Archive for Credit Repair

Personal finance Q&A: Don’t hire a credit repair firm

Personal finance Q&A: Don’t hire a credit repair firm
News from Los Angeles Times:

Dear Liz: I’m seeking help in reviewing my credit report and how to fix any issues. I am not financially distressed, but have FICO scores in the 675 range. Could you recommend someone I can hire to assist as I need to refinance a house I bought for cash?

Answer: There’s so much fraud in the credit repair industry that you’re likely better off doing it yourself rather than exposing yourself to rip-offs.

Credit repair companies aren’t supposed to take money upfront or promise things they can’t deliver, but many do.

One of the scammers’ most common ploys is to flood the credit bureau with disputes and to take credit for any negative information that temporarily disappears. By the time the negative information pops back up on the file, the scam artists have disappeared with your money.

Another approach they recommend is starting over with a “clean” slate, sometimes using borrowed or stolen identification numbers. That’s fraud, and even if it works, you’ll often find yourself worse off with no credit history than with a flawed history.

The Federal Trade Commission has some helpful advice on do-it-yourself credit repair.

You’ll need to first get copies of your credit reports from each of the three credit bureaus, which you can do o…………… continues on Los Angeles Times

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Do-it-yourself credit repair advice: Money Talk (Q&A)
News from OregonLive.com:

Dear Liz: I’m seeking help in reviewing my credit report and how to fix any issues. I am not financially distressed, but have FICO scores in the 675 range. Could you recommend someone I can hire to assist as I need to refinance a house I bought for cash?

Answer: There’s so much fraud in the credit repair industry that you’re likely better off doing it yourself rather than exposing yourself to rip-offs.

Credit repair companies aren’t supposed to take money upfront or promise things they can’t deliver, but many do.

One of the scammers’ most common ploys is to flood the credit bureau with disputes and to take credit for any negative information that temporarily disappears. By the time the negative information pops back up on the file, the scam artists have disappeared with your money.

Another approach they recommend is starting over with a “clean” slate, sometimes using borrowed or stolen identification numbers. That’s fraud, and even if it works, you’ll often find yourself worse off with no credit history than with a flawed history.

The Federal Trade Commission has some helpful advice on do-it-yourself credit repair.

You’ll need to first get copies of your credit reports from each of the three credit bureaus, which you can do once a year for free at www.annualcreditreport.com. Dispute any inacc…………… continues on OregonLive.com

… Read the full article


CreditRepair.com Launches First eBook, Student’s Guide to Credit

CreditRepair.com Launches First eBook, Student’s Guide to Credit
News from Benzinga:

Book provides students with over 50 tips on how to navigate the credit system

Seattle, WA (PRWEB) August 26, 2015

CreditRepair.com, a leading provider of credit report repair services, announced today the launch of their first eBook, Student’s Guide to Credit. The publication offers young adults a complete overview of credit, presented in a highly digestible and engaging format. The book contains over 50 tips, written to educate and empower students to achieve the credit scores they deserve.

While young adults have a vague awareness of credit and the importance of a high credit score, many fail to understand the profound impact it can have throughout life. A survey in spring 2014 by college market research service Student Monitor, found that the majority of students knew that having a good credit score is important, but 74 percent didn’t know what their credit score was. With the average credit score among 18 to 24 year-olds being 630 on a grading scale of 850, young consumers are earning a C at best with regards to credit.

“Many students don’t understand credit and the influence and power it can…………… continues on Benzinga

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Score, Inc. Announces Speaking Lineup for 2015 Credit Repair Summit
News from Benzinga:

The credit repair industry services company Score, Inc. has announced the speakers and topics to be presented at their upcoming 2015 Credit Repair Summit.

Mobile, Alabama (PRWEB) August 26, 2015

The highly respected credit repair industry services organization Score, Inc. is once again hosting their Credit Repair Summit, this year beginning on October 6th. This annual event is one of the most comprehensive training and business development seminars in the country, attracting both established credit repair providers and those interested in learning more about the credit repair business.

As the lead sponsor of this annual summit, Score, Inc. has gathered together more than twenty industry experts to speak with participants on a variety of topics. Subjects range from the basics of operating a respected credit repair business to understanding consumer protection and laws, handling disputes, marketing your business, growing sales and more.

The lineup for this year’s event includes many industry veterans and successful credit repair professionals from around the country. It also includes legal professionals i…………… continues on Benzinga

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3 On Your Side: How To Spot A Credit Repair Scam

3 On Your Side: How To Spot A Credit Repair Scam
News from CBS Local:

By Jim Donovan

PHILADELPHIA (CBS) — Now that the economy is starting to improve, many Americans are hoping to clean up their finances, pay down debt and improve a credit score.  But 3 On Your Side Consumer Reporter Jim Donovan warns, you better do your homework first!

From buying a car to buying a home, your past financial decisions are all laid out for lenders to see in a credit report.

With many aspects of the American economy on the upswing, many consumers are seeking to clean up their credit history and some scammers see that as an opportunity.

According to the Federal Trade Commission, there are a few easy ways to spot a credit repair scam:

First, if the company asks for payment before they render any services.

Also, if they ask you not contact the credit reporting agencies directly.

And, if they suggest giving false information when applying for a mortgage or a loan.

Another troubling trend among credit repair scammers, is the promise of an entirely new credit identity, which can unwittingly land a consumer in trouble with the law.

Consumers can spot these when a credit repair service suggests abandoning a Social Security number as a primary source of identification, and instead using a new number they assign and call a “CPN”  for “credit privacy number,” or “credit profile number.”

In…………… continues on CBS Local

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Not all debt management and credit repair companies have your best interest at …

Not all debt management and credit repair companies have your best interest at …
News from ABC Action News:

Flood Warning issued August 12 at 10:56AM EDT expiring August 13 at 10:56AM EDT in effect for: Pasco

Flood Warning issued August 12 at 10:56AM EDT expiring August 13 at 10:55AM EDT in effect for: Sarasota

…………… continues on ABC Action News
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A safer way to offer credit repair
News from Automotive News:

   
 
 Print
 Reprints

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Bogus credit repair scheme operators settle FTC charges

Bogus credit repair scheme operators settle FTC charges
News from ConsumerAffairs:

The operators of a bogus credit repair scheme that allegedly tricked Spanish-speaking consumers into paying thousands of dollars each to supposedly improve their credit have settled the charges with the Federal Trade Commission (FTC).

A federal court complaint filed in March claims the defendants did business using the name FTC Credit Solutions, misleading consumers not only about the nature of the alleged credit repair services they offered, but also claiming an affiliation with the FTC that did not exist.

“These defendants were shameless. They scammed consumers who were in need of financial help and used the good name of the Federal Trade Commission to do so,” said Jessica Rich, Director of the FTC’s Bureau of Consumer Protection.

According to the FTC, the defendants — First Time Credit Solution, Corp., Guillermo Leyes, Jimena Perez, Fermin Campos, and Maria Bernal — violated the FTC Act by claiming to be affiliated with or licensed by the Federal Trade Commission. They are also accused of falsely promising they could remove negative information from consumers’ credit reports and guaranteeing consumers a credit score of 700 or above within…………… continues on ConsumerAffairs

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Miami-Dade officer pleads guilty to fraud for role in credit-repair ring
News from Miami Herald:

Moonlighting on the job, a Miami-Dade County cop wrote 159 police reports claiming people with bad credit histories were “victims” of identity theft, according to court records.

The reality: Veteran Miami-Dade police officer George Price fabricated the reports and sold them so they could be used to remove blemishes from the purported victims’ credit histories.

Price, 42, pleaded guilty to a conspiracy charge Friday for his supporting role in an alleged credit-repair ring. Price, who joined the force in 1999, must resign by next week.

He faces up to 20 years in prison on his fraud conviction, but is expected to receive a significantly shorter sentence because he pleaded guilty and has agreed to assist the FBI and U.S. attorney’s office in their investigation, according to a plea deal signed by Price, his defense attorney, Marshall Dore Louis, and the prosecutor, Michael Davis.

In the end, Price didn’t make much for exploiting his badge: $ 7,000. He must turn over to the feds the bribery payments he received in 2010-11.

Price was not operating alone.

Through an intermediary, he was working for Vanessa and Mario Perez, a Miami-Dade couple who already pleaded guilty. They made more than $ 322,000 by clearing up the lousy credit reports of people with bad bill-paying histories, according to court re…………… continues on Miami Herald

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Cops took cash bribes in credit repair scam, according to federal government

Cops took cash bribes in credit repair scam, according to federal government
News from Local 10:

MIAMI –

Several Miami-Dade police officers are being targeted by the federal government after they took part in a credit repair scam in which they allegedly wrote phony crime reports in exchange for cash bribes, according to federal court records.

So far only one cop, Miami-Dade Officer Rafael Duran, has been charged in the scheme, but according to federal prosecutors, multiple police officers working for more than one police department in Miami-Dade accepted bribes in the scheme, which was orchestrated by now-imprisoned “credit doctor” Vanessa Perez, aka Vanessa Ortega.

Perez allegedly paid Duran and other police officers to write up false reports, indicating that her customers, who were looking to clean up their credit records, had been the victims of identity theft. Perez would then submit the phony reports to credit rating companies like Equifax, which would in turn issue the customers good credit based on the fraudulent reports.

“Perez obtained many of these false police reports by paying monetary bribes, directly and indirectly, to police officers employed by police departments in Miami-Dade County,” according to federal prosecutors in court records. “In return for these monetary bribes, police officers created the police reports that falsely reported the alleged incidents of identity…………… continues on Local 10

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6 Ways You’re Sabotaging Your Credit Repair Efforts
News from Valley News:

Although the financial climate is improving and unemployment rates continue to drop, many consumers are struggling. Last year alone, U.S. courts reported nearly 1 million cases of Chapter 7 and Chapter 13 bankruptcy filings.

How does a financial hardship like bankruptcy affect your long-term credit health?

For one, the damage can remain on your credit report for seven to 10 years.

If your credit is severely damaged because you filed for bankruptcy or for any other reason you can still take steps to repair it. In order to do so, though, you need to make sure you don’t hurt your credit even further. Avoid sabotaging your credit repair efforts by steering clear of these common pitfalls.

Failing to Budget

Where does credit repair begin? With a budget, of course. You wouldn’t travel without a map, and you shouldn’t spend money without a game plan. Creating a budget allows you to identify:

∎ Spending and saving habits.

∎ Areas that need improvement.

∎ Progress over time.

Depending on your motivations, the sum of these factors can help or hurt your credit. Gather the facts, and begin tracking…………… continues on Valley News

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Key Credit Repair

Key Credit Repair
News from ZDNet:

Download our free KeyCreditRepair.com app today. Key Credit Repair is top rated, fully insured, bonded, and nationally recognized for Standards of Excellence. Learn how we have earned the trust of thousands.

…………… continues on ZDNet
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Visit http://informativecreditrepair.com/ for reviews of the best credit repair companies and services. ———————— Credit Repair Agencies — Can You Trust Them? Depending…

6 Ways You’re Sabotaging Your Credit Repair Efforts

6 Ways You’re Sabotaging Your Credit Repair Efforts
News from Go Banking Rates:

Although the financial climate is improving and unemployment rates continue to decrease, many consumers are struggling. Last year alone, the U.S. Courts reported nearly 1 million cases of Chapter 7 and Chapter 13 bankruptcy filings.

How does a financial hardship like bankruptcy affect your long-term credit health? For one, the damage can remain on your credit report for seven to 10 years.

If your credit is severely damaged because you filed for bankruptcy — or for any other reason — you can still take steps to repair it. In order to do so, though, you need to make sure you don’t hurt your credit even further. Avoid sabotaging your credit repair efforts by steering clear of these common pitfalls.

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FTC Shuts Down Credit Repair Business Masquerading As The Federal Trade …

FTC Shuts Down Credit Repair Business Masquerading As The Federal Trade …
News from The Consumerist:

FTC Shuts Down Credit Repair Business Masquerading As The Federal Trade Commission – Consumerist

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FTC Slams SoCal ‘Credit Repair’ Group

FTC Slams SoCal ‘Credit Repair’ Group
News from Courthouse News Service:

FTC Slams SoCal ‘Credit Repair’ Group

     LOS ANGELES (CN) – First Time Credit Solution, of Bell, Calif. preys on Spanish-speakers, “bilking consumers on a daily basis,” by falsely claiming affiliation with the Federal Trade Commission, the FTC claims in court.
     The company operates under a number of names, including FTC Credit Solutions, 1st Consumer Credit USA, and Doctor de Crédito, the FTC claims in its March 16 federal complaint.
     “Defendants are bilking consumers on a daily basis, charging each victim approximately $ 2,000 for their fraudulent services,” the FTC says.
     “They falsely pose as affiliates or licensees of the federal government, namely the Federal Trade Commission, claiming that these credentials enable them to remove negative information from consumers’ credit reports, eliminate debts, and guarantee consumers a credit score of 700 or higher within six months or less.”
     On its website, ftccreditsolutions.org, the company calls its office on Florence Avenue in Bell its “main office,” and claims to have offices in San Francisco, New York, Dallas, Miami and Chicago, according to the 21-page lawsuit.
     The FTC also sued marketing director Guillermo Leyes, who filed for bankruptcy in February; CEO Jimena Perez; vice president sales accountant Ma…………… continues on Courthouse News Service

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