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FAQ Page...

Is Smart Solutions Financial Services, LLC A REPUTABLE Company?

Founded in early 2000 as a financial services company, Smart Solutions was organized to help American Families achieve the dream of homeownership, better credit and an overall a brighter financial future. We are proud of the fact that we hold good standing with the State of Missouri:

Smart Solutions' Missouri Certificate Of Good Standing [Document]

Smart Solutions Financial Services holds PROFESSIONAL LICENSING and can help anyone in ANY state. Below is a list of several different areas of financial consultations, products and services we offer. Here are the services Smart Solutions offers:

Smart Financial Program - A comprehensive program that covers a persons overall financial picture. Starting with the core area of credit. SSFS has the #1 ranked Credit Repair Service in the United States. This program is guaranteed and helps people who are in need of improving their credit. Also, this program helps people re-establish their credit which is also extremely important in order to raise your credit scores.

Real Estate Services - Aiding Renters to obtain homeownership through a comprehensive Rent To Own Program; Assisting Buyers and Real Estate Investors to purchase property (even with means of creative financing); Helping Sellers sell property for profit. Michael Hathman is a Licensed Missouri Real Estate Broker and holds Membership in the Missouri Association of Realtors as well as the National Association of Realtors. Leander Realty also has a small staff of realtors;
Lending Products & Guidance - Dwayne Anderson is a Loan Broker/Real Estate Investor and works with such lenders as Bank of America, Chase and US Bank as well as other large mortgage bankers as Countrywide Home Loans helping prospective homebuyers obtain home loan financing;
Retirement Planning - Steve Scharf holds Series 6 & 63 securities licensing and specializes in helping individuals devise life saving strategies working with companies such as Putnam, MFS, Scudder, Van Kampen, Oppenheimer, John Hancock Funds and many more.
Insurance Placement Coverage - Products are varied and staff members hold appointments with companies such as Aflac (typically featuring commercials of the Aflac Duck on television); Safeco Insurance, Geico, Progressive and others just to name a few. Through various brokers we also offer an array of various products: life, auto, health, disability, terminal disease, property (Renters & Homeowners), liability and long-term care as well as fixed and variable annuities.
Pre-Paid Legal Services - As a separate company and program, this is an excellent way for the general public to gain access to a very expensive (and cost prohibitive) legal system. Members are provided legal consultation, document review, a free will, minor and major traffic representation, civil and criminal case representation, IRS legal audit protection, and a discount off the provider firm's hourly rate. Other plans cover 24-hour access to an attorney provider and identity theft protection and restoration. Ask to speak with an independent associate about plan coverage benefits, costs and details.

What Is The Difference Between Smart Solutions Financial Services & Other Credit Repair Companies?

Smart Solutions is a well-known company retained by many Mortgage Companies, Lenders, Realty Companies, and even car lots. The companies actually send their customers to our company. Usually their customers need help with their credit... the intent is to repair and re-establish their credit so they could go back in a few months to qualify for whatever loan they were trying to obtain. Of course this benefits Smart Solutions also. The credit repair service is free with the purchase of the Smart Financial Program which includes Debt/Budget Management, Retirement Planning, College Planning, Insurance Products, Legal Protection, and much more.

Just recently, Smart Solutions created the America's strongest Rent To Own Program allowing for individuals who can't purchase or lease a property (mostly due to damaged credit) to purchase a home through a Rent To Own arrangement. In this way, Renters who have damaged credit can take advantage of an opportunity that allows them to find and reside in affordable housing accomodations. Ultimately, the credit repair program will allow Renters to become homeowners - thereby helping millions of Renters achieve the American Dream of owning real property.

Founded in early 2000, with 20 years of combined lending, real estate and financial services experience, Smart Solutions Financial Services is a company "Apart From The Flock" - a hybrid of professional financial services, unique financial products and a networking company aimed at filling the needs of American Families throughout the USA. We are a company that prides itself in choosing to be truly different and willing to stand apart from the rest of the financial services businesses in America by intelligently approaching problems with the aim to solve them; hence, the name, Smart Solutions.

Smart Solutions is dedicated to finding innovative ways to solve pressing financial problems for Americans at every income level. Our Financial Consultants are committed to containing and/or eliminating potential and actual financial threats to our customers and clients and, at the same time, maintain the highest profile of impeccable integrity doing so.

Our Company will provide financial services and products to our clients with the greatest integrity, excellence, care, respect and speed in our customer service operations as is humanly possible. As always, Smart Solutions will always be committed to seeing that the customers' needs are given a PRIORITY ONE STATUS and ultimately, to see those needs met to the satisfaction of our clients.

Do I Need An Attorney To Help Me Repair My Credit?

Credit repair does not necessarily require the services of an attorney - but in some cases where a legal challenge may exist, the retention of a law licensee may be critically important. In all cases, it is highly recommended to have an attorney on standby ready to assist you if needed - especially if you if you end up facing a legal challenge. We suggest talking with a Smart Solutions Advisor about obtaining a legal protection plan designed to save the enrolled member a significant amount of money with regard to paying attorney billing hours.

Credit repair is a very complicated issue and (in some cases) a situation may arise that will require legal assistance. Such common issues that may require attorney services include (but are not limited to the following): civil suits, criminal charges, car repossession, creditor billing problems, identity theft, etc. Smart Solutions Financial Services, LLC offers the very well known Pre-Paid Legal Services Membership through Pre-Paid Legal Services, Inc to help you save money on attorney fees. For more information and costs, please call: 88-605-5181 and as to speak to an Independent Pre-Paid Legal Associate about enrollment.

Remember, the average credit repair company may NOT tell you to seek legal advise. Smart Solutions Financial Services believes that seeking legal counsel when necessary is a wise move. It is critical that you use an attorney who is familiar with the particular area of law that can address your issue: such as credit, corporate/contract law, disability, traffic, criminal, etc. With the legal protection plan, you can get an attorney who specializes in ANY area of law in ANY state.

Can Credit Repair Be Done Legally?

The Fair Credit Reporting Act insures that every American has a right to a credit report that is fair and accurate - free of errors, mistakes, outdated or obsolete information. This also guarantees the consumer the right to dispute negative credit information and that the credit bureaus - especially where such an account is of a disputed nature. Bureaus MUST comply with a demand to investigate a disputed account within a reasonable period of time and reply within a reasonable amount of time (typically 30 days) unless there is an acceptable reason to do otherwise. The bureaus must disclose this information to the consumer as requested. Penalties are stiff with regard to willful noncompliance as is civil liability for the credit bureaus. You have a right to repair your credit report if you so wish.

If the bureaus do not respond, refuse to investigate the claims or complete a partial and incomplete investigation, we suggest you ask about the legal protection plan in order to retain an attorney to rectify this injustice.

What Other Laws Exist That Can Be Of Help To The Consumer?

You can Google these laws. If you don't understand what it is you are reading or how it affects your rights, please consult with an attorney who specializes in credit and contract law. Here are just some of the laws (statuatory, rules and case law) that apply to consumer protection:

Equal Credit Opportunity Act
Fair & Accurate Credit Transactions Act;
Fair Debt Collection Practices Act;
Fair Credit Billing Act;
Truth In Lending Act;
Statute of Frauds;
Intentional Interference with Credit Expectancy.

What Organizations Can I Turn To If I Need Help With Regard To A Collection Agency or Attorney?

Here are some organizations who have jurisdictional or regulatory oversight that may be able to assist you with regard to bill collectors or attorneys:

Federal Trade Commission;
State Attorney General's Office;
State Department of Insurance;
State Department of Finance;
Federal Bureau of Investigation (FBI);
Department of Housing & Urban Development (HUD);
State Bar Association for Attorneys;
Your Attorney.

How Long Does The Credit Repair Process Take?

Credit repair services usually take 90 days to 6 months depending on how busy and backlogged credit bureaus have become and how damaged a client's credit report is. When a client has no credit, or has a client has enrolled for credit repair after bankruptcy or if the credit is severely damaged - the credit repair process may take longer.

In order to "speed up the credit repair process" we recommend the client enroll to get an instant approval credit card online. Applying for credit cards can help you improve your credit substantially as long as you pay it ON TIME (and ideally payoff the FULL amount owed) each month. We recommend never go over 50% of the credit line with purchases and not to have credit card balances higher than 1/12th (one month's worth) of your total yearly gross income. Re-establishing credit is different than repair and is ACTUALLY MORE IMPORTANT than repairing damaged credit - because having open active tradelines accounts for 65% of your credit score as well as 65% of the improvement process. Obviously takes time to re-establish your credit. If you are wanting to get a home loan, most lenders like to see that you have at least 3 - 5 active tradelines at least 12 months old. Normally, it takes 90 days for credit cards to start reporting on your credit report. There are also home loan programs that will allow a loan officer and borrower incorporate soft tradelines like a pager, cell phone or utility bill ot be used as "the necessary tradelines" required to get a home loan.

If you have no credit lines open currently, we suggest you visit our credit card section and apply TODAY! THREE applications for credit cards should suffice with regard to get you moving in the right direction and help you re-establish and improve your credit. If you need your spouse's (or co-applicant's) income to qualify (and the co-applicant doesn't have any credit established) we suggest you make the application for the cards jointly. By applying jointly, you both will have all THREE tradelines required and you both will have joint THREE accounts instead of 6 credit cards on a combined basis.

Can Derogatory Credit Re-Appear After It Has Been Deleted?

Most of the time, once disputed and erased from a credit report, negative credit information typically (in roughly 95% of all cases) stays off the credit report.

However, from time-to-time, derogatory credit may reappear. In this case, it is best to settle the item for a fraction of the balance and as a part of the offer to settle demand a deletion from the credit report in full (as though it never existed).

Will Paying Off Collections Help Raise My Credit Score & Improve My Credit Report?

SURPRISINGLY NO. If you pay off a collection, this will HURT (LOWER) YOUR CREDIT SCORE by approximately 20 - 30 points because the collection account will be "updated" and marked "paid." This "updated status" has the effect as if a brand new collection reported on your credit report. The paid collection may remain on your credit for 7 years (or longer if not caught). You MUST have a deletion clause as part of a payoff agreement - which is smart for credit repair purposes. Paying items with the agreement of obtaining a permanent deletion is always a better strategy as compared to just paying off the derogatory account. This is a Smart Solutions trademark techique for credit repair and credit improvement. The credit repair competition does not (in the vast majority of cases) offer this as an effective credit repair tool. It is a remarkably powerful way to get results. Without the incorporation of a deletion clause in the offer to settle, the collection account usually stays on the credit report in a derogatory status for SEVEN (OR MORE) long, protracted years - marked as "Paid," "Settled-for-Less-Than-Full-Balance," etc., etc." Waiting for 7 years (OR MORE) for collections to "fall off," is not our idea of a good "settlement" technique. This is a TERRIBLE strategy and the only thing this poor planning will do is prolong the pain and agony of having bad credit report for SEVEN YEARS (OR LONGER). Settling collection accounts that are continuously re-verified and will not go away is a far better strategy - (again, so long as a deletion clause is incorporated into the offer to settle agreement). Then (AND ONLY THEN) will the collection account be deleted from the credit report upon acceptance of the offer. This is the kind of credit repair that gets RESULTS!

Can I Repair My Own Credit?

Smart Solutions Financial Services admires do-it-yourself types. No doubt, you could act as your own credit repair company and, just maybe, you could be successful. Most of the time, however, our clients who have tried to "go it alone" have not had the results they desire and give up discouraged and frustrated. So, these people come to Smart Solutions to get the kind of credit repair services that will yield results.

Honestly speaking, you could also repair your own transmission in your car, perform heart surgery on yourself, or build your own space shuttle. You can also take a chance and buy a kit from someone and hope doing so was not a waste of time or good money.

Having good credit is so critically important to a person's financial wellbeing, why take the chance of FAILURE - especially if failure is not an option because you need to finance a house or buy a car? Get help from a Smart Solutions professional to give you advise along the way (or professionally handle your credit repair services for you). This makes MUCH more sense. Why?

When you hire Smart Solutions Financial Services, you have ADVISORS working for you who are on YOUR SIDE. Like everything in life, it takes time, discipline and research to be able to know enough to tackle tough credit problems and be able to successfully perform credit repair services that can get results. The Smart Financial Program is designed to raise credit scores high enough to eventually meet objectives. The time it takes for a client to repair their own credit can be monumentally frustrating. Why is this usually the case? Credit bureaus refuse to investigate many times for any number of reasons. Lack of knowing the kind of verbiage references to provisions of specific laws and credit repair strategies it takes to get the job done can make the whole process even more maddening. As a matter of fact, WE COMMONLY SAVE CUSTOMERS several times the cost of the Smart Financial Program especially from the savings earned through the settlements we help you negotiate.

Smart Solutions Financial Services offers the most comprehensive and competent credit repair services available employing nearly 40 different general and attorney-approved legal forms to fully optimize the results of the services provided. If you are frustrated and can't get the results you need, it's time to turn to someone who has the appropriate tools to get the job done with GUARANTEED RESULTS.

How Important Is It To Have Open, Current Trade Lines Reporting On My Credit Report?

Having open, good lines of credit is an incredibly important part of credit repair and credit restoration and accounts for approximately 65% of your credit score. As a matter of fact, (IF NEEDED) you can re-establish your credit simply by applying for guaranteed approval credit cards on this website (see the navigation bar at the left). Staying current on all accounts is the secret. By paying your credit cards in FULL 7-10 days in advance will skyrocket credit scoring. Keeping your balances below 50% of the credit line helps tremendously. Your credit history accounts for approximately only 35% of your scoring. Interesting to note, the vast majority of credit repair companies focus repairing only what has been damaged and don't take the time to help their clients establish new credit (especially in the event where no open tradelines exist). Ignoring the re-establishment of credit simply is not good enough to get the credit repair job done. Smart Solutions will focus on the entire credit picture by helping you repair damaged credit, erase derogatory credit and establish new credit lines on your credit report!

I Have Bill Collectors Calling Me Day & Night! What Can I Do To Put A Stop To All The Calls?

We understand. There is a form that you can use to help put an end to most (if not all) the incoming phone calls you are receiving from collection agencies and bill collectors. Just print the form below and send it to your bill collectors via certified mail and request a return receipt from the US Postal Service:

Cease & Desist Communications Notice To Debt Collectors [Document]

Why Are The Credit Bureaus Such A Pain-In-The-Neck?

The credit bureaus are in business to sell credit reports. These organizations do not care about whether any or all of the information on the report is fair, accurate or current. The credit bureau makes no money doing investigations. In fact, investigations cost credit reporting agencies labor and money. Therefore, credit bureaus will fight consumers on performing investigations claiming these disputes are "frivilous" and these bureas will outright refuse to do an investigation.

However, if court documents are provided to the bureaus, these must be addressed and Smart Solutions' legal counsel has approved the use of many of the form documents used in the credit repair process. Since some of the forms used are legal documents, they carry the weight of law. Bureaus are much more inclined to address (and correct or delete) derogatory information from a person's credit report.

In the event the bureaus do not respond, neglect an action or simply refuse to investigate or correct information on the credit report, we highly recommend retaining legal cousel and getting legal advise as to what recourse may be taken against this type of financial terrorism carried out by credit reporting bureaus. As a matter of fact, if a client requires legal counsel to rectify a credit reporting problem, we suggest calling Smart Solutions Financial Services to ask to speak to a Pre-Paid Legal Services Plan.

What Constitutes A Credit Report?

A credit report is really a "snapshot of your credit in time." Your credit scores (also known as FICO scores) are calculated as follows - broken down in percentages according to the following categories and moreover how importantly they relate to your overall credit score:

Payment History accounts for 35% of your credit score;

Amounts Owed account for 30% of your credit score;

Length of Credit History accounts for 15% of your credit score;

New Credit accounts for 10% of your credit score;

-and-

Types of Credit Used accounts for the remaining 10% of your credit score.

It is important to know what a credit score takes into consideration - ALL the above categories and not just one or two considerations. The importance of any single factor depends on the overall information in your credit report. Your credit score only looks at information in your credit report and will not take into consideration anything external. Your credit score also is calculated based on BOTH positive and negative information in your credit report. And, most importantly, late payments lower scores while establishing or re-establishing and making payments on time will RAISE your score. The formula for determining credit scoring is the proprietary property of the Fair Issac Company and is kept a secret.

You will notice that having open, active tradelines accounts for roughly 65% of your credit score. This is so critically important - that not doing so will depress your scores over time. Responsible credit management is actually more important than repairing damaged credit (accounting for 35% of your FICO score).

Credit reports typically report all of the following: Bankruptcies (filed, discharged and dismissed), consumer credit counseling (scored as if a bankrupcty), collections; judgments; tax liens; profit and loss (charge off) accounts; late payments; personal information including residence history, names and aliases; social security numbers, etc.

How Long Can Derogatory Credit Remain On A Credit Report?

Derogatory credit items can stay on your credit report up to 7 years (or longer) from the date that the item was last reported or paid. Bankruptcies will stay on credit for up to 7 to 10 years before they must "fall off." If your creditor or the collection company who has bought the account keeps updating the derogatory information, it may stay on your credit report indefinitely. However, the many items do "drop off" over time because updating negative information takes time and labor (which costs the account holder time and money). This is the main reason as to why there usually is NO profit motive for a creditor, collection agency or credit reporting agency to keep updating derogatory information.

Of course, waiting years for collections and late payments to "fall off" the credit report is a painfully long experience. In order to cut that time down as much as possible, an effective credit repair program should be employed by trained professionals.

How Bad Can A Bankruptcy Effect A Credit Report?

"Bankruptcy Is To Credit What An Atomic Bomb Is To Military Warfare."

Bankruptcy should be the last resort for "dealing with" derogatory credit, judgments and collections. Many times, credit can be repaired (sometimes significantly) just by using the types of different credit repair documents. Secondly, credit can be repaired by settling collections, judgments and profit & loss accounts for a fraction of the balance owed and the item can be PERMANENTLY DELETED by incorporating a deletion clause in the offer to settle document.

There are a few cases where bankruptcy may make sense: such as lack of future income does not seem evident, an excessive number of accounts that cannot be settled and where financial matters have become so terribly pressing that the individual may lose their home or face criminal and civil suits. If this is the case, the individual seek the guidance of a competent, licensed attorney for advice through the Legal Protection Plan offered through Smart Solutions.

Chapter 7 Bankruptcy allows a discharge of all debts (there are exceptions) and all assets are liquidated (there are exceptions here too). State Laws differ and attorney advice will need to be sought concerning the details. From a lender's point of view, a Chapter 7 is much better than a Chapter 13 because the discharge of debts lowers the amount of debt a person has to pay as a percentage of their income. This means that a person seeking to re-establish credit (ideally with a credit card online through our website) has a better chance of attaining credit because the burden of debt is not as great as it previously was before the account was discharged through bankruptcy.

The Chapter 13 bankruptcy will discharge when you have met your payment agreement which may take several years. The attorney fees are high and the repayment period is long. Chapter 13 Bankruptcy demands that ALL disposable income (not necessary for living expenses) must be paid into the plan until some future date. This means that the bankrupt individual pays 100% of his income to 100% of his debts and living expenses. In other words, his debt-to-income (DTI) is 1:1 or 100%. A good DTI is typically anywhere from 25-36%. The individual may not be able to re-establish any new, good credit for years. The only type of loan an individual maybe able to qualify for is an FHA or subprime home loan. The lender may be able to buyout the homebuyer from the bankruptcy. Typically, because all payments under the Chapter 13 repayment plan are made on the same date (at the same time), many accounts on a credit report can (and do) report late payments regularly. In he case of discharged bankruptcies, collection accounts (that were supposed to be included in a bankruptcy) can show as open, outstanding collection accounts.

Many times the credit report is just as bad - if not worse - after you file a Chapter 13 bankruptcy. Again this is due to the reporting of the payments not being done on time or accurately. Collection accounts and many other derogatory accounts can report for YEARS on credit reports in error as outstanding accounts even though they have been discharged through bankruptcy. This is a very common error and it happens on a regular basis hurting a credit seeking borrower unjustly for years without correction.

Also, if you have filed a Chapter 13 bankruptcy and did not follow through with the plan, this will usually state so in the credit report as "withdrawn" or "dismissed." From a creditor's point of view, the withdrawn bankruptcy may still be counted as a "bankruptcy" in the credit underwriter's decision and this hurts could hurt a borrower's chances of getting loan approval.

All bankruptcies will haunt your credit report for at least 7 years (unless credit repair is employed). Chapter 7 bankruptcies may report for an additional 3 years for a total of 10 years altogether. In some cases, bankruptcies can haunt you for the rest of your life if you are asked the question on an employment application, "Have you EVER declared bankruptcy? Bankruptcies may even effect an employment decision. Bottom line: avoid a bankruptcy at all costs!

What Are "R1" & "R9" Ratings On A Credit Report?

This is the rating system is as follows:

R-1 ratings are the best, most excellent credit ratings you can have on your credit report. Anything less than an R-1 rating is considered derogatory.

R-2 ratings reflect a 30-day late payment.

R-3 ratings reflect a 60-day late payment.

R-4 ratings reflect a 90-day late payment.

R-5 ratings reflect late payments 120 days are more. Typically, at this point, the account is about ready to fall into collection or foreclosure proceedings - but is not yet an R9.

R7 ratings show that your payments are made under consolidation.

R8 ratings show that the debt was cleared by selling the account (repossession).

R9 ratings show that you have bad debt that is now uncollectible.

The "R" stands for "Revolving;" An "O" stands for "Open;" and "I" stands for "Installment" debt.

What Are "Profit & Loss" & "Charge Off" Accounts?

Profit & Loss or charge off accounts are accounts that have fallen into a "collection" status but are still held by the creditor. Simply put, the creditor classifies these accounts as being charged off to bad debt expense or they are listed as P & L accounts and are placed on the company's Profit and Loss Statement as charged to bad debt expense. Such accounts are placed on the debtor's credit report as a derogatory "incentive" to get the debtor to eventually pay the bad debt.

How Much Can I SAVE By Settling Collections & Charge Off Accounts?

Many times, our customers have settled accounts for just pennies on the dollar and had the disputed item DELETED from their credit files FOREVER!

CASE STUDY #1: As a matter of fact, one of our customers had two credit card accounts each totalling approximately $10,000 each. With our program, he got both of them settled for just $500 EACH and he saved approximately $19,000 on both turning this into a 95% savings scenario! Many times these accounts can be settled for 25, 33, 50 or 80% of the balance owed! Of course, not every case will end up being a huge savings as individual cases will vary in results.

CASE STUDY #2: In yet another case, a couple that owed nearly $80,000 in back IRS taxes and over $4,000 in back State Taxes. Smart Solutions helped the couple settle the debts for a total of roughly $14,000.

CASE STUDY #3: One lady had over $20,000 of junk debt and derogatory items reporting on her credit report. She informed us that we were able to save her approximately $17,000 on her settlements. - J Mooring

CASE STUDY #4: One man was trying to buy a house. We instructed him on making the settlements he needed to make prior to securing financing. He saved well over $1,200.

CASE STUDY #5: One client had an $11,000 car repossession reporting on his credit report. Smart Solutions helped him settle for $2,300.

All the settlements made above also had a deletion clause inserted in the Offer To Settle saving these clients tens of thousands of dollars.

What About Consumer Credit Counseling Agencies?

When it comes to credit counseling, there are two words you need to know: CAVEAT EMPTOR (Buyer Beware). Using "debt counseling" or credit counseling agency is very much like filing for a Chapter 13 Bankruptcy. As a matter of fact, many loan underwriters at many mortgage companies will count consumer credit agency counseling as if it was a bankruptcy! This is a very derogatory entry on any credit report and can stay on your credit for years. Many times consumers with high credit ratings enter these programs thinking that they may help but, the sad truth of the matter is, they seldom do and accounts are paid out monthly causing many accounts to report delinquent payments. These late payments will also report on a credit report for several years.

The best way to manage debts is to pay all of them 7 to 10 days PRIOR to the due date and never place over 1/12 of your income on debt INCLUDING your car and house bill. Often the tactics used by these non profit organizations are terrible - especially with regard cutting up all your current existing credit cards. In most cases, active tradelines are required in order to qualify for a mortgage loan! By closing existing OLD lines of credit - this massively hurts credit scoring. Smart Solutions offers Budget and Debt Planning as well as solid advice with regard to spending and does not report it to the credit bureaus. We use sound principles to help educate you on how to stay out of financial trouble.

I Was Thinking Of Getting A "New Credit Identity." Is This A GOOD Idea?

Although we are NOT attorneys, we suggest you seek legal advice regarding this matter (preferrably through our legal protection program). We always tell our customers and clients that this would not be a very good idea as the risks involved are huge - unless you victimized by an act of idetity theft or violent crime (such as murder). Also, a typical credit repair company may NOT disclose the risks to you! If you are ever caught with a fake identity, you could be liable and suffer criminal prosecution and civil damages for committing credit card/bank fraud. Unless you belong to the U.S. Federal Witness Protection Program or a victim of identity theft, this is just not a good idea at all. Also, chances are significantly HIGH that you will probably waste your money because eventually, the new identity you have created will be linked back to the old one. The money you will spend on this (especially if it smacks of SCAM) will probably cost you MORE than the Smart Financial Program or the Identity Theft Shield Smart Solutions promotes. We recommend saving your good name (if at all possible) with the help of Smart Solutions credit repair program.

Can Settling A Debt Be A TAX DISadvantage?

If you settle an account for LESS than the FULL balance, some companies will issue a 1099 Income Tax Statement to you and you will be required by the I.R.S. to pay taxes on the difference at your tax bracket. The reason for this is that you have gained under a legal concept called "enrichment by way of adverse possession." What this means is that you received items or services and only paid a portion of that bill as satisfaction. The difference between the amount of the bill and the amount you settled for could qualify as "additional income" creating a new taxable kind of "wealth." For example, if you had a $10,000 bill and settled that bill for $2,000, the difference would be $8,000 and the company holding the bill could send you a 1099 tax income statement for $8,000. You will need to pay taxes on that $8,000. If you are at the 28% tax bracket, your tax bill will come to $2,240. You will need to pay to the I.R.S (this will not include Local, State, Medicare, Social Security or Self Employment tax). The only thing that can offset this new tax bill is to take MORE itemized deductions. We suggest you consult with your tax advisor if this happens to you.

With proven credit repair services, Smart Solutions can provide you will the expertise to avoid any type of financial challenges such as this - and (as a part of the offer to settle terms and conditions, we have a 1099 avoidance clause). This type of arrangement will allow you to avoid payment of the taxes - especially where the account is of a disputed nature. A disputed nature can be established by a statement of dispute.

If I Place A 100 Word Explanation On My Credit Report, Will A Creditor Read It?

100 word explanations are read by creditors and typically address derogatory items - especially in the event that the account is of a disputed nature. If you have a really good explanation for an item, then that can make a difference to a credit grantor or a loan underwriter. Make sure you explain certain situations and extenuating circumstances that may otherwise look bad. For example, if you were hospitalized with a severe sickness or a worker that lost a job (especially where the trend was nationwide as with the .Com Bust of 2000) and you had to go back to school for a new educational career change, such items may look better to a potential credit grantor. Otherwise, the credit grantor may ask for a letter of explanation to explain why something bad happened to your credit.

Ideally, it would be in your best interest to invest in credit repair services so as to erase as much derogatory information from your credit report as is possible - even 100 word explanations. Not having any 100 word explanation on a credit report nor anything else negative is actually best - obviously. A general credit repair company may not know to do this.

Smart Solutions recommends settling the account and obtaining a deletion as a part of the settlement agreement as a far better alternative to a 100 Word Explanation regarding a derogatory credit account.

MORE QUESTIONS? Due to heavy call volume...the FASTEST way to communicate with us is by e-mail: steve@smartsolutionsfs.com OR you can leave a message with your questions, and someone will get you answers within 24 hours. Please understand that the phone lines are normally jammed due to the overwhelming demand of this program.

Smart Solutions Financial Services is not a credit repair company, but rather a FULL service financial services company offering FREE credit repair services with the purchase of the Smart Financial Program. Other products include: term life insurance, retirement planning, Advance Pay Legal Protection Programs, as well as an Instant Approval Credit Card Online web page.

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'Bad credit repair and more online now.'

www.SmartSolutionsFS.com - We are dedicated to providing the #1 Ranked (& Most Comprehensive) Credit Repair Services for Credit Reports in the USA. Along with Credit Repair, we focus on Repairing A Bad Credit Score History GUARANTEED! Let Smart Solutions help you Build Good Credit. Check out the Free Online Credit Report Info Tip Sheet on our Home Page.

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