Ever have a good exp. with a CA?

Discussion in 'Credit Talk' started by faztcobra, Aug 13, 2003.

  1. faztcobra

    faztcobra Well-Known Member

    I needed to work quickly with one as it was the only item that was preventing me from getting a mortgage. This was on an apartment debt that was mine(but not caused by me) and I needed it taken care of. I didn't let them on that it was preventing me from getting a mortgage, but I demanded to have it cleaned up. Anyway, they ended up settling with me for just a hair under 50% of the balance. I then asked to have it removed completely from my CR. He agreed to do so and put it in writing and told me that although it "could" take up to 30 days to show on my credit report, it'd very likely be cleared in 10 days or less. He sent me the letter via fax today, so I'm going tomorrow to take care of the balance (the CA is only 15 miles from me) and hopefully everything is as good as it appears to be w/o any hidden tricks.

    I know I could have disputed this letter and probably had it removed that way, but since I'm supposed to close in less than 2 weeks, time is not on my side.
     
  2. lbrown59

    lbrown59 Well-Known Member

    Another victim of the mortgage scam,
     
  3. fixinitup

    fixinitup Active Member

    mortgage scam?? please explain.
     
  4. faztcobra

    faztcobra Well-Known Member

    Re: Re: Ever have a good exp. with a CA?

    How so? I've spoken with a few lenders and they all said I needed to clear that up. How would you have gotten around it? And why is it a scam?
     
  5. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Ever have a good exp. with a CA?

    Wonder what their cut from the CA is?
     
  6. faztcobra

    faztcobra Well-Known Member

    Have proof this happens on a regular basis? I just wanna know why you consider that a scam?

    I'm not saying it doesn't happen, but it'd take forever to contact up all the CAs and tell them you owe me X amount. That'd require a whole 'nother department I bet. I hear of people have to clean up stuff all the time. I just think it'd take too long.
     
  7. lbrown59

    lbrown59 Well-Known Member

    mortgage scam?? please explain.***** ------------------fixinitup
    Another victim of the mortgage scam, How so? *** faztcobra
    --------------------------------------------------------------------------------

    The CAs have an arrangement with the CRAs whereby the CRAs notify them when a credit report is pulled for mortgage purposes. This brings the Cas out of the woodwork in their efforts to collect trumped up debts.
    Cas have probably collected from multiple parties on the same debt as s regular occurrence this way.

    The borrower will pay the CA just to clear it for the loan never mind the legitimacy of the claim.
    When The mortgage companies know this is a rip off and set the following policy ------------->I've spoken with a few lenders and they all said I needed to clear that up.
    They are just as guilty as the CA scammers.




    THE END ** *** ** LB 59
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