Back with the second part of my review of Debt Cures They Don’t Want You to Know About. You can read the first part of the review here.
Last time I left off on chapter six so we’ll start on chapter seven, but then chapter seven should have just been left out of the book entirely. It covers the basics of credit scoring and credit reporting. You can go to fool.com, bankrate.com, finance.yahoo.com or a host of many other sites and get this same information.
Chapter eight – What is in your credit report? It’s a good thing this chapter is only seven pages because it can be grouped in the same category as chapter seven. Do a search on your favorite search engine and get the same information.
This is a recurring theme throughout the book. But then not every book has original, ground breaking information – especially debt and finance books. Each author has their different ways of saying essentially the same thing. They may add their little tips or tricks and if you use just one of those tips then the book will have paid for itself in spades.
And when it comes to credit card debt and curing our debt problems, when the amounts of money involved can be quite substantial, using one of these tips can potentially save you thousands of dollars. The only question is are you willing to put in the work to get it done and make it happen? Are you going to make the calls to your credit card companies and ask them to lower your interest rate? Are you going to order your credit reports and credit scores and dispute the inaccurate data?
So no matter which financial book you read, if you do nothing and do not take action, you cannot call any book a scam. Even if it comes from Kevin Trudeau.
Getting off my soapbox now…
If you do not know the basics of credit scoring and credit reporting then you will find this book useful. It is all organized and explained in easy to understand terms. Kevin does offer several examples that you can follow along with.
If you do not know the difference between a hard and soft inquiry on your credit report then you will get more than enough out of this book to justify its cost.
Moving on to chapter nine and ten. These chapters continue on with getting copies of your credit reports and credit scores and getting rid of errors. Once you fix the errors in your credit report, your credit score will go up and you will save money on any loan you take out – home, auto, refinance, etc.
You can get your free credit report and free credit scores here. This is a free trial offer for credit monitoring. If you do not cancel, you will be charged a monthly fee. But this is the only way I know of to get your credit scores for free. You can get your credit reports for free at annualcreditreport.com. You have to pay extra if you want your credit scores from Annual Credit Report. You can get your free credit scores and credit reports free here.
He also recommends monitoring your credit report. This will protect you from identity thieves and make sure no new surprises appear on your credit report the next time you check it.
He has a site recommendation on his Debt Cures site but the link is currently not working.
Chapter 11 offers tips for improving your credit score overnight. One of his tips include boosting your credit score by using less of your available credit on each credit card. He recommends you only use 35% of your available credit on each card you have. Using more than this will lower your score.
One tip from chapter 11 offers a strategy to eliminate negative items on your credit report. This tip has about a 50% chance of succeeding when dealing with debt collectors and erasing negative items off your credit report. If this one tip works then you’ll have easily paid for the cost of Debt Cures several times over.
Chapter 12 is only six pages long but it contains the 2 magic words that several people have asked about. I have a feeling that you may be disappointed about what the 2 words are. But then again, if you know someone who has been affected by this then you’ll understand why Kevin hyped these two words up so much. There are few things that can ruin a credit report and credit score faster and wreck havoc on your life than these 2 words.
Kevin recommends checking your credit report and monitoring your credit to protect yourself from I_ _ _ _ _ _ _ T_ _ _ _. (Those are the 2 magic words that can help your credit) It is the fastest growing crime in America and affected 9.9 million Americans last year and cost them roughly $5 billion. Protect yourself from the fastest growing crime in America.
Chapter 13 covers cutting your mortgage loan payments down. Money saved is the same as money earned. Kevin offers tips on getting rid of your PMI, making biweekly payments and refinancing your variable rate mortgage for a fixed rate now that interest rates have gone up.
Rising interest rates is a recent topic so Kevin Trudeau including it in this book is a timely addition. He offers a few tips on dealing with lenders who do not want to be flexible with you.
If you need to refinance your variable loan to a fixed loan, do it and save money each month on your payments.
This post has gotten quite long so we will continue this in another post.