Saturday, Oct 10th

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You are here: Business Small Business THE CREDIT REPAIR BOOM
Now that the economy has begun to improve, businesses and consumers are both regaining interest in becoming creditworthy and in purchasing high-ticket items. 

Before they can be approved for credit and financing however, they need to deal with those delinquencies, collections, judgments, and other issues that arose in their credit profiles during the depths of the recession, when making ends meet was a real struggle.  As a result, credit repair companies, debt consolidators and debt settlement companies are booming.

“Suddenly, out of the woodwork, companies with millions to spend on advertising are putting up billboards and doing television and radio advertising, all offering to be the panacea to settle your debts and restore your credit. Many of these firms, especially debt settlement companies, have been investigated by the FTC, but they are getting a lot of business,” said Frederick David, president of Frederick David & Associates, a civil mediation firm out of Ft. Lauderdale, Florida specializing in the restoration and repair of credit for both individuals and businesses. They even do work for military personnel seeking to achieve a higher security clearance. “It’s really very sad. People just don’t know who to go to for help, and wind up with whoever has the biggest billboard or the most advertising.”

David has found that the credit industry itself has changed a great deal over the past five years, especially in the mortgage industry. “Prior to the fiasco of 2008, we would constantly be receiving credit reports to review for mortgage brokers and bankers seeking to finance a potential borrower. When the housing fiasco hit in 2008, everyone started going out of business and disappearing.  It was like starting over … I was told by some mortgage banking people that today there are only 10% of the businesses that had been there in 2008.”

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