We would like to wish you a very safe and happy holiday!
CMS will be closing on Wednesday, December 24th at noon, and reopening on Monday, December 29th.
Merry Christmas and a Happy New Year!
CMS hopes all is well with you. As we head into the holidays, we wanted to touch on the subject of time management. In this digital era, multitasking has taken on a whole new meaning; business owners like you have more to accomplish than ever. There are endless e-mail accounts to check, social media feeds to review, and multiple points of customer contact to manage.
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.
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!
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.
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.
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.
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!
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.
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.