Building a Great FICO Doesn’t Happen Overnight!

Building a Great FICO Doesn't Happen Overnight!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.

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It’s a Good Time To Have Great Credit!

It's a Good Time To Have Great Credit!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 vital to be aware and knowledgeable on methods in which you can help your clients get out of debt and rebuild their credit profile. While not a new product, personal loans have now achieved widespread acceptance within the lending community as an effective solution to paying off higher-interest debt. Check out the article, and let us know what you think!

Also, please take a quick moment to Like us on Facebook!

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Building Credibility With Clients

Building Trust and CredibilityBuilding 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 are truly out to help them. By following the methods in the article, both you and your customers will be well served!

CMS would like everyone to visit and Like our Facebook page when you have a moment. This page will be updated at least twice a week with relevant and engaging content. We do our best to stay in touch with our customers, and this is a great opportunity to do so.

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New FICO Scores Coming Soon

New FICO Scores Coming SoonNew 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.

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Don’t Play With Fire!

Don't Play With FireUsing 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.

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A Quick Word..

Office News and UpdatesOffice 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!

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Debt Collection Practices in the Spotlight

Debt Collection Practices In The SpotlightOver 1/3 of Americans have past due debt

Recently, headlines have driven home the fact that over 33% 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 read.

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Always Do Your Homework!

Do Your Homework!Beware of broken promises and misleading offers

Recently, we have had a handful of people inquire about us matching competitors’ offers, which on their face, appear to be a great deal. However, it has been our experience that oftentimes these rate quotes are not legitimate. It is very important that if you are approached by a merchant provider, make absolutely sure you get a written agreement detailing out the schedule of fees. Phone, e-mail, and website quotes mean nothing until they are put down in contract form.

Also, please keep in mind that unscrupulous agents may misrepresent your business type as something other than credit repair. This is a surefire way to get your account shut down and your funds frozen in the event of an audit. As the credit repair industry grows, more unethical salespeople wish to take advantage of businesses such as yours. CMS takes this very seriously, and we are absolutely committed to making sure your account is set up correctly from the start and that you are in full compliance with processor regulations.

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Recent FICO analysis has its share of good and bad credit data

FICO Housing DataDo you want the good news or the bad news first?

Just last week, our friends at FICO reported a few of their observations and warnings about the current credit market. There is some positive and negative findings for clients within the report that you may want to discuss with them.

First, small business lending is increasing, and the trend appears to be stable. This is welcome news, and is long overdue. The hoarding of cash by banks and other financial institutions has been met with much criticism; this is a strong sign that this problem is coming to an end. As the average credit score increases, we should see a return to easier access to credit across the board.

FICO did sound the alarm on a potential housing bubble. A sizable minority of homeowners are still underwater even though residential home prices are rising. Mortgage experts feel that this is a very volatile situation, one that is unsustainable and recession-inducing. Your customers count on you to keep updated on the latest happenings with banks and other lenders. Time will tell if their fears are right, but it’s best for all of us in the industry to remain abreast of these trends.

In times of economic crises, the credit repair industry is exceptionally valuable, as lenders tighten their standards and decrease the amount they are willing to lend. While we are unlikely to see another recession like 2008 anytime soon, it is still vital for consumers to keep their credit scores in the best possible shape.

Posted by Case Rocco  |  0 Comment  |  in Blog

Are Mortgage Lenders (Finally) Coming Around?

Credit Repair Payments-LendersBanks considering lowering FICO score requirements

Wells Fargo has already reduced minimum score

With the recent news of the slight economic uptick, I thought this would be a good opportunity to share an article from the Chicago Tribune. Last month, the newspaper reported that many banks are considering loosening their credit score requirements for mortgages. Wells Fargo has already reduced their minimum score for an FHA loan to a 600 FICO. More emphasis is being placed on an applicant’s debt to income ratio and employment history. Borrowers have shown to be more financially responsible in the current economic climate than when the recession hit, which gives lenders increased optimism that they will see their loans paid back on time.

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