Credit Repairs
nikk...@gmail.com
Click Here
http://credityrepairs.blogspot.com/
By law, credit repair organizations must give you a copy of the
"Consumer Credit File Rights Under State and Federal Law" before you
sign a contract. They also must give you a written contract that
spells out your rights and obligations. Read these documents before
you sign anything. The law contains specific protections for you. For
example, a credit repair company cannot: - make false claims about
their services - charge you until they have completed the promised
services - perform any services until they have your signature on a
written contract and have completed a three-day waiting period. During
this time, you can cancel the contract without paying any fees
Click on the below link and learn more about Credit Repair
http://credityrepairs.blogspot.com/
nikk...@gmail.com
George Grapman
http://www.ftc.gov/bcp/conline/pubs/credit/repair.shtm
Facts for Consumers
* PDF Format
*
Credit Repair: Self Help May Be Best
You see the advertisements in newspapers, on TV, and on the Internet.
You hear them on the radio. You get fliers in the mail. You may even get
calls from telemarketers offering credit repair services. They all make
the same claims:
* “Credit problems? No problem!”
* “We can erase your bad credit — 100% guaranteed.”
* “Create a new credit identity — legally.”
* “We can remove bankruptcies, judgments, liens, and bad loans from
your credit file forever!”
Do yourself a favor and save some money, too. Don’t believe these
statements. Only time, a conscious effort, and a personal debt repayment
plan will improve your credit report.
This brochure explains how you can improve your creditworthiness and
gives legitimate resources for low or no-cost help.
The Scam
Everyday, companies nationwide appeal to consumers with poor credit
histories. They promise, for a fee, to clean up your credit report so
you can get a car loan, a home mortgage, insurance, or even a job. The
truth is, they can’t deliver. After you pay them hundreds or thousands
of dollars in fees, these companies do nothing to improve your credit
report; most simply vanish with your money.
The Warning Signs
If you decide to respond to a credit repair offer, look for these
tell-tale signs of a scam:
* companies that want you to pay for credit repair services before
they provide any services.
* companies that do not tell you your legal rights and what you can
do for yourself for free.
* companies that recommend that you not contact a credit reporting
company directly.
* companies that suggest that you try to invent a “new” credit
identity — and then, a new credit report — by applying for an Employer
Identification Number to use instead of your Social Security number.
* companies that advise you to dispute all information in your
credit report or take any action that seems illegal, like creating a new
credit identity. If you follow illegal advice and commit fraud, you may
be subject to prosecution.
You could be charged and prosecuted for mail or wire fraud if you use
the mail or telephone to apply for credit and provide false information.
It’s a federal crime to lie on a loan or credit application, to
misrepresent your Social Security number, and to obtain an Employer
Identification Number from the Internal Revenue Service under false
pretenses.
Under the Credit Repair Organizations Act, credit repair companies
cannot require you to pay until they have completed the services they
have promised.
The Truth
No one can legally remove accurate and timely negative information from
a credit report. The law allows you to ask for an investigation of
information in your file that you dispute as inaccurate or incomplete.
There is no charge for this. Everything a credit repair clinic can do
for you legally, you can do for yourself at little or no cost. According
to the Fair Credit Reporting Act (FCRA):
* You’re entitled to a free report if a company takes adverse
action against you, like denying your application for credit, insurance,
or employment, and you ask for your report within 60 days of receiving
notice of the action. The notice will give you the name, address, and
phone number of the consumer reporting company. You’re also entitled to
one free report a year if you’re unemployed and plan to look for a job
within 60 days; if you’re on welfare; or if your report is inaccurate
because of fraud, including identity theft.
* Each of the nationwide consumer reporting companies — Equifax,
Experian, and TransUnion — is required to provide you with a free copy
of your credit report, at your request, once every 12 months.
The three companies have set up a central website, a toll-free
telephone number, and a mailing address through which you can order your
free annual report. To order, click on annualcreditreport.com, call
1-877-322-8228, or complete the Annual Credit Report Request Form and
mail it to: Annual Credit Report Request Service, P.O. Box 105281,
Atlanta, GA 30348-5281. You can print the form from
ftc.gov/bcp/conline/edcams/credit/ . Do not contact the three nationwide
consumer reporting companies individually. They are providing free
annual credit reports only through annualcreditreport.com,
1-877-322-8228, and Annual Credit Report Request Service, P.O. Box
105281, Atlanta, GA 30348-5281. You may order your reports from each of
the three nationwide consumer reporting companies at the same time, or
you can order your report from each of the companies one at a time. For
more information, see Your Access to Free Credit Reports at
ftc.gov/bcp/conline/edcams/credit/ .
Otherwise, a consumer reporting company may charge you up to
$9.50 for another copy of your report within a 12-month period.
* You can dispute mistakes or outdated items for free. Under the
FCRA, both the consumer reporting company and the information provider
(that is, the person, company, or organization that provides information
about you to a consumer reporting company) are responsible for
correcting inaccurate or incomplete information in your report. To take
advantage of all your rights under this law, contact the consumer
reporting company and the information provider.
STEP ONE
Tell the consumer reporting company, in writing, what information you
think is inaccurate. Include copies (NOT originals) of documents that
support your position. In addition to providing your complete name and
address, your letter should clearly identify each item in your report
you dispute, state the facts and explain why you dispute the
information, and request that it be removed or corrected. You may want
to enclose a copy of your report with the items in question circled.
Your letter may look something like the one on page 6. Send your letter
by certified mail, “return receipt requested,” so you can document what
the consumer reporting company received. Keep copies of your dispute
letter and enclosures.
Consumer reporting companies must investigate the items in question —
usually within 30 days — unless they consider your dispute frivolous.
They also must forward all the relevant data you provide about the
inaccuracy to the organization that provided the information. After the
information provider receives notice of a dispute from the consumer
reporting company, it must investigate, review the relevant information,
and report the results back to the consumer reporting company. If the
information provider finds the disputed information is inaccurate, it
must notify all three nationwide consumer reporting companies so they
can correct the information in your file.
When the investigation is complete, the consumer reporting company must
give you the results in writing and a free copy of your report if the
dispute results in a change. If an item is changed or deleted, the
consumer reporting company cannot put the disputed information back in
your file unless the information provider verifies that it is accurate
and complete. The consumer reportincompany also must send you written
notice that includes the name, address, and phone number of the
information provider. If you request, the consumer reporting company
must send notices of any correction to anyone who received your report
in the past six months. You can have a corrected copy of your report
sent to anyone who received a copy during the past two years for
employment purposes.
If an investigation doesn’t resolve your dispute with the consumer
reporting company, you can ask that a statement of the dispute be
included in your file and in future reports. You also can ask the
consumer reporting company to provide your statement to anyone who
received a copy of your report in the recent past. You can expect to pay
a fee for this service.
STEP TWO
Tell the creditor or other information provider, in writing, that you
dispute an item. Be sure to include copies (NOT originals) of documents
that support your position. Many providers specify an address for
disputes. If the provider reports the item to a consumer reporting
company, it must include a notice of your dispute. And if you are
correct – that is, if the information is found to be inaccurate – the
information provider may not report it again.
For more information, see How to Dispute Credit Report Errors at
ftc.gov/bcp/conline/edcams/credit/ .
Reporting Accurate Negative Information
When negative information in your report is accurate, only the passage
of time can assure its removal. A consumer reporting company can report
most accurate negative information for seven years and bankruptcy
information for 10 years. Information about an unpaid judgment against
you can be reported for seven years or until the statute of limitations
runs out, whichever is longer. There is no time limit on reporting:
information about criminal convictions; information reported in response
to your application for a job that pays more than $75,000 a year; and
information reported because you’ve applied for more than $150,000 worth
of credit or life insurance. There is a standard method for calculating
the seven-year reporting period. Generally, the period runs from the
date that the event took place.
For more information, see Building a Better Credit Report at
ftc.gov/bcp/conline/edcams/credit/ .
The Credit Repair Organizations Act
By law, credit repair organizations must give you a copy of the
“Consumer Credit File Rights Under State and Federal Law” before you
sign a contract. They also must give you a written contract that spells
out your rights and obligations. Read these documents before you sign
anything. The law contains specific protections for you. For example, a
credit repair company cannot:
* make false claims about their services
* charge you until they have completed the promised services
* perform any services until they have your signature on a written
contract and have completed a three-day waiting period. During this
time, you can cancel the contract without paying any fees
Your contract must specify:
* the payment terms for services, including their total cost
* a detailed description of the services to be performed
* how long it will take to achieve the results
* any guarantees they offer
* the company’s name and business address
Have You Been Victimized?
Many states have laws regulating credit repair companies. State law
enforcement officials may be helpful if you’ve lost money to credit
repair scams.
If you’ve had a problem with a credit repair company, don’t be
embarrassed to report it. While you may fear that contacting the
government will only make your problems worse, remember that laws are in
place to protect you. Contact your local consumer affairs office or your
state Attorney General (AGs). Many AGs have toll-free consumer hotlines.
Check the Blue Pages of your telephone directory for the phone number or
check www.naag.org for a list of state Attorneys General.
Need Help? Don’t Despair
Just because you have a poor credit report doesn’t mean you won’t be
able to get credit. Creditors set their own credit-granting standards
and not all of them look at your credit history the same way. Some may
look only at more recent years to evaluate you for credit, and they may
grant credit if your bill-paying history has improved. It may be
worthwhile to contact creditors informally to discuss their credit
standards.
If you’re not disciplined enough to create a workable budget and stick
to it, work out a repayment plan with your creditors, or keep track of
mounting bills, consider contacting a credit counseling organization.
Many credit counseling organizations are nonprofit and work with you to
solve your financial problems. But not all are reputable. For example,
just because an organization says it’s “nonprofit,” there’s no guarantee
that its services are free, affordable, or even legitimate. In fact,
some credit counseling organizations charge high fees, or hide their
fees by pressuring consumers to make “voluntary” contributions that only
cause more debt.
Most credit counselors offer services through local offices, the
Internet, or on the telephone. If possible, find an organization that
offers in-person counseling. Many universities, military bases, credit
unions, housing authorities, and branches of the U.S. Cooperative
Extension Service operate nonprofit credit counseling programs. Your
financial institution, local consumer protection agency, and friends and
family also may be good sources of information and referrals.
If you are considering filing for bankruptcy, you should know about one
major change to the bankruptcy laws: As of October 17, 2005, you must
get credit counseling from a government-approved organization within six
months before you file for bankruptcy relief. You can find a
state-by-state list of government-approved organizations at
www.usdoj.gov/ust. That is the website of the U.S. Trustee Program, the
organization within the U.S. Department of Justice that supervises
bankruptcy cases and trustees.
Reputable credit counseling organizations can advise you on managing
your money and debts, help you develop a budget, and offer free
educational materials and workshops. Their counselors are certified and
trained in the areas of consumer credit, money and debt management, and
budgeting. Counselors discuss your entire financial situation with you,
and help you develop a personalized plan to solve your money problems.
An initial counseling session typically lasts an hour, with an offer of
follow-up sessions.
For more information, see Knee Deep in Debt and Fiscal Fitness: Choosing
a Credit Counselor at ftc.gov/bcp/conline/edcams/credit/ .
Do-It-Yourself Check-Up
Even if you don’t have a poor credit history, some financial advisors
and consumer advocates suggest you review your credit report periodically
* because the information it contains affects whether you can get a
loan or insurance — and how much you will have to pay for it.
* to make sure the information is accurate, complete, and
up-to-date before you apply for a loan for a major purchase like a house
or car, buy insurance, or apply for a job.
* to help guard against identity theft. That’s when someone uses
your personal information — like your name, your Social Security number,
or your credit card number — to commit fraud. Identity thieves may use
your information to open a new credit card account in your name. Then,
when they don’t pay the bills, the delinquent account is reported on
your credit report. Inaccurate information like that could affect your
ability to get credit, insurance, or even a job.
Sample Dispute Letter
Date
Your Name
Your Address
Your City, State, Zip Code
Complaint Department
Name of Company
Address
City, State, Zip Code
Dear Sir or Madam:
I am writing to dispute the following information in my file. The items
I dispute also are encircled on the attached copy of the report I received.
This item (identify item(s) disputed by name of source, such as
creditors or tax court, and identify type of item, such as credit
account, judgment, etc.) is (inaccurate or incomplete) because (describe
what is inaccurate or incomplete and why). I am requesting that the item
be deleted (or request another specific change) to correct the information.
Enclosed are copies of (use this sentence if applicable and describe any
enclosed documentation, such as payment records, court documents)
supporting my position. Please investigate this (these) matter(s) and
(delete or correct) the disputed item(s) as soon as possible.
Sincerely,
Your name
Enclosures: (List what you are enclosing)
The FTC works for the consumer to prevent fraudulent, deceptive and
unfair business practices in the marketplace and to provide information
to help consumers spot, stop, and avoid them. To file a complaint or to
get free information on consumer issues, visit ftc.gov or call
toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC
enters Internet, telemarketing, identity theft, and other fraud-related
complaints into Consumer Sentinel, a secure online database available to
hundreds of civil and criminal law enforcement agencies in the U.S. and
abroad.
clams_casino
> Here is some better information:
>
>
> http://www.ftc.gov/bcp/conline/pubs/credit/repair.shtm
>
>
>
There's much in the news about home owner's walking away from their
homes. Are they filing for bankruptcy or just refusing to make any
more payments? Can't the bank go after them in a few years? Is there
some type of limitation for a bank (or other lender) to collect?
George Grapman
too long to sue they can keep dunning you. After 7 years a bad debt
vanishes from your credit file but they can still pursue it.
clams_casino
So what's the advantage of walking from a mortgage? I've heard of
houses being vandalized into destruction and/or being resold for a
fraction of what they are worth leaving the original owner even more
behind in what they owe the lender. Walking seems like a no win
situation. Best may be to stay until evicted.
George Grapman
My guess is the same reason some renter move when they get an
eviction notice. They figure they have to leave and better to do it on
their schedule than on the banks.
nikk...@gmail.com
Click Here
http://credityrepairs.blogspot.com/
By law, credit repair organizations must give you a copy of the
"Consumer Credit File Rights Under State and Federal Law" before you
sign a contract. They also must give you a written contract that
spells out your rights and obligations. Read these documents before
you sign anything. The law contains specific protections for you. For
example, a credit repair company cannot: - make false claims about
their services - charge you until they have completed the promised
services - perform any services until they have your signature on a
written contract and have completed a three-day waiting period. During
this time, you can cancel the contract without paying any fees
Click Here
http://credityrepairs.blogspot.com/
clams_casino
>Hey!
>
>Click Here
>
>By law, credit repair organizations must give you a copy of the
>"Consumer Credit File Rights Under State and Federal Law" before you
>sign a contract.
>
Next time I'm driving in India, I'll keep your site in mind.
Coffee's For Closers
PeterG...@DrunkinClam.com says...
> There's much in the news about home owner's walking away from their
> homes. Are they filing for bankruptcy or just refusing to make any
> more payments? Can't the bank go after them in a few years? Is there
> some type of limitation for a bank (or other lender) to collect?
My understanding is that, many of these people staying in the
house, without paying, until it is seized. This can take months
in some cases.
Then, they move out, and get a rental someplace else. While
refusing to communicate with the old mortgage lender.
Apparantly, many of them don't bother to file bankruptcy.
In California, the mortgage lender apparently must accept the
house as full payment, even if its market value is less than the
mortgage due. Some other states allow the lender to sue the
defaulted former buyer for the difference.
But, even then, those people generally don't have much to take.
After all, they didn't have the money to pay their mortgages.
And you cannot get blood from a stone. So sometimes the lenders
don't bother to sue, even if they could.
It goes on the buyer's credit reports as a foreclosure, and looks
pretty bad for several years.
--
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