| Soon after the financial fiasco of November 2008 Mr. Warren Buffett opined that our economy is staring at an abyss; a categorical statement by one of the most respected names “in the know”. It got everyone’s attention. Right around that time, the lending industry woke up and decided to squeeze everything and anything that they could from the consumer. A vigorous campaign was launched to reign in billions of dollars in open-ended credit card limits and unsecured credit lines. With minimum exceptions, almost everyone was affected. Credit lines, including Home Equity Lines started to get frequently and repeatedly reviewed and slashed. Credit card limits were slashed, and slashed again. This tightening up has been fruitful for the lending industry; however, its impact on the consumer has been devastating, far-reaching and long lasting. Lending is FICO score based, and the reduction in total available credit, reduced credit limits and credit lines has a compounding, adverse effect on FICO scores. (Learn more about Understanding your credit profile) |  |
Consumers or small-business owners who depend on their credit facilities to manage their personal financial affairs or businesses were seriously affected by this tightening up policy. Its full effect yet to be determined; it is clear that it has resulted in sky-high rate of delinquencies with many consumers having been forced to seek bankruptcy protection.
Of course this has caused an influx of quick fix, promise you anything because I never have to deliver “credit repair specialists” into the credit repair industry. These services have been around for a long time, however, they have really flourished in the last couple of years. The fact of the matter is that credit is unlike a broken windshield that can easily be repaired or replaced. Contrary to many advertisements claiming to have the ability to remove negative information from one's credit profile, maintained at one of the three credit bureaus (#3 hyperlink to the addresses & contact info of credit bureaus). Only the inaccurate or documentable false information, negative or positive, can be removed. Accurate information cannot be altered once recorded. There are also schemes out there that rely on creating new identities, or new credit profiles under new names. Leaving aside the legality of these things, the fact remains that you cannot replace your Social Security number, to which all your credit transactions are attached.
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Credit Restoration Services of Growth By Design, neither offer credit repair services nor can we erase accurate, old information. We also do not provide you any legal advice. We do provide you step-by-step guidance and coach you on how to restore your credit in a systematic way to ensure that your credit worthiness increases as quickly as is reasonably possible. It is important to note that only then you would be able to obtain new credit as and when you need it. (Learn more about Understanding your credit profile) Rebuilding your credit requires a proper understanding of what goes into building and then maintaining a good credit profile, patience, time, and discipline. |
Our credit restoration services start with an Audit & Action Plan. A thorough audit of your credit profile, your current financial situation, along with an assessment of its relevant issues is conducted. This is followed by a detailed and specific, customized plan developed in consultation with you, based on resources available to you. This plan outlines each step that you will need to rebuild your credit profile. You can choose to implement these recommendations yourself, or you can implement them under our expert coaching to ensure desired and expeditious results.
