Credit Repair Organizations Act!

copy- edited for space- original appears @ http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm

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 creditâ??100% guaranteed."
"Create a new credit identityâ??legally."
"We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!"
Do yourself a favor and save some money, too. Donâ??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 credit worthiness and lists 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 canâ??t deliver. After you pay them hundreds or thousands of dollars in up-front fees, these companies do nothing to improve your credit report; many simply vanish with your money.

The Warning Signs
If you decide to respond to a credit repair offer, beware of companies that:

• Want you to pay for credit repair services before any services are provided,
  [*]Do not tell you your legal rights and what you can doâ??yourselfâ??for free;
  [*]Recommend that you not contact a credit bureau directly;
• Suggest that you try to invent a "new" credit report by applying for an Employer Identification Number to use instead of your Social Security Number; or
• Advise you to dispute all information in your credit report or take any action that seems illegal, such as 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. Itâ??s a federal crime to make false statements 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 promised services.

The Truth
No one can legally remove accurate and timely negative information from a credit report. But the law does allow you to request a reinvestigation 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:

• You are entitled to a free copy of your credit report if youâ??ve been denied credit, insurance or employment within the last 60 days.
• If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureauâ??s name, address, and telephone number.
• You can dispute mistakes or outdated items for free. Ask the credit reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation. Do not send them original documents. Clearly identify each item in your report that you dispute, explain why you dispute the information, and request a reinvestigation.
• If the new investigation reveals an error, you may ask that a corrected version of the report be sent to anyone who received your report within the past six months. Job applicants can have corrected reports sent to anyone who received a report for employment purposes during the past two years.
• When the reinvestigation is complete, the credit bureau must give you the written results and a free copy of your report if the dispute results in a change.
• If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider.

You also should tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes. If the provider then reports the item to any credit bureau, it must include a notice of your dispute. In addition, if you are correctâ??that is, if the information is inaccurateâ??the information provider may not use it again.

If the reinvestigation does not resolve your dispute, have the credit bureau include your version of the dispute in your file and in future reports. Remember, there is no charge for a reinvestigation.


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 signing the contract. 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; or
• 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; and
• the companyâ??s name and business address.

 

Green codes are violations to beware of people who use this board have been known to break with the credit/debt repair methods...

 

I'd love to fight it out in the chat room.

Shawn, I appreciate and respect your opinion. Actually, the same could be said about everyone here. I've never told you or anyone to "shut up" or anything close to that.

I love the fact that creditnet allows open discussions....debates in this case. If PBM has/had a problem with this he would step in... He hasn't.

Can you answer this? Why would anyone have a problem with THE TRUTH? Everything I've said about Mr. Bill is directly linked to his pay service. I'm sorry if anyone can not see that I have not made it personal at all, but I haven't. You know that the same can not be said of Bill. Because he can not defend himself on the facts, just like in a political fight, he has to make it personal or taking it negative...


Shawn... Quixote... Erica... Whoever... I would love for you to show me somewhere I've mislead anyone here.... Somewhere I've told people to shut up.... I come here during the day also... And I don't make a single $(&$&)( cent from it. I'm trying to help people who have been where I was... I've never paid for a credit repair service and you don't have to either.

Why don't you start looking at the facts.... Read the information I've posted and get Bill to adhere to the law. That's exactly why where all here... Getting companies to live up to a legal respondsibility. Should we all go YEAH Experian deleted an incorrect tradeline because they lived up to the law?


What have I done? Spread FREE CORRECT public information...


It amazes me how people love free speech until it's something they disagree with and then they want to cut it off.....

Again for the record... EVERYTHING I've shared is for free... EVERYTHING is compeletely public/legal information... I've NEVER made it personal... I've NEVER mislead ANYONE...


Sorry that somethings have to be aired in public, but some people never change! I don't have to agree with Bill about his opinions! I can expect him to conduct his business LEGALLY!


I appreciate everyones opinion... I'll never tell you to shut up, but if you have such a serious problem with someone spreading the truth.... I DO ASK FOR YOU TO CONTACT PBM AND ASK FOR HIM TO BAN ME! Can I make it any clearer?

 

And Shawn... please re-read the threads... I'm the one who is defensive!!! Until my last breath!

 

Erica... I don't read every single thread either. I've never said you told me to shut up. Look in this thread and you will see where QUI told me to shut up.....


Please accept my apology if this hurts you in any way. I'm sorry. My intention is to make sure everyone keeps things professional and spreads the truth.


Have a great weekend!

 

Shawn & Parallax: I hope you don't mind, but I'll put my response to both of you in one message to avoid hogging the board.


Shawn... Sorry to correct you, but of all the people who spoke up, several have agreed with me and others have posted how they appreciate access to the information. Please, I understand if you have a problem with this. It's an opinion I respect and would defend your right to have. I think you cross over the line when you speak for every other member of the board. I'm a member and I don't share your opinion (and others have posted their thoughts also). I've supported every one of my claims with evidence. What's the matter with other people to do the same? As for your example of the 5 year old... What's wrong with adults having a discussion? I would think running to PBM to complain about someone is a better example of what a 5 year old would do.... Run to his/her parents for help. BTW, LOVE Pimp of the Week.

Parallax... I would appreciate you not speaking for me. I don't speak on your behalf. It's really not personal. Please provide evidence where you can prove that claim. What "everyone" knows is that BBauer is the #1 poster here. When he sells his service via signatures. If he loves Creditnet.com so much, why not support it financially like all the other advertisers. He's a big bully to trys to tell new people they have to use his service and requires them to pay for it before offering help. IF you read the CREDIT REPAIR ORGANIZATIONS ACT you will see this is illegal activity. Maybe you hould wonder why you have such a problem with a person who is only empowering people- showing them they can do it for free themselves- and so strictly defending someone who is breaking the law daily.

Again, I eagerly await PBM's response should he care to give it. Do you really think he's unaware of what's going on or do you think he's just staying out of it because this is "Straight Talk!?"

 

Anna:

I totally understand your point. I'm glad you're able to work on it 24/7. I have a job and I'm proof you can still do it without having to pay! What you have to do is invest a little time up front, develop a strategy and then a little maintence time until it's done. Even working 24/7 at it you're not going to make 30 days drop off a calendar any quicker.

You could easily do your research one weekend, develop some letters at night the next week, quickly type them up at lunch/early evening and mail them. It can be done!

I don't have a problem however should you choose to pay someone to do it for you. That's your right also. I have a problem with people bullying you into thinking you need their help to have success. You can want their help, but you don't need their help. And Bill is the only credit repair company I've seen bully people...looks like he's made a living at it. Now that someone is standing up to him and only asking that he be honest and legal in his claims he's trying to bully me into shutting up.

I've proved he's breaking the law. I've proved that he's misleading people. I've proved that he's deceptive. What's the best he can pull for a defense? Personal attacks and bait/switch tactics that I just call him on...

GOOD LUCK!