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Consumers sometimes need professional help to qualify for a loan

At a time when even a blemish on a credit report can doom a car loan or a line of credit, consumers are flocking to credit repair companies for help in repairing the damage.

While credit-repair experts can't wipe out debts or erase the results of overspending, they can identify problem areas and suggest ways to improve a client's creditworthy status.

"People are scared," said Alan Rosenthal, CEO of Financial Solution Services in Agoura Hills. "Calls have increased 30 to 40 percent since last month."

With the mortgage meltdown triggering a flood of foreclosures and a crisis in the financial markets, economists and analysts foresee a wave of credit card default from people turning to plastic to cover routine purchases.

In reporting a 68 percent drop in profits, Bank of America last week cited delinquent credit card accounts as a major factor in the dismal performance   Read Full Article...