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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


Bogus credit repair firm shut down by FTC

Bogus credit repair firm shut down by FTC
News from Examiner.com:

On Friday, the Federal Trade Commission announced action against a Florida-based credit repair company that allegedly continued to pitch bogus services despite a 2010 court order requiring it to stop. In the most recent action, Latrese and Kevin Hargrave allegedly continued to scam unsuspecting victims through new companies.

Signed by U.S. District Court Judge Marsha Howard, the new order will remain in place while the FTC seeks a contempt ruling against the Hargrave organization for violating its initial cease and desist order. Pending further court action, the Hargraves are banned from all activities involving credit repair and from offering credit-related products, programs, or services.

In 2008, the FTC filed a complaint against the Hargraves and the firms they control, alleging that they advertised bogus credit repair services on the Internet and radio stations. Consumers were charged $ 250 to $ 270 per person and $ 450 per couple. They were also required to pay half or all of the fees in advance of services of being rendered.

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US Attorney: Fresno credit repair firm was scam
News from CBS News:

FRESNO, Calif. — Two Fresno men are charged with conspiracy and money laundering for allegedly scamming dozens of debt-ridden clients of their credit consolidation payments.

U.S. Attorney Benjamin Wagner said Thursday that 36-year-old Sharanjit Kaur and 47-year-old Baljit Singh collected more than $ 400,000 from clients who thought the men were using the money to pay down renegotiated debts.

Wagner said the men instead kept the money, and wired some to another man in India.

According to the indictment, between July 2010 and June 2011 the men ran Consumer Financial Services, Consumer Credit Repair and Client Financial Services. They found clients by using a call center in India. Agents there told the clients to send in monthly payments of $ 500 or more.

Efforts to reach the men’s attorney for comment were not immediately successful.

…………… continues on CBS News
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US Attorney: Fresno credit repair firm was scam

US Attorney: Fresno credit repair firm was scam
News from BusinessWeek:

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Finally a Credit Repair Service Review Site That is Actually Accurate
News from Albany Times Union:

BestCreditRepairCompanys.com (BCRC) plans big changes for the Credit Repair industry through its customer review portal.

Pleasant Grove, Utah (PRWEB) June 08, 2012

Throughout the last several years, and with the development of the economic recession, many Americans have lost their jobs and fallen behind on their financial obligations. Their personal credit rates have suffered.

This has lead to many companies coming to the rescue, providing consumer credit repair help through their paid services. Each year more and more Americans stand in need of credit repair, and each year there are more and more companies showing up (some almost overnight), ready to fulfill that need. However, just like in any other industry, not all companies are created equal. And with an industry that has tight government regulations, the question comes down to this: which credit repair company can be trusted?

There are many out there willing to say which company to do business with, but their advice depends on how much they receive in compensation. With so many out there with “incentivized” motives, the truth about most credit repair companies doesn’t really come out. Until now.

BestCreditRepairCompanys.com launched in April of 2012…………… continues on Albany Times Union

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