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Credit Corner
With
Thomas R. McKee
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Newsletter
Date 9.25.2013
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Credit Education for Loan Professionals.
In This Issue: Why stay away
from Debt Consolidation Companies!
Send these Newsletters to your Realtor contacts.
You’ll be amazed at how much business it can generate! J
Contact me personally:
Thomas R. McKee
New West Credit Consultants
4605 W. 39th St.
Sioux Falls, SD 57106
605-323-1316 office
800-900-7481 toll free
877-294-9562 toll free fax
Have
questions about a clients credit?
Simply
call us or email the credit report for a Free Analysis!
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Debt Consolidation Companies
Also known as
“debt settlement or debt negotiation companies”, these entities are notorious
for putting themselves off as Non-Profit Organizations under the title 501
(c) (3). Why are there so many of them advertising almost every hour on TV?
Because the CEO’s and upper management of these companies can make millions!
Although most
501 (c) (3)’s are Charitable Companies, the law does allow for “Private
Foundations”, and this is where the major problems arise. The organization
can’t benefit an individual person yet may benefit shareholders and highly
paid management personnel! As I’ve always stated: Those with the strongest
lobbying interest and the deepest pockets almost always have their way in
Washington, DC!
Debt Settlement
Companies most often advertise themselves as an alternative to
Bankruptcy---that’s the “hook”. Let’s face it, none of use wants this option
whether personal or as a business entity. To most of us it means we’ve
failed!
Unfortunately we don’t have the space to explore all avenues of 501 (c) (3) companies in this newsletter…so here is the bottom line.
1)
These companies are NOT Non-Profit
entities, period! In fact they are sometimes the most profitable
businesses to engage in!
2)
They charge thousands of dollars in fees!
3)
They may settle with your creditors but
Do Not always make payments to them! This is the biggest complaint
that I have heard for the last ten years I’ve been in business! Thus the
non-payments are reported to the Credit Reporting Agencies and your credit scores
will plummet!
4)
Debt Settlement hurts your credit WORSE
than a bankruptcy! Think about. If you are working with a company that
has just “renegotiated” every one of your agreements with every creditor you
have---what company in their “right mind” would offer you credit? NONE!
5)
Your Creditors Do Not have to accept any
offer!
6)
If you are a good negotiator, you can do
the same thing yourself. We are in a recession and companies are
hungry for revenue—now is the best time to negotiate!
7)
Finally, there are legitimate companies such as New
West Credit Consultants that focus on legally removing negative, erroneous
and outdated information on your credit reports. Whatever remains on them, we
will teach you the simple tactics to negotiate with your creditors---without
paying thousands of dollars. In fact we do it Free of Charge!
Yours in Credit Education,
Thomas R. McKee
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Thomas R. McKee
New West Credit Consultants
4605 W
39th. St.
Sioux
Falls, SD 57106
605-323-1316 Office Line
800-900-7481 Toll Free
877-294-9562 Toll Free Fax
Thomas R. McKee
New West Credit Consultants
4605 W
39th. St.
Sioux
Falls, SD 57106
605-323-1316 Office Line
800-900-7481 Toll Free
877-294-9562 Toll Free Fax
Thomas R. McKee
New West Credit Consultants
4605 W
39th. St.
Sioux
Falls, SD 57106
605-323-1316 Office Line
800-900-7481 Toll Free
877-294-9562 Toll Free Fax
Thomas R. McKee
New West Credit Consultants
4605 W
39th. St.
Sioux
Falls, SD 57106
605-323-1316 Office Line
800-900-7481 Toll Free
877-294-9562 Toll Free Fax
Thomas R. McKee
New West Credit Consultants
4605 W
39th. St.
Sioux
Falls, SD 57106
605-323-1316 Office Line
800-900-7481 Toll Free
877-294-9562 Toll Free Fax
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