ROSEVILLE, CA / ACCESSWIRE / July 22, 2021 / Credit is a necessary part of life, and having a lot of debt, or bad credit can greatly impair what people are able to do in their life. This financial handicap can follow a person their entire lives, preventing them from buying homes, cars, starting businesses, traveling, even getting hired for certain types of jobs. People often hastily file for bankruptcy or, worse, hire a company to do a debt consolidation situation, hoping it will be a reset to a better financial standing. Gerard Brazil, founder of Paradigm Credit Repair works with clients in a different way, helping them repair and restore their credit through a different course of action, and provides education to clients so that they do not find themselves in a bad credit pit again.
There are those out there in the financial world who advise never to use any credit, and for a certain very small ultra-wealthy demographic that may be feasible, for the great majority of us, however, credit is needed. Anytime someone purchases a home, leases or buys a car, wants to start a business, go to college, pretty much anything one does in life is going to require a decent credit score and clean credit report. It is extremely easy to mess up a credit score, and very difficult to get that score back up once it is tarnished. Your credit report will follow you, and every time someone checks it they can see your payment history for most of your adult life. This report essentially is like a credit resume: it shows people what your history with credit and debt, and payment is.
“Think of it as if it were your child, who you let borrow the car, and said be home by 10. If they come home at 10 every time, you feel comfortable letting them. use the car. But if they come back at 12 or 1, well then, you may not let them borrow the car anymore because they have now given you reason to lose trust in them. Credit works similar to this, it’s about how trustworthy someone has been in the past in order to weigh the risk in the future,” says Gerard.
Once someone decides they want to fix their credit they have a few different options. Some folks will choose bankruptcy, and for some, it may be the only choice, however, it will be devastating to credit scores and, in some cases, does not wipe away all debt. Debt consolidation, which many people try, is not what it seems at face value, and often leads to people paying double, triple, even quadruple what their original debt was.
“In my opinion, it is one of the worst options, even more so than bankruptcy,” says Gerard.
At Paradigm, the approach is different and focuses on clearing derogatory accounts on client’s credit reports, then helping them build up better credit. There are many ways to do this, and the team focuses on the highly effective, legal, and advanced techniques to help people repair and regenerate their credit, helping them get into better financial standing.
“We really take pride in the fact that we only use 100% complaint-based, factual disputing methods to dispute derogatory items from client’s credit reports. We use advanced techniques, based on our extensive knowledge of the laws that protect people from credit bureaus and data furnishers,” says Gerard.
Paradigm uses the power of laws like the FCRA, FACTS, TILA, FCBA, UCC, FDCPA, RESPA, and other credit reporting governance laws to aid in disputing charge-offs, late payments, repossessions, student loans, forecloses, short sales, late mortgages payments, and more. 79% of all credit reports contain errors. Paradigm specializes in finding ways to help people get back to a place where they can be proud of their credit score and report.
Personal credit repair is just a stepping stone when it comes to Paradigm’s services. Many of their clients that are business owners cannot access funding or loans that normally would be available to them. Paradigm is capable of creating full Business Credit Profiles for their clients which ultimately produce a high business credit rating (also known as a Peydex score) that would allow access to multiple lending options for business growth.
Paradigm was started eight and a half years ago, after Gerard went through the credit repair process himself, and realized there were a lot of companies doing it the wrong way. Learning from his own experiences, he decided to become an expert in credit repair to help other people. Giving back is a huge priority for the company. In 2018 after the fires in Paradise, Gerard knew many people, including family members, who lost homes and got insurance payouts that were not equal to the value of the home they lost, and needed to take out loans to get a new home. Once there they found themselves faced with challenging credit issues and in a very tough spot. In 2018, Paradigm offered free services to victims of the fire and helped 37 clients get their credit repaired, enabling them to get into good loans for new homes.
Paradigm operates on a flat-rate model, there are no membership fees or monthly costs, with the average time taking only 3-5 months. Connect on their website (www.paradigmcreditrepair.com), social media, or email firstname.lastname@example.org to learn more and get your journey to credit repair started off on the right foot.
When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.
However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.
What is Sallie Mae?
Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.
In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.
However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.
In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).
At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.
What is the difference between private and federal student loans?
With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.
On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.
Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.
As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.
Are Sallie Mae loans better than federal student loans?
In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.
However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.
If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.
With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.
The bottom line
Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.
Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.
PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have.
1. Analyze Your Finances Quarterly or Biannually
You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.
With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.
The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.
4. Savings and Retirement Accounts
The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.
A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies.
Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan.
Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito.