Credit Damage: Getting Compensated for Your Loss Written by Georg Finder
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Measuring Loss of Creditworthiness Assuring authenticity has been a sticky situation when it concerns measuring out-of-pocket loss for victims of credit damage — until now. Attorneys who represent victims of credit damage are now utilizing Credit Damage Measurement method to recover out-of-pocket losses for their clients. “CDM measures actual out-of-pocket dollars reasonably expected from loss of creditworthiness, which includes higher down payments, higher points and costs on loans, higher interest rates, higher monthly payments, or outright denial of credit,” says Key. “In addition, CDM method also calculates rates, costs and other terms applicable to resulting credit rating by lenders and projects results over relevant number of years for types of loans client is likely to seek.” Key continues, “For example, if a client’s credit was near perfect before a triggering event, and is subsequently damaged by event, CDM procedure can illustrate before and after analyses, calculating cost of same loans with two different credit reports, Pre- injury credit compared to Post-injury credit.” In many cases, CDM clients have already realized significant compensation. In one such case CDM was instrumental in recovering $56,000 for damaged credit reputation. “That calculation is difference between what refinancing a $140,000 loan would have cost my client with their prior rating, and what it will cost them out-of-pocket with their damaged credit rating —measured over a seven-year period.” Isolated Compensation vs. Repeatable Compensation The CDM method of measuring intangible credit loss is increasingly becoming basis of recovery for victims of credit damage. It’s changing way judges and juries measure recoverable out-of-pocket loss, and then can compensate for loss of credit expectancy. Certainly there are still some skeptics, mostly defendants. Technically, credit damage measurement is intangible. However, CDM has proven an objective and practical procedure to calculate out-of-pocket damage for companies or families to compensate for their credit damage. “To have this kind of measurement is an exciting complexity in our society,” says Key. “CDM is very understandable and a rather simple way to come to a conclusion of loss for victim. If you understand math and are an expert at reading credit reports, calculations and recovery are undeniable. It’s a method of turning isolated compensation into repeatable compensation. It’s changing way jurors rule on these damaging cases. Because of this method, victims of credit damage can be more fairly and more completely compensated for out-of-pocket damage.”
Georg Finder, president of CM Financial Services of Fullerton, California, wrote and presents the first State Bar accepted continuing legal education seminar on credit reports and credit damage. He can be reached at gfinder@creditdamage.com (714) 441-0900 or at www.creditdamage.com
| | Customer Retention with a Personal TouchWritten by Tony Valle
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Really any little thing that you can do to make your customers feel that you remember them and care about them is priceless. I have a particular customer that mentioned to me one day that she was a tremendous Ray Charles fan. Months later when Ray passed away, I sent her a little note of condolence. I don’t think she will ever forget that gesture. She later told me that I was only one who mentioned anything to her that day. She had been feeling like nobody knew or cared until she received my note. What opportunities to make personal contact with clients are you missing each day? Sure, it’s easy to use convenient excuses like “I just don’t have time,” or “I’ll get to it next week.” Just remember how much more difficult and time-consuming it is to find a new client rather than to keep a current one. In end, taking time to keep in contact with your customers will pay a lifetime of dividends both personally and professionally.
Tony Valle is owner of Promethius Consulting, LLC, a unique web-design and marketing firm. Learn more at http://www.promethius.com
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