WARNING:
BEWARE OF CREDIT REPAIR COMPANY'S THAT ALSO SHARE A REALITY BUSINESS; OR MORTGAGE BUSINESS ALONG WITH CREDIT REPAIR.
THIS GOES AGAINST THE FTC & CREDIT REPAIR LAWS DUE TO CONFILCT OF INTEREST.
The credit repair business requires a clear grasp of the interaction of many factors. Credit bureaus, creditors, and collectors are each regulated under their own set of federal laws. In addition there are state laws that may sub cede the federal laws. And in the background of all of this activity is Fair Isaac And Company that formulates your FICO Score based on the makeup of the information on your report.
As professionals we have spent years understanding and mastering all of the factors that contribute to the credit reporting process. And we believe that it is essential to communicate honestly and represent ourselves in the clearest possible way.
But we are also well aware that there are those that misrepresent themselves and the services they offer. These deceptive practices will waste your money, and in some cases leave you worse off than ever. Here is our list of the top offences...
·there is a busy little credit repair sub-culture that offers to help you establish a new identity by applying for an Employer Identification Number (EIN) which they suggest that you use in place of your Social Security Number. This amazes us! And it is a serious crime that could put you in prison.
We don't want to leave the credit bureaus out of the mix! Here are two major offenders that we encounter on a daily basis.
- Every day untold numbers of consumers go to TransUnion "True Credit" website and pay for what they believe to be their credit scores. What they get are deceptively named "True Credit" scores which vary significantly from the FICO scores used by lenders. Here is the (almost impossible to find) small print from the TransUnion website. "True Credit is not connected in any way with Fair, Isaac and Company; the credit score provided here is not a so-called FICO score. The credit scores of TransUnion may not be identical in every respect to any consumer credit scores produced by any other company."
- Experian's freecreditreport.com website is not free! Here is the fine print: "When you order your free report here, you will begin your free trial membership in Triple AdvantageSM Credit Monitoring. If you don't cancel your membership within the 30-day trial period, you will be billed $12.95 for each month that you continue your membership." And it may not be so easy to cancel. The Office of the Attorney General of Florida lists the following issues in their investigation of Experian: "Deceptive advertising, misleading domain name, and failure to honor cancellations in violation of Chapter 501, Part II, Florida Statutes (Florida Deceptive and Unfair Trade Practices Act)."
FOR MORE INFORMATION PLEASE CALL 1-877-225-9810
OR LOCAL CALLS @ 610-437-2960.
