Discussion in 'Credit Talk' started by Michael, Jul 15, 2000.

  1. Michael

    Michael Guest

    Since a lot of us are trying to build up our credit reports why don't we all start a "Finance Company" and for a small fee we could all gain one more credit reference.

    Maybe this would be something Creditnet could organize, or maybe one of you could approach the credit bureaus and see what's needed to get set up to report to them!

    Think about it for $50.00 you could have a $2,500.00 Line of credit from ACME Finance reporting paid on time every month!
  2. dave

    dave Well-Known Member

    michael, this is an idea worth pursuing but
    it would be better if acme issued 100K platinum cards to each of us. then we can go have our pina coladas in the sun and build good credit at the same time.
  3. Steven Z

    Steven Z Guest

    I agree it is a GREAT IDEA and offers one of the few consumer-friendly services in this industry.

    Now to the relevant points.

    Is this practise immoral?
    Sure is

    Is it illegal?
    EXACTLY as illegal as 10,000+ individuals a day who have false information and/or accounts re-aged by the collection agencies and 'regular' creditors.

    Whats the CRA's position on this?
    If your a subscriber pay us the money and we'll report ANYTHING, factual and correct data mean less than 0 to us only $$$ do.

    What do the creditors think of this?
    Against it naturally, they may cry crocodile tears that some undeserving individuals will garner credit because of the false positive reporting, but hypocriticly hold their tongues when confronted about how much they profit from and how many individuals they deny based on false negative reporting. The hypocrites desire to have it 'both ways'.

    What is the governments position on this?
    In theory: This is an illegal practise according to XYZ and 123 regulations
    In practise: The same that they do to the collection agencies and the CRA's that report such ABSOLUTELY, POSITIVELY, NOTHING, NADA, ZIPPO.

    So all that is required is some venture capitalist or somone or some company with deep pockets to become a subscriber and get the ball rolling.
  4. creditwork

    creditwork Well-Known Member

    Good idea, but isn't this being done. Isn't that what Excelsior Finance does?

    Profit from the experience.
  5. BarryN - C

    BarryN - C Guest

    Quietly awaiting the link to Excelsior's new webpage to pop up.
  6. Saar

    Saar Banned

    Aside from a founder, all we need for this company is a state where it will be registered in, a compnay bank account, and an agent set to receive mail and forward it to the founder.

    Any questions?

  7. Saar

    Saar Banned

    In other words, a Credit Union for members of, with - let's say - selective reporting practices. Hmmm...

    Where do I sign?

  8. dogman

    dogman Well-Known Member

    ROLEX PORSCHE Cobalt Visa Card

    If we're gonna name the card, let's make it look exclusive so when we hand it out at restaurants - or massage parlors - people
    will choke, faint, and fall all over themselves.
  9. Doris K.

    Doris K. Well-Known Member

    My sister Mabel lives in Delaware. If you're really nice to her, I'm sure she'll let you bury the assets in her backyard. It might not be "registered" in Delaware, but it will be in Delaware. Dig deep--the old gal has cats ;-)
  10. dogman

    dogman Well-Known Member

    I very much enjoyed the "CATS" information.
    Now that specific address please - Dogman :)

    I still don't want an Umbrella Card.
  11. Michael

    Michael Guest

    RE: ROLEX PORSCHE Cobalt Visa

    Dogman, Remember my "Great Idea" was not to issue a card at all but to merely issue the credit line on the report!

    As for assets, and cats well I think someones been hanging around cats too much themselves!
  12. Godes

    Godes Active Member

    Re: RE: ROLEX PORSCHE Cobalt Visa

    oww th is is an old post but i need to ask where is excelsior finance are they still around. if so will someone email me there contact info. my email is

  13. LKH

    LKH Well-Known Member

    Re: RE: ROLEX PORSCHE Cobalt Visa

    Yesterday you were stating something about illegally backdating a bankruptcy as to get out of a repo. Today you want to know about illegally adding info to your credit report. Have you ever thought about doing things the correct way? It may save you a lot of problems in the future.
  14. jrjr35

    jrjr35 Well-Known Member

    Re: RE: ROLEX PORSCHE Cobalt Visa

    LKH, I agree, but the collection agencies, and CRA's brake the law routinely. Sometimes people feel the need to fight fire with fire. Although I personally don't advocate anything illegal, and would not participate.
  15. Godes

    Godes Active Member

    Re: RE: ROLEX PORSCHE Cobalt Visa

    ok the repo was advise i asked for a friend and i did not know exc. was illegal. i just remember them and what they did. I mean if they are illegal how are they able to do what they do. or do they still do it. ..
    Please advise. and no the friend did talk to an attorney that was my wanting to have good newsy to say to her but what they do is make ample ways of paying the card off and the court therefore orders the bank to return the car to her. that is how it works.

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