Jan
30

Looking for a Second Chance at Good Credit?

January 30, 2012

credit cardsCredit cards can be difficult to obtain and harder to keep. With many lenders still cautious about approving subprime borrowers, having blemishes on your credit reports is a bigger red flag than ever. But there is still hope for consumers who want a second chance at establishing good credit scores.

A recent post on the FreeScore blog, “Companies Revive Expired Debt in Exchange for Credit,” examines a new partnership between banks and debt collectors. According to a recent Wall Street Journal article, companies are turning to new methods in an effort to collect on expired debt. Banks are allowing collection agencies to issue new credit cards to borrowers. In exchange, the banks receive fees and higher-than-average interest rates. These new credit cards are offered to subprime borrowers with one caveat: a certain amount of expired debt must be paid before the card is activated. Depending on the offer, some debt collection agencies are looking to collect the full amount, while others are looking for a smaller payment.

For people wanting  new credit lines, these cards could be just what they need to establish good credit. While some consumers decide that paying off old debt is not feasible, others are in better financial situations than they were in the past. These new credit cards represent second chances for people who are consistently rejected for credit lines.

If you’ve recently received one of these new credit card offers or just want to protect and manage your credit better, be sure to sign up for the Power of 3 from FreeScore. You’ll receive all-in-one access to your credit scores and reports at the top 3 credit bureaus: TransUnion, Experian, and Equifax. In addition, you’ll gain peace of mind with 24/7 credit monitoring and automatic alerts that notify you about suspicious activity detected on your accounts. These services will provide you with the information and safeguards you need to take control of your credit.

Categories: Education

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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