There are numerous reasons why people have bad credit—not paying bills on time, bankruptcy due to unforeseen situations, credit account charge-offs, high credit card balances and the result of identity theft. But according to Saloam Bey of Credit Power LLC and Gordon Manker of Changing Financial Futures, having bad credit should only be a temporary situation.
As a victim of identity theft, Bey has experienced firsthand the nightmare and disadvantages of not having a positive credit score. “I learned a lot from the experience,” said Bey.
Working as a credit analyst in Alexandria, Virginia, she was not aware that she had been hacked until she was fired from her job and was denied employment after interviewing for various positions. After inquiring as to why she was being turned down for jobs, she was informed that her credit standing was holding her back. Much to her surprise she discovered her credit report revealed unpaid medical bills, a trail of bounced checks and various other negative charges.
“Most of my career I had worked in the field of collections, charge-off departments, with consumer loans, mortgages and in various departments at PNC Bank and credit unions,” Bey said, noting that she was well aware of the significance of maintaining good credit that it took up to two years to get her credit restored. That incident happened in 2011, and four years later, Bey initiated a credit restoration business in Virginia. Then, in December 2017 she opened Credit Power LLC, 2201 Wylie Ave., in the Hill District, where she grew up. A financial literacy advocate with 18-plus years of experience, the CEO and founder intends for Credit Power to provide credit education, credit report restoration, and focused financial counseling to its clients.
Following his passion of assisting entrepreneurs start, develop, grow and maintain their businesses, Manker, throughout his career, has noticed that many of the people he works with are hindered by damaged credit. Through his affiliation with the Wilkinsburg Community Development Corporation, he says, “I’ve seen people unable to fulfill their dreams because they cannot obtain financing due to their credit situation.” Changing Financial Futures, started two years ago, is his way of helping people change their lives by offering financial wellness and entrepreneur opportunities.
Both Manker and Bey are striving to help their clients improve their financial future by assisting them in eliminating negative items from their credit report such as bankruptcies, collections, charge-offs, late payments, inquiries, outdated information, duplicate information, foreclosures, tax liens, judgements and repossessions.
With the estimation that the credit restoration process can take at least two years, Bey says after a free consultation the solutions are to improve the clients’ atmosphere through financial education and credit restoration.
“We challenge creditors, lenders, government agencies, and Equifax, Experian, and Trans Union, the three credit bureaus, to permanently remove derogatory items.” In addition, she says Credit Power specializes in empowering and educating on the importance of healthy credit management.
Other than a peace of mind, Bey says her fee for services includes deletions, repairs, 24/7 portal access, phone calls, monthly reviews, monthly status charts, credit report audits, credit score evaluation, writing of cease-and-desist letters, financial reviews, recommended solutions, educational materials and videos and a strategic tailored execution plan.
As an independent representative, Manker, through Changing Financial Futures, offers protection plan packages inclusive of credit restoration, credit building, credit attorneys, life insurance, health insurance, Smart Credit (an interactive credit report money manager and financial account alert system), FES Debt Zero (a financial plan), Life Lock (a service that detects and helps fix identity theft problems through monitoring data points using proprietary technology and alert systems), Financial LifeBox (a roadmap of financial contacts and information in one central, online location), and MyCare Plan (a will and trust preparation service, discount shopping, RX Discount Plan).
More than just a credit repair and restoration business, Manker says his business unlocks limitless opportunities by protecting and improving his clients’ financial future as well as providing entrepreneurial possibilities. “The unique concept about Changing Financial Futures,” Manker says, “is the strength of working with the Financial Service Education Protection Plan and the opportunity to build a nationwide team.”
His team consists of Denise Barron, Tim Cager, Stacey Ebyers, Gail Manker, Malcolm Thomas, Charlise Smith, Lawanda Randolph, and Michael Boulware, who is based in North Carolina.
According to credit reporting agencies, due to the high economic diversity within the U.S., the average credit score varies greatly among different populations, ages, and income levels. The average FICO score in America is reported at 695 and the average Vantage score stands at 673. Bey and Manker point out that credit scores are calculated by a person’s payment history, the amount borrowed compared to the available credit, the length of one’s credit history, inquires and new debt, and the type of dept one has.
To get a clear understanding of the credit process, or to begin the process of repairing and restoring credit, Bey can be reached at 888-937-3379 and Manker at 412-837-9383. Both offer unique and comprehensive methods to complicated situations, but as they say, “your credit score dictates your character and future.”
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