Tag Archives: services
How Credit Counselors Can Damage Your FICO Credit Score! (Page 1 of 2)
Credit Counselors and Debt Consolidators are dominating the Internet, newspapers, magazines, radio, and television with ads promising to give you a miracle cure for your poor credit history and your poor FICO credit rating. This appears to be great news. Let’s see if it really is good news.
Of course there are some credit counseling agencies and debt consolidators that can actually help get people out of debt. But there are many such services run by con artists who are after your money, money you probably can’t really afford to spend. And, sadly, they have no intention of helping you.
There are trustworthy companies and shady companies among the hundreds of credit counselors and debt consolidators, and, good or bad, all appeal to your emotional distress to get out of debt. Let’s consider the differences.
The Best Credit Counselors.
These services will actually help you clean up your credit history while improving that all important FICO credit score. They will help you realize where you went wrong with your credit decisions and then devise a plan to start correcting your bad habits.
Once your spending is under control, they will help you create a budget so you can change your money management style and stay out of debt and live a more stable financial life.
The Debt Consolidation Shell Game.
These companies operate with a slightly different agenda and my advice is: You should only consolidate your debts when you have exhausted all other avenues. It’s true that debt consolidators also help you get out of debt, but they do so by making deals with your creditors to combine all of your obligations into one large loan with one monthly payment.
The pitch they make is deceiving. Yes, the payment on the consolidated loan will total less per month than the total of your current payments but, usually, the interest rate on the consolidated loan is high because you are high risk. This means you will end up paying back more in interest in the long run.
Again, avoid debt consolidation and, if you need outside help, go with a debt counseling service instead. They will monitor you and keep you from falling back into the habits that damaged your credit history in the first place. Consolidators, on the other hand, will only be concerned about you making your monthly payments on the new loan for which they collect a fee.
The ‘ Fix My Credit ‘ Crooks!
These crooks are obvious. Any ‘ fix your credit ‘ offer that claims they can magically erase your debt without you lifting a finger (except pay them) is a scam. Think about their claim. Creditors would have to forget you owe them money. Why would they do that? Some of these scams are designed to force you into bankruptcy. Sure, your debts will be gone but the record stays in your credit report for up to 10 years and your FICO credit score will plummet.
How do you find a reputable credit counseling company?
Gateway Funding Diversified Mortgage Services and Other Financial Institutions Hit One Out of the Park for Charity
Horsham, PA;On Saturday September 18, 2010, Gateway Funding Diversified Mortgage Services and seven other area financial institutions competed in the 22nd annual Bankers Baseball Bash for Charity which raised $ 9,000 for needs in our community.
This year’s beneficiaries were Erica Mundt, a 3-year old with acute lymphoblastic leukemia; Sarah Batalka, a 29 year-old with mitochondrial, a rare form of muscular dystrophy; and The Pride of Quakertown, a Non- Profit organization that is dedicated to giving back to the community by bringing together the residents of Quakertown and its surrounding communities in the playful, fun environment of sports and leisure activities. The tournament is a Round Robin event, culminating with a championship game. More than 150 people participated this year, including employees and family members of employees.
The competing financial institutions included: First Niagara, First Savings Bank, Gateway Funding Diversified Mortgage Services, Harleysville Savings Bank, Merck Sharp & Dohme Federal Credit Union, Meridian Bank, Quakertown National Bank, and Univest. This year’s hard fought championship game was won by Harleysville Savings Bank who received a trophy and the bragging rights for one year.
The Bankers Baseball Bash took place from 8:30 a.m. to 7 p.m. at B. Earl Druckenmiller Complex in Sellersville. The Bankers’ Baseball Bash Committee has been in place for more than 20 years and has raised more than $ 160,000 for charities. According to a local newspaper, a committee decides on which area individuals are most deserving of the monetary awards. In order to raise money, each competing team pays an entry fee, raffle tickets are sold and donations are solicited from locals who wish to sponsor the event.
Gateway Funding Diversified Mortgage Services was thrilled to participate in the charity event and plans on doing so for years to come. “It was a great day filled with fun and camaraderie and an excellent way to give back to our community” said a Gateway Funding participant. Gateway Funding believes strongly in philanthropy and does so in a variety of ways.
About Gateway Funding Diversified Mortgage Services, LP
Gateway Funding Diversified Mortgage Services, L.P., established in 1994, is a full service mortgage banking firm offering a diverse product line and unparalleled customer service. Our knowledgeable and seasoned Account Executives and Operations Staff are committed to helping our clients meet the needs of their customers. We recognize the challenges our clients and borrowers face today. We are determined to find the best possible solution for our customer’s current financial needs.
For more information please contact:
Keith GodburnMarketing Director/Graphic DesignerGateway Funding Diversified Mortgage Services, L.P.300 Welsh Road, Building 5Horsham, PA 19044215-591-0222kgodburn ( @ ) gateway-funding dot com
Blog Site:http://www.gatewayfundingblog.com
Also, visit http://www.gateway-funding.com for getting more detailed information
Source:http://www.1888pressrelease.com/gateway-funding/diversified-mortgage/gateway-funding-diversified-mortgage-services-and-other-fina-pr-246503.html