EKU SBDC Success Story: Executive Credit Repair
Do you know what is in your credit file?
If you have not checked lately, you may be surprised. The National Credit Regulator reports that approximately 120,000 credit files were issued to consumers in the first quarter of this year. About 84 percent were issued free and 16 percent paid a fee. More and more people are exercising their right to view their annual credit report provided by The Fair and Accurate Credit Transactions Act. The FACT Act was signed into law in December 2003. The FACT Act, a revision of the Fair Credit Reporting Act, allows consumers to get one free comprehensive disclosure of all information in their credit file from each of the three national credit reporting companies once every 12 months through a Central Source (www.AnnualCreditReport.com).
Every individual should review his or her credit report at least once a year to guard against identity theft or to question false information that may crop up. Even the credit bureaus may not have all the pertinent information listed on a consumer's report and may lead to a lower credit score. A decline for loans or credit cards, increased auto insurance rates, and a lost job offer may be attributed to these lower credit scores.
Teri Woodward, owner of Executive Credit Repair, Inc., has seen things like this happen all too often. Her husband Roy Woodward, a Realtor in the Somerset area, was experiencing lost sales due to his clients' inability to acquire a home loan because of inaccurate credit information. Woodward realized that there was a definite need in the community for a credit repair business.
After attending an Employer Seminar Series sponsored by the EKU SBDC, she quickly called John Preston, Management Consultant for the Center, for some advice in starting her new business. Preston assisted her with financial projections and reviewed her business plan as well as discussed expanding her market to the surrounding counties. "John has been a tremendous help to my business. I think the EKU SBDC is a wonderful service and it is all free," she said.
Executive Credit Repair is located 340 Clifty Street in Somerset, KY. Woodward said it is not unusual to work for a client for six months or more to dispute credit report errors and to make corrections. Improving a credit standing is her main objective so that her clients may secure a loan. Woodward said payments are made in arrears by her clients. She said no one should ask for payment upfront to assist with a person's credit repair. The Credit Repair Organizations Act prohibits a credit repair organization from charging or receiving any money or valuable consideration for the performance of any services that the credit repair organization has agreed to perform for any consumer before such service is fully performed. For more information about Executive Credit Repair, Inc. call (606) 679-0088 or e-mail Teri Woodward at email@example.com.
Mr. Michael Rodriguez
Published on September 28, 2012