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SALT LAKE CITY, UT (PRWEB) October 5, 2004 -- Despite laws to protect consumers, credit abuse takes place all the time because consumers remain unaware of the tactics of many creditors, according to one expert on the growing problem.
"Your best protection against credit abuse is bankruptcy law, the Fair Debt Collection Practices Act and the Fair Credit Reporting Act. The typical consumer has no idea how the law protects them, so their ignorance of the law enables creditors to get away with abuse," explained George Andersen, consultant to mortgage brokers and lawyers on credit abuse.
Andersen teaches members of the public how to detect and resolve credit abuse that may be costing them large sums in excess interest paid on loans, particularly mortgages. He also teaches consumers about the dangers of credit repair shops, consumer counseling services, as well as identity theft.
What you do not know can often cost you thousands, but in a short time a little knowledge can help you recover damages from past credit abuse and prevent it from happening in the future.
"Consumers need to know how to identify the most common mistakes perpetuated on credit reports because of the tactics of creditors. Left unprepared you will continue to pay excess interest and finance charges, but with some basic knowledge of the law you can solve the problem and prevent such abuse in the future, often without legal assistance," said Andersen.
The typical consumer seldom discovers errors by creditors, and suffers from additional credit abuse when attempting to purchase or refinance a home. Consumers are often told they do not have a high enough credit score to obtain the best interest rate, and are then told they must
settle for higher interest on their loan.
"Your credit score is not a factor in obtaining a government insured loan. People with a credit score below 620 have been told they have bad credit. That just is not true. Mortgage loan officers will use that misconception to charge higher interest and make a higher commission. We help consumers to fight back against this type of abuse with knowledge of the laws that are there to protect them. But the law only works for those who know the simple facts," said Andersen.
Andersen provides assistance to the general public through a web site at http://MakeTheBankPay.com where he offers a detailed e-book with the same name. He also offers a free consulting service to enable people to talk one on one with specially trained counselors in their local area.
About George Andersen
George Andersen has a B.B.S. in Finance from the Univ. of Wisconsin. He has provided mortgage services to consumers since 1989. He provides services in 45 states to train loan officers, loan correspondents, and several attorneys. He also teaches consumers their rights under
the law and shows them how to potentially recover large sums of money from creditors who have used illegal tactics through his web site at http://MakeTheBankPay.com.
He has formed a network of over 100 lending and legal professionals all around the U.S. who share a common mission: to protect consumers from lending abuses and other schemes directed against the rights of debtors.
Contact:
George R. Andersen
801-561-8000
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