Category: Credit Score & Credit Repair

What great sports teams and your clients have in common We hope everyone is doing well! We wanted to share with you an article from U.S. News and World Report that talks about building a great credit score. The author likens improving a FICO score to developing a championship basketball team, and it’s a fun way of relaying important information to your clients. Oftentimes, the process can seem so daunting that it discourages people from repairing their credit, but this puts the steps in familiar terms. Let me know what you think of the article, we’d like to hear your feedback. Also, please take a quick moment to Like us on Facebook. The post Building a Great FICO Doesn’t Happen Overnight! appeared first

Banks are opening their coffers to those who can pay It’s getting chilly here in Central Illinois; Fall is definitely in full swing! An exciting development within the financial industry has occurred: lenders are finally starting to loan money to borrowers who are credit-worthy! Imagine that. Earlier this month, the Wall Street Journal released an article detailing out how personal loans can be attractive options to pay off higher-interest debt, such as credit cards. Personal loans are typically unsecured, and as such are helpful to borrowers who don’t have a lot of collateral. Rates are not as low as secured loans, however, and it is imperative to find a lender who is competitive with their terms. In the credit repair industry, it’s

Building Trust and Rapport With Your Customers Is Vital We wanted to share with you an article published on the Huffington Post late last month detailing the best signs that a credit repair company is legitimate. This was actually a balanced and well thought out piece, unlike so many that we all have come across in the media. It was heartening to read that almost all credit repair companies that we work with at CMS follows these practices. Making sure that your clients trust and respect you is key to ensuring a profitable relationship for all parties involved. After all, there are many players in the game, but not all are trustworthy or honest. Make it clear that you are one of the “good guys”, and

New Model Should Substantially Help Your Clients’ Scores It’s a busy time here at CMS; we show no sign of slowing down, and that’s a great thing! Last week, Huffington Post published an interesting article detailing out changes that FICO is making to their scoring model, which should be beneficial to your clientele. We wanted to share it with you because as lenders begin to adopt the new model, called FICO 9, the average scores of your customers should bump significantly. Changes include the addition of rental history and other alternative sources of credit to the reports and scores as well as a de-emphasis on medical debt and settled collection accounts. As the article notes, however, it will take a bit of time for lenders

Using the wrong merchant account can carry heavy costs in the credit repair industry Have you set up an account somewhere besides CMS to take credit repair payments? If so, it’s very important to double-check that your account is set up as “Credit Repair”, and not some other generic service such as “Consulting”. Recently, we’ve had many people come to us from other providers who have shut their account down due to an internal audit or some other red flag. Once the processor reviews the account, and sees that they are a credit repair company, the account is terminated, funds are held, and processing becomes a huge headache. Since 1997, Capital Merchant Solutions has helped over 30,000 merchants process credit card payments. For nearly

Office News and Updates We are very busy here at CMS, but we wanted to share with you a couple of updates about our office. First, we would like to welcome Rico Dottore aboard. Rico is an experienced salesman, and has an excellent understanding of the credit repair industry and it’s needs. He is eager to help our clients navigate through the merchant account process. CMS is excited to have him be a part of our growing company. Also, we just launched our Facebook page. It contains information about our offerings, news, as well as interesting articles related to many different business types and industries. It will be regularly updated, so check in frequently and give us a Like! The post A Quick Word.. appeared first

Over 1/3 of Americans have past due debt Recently, headlines have driven home the fact that over 33{7dabfd103aa443fce219eea47f0f346a11a54ce587a1a0cbb74f06b9f7a304ca} of Americans have debt that is considered past due or is already in collections. While this is no doubt concerning for our nation’s economy, it also raises serious questions about the current regulations and practices of debt collection firms. Most debt collectors, like most credit repair companies, operate ethically and within the boundaries of the law. However, as always, a few bad apples can tarnish an entire industry. Government focus on unscrupulous debt collectors is increasing and will likely lead to an increase in regulation nationwide. An article in the Chicago Tribune suggested ways to fight back against scam artists and overzealous collectors, and it is a very interesting