New credit cards come with credit inquiries and lower your average age of credit both of which lower your credit score in the short run.

3. How did I forget to pay my car payment?

We all live busy lives but this time of year seems to be the busiest. A simple mistake of forgetting to pay a bill can lead to a 30-day late payment which will cause havoc to your credit score. Keep your bills organized and avoid this mistake at all cost.

Follow these tips and stick to a budget this holiday season to avoid worrying about a lower credit score or excessive debts in the near future.

CREDIT REPAIR HELP IS AVAILABLE.

Call us at 412-564-5370 with any questions / comments or schedule a free program review. Like us on Facebook to receive future consumer credit tips.

October 31, 2019

What is a SPOOKY Credit Score?

Happy Halloween all. We recently had a new credit repair client who said their current credit score was spooky and they no longer wanted to have a spooky credit score.

So what the heck is a spooky credit score? In reality, this client was just joking that their credit score was poor and they wanted better.

If I had to define a spooky credit score, I would call it a credit score that would produce less than the best credit approval and terms. Many consumers fail to understand that poor credit scores may lead to approvals but often these approvals come with higher interest rates and/or fees. In my business, this is often referred to as risk based pricing. Poor credit scores are considered riskier to lenders, landlords, insurance companies and others so credit providers typically charge more to offset the risk.

So, what to do if your credit score is spooky? The short answer is work on it. Pay all your bills timely going forward and try to keep your debt to a minimum.

If your credit needs some help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional company like CureMyScore.com for affordable credit repair help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or click here to schedule a free program review. Like us on Facebook to receive future consumer credit tips.