Syracuse, NY (PressExposure) June 22, 2006 -- CreditRepairPlan.com releases their second edition of its "Do It Yourself Credit Repair Book". Owner of the site, Kimberly Kellish reports, "In these times, we need to monitor and correct errors on our credit reports for so many reasons that we felt it important to keep our information up to date and provide consumers with all the tools they need to effectively repair their credit reports", Mrs. Kellish stated. She went on to say that," With the up and coming release of the first vantage score and the uncertainty around it regarding how it will effect consumers along with the rapid rise in identity theft, we need to be cautious in protecting our identity and making sure that we will be able to get approved for credit when we need."
Recent numbers released have showed how important credit monitoring and repair truly is to the American public. In June 5th edition of Time Magazine, they show that for the first time since 1933, the American's spending has exceeded disposable income leaving the US savings rate for 2005 at a -.4%! They also estimated the average credit card debt per US cardholder to be $9,312.
"For these reasons we need to become more aware of our credit and debt loads and carefully monitor our credit reports and fix errors on them. Recent studies have shown that nearly 77% of credit reports carry some type of error. These errors could affect your bottom line at the end of every month, if you're not getting the best loan rates", Kimberly Kellish said.
So why did Mrs. Kellish feel the need for a second edition? she stated, "There are constant changes happening right now to credit reports and the laws surrounding them. We want to keep everything up to date and try to provide consumers with everything they need to fix any errors and misreported information on their credit reports. Additionally, we have seen a huge increase in the number of credit repair services on the internet we wanted to show people that they do not need to be paying these high fees and monthly charges. They can repair their credit reports themselves, and we highly urge them to. You may hire one of the credit repair services without knowing anything about the company except their website address which is scary. Their first step will be for you to divulge all you personal information to them, social security numbers, account numbers etc. and this is really putting you at risk if you don't know anything about the company."
CreditRepairPlan.com provides you with a step by step guide to effective credit repair, sample dispute letters, a free newsletter to keep you up to date on credit report information and repair tips and lots of information you should know before attempting to get your credit report fixed.
"We think the most important part to getting errors on credit reports fixed is knowing your rights. We want to give you all the information regarding consumer rights before you begin so that you are aware of them and able to effectively get your credit report to reflect a true representation of your financial history" Mrs. Kellish said.
"We've been through the process and kept up to date with recent consumer right developments so that people can get errors removed from their reports. The new Vantage Score which was formed by the Big 3 Credit Bureaus, TransUnion, Experian and Equifax, will make its appearance this summer which has many wondering what will happen. Will this new scoring system which contains both a numeric score and a letter grade be able to take on the long accepted FICO score? To a lesser degree, will this new score end up costing the consumers in the end on what rates they get on their loans based on their letter grade?" Kimberly questioned.
Many questions remain but one thing is clear, consumers need to monitor their credit report, take advantage of free credit reports now offered annually through government law and be more aware of any changes that get posted to their report.
"No one wants to have to go through the aggravation of trying to fix their credit report after becoming a victim of identity theft. Believe me, this process is an uphill battle no one should have to fight. By repairing our credit report yourself, you're protecting your identity and possibly cutting down your bottom line every month with cheaper loan rates" Mrs. Kellish said. "Learn your rights, now the facts and keep an eye on your credit report", Mrs. Kellish stated.