Credit abuse can include being charged higher interest and finance charges on loans, credit reports that take on the role of collection agency, credit repair and debt counseling schemes that do more damage than good, debt collectors who use illegal collection methods, credit card companies with misleading offers, as well as identity theft and more. A free report is now available to help consumers detect when they have been abused, take action against abusers, and avoid credit abuse in the future.
Salt Lake CIty, UT (PRWEB) October 11, 2004 -- Credit abuse takes place all
the time because consumers remain unaware of the tactics used against them by
creditors, debt collectors, loan officers and others according to one expert on
the growing problem.
“Your best protection against credit abuse is the bankruptcy law and the Fair Dept Collection Practices Act and the Fair Credit Reporting Act. The typical consumer has no idea how the law protects them, so their ignorance of the law enables creditors to get away with abuse,” explained George Andersen, consultant to mortgage brokers and lawyers on credit abuse.
Credit abuse comes in many forms, and at least half of all consumers are directly affected by it, according to Andersen.
A common form of abuse comes from banks and mortgage companies that lure the public to apply for mortgages with low interest rates, only to be told that their credit score is too low to qualify for the best rates.
“Your credit score has nothing to do with the interest rate offered for a government backed loan, such as FHA and VA loans,” said Andersen. “Unless you know that, loan officers will often take advantage of your lack of knowledge to charge a higher rate and earn a higher commission at your expense.”
Another type of abuse comes from credit repair schemes that charge high up-front fees for services that are actually illegal and that they never actually deliver. Debt counseling services also often misrepresent their effectiveness and fail to tell consumers that they are working for debtors and banks, and the work they perform places a black mark on credit reports that takes years to remove.
The most frightening form of abuse comes from criminals who steal your identity then ruin your credit. Detection may not be immediate, and repair takes a great deal of time and often money to pay for legal services.
Andersen provides a web site to help consumers detect past credit abuse problems and prevent future ones. He has over 100 specialists all over the country to provide localize consultations to help educate and inform the public.
“We help consumers to learn how the law protects them, and then we help them to check their three-bureau, three-score credit report and get a no-obligation consultation with a licensed credit expert in their own area. These experts help consumers to determine the correct loan terms they should have gotten, then repair the abuse and learn how to recover the loss,” explained Andersen.
Andersen offers consumers a free e-book “Make The Bank Pay”at his web site http://MakeTheBankPay.com. In it he teaches the scare tactics credit counseling agencies, debt collectors, and credit repair shops use to create anxiety over your credit profile. The book gives access to little-known government loan programs and provides the legal knowledge that has helped his students avoid thousands of dollars in fees and finance charges.
About George Andersen
George Andersen has a b.s. in Finance from the Univ. of Wisconsin. He has provided mortgage services to consumers since 1989. He provides services in 45 states to train loan officers, loan correspondents, and consults with attorneys. He also teachers consumers their rights under the law and shows them how to recover large sums of money from creditors who have used illegal credit abuse through his web site at http://MakeTheBankPay.com.
He has formed a network of over 100 lending and legal professionals all around the U.S. who share a common mission: to protect consumers from lending abuses and other schemes directed against the rights of debtors.
George R. Andersen
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Source : http://www.prweb.com/releases/2004/10/prweb166654.htm