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Credit Card Debt Negotiation
and Authorized Users |
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Call Today: (877) 274-1260 |
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If you
successfully complete our program, it’s possible
that you’ll enjoy these benefits: |
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Settle your debts for less than you owe |
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(read here for full details about how much you can expect to save) |
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Resolve your unsecured debts in 18 to 60 months |
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(read here for full details on how
long our program lasts) |
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No Up Front Fees - Don't Pay Till You See Results! |
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| Debt Settlement for
Authorized Users |
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Many consumers with outstanding debt obligations who are
researching their
debt relief
options have only their name as a primary user on the account they
owe on. On the other hand, many consumers who are in debt have joint
accounts with a spouse, family member, or significant other in which
two names appear on the account. A cosigned account implies that two
individuals have applied and signed on the account as primary users,
giving them equivalent privileges for use of the card. In addition,
under a cosigned account, both users are held equally responsible
for any debt obligations that may occur. There are other instances
when the primary holder of a credit card adds on an authorized user
to the account, giving the authorized user permission to use the
credit card. For consumers who are enrolling in a debt settlement
program, the authorized user may be removed from the card before
enrollment so their credit will not suffer also. For cosigned
accounts, both debtors would have to enroll in the program as a
cosigner cannot be removed from the card.
Upon completion of a debt settlement program, many consumers have a
significant other grant them the privileges of an authorized user to
help rebuild their credit without the full responsibility of the
primary user. This proves to be a beneficial tactic for consumers
who are struggling with creditors who refuse to issue them new lines
of credit. Unfortunately, though, if the primary holder on the
credit card was late with a payment, it was reflected on the credit
report of the authorized user as well. Essentially, being an
authorized user can be a beneficial approach to rebuilding credit if
the primary holder has proven to be financially responsible and
capable of making all of their payments. However, the advantages of
rebuilding your credit score as an authorized user may not be
available in the near future.
The Fair Isaac Corporation established the scoring model that the
majority of lenders around the country use to determine a consumers
lendability status. Recently, the corporation issued a statement
suggesting that they planned to move forward as early as September
of 2007 with a plan that prevent authorized users from reaping the
benefits of good credit on their report. While the exact motivation
for this has yet to be fully determined, it is important for
consumers who are attempting to rebuild their credit in any way to
anticipate this change. Being an authorized user on an account,
according to the Fair Isaac Corporation, will no longer affect your
credit score but will continue to appear on the consumer’s credit
report. Individuals who complete debt settlement programs will have
to consider new approaches to rebuilding their credit scores. Of
course, the obvious method for achieving this is to open up new
lines of credit wherever you can, make all of your payments on time,
and do not fall back into debt. While this may be easier said then
done when you are on the road to recovery, it is a simple formula
for any consumer to follow to ensure their credit score will not
continue to suffer in the future. |
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