Ask anyone, and they will tell you that the American system of credit is one of the toughest schemes for an individual to understand. If, as it is my case, you are a foreigner, the problem only gets escalated to the maximum degree.

The book is divided into three major parts:

- Establishing credit
- Dealing with credit problems
- Credit restoration / Credit repair

On Pages 116 through 118 there is an interesting but still kind of far-fetched idea about using 20 credit cards – yes, you read correctly, twenty! – to make money out of a calculated scheme to obtain downpayment for a mortgage. The process; however, seems complicated, and although I would agree with Ms. McNaughton that credit cards can actually be a good thing if used wisely, I found such suggestion on a book that technically has the purpose of teaching people how to better handle their credit issues a bit dangerous. Moreover, the world of credit has changed since 1998 (when the book was written), and some information is inaccurate. For example, Equifax no longer uses the criteria described on pages 84 and 85 in their reports.

I found its main value in the numerous spreadsheets offered as a tracking tool for credit establishment and repair. Thus, we have timed sheets to achieve different goals, forms to track current and applied for credit cards, reports to the local and major credit bureaus, debt tracking, etc.

This is the type of book one turns to when in serious need of credit advice. It is also, unfortunately, not as helpful as I was expecting it to be. At one point, it honestly made think that I’d suddenly become the “expert” Ms. McNaughton claims one should be on the subject (Page 119). And I hadn’t even been halfway through the book!

Is the founder of Professional Credit Counselors, a credit advising firm set in California. She conducts seminars nationally and internationallyy on finances, hope, encouragement and solutions

Overall, save your time and your money and research the web or contact Consumer Credit Counseling Services. Your credit will appreciate it.

Interested in buying this? Support Writing.Com by making your purchase of The Insider's Guide to Managing Your Credit: How to Establish, Maintain, Repair, and Protect Your Credit   from Amazon.Com!

Created Aug 13, 2005 at 6:51pm • Submit your own review...