Archive for March 29, 2014

Credit Repair: Facts and Fallacies

Credit Repair: Facts and Fallacies
News from National Mortgage Professional Magazine:

In the world of credit repair, there is so much conflicting information that it confuses consumers. Consumers look to mortgage professionals for help and guidance when it comes cleaning up their credit. So, in order to help clear up some confusion, here are five facts and fallacies about credit repair.

1. Can only time change the information on a credit report?

No! The Fair Credit Reporting Act (FCRA) was put in place so that consumers would have the right to challenge a reporting agency for the accuracy of their credit report. People make mistakes, and there could very well be mistakes on the report when someone enters the information. The government realized that these credit bureaus play a vital role in whether or not a consumer could get access to credit. They developed the FCRA to force the credit bureaus to act fairly when it comes to fairness and impartiality. When it comes to credit repair, the recommendation from the Federal Trade Commission (FTC) is that consumers NOT use credit repair services. The FTC says that “everything that a credit repair clinic can do for you, you can d…………… continues on National Mortgage Professional Magazine

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Minnesota Department of Commerce, BBB offer advice on credit repair

Minnesota Department of Commerce, BBB offer advice on credit repair
News from Coon Rapids ECM Publishers:

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Action 9: Credit repair scam
News from WSOC Charlotte:

The North Carolina Attorney General’s Office gave Johnson and Associates until Friday to respond to allegations of ripping people off.

Monday, the office told Action 9 investigator Jason Stoogenke that Ms. Johnson’s response was not “sufficient.”

The attorney general is building a case, and has assigned a lawyer to the investigation. The attorney general is trying to get a list of customers who used Johnson and Associates. Their office’s ultimate goal is to get customers their money back.

Selemah Worthy had bad credit. She hired Tamara Johnson of Johnson and Associates to fix it.

“She kept saying she was doing things and, all the time, I believe that she was just sitting home laughing at us,” said Worthy.

Worthy says she paid Johnson more than $ 3,000 to fix her credit, settle unpaid debts and even get her a home loan. Instead, Worthy says her credit score got worse, her home ended up in foreclosure, her family had to move and her children had to change schools.

“I’m just so upset. It’s just, it’s really heartbreaking,” said Worthy.

The Attorney General’s Office sent Johnson a letter, telling her the office had serious concerns she may be breaking the law.

Businesses that offer credit repair, loan modification and debt settlement services are not allowed to take money up front. The letter ordered Johnson to change her ways…………… continues on WSOC Charlotte

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Fix Your Credit, Raise Your Score, And Keep it That Way
Fix Your Credit, Raise Your Score, And Keep it That Way

The tools in this guide will teach you how to gain control of your credit once and for all and maintain it for the rest of your life. Anyone can fix their credit by using this book and keep it on track for a better financial future with customized legal letters and detailed instructions, including the fastest methods proven to improve your credit score for good. An excellent credit score will give you greater opportunities, save you more money, and protect your assets more than any other

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Steps for Credit Repair

Steps for Credit Repair
News from ParamusPost.com:

By Angela Sanders    Thursday, March 27, 2014, 07:04 AM EDT   

Most of us are in a debt trap. No matter, how much we might try we always end up in a debt trap. Thanks to the recession in 2008, all of us got entangled into a vicious circle of debt that slowly gnawed its way into our savings and gave us sleepless nights. Needless to say, it also gave us a headache called poor or low credit score. Here are some important ways and means that would actually aid you in repairing your credit score and improving it.

Review your Credit Status: It is important to review your credit history once in a while. You should always be aware of what debt you had taken and what are the debt items or payment history that is pulling down your score. Many people, on reviewing their credit score wake up to the fact that there are erroneous data captured in their name. Many repayment details are not updated or are not accurate. Hence, browse through your credit history to know exactly where you stand, so that you can take steps to rectify it. Surely, you would not want things to pull down your credit score that are incorrect.

Set reminders for payment dates:…………… continues on ParamusPost.com

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Appeals court liberally interprets credit repair statute – Lexology (registration)
News from Appeals court liberally interprets credit repair statute – Lexology (registration):



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Want to Improve Your Credit Score? Think Like an Insider

Want to Improve Your Credit Score? Think Like an Insider
News from Motley Fool:

There’s little doubt that Americans with higher credit scores get better deals on core consumer items like mortgages, auto loans and credit cards.

So why do so many U.S. consumers know so little about their credit scores?

According to the Consumer Federation of America, 40 percent of Americans didn’t know that credit card companies use credit scores to make decisions about credit approval and interest rates, and another 42 percent didn’t know mortgage lenders do the same thing.

And there’s more…

  • 43 percent of U.S. adults believe age is a factor in calculating interest rates (It’s not.)
  • 40 percent believe marital status is a factor in credit score calculations (It’s not, either.)
  • Up to 35 percent of consumers don’t know that creditors are obligated to report the credit score used in making a credit decision.

“Credit scores have become so influential in the lives of most consumers that tens of millions are severely disadvantaged by their lack of knowledge about these scores,” says Stephen Brobeck, CFA executive director. “Low credit scores will often cost car buyers more than $ 5,000 in additional finance charges and cost home purchasers tens o…………… continues on Motley Fool

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How Not To Improve Your Credit Score
News from Benzinga:

Maybe the financial crises hit you hard and damaged your credit. Maybe you have a bankruptcy on your record or just made some mistakes.

Now its time to purchase a car or buy your first home and there’s a problem: your credit score isn’t much of a score and you’re looking for ways to repair it.

After a quick Google search you find a host of sites that claim they can “legally” improve your score quickly. Is it worth the money?

Absolutely not. Stay away—far away! Here’s why.

There are some realities when it comes to your credit report. First, nothing changes rapidly. Even if you have inaccurate records in your file, getting them removed will take at least 30 days. This is why personal finance experts advise that you check your report annually. Waiting until you’re about to apply for credit is too late.

The second reality isn’t going to sit well but sadly, it’s true. Your credit report often takes years to repair because your score only rises as you show positive financial behavior over a period of time. No agency will speed up the process.

R…………… continues on Benzinga

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Your credit score –

Your credit score –
News from why it matters and how it works – Kansas City Star:

Money Matters

Updated: 2014-03-18T21:22:45Z

By LUCAS BUCL

In the United States, credit is everywhere. We hear about it all the time, from how to get approved for it, protect it, and manage it. Credit is simply the ability of a person to receive goods or services today with a promise to pay for them at a later day. A credit score is an attempt to measure or evaluate the creditworthiness of a person. In other words, they are trying to figure out how likely a person is to pay their debts back, and on time.

Lucas Bucl

Read more Business

An individual’s credit score has become increasingly more important in our society. Credit scores impact the ability to borrow…………… continues on why it matters and how it works – Kansas City Star

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6 Weird Ways to Build Credit When You Don’t Have a Credit Card
News from Go Banking Rates:

Whether you’re new to using credit or have made a few dire credit mistakes in the past and need to rebuild, growing a robust and positive credit history can make or break your purchasing experience for big-ticket items.

Generally, shoppers turn to a conventional credit card as a method of demonstrating creditworthiness, but if you don’t have a strong credit history, some creditors are unwilling to risk granting you a line of credit. This catch-22 makes it difficult for someone with good intentions to improve their credit.

Learning how to build credit isn’t a talent reserved for a lucky few, you just have to take deliberate actions to actually impact a positive change to your credit score. Here are six h…………… continues on Go Banking Rates

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‘I Got Taken By a Credit Repair Service, Can I Sue?’

‘I Got Taken By a Credit Repair Service, Can I Sue?’
News from EBONY.com:

“I have horrible credit and I paid this guy who guaranteed me he would wipe my credit clean organically and increase my credit score by attaching a “trade line” to my credit , which will piggy back off someone who has perfect credit therefor increasing my scores tremendously within 90 days, I paid him $ 1,300 in August/ September  and I haven’t seen an increase or anything removed from my credit. I contacted him on several occasions and he give me the run around. Told him he lied, breeched the contract and didnt perform the duties/job he agreed to do. From there I demanded a refund. He told me no, and that his contract said he had up to a year. I told him I’d just sue him. He told me he working on it. It’s March and I’ve seen no change in my credit.  He promised me a credit score of 700+. What can I do? I’m out of the money and I’m going through a hardship. I feel embarrassed, stuck, and robbed. I have records from my bank of the checks he’s cashed from my account as payment for credit repair.

George Gardner, III: Building and maintaining a strong credit profile is one of the most difficult responsibilities of adult life. It’s shameful that predators posing as legitimate business people take advantage of folks who are under enough stress already. F…………… continues on EBONY.com

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Free Credit Repair Seminar
News from Packet Online:

Do you need help with your finances? United Way of Greater Mercer County (UWGMC) in partnership with Family Guidance Center’s Consumer Credit Counseling Service is offering a FREE Credit Repair Seminar on Monday, March 31, 2014 from 7:00-8:00p.m. at the UWGMC Office at 3150 Brunswick Pike, STE 230 – Lawernceville, NJ 08648. Reserve your spot today! Call 609.896.1912 or visit Is this seminar for me? See how you answer with a “YES”

1. Do you pay bills late each month? Y/N

2. Are you receiving collection letters? Y/N

3. Are you paying for groceries or other necessities with credit cards because yo udont have enough funds to pay for them? Y/N

4. Are you using savings to pay monthly bills? Y/N

5. Are you spending more than 20% of your take-home pay each month on credit card payments? Y/N

6. Have you depleted all your savings? Y/N

7. Have you been denied credit? Y/N

8. Is your Credit Score below 620? Y/N

9. Are you applying for new credit cards because most of your current cards are at their limit? Y/N

10. Do yo…………… continues on Packet Online

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New website may help explain reasons for low credit score

New website may help explain reasons for low credit score
News from Los Angeles Times:

Even lenders are sometimes baffled by the reason codes used by major credit… (Andrew Harrer, Bloomberg )

It hurts when you’ve been rejected for a mortgage.

Of course, there are many reasons you can be turned down. You may not have been employed long enough in your current job, for example, or you may not make enough money for the property you want to buy.

But if you are spurned because of a low credit score, the pain of rejection is sometimes made worse by the reason your score didn’t make the grade…………… continues on Los Angeles Times

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To Improve Your Credit Score, You Must Think Like an Insider
News from Fox Business:

There’s little doubt that Americans with higher credit scores get better deals on core consumer items like mortgages, auto loans and credit cards.

So why do so many U.S. consumers know so little about their credit scores?

According to the Consumer Federation of America, 40% of Americans didn’t know that credit card companies use credit scores to make decisions about credit approval and interest rates, and another 42% didn’t know mortgage lenders do the same thing.

And there’s more…

  • 43% of U.S. adults believe age is a factor in calculating interest rates (It’s not.)
  • 40% believe marital status is a factor in credit score calculations (It’s not, either.)
  • Up to 35% of consumers don’t know that creditors are obligated to report the credit score used in making a credit decision.

“Credit scores have become so influential in the lives of most consumers that tens of millions are severely disadvantaged by their lack of knowledge about these scores,” says Stephen Brobeck, CFA executive director. “Low credit scores will often cost car buyers more than $ 5,000 in additional finance charges and cost home purchasers tens…………… continues on Fox Business

… Read the full article


Visit http://www.HassleFreeCashflowInvesting.com/investor-education to download a free eBook. “Get a Fast 15 Points Increase on your FICO” In this 60 minute …
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Consumer Watch: Credit repair offers may bring more woes

Consumer Watch: Credit repair offers may bring more woes
News from Chattanooga Times Free Press:

I think I’ve made a bad mistake. After maxing out my credit cards and receiving many dunning notices, I sought help from a credit repair company. After several months, the company hasn’t done anything to help, and I’m still in bad financial trouble. What can I do now?

— Harry Hoodwinked

Dear Mr. Hoodwinked: Regrettably, you definitely were “hoodwinked” out of an upfront sum to supposedly fix your credit mess (and alter your credit ratings) so now you’re faced with double trouble. Although many desperate consumers need legitimate credit counselors, which I’ll address in a moment, let me first mention what folks should watch for when approached — directly or indirectly — by “credit repair” businesses; even if too late for you, perhaps your dilemma may help others to avoid the trials and tribulations you’re going through.

Those of us at the end of our spending ropes mustn’t forget the scammers who crouch behind way too many financial trees ready to pounce upon us as we stroll past. Moreover, I’ve certainly previously echoed experts many times when I urge consumers never to trust any unknown who promises a quick fix, especially without a thorough background check. Remember the only “fixers” are the…………… continues on Chattanooga Times Free Press

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Need to repair your credit? Read this
News from Hometown Focus:

ST. PAUL – As part of National Consumer Protection Week (March 2 – 8), the Minnesota Department of Commerce and Better Business Bureau of Minnesota and North Dakota (BBB) are offering consumers advice on companies offering credit repair services.

In Minnesota, the Department of Commerce regulates two types of firms offering credit repair services: credit service organizations and debt management companies. These firms must offer you a contract describing their fees and services, and they must register with the Department of Commerce. Before signing a contract with any firm, always check to see that they are licensed by visiting the License Lookup Tool on the Commerce website.

Credit Service organizations offer education and personalized advice to consumers for a fee. They advertise that they can improve your credit rating or history, help you obtain credit, and offer credit advice or assistance. Debt management companies also charge a fee for helping over-extended consumers by developing a budget and receiving money from the consumer to re-pay creditors under a specific debt reduction plan.

“There are certainly firms and organizations that offer you help to get out of debt, but the…………… continues on Hometown Focus

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