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asked: Do you think credit repair companies are always a scam?
| Yes |
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3 |
| No |
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12 |
| Somewhat |
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18 |
| Total Votes |
33 |
| Please login to cast your vote. |
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cdloanmod
Joined: 26 Jan 2009
cdloanmod's page
Posts: 24
Location: Laguna Hills,CA
790 Magic Points
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Subject: Re :
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Thu May 21, 2009 8:47 am
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| Mostly people use to say that.But i don't think so. |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Thu May 21, 2009 10:06 am
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Hi cdloanmod,
It is always better to repair your credit report on your own. But in case you, are planning to hire a credit repair company there are certain questions you should ask. Here is a list of certain things you should do, before you pay the credit repair company, to handle your debt accounts.
1)It is always better to to have a written agreement of whatever terms both the parties agree upon.
2)You should demand written materials of how they plan to go about in handling your debt. They should also mention the estimated time within which you will be debt free
3)You should ask if any particular debt is not included in the contract.
4)You should always check whether the company you are planning to work with is licensed.
5)A bit of background check of the company could also help. You should also inquire about there success rates.
_________________
Looking forward to a debt-free life. |
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s4ndm4n
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Subject: it depends..
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Thu May 28, 2009 7:12 pm
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I wondered and worried about all of this before I was hired. I work for the Federal government now. Yes I believe at times they will use the information, but regardless, my credit score and status as an employee now is proof that its not necessarily a closed door if you have bad credit. No, I won't go into detail about my credit or anything but suffice to say that I can very confidently say this is true.
I do know some employers may lock out people with bad credit and I think its ludicrous, there are people out there that are great employees but bad at managing their money. It doesn't necessarily coincide and I'm thankful I don't have to worry about it. |
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Lynn
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Subject: Statue of Limitations
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Thu May 28, 2009 8:05 pm
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| I just recently had a judgement against me even though my suit was well within the SOL time period. I have a friend who is a judge and he told me that the presiding judge over my case was a total idiot. It would have cost me more to fight the judgement then to pay it, but by all accounts I should have won my case. SO yes sometimes SOL works and sometimes not. |
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Me
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Subject: Insider tips from a Collection Agency Manager
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Thu May 28, 2009 11:28 pm
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I work for a collection agency. Dispute EVERYTHING whether it is valid or not. If the collection agency is understaffed and they do not reply to the credit bureau's inquiry within 30 days, the credit bureau will remove the reference even on valid debt.
Those things you can't get off by disputing try sending in a settlement payment for at least 50%, and write on the back of the check (it must be the back) that "by cashing this check the recipient agrees to remove and expunge any derogatory reference from the sender's credit report".
If the agency cashes the check and does not remove the derogatory information, consult with an attorney (who will work on contingency - which mean you only pay if the attorney prevails) most agencies will settle with the attorney/lawsuit for a couple of thousand dollars because it is cheaper than fighting the law suit.
When they settle you get money in your pocket and get your credit score improved.
Even if you don't pay a reduced payment to settle the debt, this terminology on the back of the check for 100% payments will help you remove even valid debts from your credit report.
Collection agencies don't make money unless they collect money. They are not going to turn down a check just because you are forcing them to remove it from your credit by adding the verbiage about expunging. If they did, they wouldn't make their commission.
I had one collection agency call me when I did this and ask for a new check. I told them no just send the check back that I had another creditor who would expunge/delete the derogatory credit information for payment. Guess what???? They cashed the check and expunged the record and it was a valid debt. 
Hope these insider tips help you! See we aren't all bad people at collection agencies. |
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Roscoe White
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Subject: Capital Assistance Group LLC
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Thu May 28, 2009 11:55 pm
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| I have been dinked by these guys. They say they have purchased a debt from BMG Music that originated 07/26/2002, which I never ordered from. AND which is past the 'statute of limitations' for collection. Under the Fair Credit Collections Act, no one may attempt to collect a debt past the States statute of limitations and further is subject to a $1000 fine/penalty plus actual damages. I am sending letter via certified mail to both National Recovery and TransUnion. I am trying to refinance my home but the FICO scores have taken such a hit from these criminal acts. |
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ApplyCreditCards
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Subject: Apply Online For a Crreedit Cards
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Fri May 29, 2009 12:31 am
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| Hi, good post. I have been wondering about this issue,so thanks for posting. |
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mommy
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Subject: 2nd mortage
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Fri May 29, 2009 3:01 am
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| if my creditor is requesting payment on my 2nd mortage, can i lose my home.. |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Fri May 29, 2009 6:07 am
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Hi mommy,
The second mortgage company can foreclose your home, if you fail to pay off the loan. Even then you will have to pay off the first loan, before you pay the second mortgage.
If you default on a loan payment it is also possible that your second mortgage creditor purchases the first mortgage. In that case, if he forecloses your house, you might lose your house to him.
_________________
Looking forward to a debt-free life. |
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cdloanmod
Joined: 26 Jan 2009
cdloanmod's page
Posts: 24
Location: Laguna Hills,CA
790 Magic Points
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Subject: Re : Remove bankruptcy
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Fri May 29, 2009 9:46 am
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Hi,
You can most certainly Remove bankruptcy legally by disputing it and aggressively yet effectively approaching the credit bureaus to resolve the issue.
_________________
Mortgage Loan Modification
Loan modification Expert
800 738 1170 |
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-Jobbik-
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Subject: gofreecredit cancellation
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Fri May 29, 2009 12:49 pm
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I just wanted to say thanks to everyone on this site, I had carelessly decided to get a report from gofreecredit.com and was having trouble getting out of the 7 day trial.
I kept records of my logon information, couldn't find it on their site, and my information would not work on creditreport.com. I soon realized how shady that site was, but I called the number 1-800-720-4420(special thanks to Fraud Hater) and talked to them and demanded cancellation as well as written comformation and cancellation numbers. I immediately called my bank and informed them about the possible still incoming charge, so they are now on watch for it.
Its only day 2 of 7 but I am hopeful that the situation will be resolved. Thanks again! |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Fri May 29, 2009 1:51 pm
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| Yes it has been quite sometime for me also and I love the new look, great job! |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Fri May 29, 2009 1:59 pm
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True, but many times people that have to resort to payday loan companies don't have credit good enough to get a loan from a conventional source such as a bank or a credit union.
I do believe that the government will be looking more into the practice of these payday loan companies in a matter of time. They have addressed some major issues with the credit card industry and I can not see them over looking an industry that preys so heavily on their clients.
One or two of these loans can really add up to big bucks in the long run. Here in Pa they have shut down all store fronts and they are illegal to lend online to a PA resident. Of course there are always ways around it. But the banking commission here in Pa along with the Attorney General and the Governor has filed suit against them. You can search for the suit on the Attorney Generals website or on the banking commissions website. Pa don't Play. LOL |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Fri May 29, 2009 2:05 pm
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| You should got to the mortgage forum and present these questions, there are alot of experts that work in the industry everyday that would better be able to assist you. You can go to that forum by clicking the link at the bottom of this page under "sister communities" click the mortgage fit link. Find your topic and present your question there. Hope you find what you need, goodluck! |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Fri May 29, 2009 2:12 pm
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I started my credit repair by making the bills that I had on time and then pursuing some other small accounts that were easy to handle, make small payments to build a credit history and then my score started to come up.
Believe it or not, it was fashion bug and fingerhut that reported monthly payments along with making my house and car payment on time that has helped me bring my score up to where I can get a descent rate. I still have a long way to go, but I am getting there slowly but surely. |
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