Credit Report Repair Company Shares Facts about Credit Card Industry

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Lee Harrison Credit Restoration shares the facts behind credit card interest rates, including little-known practices of credit card companies concerning the rest of an individualÂ?s monthly bills and how they can adversely affect a credit report.

Lee Harrison Credit Restoration, recently named the top business and website in the credit report repair industry by Alexander Haig’s World Business Review, has shared some of the little-known facts behind credit card interest rates with the public.

According to Lee Harrison, Founder and President of Lee Harrison Credit Restoration, there is no such thing as “fixed rates” when it comes to credit cards.

“Basically, credit card companies can write their own rules,” said Harrison. “Credit card issuers can change their interest rates—even fixed rates—at any point, as long as they send cardholders advance written notice. And if a cardholder makes just one late payment, the issuer can automatically increase their interest rate.”

According to Consumer Action’s 2004 survey of credit card issuers, 31 percent of issuers will levy a penalty rate after one late payment, while more than 35 percent said that two late payments in a period of six months will trigger a penalty rate. The average penalty rate for late payments: 22.9 percent.

“But paying your credit card bill on time still isn’t enough,” said Harrison. “Nearly half of all credit card issuers have a universal default policy, and they don’t all disclose this in the fine print. What this universal default policy means is that paying your mortgage late could trigger a penalty rate on your credit card.”

Credit cards can cause a decline in over 30 percent of a person’s overall credit score. Lee Harrison Credit Restoration offers credit report repair services to individuals who find “slow pays” or other inaccurate files on their credit report, and will continue to keep their credit reports in good order for life.

About Lee Harrison Credit Restoration

Lee Harrison Credit Restoration is a fully licensed, registered, and bonded credit service organization located in Naples, Texas. The company has specialized in helping people repair and restore their credit history due to bankruptcy, bad credit, or identity theft for over 29 years.

To see more information about the Fair Credit Reporting Act and consumer rights, visit

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Lee Harrison, President
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