Article : Kenneth Harney: Be wary of credit repair services

By Kenneth R. Harney
Washington Post

Article Launched: 06/08/2008 01:35:10 AM PDT

Picture this: You're eager to take advantage of today's troubled real estate market and buy a foreclosed house at a fire-sale price.

The problem is you don't have much money for a down payment. And your credit files are scuffed up with late payments.

What you need is a service that can help put it all together for you - linking you into lists of available foreclosures, credit repair, and even low-down-payment mortgage financing.

Companies that promise to do at least some of these things - especially to fix your credit - ply their wares aggressively on the Internet. But can they really do what they claim to? Based on a recent settlement by the Federal Trade Commission, the only conclusion is: If the deal involves paying money upfront, don't do it. ...

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Article : Credit Repair Services - 3 Things To Avoid With Credit Repair Companies

Submitted By: L. Sampson

If you're thinking about applying for a loan or a credit card in the future, you may want to check your credit report and credit score. And if you have a few black marks, there are credit repair companies that can help you boost your score and fix any negative marks. To make sure you choose a reputable credit repair company, watch out for these warning signs:

Quick fixes

"Your credit will be repaired in one week!" "It takes just three days to improve your credit score by 100 points!" Promises like this are just scam artists trying to get your business so they can take your money and run. In general, it'll take a legitimate credit repair company at least a month to make any changes to your credit report. That's because they usually have to contact the creditor and the credit reporting agency--and paperwork takes time. In fact, chances are you won't see a major difference in your credit score for about two or three months.

A New Identity

"We'll get you a new social security number." "Your old credit history will be erased." These types of scam artists plan to get you an Employee Identification Number (EIN). An EIN resembles a social security number, but it's used by businesses to report financial information. Applying for an EIN and using it as your personal social security number is illegal, but these scam credit repair companies will encourage you to do it to "wipe the slate clean." Be wary of anyone who says they'll get you a new identity or new social security number.

Big Fees

"We need a $50 deposit before we review your paperwork." "Our initial consultation fee is $100." Some scammers simply charge you money at the very beginning--before they even look at your paperwork--and then you never hear from them again. Never pay anyone a dime until they've at least reviewed your situation--credit history, current employment and income, etc.--and given you an estimate of your costs.

Although you do need to be wary of scammers when looking for a credit repair company, there are many reputable businesses that can help you fix your credit history. However, before choosing a company, make sure you check them out with the Better Business Bureau and any local or state associations.

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source : http://www.isnare.com/?aid=81484&ca=Finances

Article : How To Repair Your Credit Using Credit Repair Services - Save Hundreds of Dollars In The Process

Credit Repair Services are available to consumers that want to repair their own credit and eliminate high cost attorney or credit counseling services. If you have little money and more time you may want to consider using a credit repair service and repair your own credit.

Many people do not understand the American credit system. The credit system has "little credit secrets" that they do not want consumers to know about. If the credit bureaus do not intimidate you, then you might consider using a credit repair service to repair your credit.

• Credit repair services offer you an understanding of how the American credit system operates. They can show you step by step how to raise your credit score and eliminate debt if you are willing to take advantage of their services.
• By using these credit repair services you can improve your credit much faster and more efficiently without paying (up to) $795 for attorney fees. Utilizing these do it yourself credit repair services versus a credit counseling service also allows you to eliminate hundreds of dollars in monthly fees plus the start up fees they require.
• The problem is that the attorneys and credit counseling services don't want you to know about credit repair services; they want you to believe they are the only ones that can fix your credit.

The truth is you can repair your credit yourself. During my investigations of how to repair credit I discovered how to take advantage of these credit repair services that allow you to follow a simple step by step, at home program and repair your credit twice as fast as any attorney or credit counseling service while saving hundreds.

Credit repair services are for the average person that needs to repair their credit, it might be worth while to check into these credit repair services.

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source : http://ezinearticles.com/?How-To-Repair-Your-Credit-Using
-Credit-Repair-Services---Save-Hundreds-of-Dollars-In-The-Process-&id=541380

Article : What to Do If a Bill Collector Crosses the Line

Here's what to do if a bill collector uses abusive tactics.

It's stressful to be unable to pay your bills on time. It's even more stressful to hear from a bill collector about those overdue debts. Although bill collectors can be persistent (that's their job), many are careful to follow the law when contacting you. Unfortunately, some are not. If a bill collector oversteps the bounds of the law, you can take action...

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Article : Automatic Deductions: Watch Out for Pitfalls

Problems you may experience with authorizing an automatic deduction.

Automatic deductions (debits) from bank accounts can be a convenient way to pay some regular bills, saving you time, checks, and postage. Nowadays people pre-authorize monthly debits for everything from mortgages, student loans, and utilities to car payments, life insurance premiums, and health club memberships. But you can get into trouble if your automatic payment goes awry...

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Article : Which Debts Must You Repay?

All debts are not created equal. Learn which are most important.

Some debts are more important than others. If you are having trouble paying your bills, take the time to prioritize your debts. Make a list of essential and nonessential debts -- and always pay the essential debts first. Read on to learn which debts are essential and which aren't...

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Article : Avoiding credit repair scams

Cleaning up your history could get you into bigger trouble if you get taken in. Here's how to see through a con game.

By Gerri Willis, CNN

February 18 2008: 11:53 AM EST

NEW YORK (CNNMoney.com) -- Banks are tightening their purse strings, making it harder to qualify for loans. And now the Better Business Bureau is warning that some companies are using the credit crunch to take advantage of consumers who want to clean up their credit. Here are some top tips on avoiding these scams. ...read all...

Link to a forum : Are credit repair services legit?

(10 posts)
First post of this forum :

"So I just got a copy of my credit report and I have 3 charged off accounts on there from 3 years ago. I found a credit repair agency online that claims it can remove them, but are credit repair agencies legit? :confused: I am applying for a mortgage soon and I need these off ASAP."

see this forum at : http://www.destroydebt.com/forum/t/537-are-credit-repair-services-legit.html

Link to a forum : Best way to repair bad credit?

Jan 2008 (7 posts)
First post of this forum :

"Short of the obvious,is anyone fimiluar with working with a specific "bad credit" repair company. I have been told they can pretty much wipe your credit clean and find that very hard to believe. I have tax leins and a discharged bankruptcy on my report and was told they can wipe that out.Very doubtful i believe, and dont want to just start throwing money out to these people with no results. Can anyone reccommend the best and safest solution in repairing my history and what actually can be removed?"

see this forum at : http://aaacreditguide.com/forums/credit-repair/5367-best-way-repair-bad-credit.html

Link to a forum : credit repair progress

opened at 04-28-2007 (73 posts)
First post of this forum :

"I thought that I would start a thread just for myself to remember where I have been and where I am going on my credit repair journey. Of course, you're welcome to read it and make comments.

My credit WAS at around 720. That was in January of 2004 when I applied for my mortgage. Then life happened...

My goal is to be back to where I started. I would like to be comfortably above 700.

Here are my scores:
TransUnion
654 4/28/2007
639 1/25/2007
634 9/22/2006

Equifax
648 04/21/2007
631 2/22/2007
631 1/1/2007
608 10/27/2006

Experian
683 4/28/2007
683 2/2/2007
683 10/27/2006

WAY before I found this site, I joined a CCCS and started on a DMP. This was around July of 2005. I am one of the few lucky ones that have found a good company to deal with. They have made some odd errors but overall I'm happy. They have lowered my interest rates quite a bit and I can comfortably pay back the money that I owe.

Since being on CCCS you're technically NOT suppose to apply for new credit. Because I travel and for other budgeting reasons I have applied and received a secured card from US Bank. I'm happy with their terms. They have started reporting and that is probably the reason of my scores have popped up. However, I can't seem to make EX budge regardless of what I try.

You'll see GEMB below as well. They were left out of my CCCS agreements because I work for a company that they service.

Basically, I could get busted for this but I legitimately need another card besides my DEBIT/ATM card. I just have a feeling that CCCS and my creditors might disagree. Oh well, if they give me the boot I can handle it. I'm only down to a select few accounts. Who knows by then I could probably apply for a balance transfer. I'll keep paying down regardless. In this instance, I would rather ask for forgiveness than permission.

Ok, don't blast me for still being on a DMP with a CCCS.

Like I said they have treated me well. I know now that I could have done most of it myself. However, back then I really needed some help getting started. I know some of you will question why I am still with them. All I can say is they have worked well for us. I know now that I can do some things on my own and I am doing that now.

I've just started to actually communicate with these companies. I've sent out the following letters. I'll include what, if anything, that I have heard back.

After reading and lurking, I joined CIC and made my first post on 2007-03-13. I started sending out letters ASAP. I guess my first post kind of got me into gear.

Letters Round 1 (around 2007-03-13):
Asked the following to remove CCCS note from my CR as I have paid them off.
1) 1st Financial Bank
2) Best Buy
3) Household Bank
4) Sam's
5) Citi Bank - Shell MC

Remove late payments from around the time I was switching over to the DMP.
1) Chase
2) MBNA

GMAC - wierd late payment pattern on one of the three CR. REPO
The voluntary repo was by far my worst mistake.

Letters Round 2 (around 2007-04-14):
Chase - Letter telling them to go ahead with removing their TL because I am not the main account holder. I'll believe it when I see it...
GEMB - Asking for account reconsideration.

I got brave here. These show up as old accounts but as still open. I was asking about the status of them.
Jc Penney
Zales

TU and EX for copies of my report.

I also disputed a couple of things directly from myfico.

Letters Round 3 (around 2007-04-21):
EX asking for copy of my CR.
Shell - another older account that I was checking the status of.



I can't say that I've had perfect response from my letters. However, I don't see the CCCS on the account that have been paid off. So that's good. I'll keep waiting a bit and see if I get any other replies to my letters then I'll probably send out some others.

One wierd thing is that one account that I paid off is showing a credit of $234.00. Yeah, I called them up and asked that they send me a check. She said that I should have it within 7-10 days. I'll most likely pay down some other debt when I get it."

see this forum at : http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?s=66cdc4c365ef16ffa9f2bc5b9307729d&t=266849

News : Credit Repair Eases Home Buying

Daily Real Estate News | February 7, 2008

Getting a mortgage has gotten more difficult, even for people with excellent credit. So it pays for potential buyers to examine their credit history.

Here are some smart steps to suggest potential buyers take: ... read all..

News : When is a Credit Repair Offer a Scam?

2/1/2008

By the end of 2007, Americans owed more than $915 billion in credit card debt, and the credit crunch is clearly impacting consumers as lenders are becoming more choosey about who gets loans and who doesn’t. Given, stricter loan and credit requirements, Better Business Bureau (BBB) is warning that some companies are using the credit crunch to take advantage of consumers by promising bogus credit repair services that can be costly and in some cases illegal...read all..

News : Spotting Credit Repair, Counseling Scams

Ray Martin On How To Avoid Getting Taken When Seeking Help

NEW YORK, Feb. 7 2008

With a perfect storm of falling housing values, rising loan defaults and a slowing economy, more folks are struggling to manage their debts, and more will turn to companies that sell credit repair and credit counseling services....read all..

Article : 5 steps to do-it-yourself credit repair

By Dani Arthur • Bankrate.com

Blotches on your credit report cost you. But, don't despair. It's never too late to become credit worthy -- just get started, and remember that it won't happen overnight.

Here are 5 steps for improving your credit rating:.....read all..

Article : How to Use Credit Cards Responsibly

Introduction

Credit cards are very useful, when used responsibly. It seems that many people acquire a lot of debt, but don't have the means to repay the money. Poor credit decisions can lower your personal score and make it harder to finance a home or car. For this reason, it is important for everyone to develop smarter credit habits. .... read all..

Link to a forum : 2nd round of disputes, or the next mile of my journey

11-25-2007 (15 posts)

First comment from this forum :

"About 8 months ago, I found this site and began my credit repair journey.

Since then, I have had 16 deletes that include 1 repo for a total of nearly $16K removed from my report.

All 3 or my fico scores have increased by over 100 points.

I have fought Cap 1 in court and won. (finally getting them off my reports).


Yet, there are quite a few left, including several that slipped in while I was first learning the ropes here.


Today, I sent off (online) my second round of disputes.

With EQ I disputed:
5 items as "not mine"
1 item as "never paid late"

With EX I disputed:
4 items as "not mine"
2 items as "never paid late"
1 item as "obsolete"

With TU (they are going to crucify me, either with a Fraud alert of frivilous activity) I disputed:
9 items as "not mine"
2 as "obsolete"
2 as "never paid late"

There are 3 OC's that I plan to mail dispute letters to this week, I am working on them now. I have disputed with the CRAs all three items and they came back as verified.

I will come back to this post and update as things begin to happen, even if they are not good things.

Wish me luck!"

see this forum at : http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=277880

Link to a forum : Bumpage *b and truecredit

01-06-2006 (54 posts)

First comment from this forum :

"there has been tons of questions lately about bumpage also known as *b. so here it is in a nutshell..... first of all, this is somewhat of a secret or glich and we dont want to talk a whole lot about it in every thread.
if you subscribe to daily credit pulls through truecredit and you pull your credit reports everyday..(this is known as soft pulls) after a while (takes about 3 months on average) the soft pulls will bump off the hard inquiries made to your credit reports. this only works on your TransUnion and Equifax reports. There is no ryme or reason as to when you will get this or to the extent it will work on equifax. there is only so much storage at these two CRA's for inquiries... so the softs eventually bump off the creditor hard inquiries. you will need to pull every day.. and do the update your credit reports and scores button on the site under credit reports tab. on the right side of the page near the bottom... it says update your reports and scores now. hit that to do the pull. this only works every 24 hours... not a minute sooner. creditors will never see your soft pulls... only you will see them when you get your reports. soft inquiries do not affect your scores.. just hard pulls which stay on for 2 years. hard inquiries from creditors cost you on an average of 7 points each for the first 6 months showing.. between 6 months and 1 year they cost you very few points... after 1 year they dont cost you any points... just look bad. but they do stay on your reports for 2 years. so, subscribe to truecredit for daily pulls and pull every day to receive bumpage. i think the site is truecredit.com and is offered by TransUnion. It may cost you like $29.95 or $39.95 to start your subscription. after that it is $9.95 per month for this service.. but i have heard that it went up to $14.95 in anycase if inquiries are a problem for you this is the way to go... and if you are going to pay for a monitoring sevice... you may as well get some benefit.. so we suggest this one. all questions regarding bumpage should be directed to this thread in the future.

"

see this forum at : http://www.credit-repair-forums.com/thread1086.html