subject: Credit Restoration Programs, Credit Repair Process [print this page] Credit Restoration Programs Are They Enough to Keep You Fee Free?
Are you frustrated yet? So you have rehabbed your credit with a credit restoration or credit repair program: you could now be charged annual fees for paying your bills on time. In response to new credit regulations that limit when banks can raise interest rates on credit card and loan bills, banks executives are doing their best to maintain profits. This translates to an increase in fees of all types, as well as new fees that are being introduced every day.
One of the most common ways banks are trying to recoup their money is by charging (or increasing the rate of) annual fees for each account. Previously, people who have gone through a credit restoration or credit repair program have been immune from such fees. So, what is the reward for being a reliable customer who pays all of their bills on time?
Apparently, there is not one. People with good credit who find that they are being charged with annual fees have the choice of either paying it or closing their account and opening another one elsewhere. Unfortunately, if you have had the credit card account for a while, it can potentially hurt your credit score to close it out. Suddenly, people who have had good credit all their lives may end up needing to join a credit repair program just to avoid paying a higher annual fee.
If you think this does not sound fair, you are not alone. People are getting outraged over the fee hikes, while bank analysts are trying to figure out exactly how much they can raise annual fees while without losing a huge chunk of customers. Most people who have gone through a credit restoration program already put up with ridiculously high interest rates, and now they are being told to swallow an additional annual fee on top of that.
So, what is a person to do? The first step is to check your credit card statement to see if you are one of the people getting charged! If you are contact us and we will advise you on what steps to take to keep these charges down.
