Digg It - Finance

(A Little History of the Credit Repair Business)

Risk-based pricing is the real reason that there is a credit repair business. Risk-based pricing is the practice of cha

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

rging different interest rates to different people. Lenders decide who gets the best interest rates based almost entirely on a person’s credit score. Credit repair allo

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ws borrowers to qualify for the lower interest rate. To achieve credit repair, history must be rewritten, to a certain extent. Inaccurate, misleading and unverifiable i

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

nformation must be removed in order to improve a person’s credit score.

People involved in the credit repair business know how an individual’s credit score is computed.

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

One might think that it is based entirely on a person’s payment history, but other factors are used to determine a person’s credit score. Some borrowers consider only th

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

e FICO credit scores; some consider the credit rating and others actually look at the information listed on a credit report by one or more of the credit bureaus. The his

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

tory of the credit repair business or credit repair history is relatively short, but the history of credit scoring and rating goes back nearly as far as bank loans. Lend

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ers needed some sort of system to evaluate a person’s “creditworthiness”.

Several laws govern what information can be used to determine a person’s creditworthiness. Sev

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ral laws are designed to help consumers report unfair or inaccurate information. A credit repair business that is familiar with the laws regarding credit issues will be

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

able to provide the most help to consumers who hope to achieve credit repair. History does not always repeat itself, just because an individual had credit problems in th

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

e past, does not mean that they will continue to have credit problems in the future. Critics of risk-based pricing feel that charging a person a higher interest rate, be

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

cause they have had problems repaying loans in the past will only make it harder for that same person to repay loans in the future. When the credit repair business works

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

it works to keep this from happening.

Even a person whose credit score is “not that bad” can benefit from credit repair. If a company in the credit repair business has

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

an effective credit repair history, they may be able to save a consumer much more than the cost of the services. For instance, FICO provides the following figures. For

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

a $216,000 mortgage, a FICO score of 760 or above would qualify for a 6.29% interest rate, equaling a monthly payment of $1335. The rates go up as the score goes lower.

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

A score of 700-759=$1367, 680-699=$1392, 660-679=$1423, 640-659=$1486, 620-639=$1567 and a credit score below 620 will require “creative financing”. In 2003, less than

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

30% off all Americans had a credit score between 750 and 799, and 50% were below 700. So, an effective credit repair business could have saved Americans between $768 and

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

$5568, just in interest on their mortgages in the last two years.

If we look at credit repair history on an individual basis, some credit repair specialists are more ef

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

fective than others. Some recommend solutions which can create more problems than they solve. The credit repair

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

business can be a dream come true to persons with “really bad credit” and a money saving tool to those with “not so bad” credit, if the person chooses the right firm

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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