A conversation with the founder of Credit Reversal Guru

What about people who are drowning in student loan debt?

If you have a deferment or forbearance, you’re not hurting your credit. It’s a paid-as-agreed matter. A forbearance means you’re tallying up interest and that loan keeps growing. When a lender gives money, they consider the lendee as “all risk.” However, you can pay as little as $1 or $5 with a federal government loan. Private loans are what will nail you to the wall.


Please share some basic tips that will help people build good credit habits.

Answer the phone when collection agencies call. Avoiding them keeps a revolving problem with people’s credit. Another part of this is every state has a statute of limitations with debt. In Georgia, it’s four to six years. However, you can suffer for the next 20 years if you don’t act. Stop the bleeding and pick up the phone.


Learn repossession laws. If a car repossession occurs, the bank must send a certified letter that details the sale. If the lender does not present that, the consumer does not owe them one cent.

To learn more, contact Cole at 404-493-1302 or www.mycreditreversal.com.

A conversation with the founder of Credit Reversal Guru
Dr. George C. Fraser (left), a national economic development expert and George Cole. (Photo courtesy of George Cole)
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