Over the past few years, people have become more financially literate and aware of the importance of having great credit! Many companies are offering credit and financial services…. but how do they stack up?
On this page we will review:
1. Novae Money
2. MWR Financial
3. Financial Education Services (FES) and
4. MyEcon
These companies offer services to help consumers increase their credit score and they also offer unique business models that allow people to become independent affiliates and earn commission which may help them accelerate their financial success.
Let’s review the Services, Pricing, Ratings and Compensation Plans.
Credit Services
Novae Money and MWR Financial both offer a service that sends dispute letters on their clients behalf.
FES sends their clients the letters pre-filled for them to send themselves and is actually the most expensive service out of the 3.
MWR and FES also offer credit monitoring included with their monthly fee. Novae clients that want credit monitoring can upgrade for roughly the same monthly price to receive this service.
MyEcon and Novae Money both offer a credit course. The other companies do not offer a “do-it-yourself” package.
Other Services
All 4 companies offer other financial services such as debt-elimination tools and budgeting software included in their memberships.
MWR offers Land-banking and Private-Reserve accounts which require additional investments and we found these products are available directly through several companies that offer investment products. MWR also offers access to Certified Public Accountants, however, this is not a dedicated service. Clients have to request a callback and a CPA in their network will call them back.
Novae and FES offer clients access to credit attorneys at no additional charge. These attorneys will scan your collection letters for infractions of your rights based on the Fair Credit Reporting Act, and sue the credit bureaus on your behalf.
Novae, MWR and myEcon also offer Tax With-holding strategies to help clients maximize their take-home pay from their jobs.
FES is the only one that offers term-life insurance however it is only available to their agents not customers and only starts at $30,000. We found that you can get a $100,000 policy elsewhere for less than $20/mo. If an agent cancels their membership, they also lose their life insurance.
It is important to consider that credit restoration is a long-term strategy that can take 6 months to a year when done the legal way.
After 6 months, Novae Money’s service is the most affordable and after 1 year, the savings are over $200 VS the other companies.
Novae’s “Do-It-Yourself” kit is also half the price of myEcon’s product.
MWR offers credit services for a spouse at no additional cost.
The Better Business Bureau is an independent company that allows consumers to share and rate their experiences with particular companies. Google and Facebook have similar rating services that allow consumers to quickly gauge a company’s reputation based on other’s experiences.
Novae is the only company present on all 3 rating services and has a more positive reviews than the other 3 combined.
MWR has had 8 complaints, MyEcon has had 10 and Novae has 0 complaints with the BBB.
