CREDITWRENCH and interest rates

CREDITWRENCH and interest rates

CREDITWRENCH CEO Bill Bauer today advised readers interested in his credit repair offerings that even with bad credit they can borrow money from BankOne at 5%. Seems rather low considering that I am, at this moment, reading today's Wall Street Journal and they quote today's prime interest rate at 5.50%. (Prime interest is what banks charge their most creditworthy corporate customers.) Wonder how an Oklahoma City BankOne is able to charge credit-risk customers less than prime.

Additionally, it seems his BankOne is earning and paying interest on pledged security contrary to federal banking regulations.

We'll delve into this matter futher tomorrow, as right now I'm working on some other false and misleading credit repair claims made by CREDITWRENCH CEO Bill Bauer.