Posts Tagged Scams
BuildMyCredit, Inc., Informing Consumers of Credit Repair Scams, Tips, and Insights
Posted by admin in Consumer Credit Report on November 15, 2011
BuildMyCredit, Inc., Informing Consumers of Credit Repair Scams, Tips, and Insights
Laguna Hills, CA (PRWEB) November 11, 2011
BuildMyCredit, Inc., a leading credit restoration company, is taking the steps to inform Americans about credit repair. For those who have finally decided to take some action getting to work on fixing their good old credit score, it is necessary to take the first step and enroll in a quality credit restoration process. This can save consumers money by leveraging good credit to qualify for lower interest rates associated with the purchase of a home, mortgage refinance, new car or even help to find a better job. Having good or bad credit seems to follow consumers wherever they go.
Is credit repair legal?
There is nothing illegal about credit repair. In fact, the Fair Credit Reporting Act(FCRA) spells out legal rights and protocols for disputing items on a credit report. Additionally, the Federal Fair Credit Billing Act (FCBA) allows the right for an individual to request broad amount of information regarding billing and payment history from a creditor. Basically this means that a company like Chase or Wells Fargo have to give consumers the right to investigate their payment history.
Consumers have the right to verify that the information located on their credit report is accurate, up to date, and verifiable. Credit agencies are obligated to report 100% accurate information. Many times credit reports are not reporting accurate information. Sometimes it may be as minor as reporting that payments are 60 days past due when it is really 30 days past due. This simple oversight is grounds to have the item removed from the bureaus. According to the Fair Credit Reporting Act only items that are unverifiable, inaccurate or out of date should be disputed by consumer. The law prohibits any information that is not completely accurate to be removed or updated. This is one of the many processes we utilize to repair consumers credit. There are so many processes that go into credit repair, working with a company who understands those details will eliminate many of the worries the average consumer faces.
Finding the Right Credit Repair Company
Doing a little research online is not a bad idea to help find a good credit repair company. The Better Business Bureau is not always the trump place to start searching. Find out how yearning the company has been helping consumer’s repair their credit, do they have physical offices, do they serve their own consumers or sell them off to a 3rd party processing center. What does their merchant services track record stare like? Does the company offer a 100% money rearward guarantee?
There are always questions of whether or not the credit fix firm that was chosen to retain is credible or not. There are many more ways to find out if you’re working with a reliable and credible credit repair organization.
1) Does the assign repair company encourage a consumer to break the law? This is the first red flag to watch out for. Some credit repair accompany do some rather questionable things and make false promises in order to mislead consumers. As a result the Federal Trade Commission (FTC) developed the Credit Repair Organizations Act CROA to police and regulate credit repair organizations. For example, it is illegal to change a person’s Social Security number in order to get a clear bill of credit. It is also illegal to simply dispute every item on a credit report regardless of its nature. Many organizations will try to use a global dispute process to get results. It’s kind of caring throwing something against a wall and hoping that part of it sticks.
2) Does the credit repair company charge advanced fees? This is a big no-no. No credit repair organization can charge any advanced fee for work that has not been completed. According to Jonathan Emmons, Case Manager at BuildMyCredit.com, “We process every document, prepare every letter, and review every credit report before we even prepare an invoice. Once we’ve done what we indicated we would do for our clients we simply ask to be paid. I am amazed at how many companies charge upfront fees to do credit repair when the law expressly prohibits this.”
3) Does the credit repair company clearly indicate what they’re going to do in a contract? Everything must be in writing. No matter what, be sure that the company of choice has a contract that clearly outlines their duties and obligations to the consumer. The contract should disclose how much it will cost, and how a consumer can cancel or back out of the contract.
4) Does the credit repair company have a website that clearly shows what they do and how they do it? Doing a little online research never hurts. Looking at a companies website and reading through all the OK print and can save a lot of time. A full example of a credit repair website that offer a strong credit repair service is http://www.buildmycredit.com.
5) Does the credit repair company promise that they can remove items from a credit report? There are no guarantees a quality ascribe repair company can actually achieve results. It’s important to understand that every impute repair company on the market should do its best to assist their customers getting clean credit. However, no one can guarantee or promise what another company will or will not do. The process take time to complete and a diligent credit repair company will remain on the job to get the results they’re look for on behalf of the client. Many credit fixed companies offer a monthly service fee and what is commonly called a first serving fee. These are common fees to expect to pay in doing reliable credit repair. Consumers may cancel service at any time but the longer they remain on a credit repair program, the more likely of receive favorable ensue.
Regardless of which company consumers take to hire to help fix their credit, it’s important to understand that the process of credit restore is 100% legal. There are reliable credit repair companies fix to assist consumers in the market place today. The process can act clock so don’t expect instant rewards. Patients and diligence will help get the best results for obtaining a strong credit rat and score.
For more information about how BuildMyCredit.com can help you log on to http://www.buildmycredit.com or call them today for a free credit repair consultation at 1-855-4BUILDMYCREDIT or 1-855-428-4536.
BuildMyCredit, Inc.
23152 Verdugo Drive, Suite 160
Laguna Hills, CA 92653
(949) 916-5331
marketing(at)buildmycredit(dot)com
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©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
S.O.S. – Score Optimization Systems Announces How To Detect Credit Repairs Scams
Posted by admin in Dispute Credit Report on July 27, 2011
S.O.S. – Score Optimization Systems Announces How To Detect Credit Repairs Scams
Dallas, TX (PRWEB) July 21, 2011
Banks have tremendously tightened lending guidelines and increased credit score requirements, making it more and more difficult to qualify for a home loan and other financial solutions. With consumers looking for assistance in meeting the stricter loan requirements, many companies have jumped into the credit repair arena, taking advantage of those with poor credit scores. S&S Private Capital along with its Score Optimization Systems puts consumers in the “know” by giving them a few questions to ask and red flags to look for to avoid falling into credit repair traps.
Question #1: Does your company write letters on my behalf hoping information being disputed is not verified within 30 days?
Most credit repair companies will claim they can “legally” remove negative items from a consumers credit report, which is possible if done correctly! However, most companies utilize only one small piece of the Federal Fair Credit Reporting Act (FCRA) which states any information that is “unverifiable” information must be removed.
Therefore, these companies only write letters disputing the validity of the negative information in hopes the credit reporting agencies do not verify the information or the creditor does not respond within 30 days. This process is very unsuccessful, and even worse, the claims are fraudulent, putting consumers at risk since letters are written on behalf of the consumer as if the consumer had written the letters themselves. Additionally, any information that is removed is only removed temporarily in most cases. These type of dispute letters can also leave damaging consumer statements on a credit report that banks look upon unfavorably when making a decision on a loan application, which can lead to an automatic denial of your home loan.
Question #2: How much does your service cost?
A majority of credit repair companies will charge an one time “flat fee” for every client or a small initial investment and a monthly charge for their services. Though the price tag may seem very appealing, you definitely “get what you pay for”! Any company that charges every client the same exact fee, whether it is all up front or monthly, is only writing the type of letters described above. The very reason they are able to charge everyone the same fee is because there is no real cost to produce these letters, other than someone sitting at a computer copying and pasting template letters, and the price of a few stamps. Every consumer’s credit file is different. Therefore, the cost to do the job successfully will vary.
Question #3: What are the guarantees? If any…
Many companies throw out guarantees such as reaching a particular credit scores and delivering results in a very short period of time. Though a lot of these guarantees sound great, consumers need to be very careful. It is very difficult to guarantee any relatively short period of time to complete a client’s credit file. There are many factors and variables that credit repair companies cannot control. The credit repair process, if done correctly, will take time. Make sure all guarantees are in writing! For a Guaranteed Home Loan Approval, check out Score Optimization Systems and the Guaranteed Loan Approval Program provided, in writing, to each client.
Know Your Rights.
All credit repair companies are required to provide a services agreement which outlines the scope of work and expectations for services, a disclosure statement containing the consumer’s rights, and a cancellation notice allowing the consumer to cancel the contract for any reason within three business days from the date of the contract, for a full refund. If a company fails to provide an individual with all three documents, they are not following federal and state regulations.
S.O.S. will provide a free credit report analysis and consultation and help create the best plan of action necessary in order to accomplish your financial goals.
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©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Where can I get a legitimate personal loan?
Posted by admin in Personal Finance on June 25, 2010
I need a personal loan to pay off some bills. Most banks have denied me because my credit is only fair. Also a lot of them have stopped giving unsecured personal loans. What banks give loans a little bit easier than most? What companies are out there that I can get a legitimate loan from? Most of these companies are scams and are on ripoff report.com.
Chester
Credit Report Myths You Need to Know
Posted by admin in Non Fiction on October 24, 2009
There is an increasing amount of wrong information and scams that are getting people in trouble when getting their credit report. Know the Myths what is the key information.
If I check my credit report will that harm my score?
While is if false that check this will damage your report it can if you access it the wrong we, be careful who you use to check your report, for example using a company that promises credit reports as a benefit can actually do you damage.
There are two types of ways you can access your report – one is a hard pull and other is a soft pull. A hard pull is when a bank or lender calls up to see if they cant grant you credit this is marked down as a hard pull. When you call up to get your report or score it’s only classed as a soft pull.
Only citizens can go directly to the three bureaus and get their score – if a company acts on your behalf and they do it incorrect then that will hurt you – make sure you insist this in your agreed terms.
My Credit score will be Locked in for six months.
This is incorrect, your score is a living dynamic piece of information that is updated instantly. As soon as an updated piece of information hit the FICO database (Fair Isaac Corp) your file will then be updates.
Each Credit Report are the same as each other.
This is probably one of the biggest myths out there, people think they just need to access their credit report form one of the main bureaus and then they will have all the correct information – this is incorrect in two ways.
Firstly, most Creditors report their information on you but this was not the case in the past – so many credit reports don’t have all your information, and even if they somehow do have all this financial information then your personal details will no doubt be incorrect.
The creditors might report your information to all 3 bureaus they will not update your information to all 3, so there’s a good change your address or other personal information is wrong and outdated, so you need to get your credit report form all three bureaus.
The best way to do this is get them all at the same time then get updated copies for each one individually every 4 months – this way you can be sure you have all your information and can go about correcting and updating it.
You will ant to do this so you give yourself the best possible chance of getting a loan and making sure they have the correct information.
Credit Counseling can destroy Your Credit Score
This is false but you need to be aware of a few additional things.
You need to be sure how a renegotiated loan is being reported. When you attend a Credit Councilor Debt Management program you need to be sure that the lender correctly reports that you are now paying a lesser amount so the original amount need to be readjusted so you don’t get marked down as being in arrears.
I hope a few Credit Report Myths have been cleared up.
STEPHEN
I need to know how to repair bad credit. My credit report came back today and my score is in the high 500′s?
I’ve seen lots of websites, lots seem to pretty scary, i.e. scams. I’m looking for a reputable source that can help me legally and quickly. We’re trying to buy a house and the interest rate I was quoted makes the payments way too high. I went through a messy personal relationship and my credit record ended up being totally trashed.
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