Most consumers don't really understand how to properly manage credit and debt. That's why our focus is on education
San Diego, CA (PRWEB) June 10, 2009
As the credit crunch continues to affect consumers across the country, hundreds of so-called "credit repair" and "debt settlement" companies have emerged, claiming that bad credit scores can simply be erased - or that mounting debt can disappear by negotiating a lower principal on accrued debt. But there's one problem: Their promises are deceptive and illegal.
Marc Chase, of San Diego-based My Credit Group, advises consumers to avoid wasting time or money on credit repair companies that promote these kinds of tactics.
"Most credit repair organizations simply send the same letter over and over to credit bureaus, disputing everything negative on a consumer's report," said Chase. "It's an attempt to overwhelm the credit bureaus so they will overlook fees, interest amounts and other debts - even those that are valid and legal."
Quite simply, accurate and valid items on a credit report cannot be removed. Even if they could be eliminated, it would have a minimal - if any - positive impact on turning a credit profile around.
"However, while consumers can't make their bad credit disappear altogether, they can improve their credit score by establishing good credit, learning to manage credit, when and how to pay the bills, how many cards to have and how many to close etc. Taking these steps will help offset the bad credit," said Chase.
My Credit Group concentrates first on the accuracy of credit reports. Once a report is settled and legitimate, Chase and his team help clients counteract their negative credit history by opening new lines of positive credit. The company then identifies and reviews client debts. The process is wrapped up with an education program, called Fresh Start, which assists clients with budget and savings plans for future goals.
"Most consumers don't really understand how to properly manage credit and debt. That's why our focus is on education," explained Chase. "Our clients have the opportunity to take control of their credit. They learn what a well-rounded credit profile looks like, understand what went wrong and can prevent it from ever happening again."
About My Credit Group:
Based in San Marcos, California, My Credit Group is a nationally recognized team of professionals specializing in credit validation, debt settlement and identity theft protection. Since 2001, the company has provided assistance to more than thousands of consumers nationwide, as well as large financial corporations including Bank of America, Chase Bank, Keller Williams and Wells Fargo. The U.S. Department of Defense has also utilized My Credit Group's services to help Marines resolve their credit and debt issues. For more information, call (800) 430-7494 or visit http://www.mycreditgroup.com.