Credit Repair Blog » Credit Agencies

Life Lock Offers Identity Theft Protection

admin — Sat, 06 Feb 2010 04:57:36 +0000

LifeLock is teaming up with H&R Block for tax season! For the month of February, those who enroll in LifeLock Identity Theft Protection Service receive H&R Block At Home Deluxe Edition (a $44.95 value) for free! Get more details about the identity guard promotion. Protect your identity now, so you can maintain good credit scores and avoid the need to access credit repair services.

Sign up for LifeLock® Service and get H&R Block At Home Deluxe Edition for free! (Offer valued at $44.95). Use code FEBRUARYTAX.

Clean Up Your Credit Report and Qualify for a Low Rate Mortgage

admin — Fri, 05 Feb 2010 01:00:16 +0000

According to the latest Weekly Mortgage Applications Survey the number of home loan applications filed jumped 21% last week to the highest levels in six weeks as current mortgage rates stayed near 5%, Did you know that studies show that up to 70% of credit reports contain errors? In today’s economy, these inaccuracies can harm your credit score, cause you to pay higher interest rates and even put you at risk for identity theft. Bad credit mortgages continue to be difficult to find. Even hard money lending has disappeared.

Check your report today to spot errors and fix bad information so you can qualify for low mortgage rates that have reached record levels! You’ll also see your credit score which can change at any minute without warning. Banks are notorious for monitoring your credit score, waiting to hit you with incredibly high interest rates the second your score drops. Then you end up paying more in interest during times when interest rates are the lowest in decades! Remember, we offer a free credit repair evaluation.

Improvement in Credit

admin — Mon, 01 Feb 2010 03:57:55 +0000

Though credit availability is expected to pick up this year, it will be a slow improvement, according to a new report released by a group of senior bank economists. At the unveiling of their 2010 economic outlook, members of the American Bankers Association’s Economic Advisory Committee said consumer and business lending will recover when other economic factors also show more strength. Debt relief companies continue to look for better credit options for their clients. Bad credit debt consolidation loans have nearly disappeared as the subprime market challenges continue. “Consumers are still retrenching to some extent consolidating debts and small businesses as well are very conservative and reluctant to take on more debt at this point,” said Scott Anderson, a senior economist at Wells Fargo & Co., Mr. Anderson said he expects improvement, “but it’s just going to take some time for that to happen.”

The group predicted 3.1% growth in the gross domestic product. That would be an improvement of 3.4 %age points over 2009 but much more modest growth than the 6% that has followed previous recessions. “I refer to it or characterize it on my own as a ‘half-speed’ economic recovery,” said Stuart Hoffman, the committee’s chairman and the chief economist at PNC Financial Services. He referred to “constraining factors,” such as continued problems in commercial real estate and a lack of confidence in consumer spending, as holding back growth.

Credit-Rating Agencies Win Dismissal of Mortgage-Backed Securities Case

admin — Thu, 28 Jan 2010 06:35:16 +0000

The First Amendment may the flashiest tool at the disposal of lawyers defending credit-rating agencies sued by angry investors, but sometimes a good old hammer gets the job done just as well. On Tuesday, Manhattan federal district court judge Lewis Kaplan dismissed a case against Moody’s and McGraw-Hill’s Standard & Poor simply because the ratings agencies didn’t have anything to do with the offering documents at issue. The litigation began in the summer of 2008 in New York state court. A purported class of investors in mortgage-backed securities underwritten by Lehman Brothers sued Lehman and several Lehman executives, including former CEO Dick Fuld.

The litigation was eventually removed to federal court. After Lehman entered bankruptcy, the plaintiffs amended their complaint to target the ratings agencies, alleging that they were underwriters and sellers of the securities. The amended complaint cited the Securities Act of 1933, which imposes strict liability for making false or misleading statements in securities offerings. But in their motions to dismiss, both Moody’s and S&P claimed that they weren’t responsible for the offering documents–an argument Judge Kaplan apparently found persuasive. “The judge has obviously agreed with the arguments that we made that the ratings agencies have never been held to be potential defendants under these provisions and it was a distortion of the statute to try to bring claims against the ratings agencies, said Moody’s counsel Joshua Rubins of Satterlee Stephens Burke & Burke, according to Reuters.

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Will the dismissal help the ratings agencies in two similar cases pending in Manhattan federal district court before Judge Jed Rakoff and Judge Harold Baer? “Hope so,” said S&P counsel Floyd Abrams of Cahill Gordon & Reindel, when we asked him. Lead plaintiffs counsel was Cohen Milstein Sellers & Toll. We e-mailed Steven Toll but didn’t hear back. Investors incensed over the good ratings the agencies gave to bad securities may have to pin their hopes on a case involving the collapse of a structured investment vehicle, which is being litigated before Manhattan federal district court judge Shira Scheindlin. As we reported last year, Judge Scheindlin allowed one of 11 common law fraud claims to proceed against S&P, which had hoped to be completely shielded by the First Amendment.