credit repair compliance: Common Mistakes - 09/13/11 04:41 AM
Avoid The Common Mistakes Most Credit Repair Companies Make
 
False Claims and Deceptive Advertising.
You see it time and time again. Companies over hyping their service by guaranteeing results and deletions and claiming a specific score increase. In this business, all you can talk about is the average results you’ve received for clients and under no circumstances should you forecast what kind of results you will get for the client.
Charging in Advance
CROA prohibits charging for any service until such service has been fully performed. This means that whatever service you are providing, you may not charge until said service is … (6 comments)

credit repair compliance: Doesn't seem fair, does it? - 03/25/11 07:57 PM
Why would credit repair be combined with Advance-Fee Loans? 
Why would they want to put us together with an industry that is fundamentally different to ours?
Could it be just to keep "credit repair" on the list?
It could be.
Wonder what the percentage for credit repair would be if it were in a separate category?
Take a guess on how many complaints are credit repair specific and scroll down for the answer.


January 1 - December 31, 2010
http://www.ftc.gov/sentinel/reports/sentinel-annual-reports/sentinel-cy2010.pdf
Federal Trade Commission Page 6 of 98 Released March 2011 


 
Get ready for a shocker ...   page 77
 
(4 comments)

credit repair compliance: Statute Of Limitations On Judgments - 10/15/10 11:13 AM
(4 comments)

credit repair compliance: Are credit repair companies required to have their clients sign a contract? - 10/01/10 04:40 PM
 
Yes, every credit repair company is required to have their clients sign a consumer contract per the Credit Repair Organizations Act.
A credit repair company owner will want to be careful and make sure their contract is in complete compliance with federal law to avoid running into Sections 408, 409, and 410.  
Sec. 408 stipulates that if your contract does not meet the criteria outlined within the Credit Repair Organizations Act then the contract is consider VOID and is not enforceable in any federal or state court.   Sec. 409 goes over the particulars of civil liability, punitive damages, attorney’s fees, etc … (3 comments)

credit repair compliance: Negative Items On a Credit Report - 7, 10, 15 years … FOREVER??? - 06/10/10 12:37 PM
The Fair Credit Reporting Act (FCRA) is the federal law that specifies the amount of time negative items can stay on your credit report by regulating the collection, distribution, and use of consumer credit information.  
 www.ftc.gov/os/statutes/031224fcra.pdf  
Derogatory items may stay on the credit report for a "no longer than" or "up to" seven years, except for bankruptcy's and other public records.  These levels of negative items may remain on your credit report up to 10 years. 
Unpaid federal income tax liens may remain indefinitely, although generally will be removed from your credit report after 15 years.
Negative listings                       Up to or no … (2 comments)

credit repair compliance: Do you even remember what you are paying for? - 05/18/10 09:42 AM
Do you even remember what you are paying for?
Debt is not that hard of a concept to grab.   You need it, you borrow it, and you owe it back.   When you give it back there is no more debt.  Now when you throw in the idea of adding interest to what you've borrowed ... that's when the Kool-Aid begins to stir.
Now when you borrow you are required to give back more than you received.  If you don't, you pay a monetary punishment with exorbitant fees, late charges, over- limit charges, teller fees, withdrawal fees, deposit fees ... you get … (4 comments)

credit repair compliance: Credit Repair Client Support - Maximizing Your Time Management and Accountability - 05/14/10 10:45 AM
Client support could easily be distinguished as the most important part of maintaining a respectful and affluent business. I believe it is even more so with credit repair clientele as we have the rare "privilege" of being in an industry where even if we do an above average job the client may still express a feeling of dissatisfaction. While we can't blame ourselves in all cases as we do deal with high risk clientele, we still can't ignore the ability to subdue these occurrences by providing methodical affability which translates to outstanding client support. This does not mean to coddle the … (0 comments)

credit repair compliance: Technical & Cold Creditors - 06/22/09 05:08 AM
June 19, 2009 Technical & Cold Creditors Filed under: Credit Repair Hello, I work in the lending industry and I have a client that missed two consecutive payments Feb/March of this year. It was a total error due to my client being on chemotherapy medication and it has been explained to the lender but they don’t seem to want to take off the lates. How can they get these two lates removed? They were 1-3 days late each month to get the 2×30. Help..
Lou
———
While I would certainly have sympathy and understanding for your client, the original creditor sees … (1 comments)

credit repair compliance: The Importance of Client Support is Paramount! - 06/01/09 05:08 AM
The Importance of Client Support is Paramount!
     Client support could easily be distinguished as the most important part of maintaining a respectful and affluent business.  I believe it is even more so with credit repair clientele.  This is because we have the rare "privilege" of being in an industry where even if we do an above average job the client may still express a feeling of dissatisfaction.   
     While we can't blame ourselves in all cases as we do deal with high risk clientele, we still can't ignore the ability to subdue these occurrences by providing methodical affability which … (4 comments)

credit repair compliance: The Future of The Credit Repair Industry (... it's up to us) - 03/11/09 10:46 AM
The Future of The Credit Repair Industry   (... it's up to us)
 
With new governmental policy coming into place the credit repair industry should most likely see a surge in retail activity.  While you will want to focus on your success and influence this event into prosperous times, please make sure that remaining a strong level of ethical and legal compliance remains your focal point. 
As we all know our industry has previously come under attack and in some cases well deserved.  Those who are in currently in the mortgage industry can certainly see what it is like to be … (2 comments)

credit repair compliance: Effective Credit Repair Companies - "A Necessary Tool for Surviving Today's Market" - 01/29/09 03:38 AM
Effective Credit Repair Companies
"A Necessary Tool for Surviving Today's Market"


          In the wake of the credit market meltdown, the need for higher credit scores to meet the new conditions of the market is painfully obvious.  The days of 100% financing have long past and every day you hear of lenders making the conditions for loan approval tighter and tighter.  Due to these increased restrictions more and more potential clients are being referred to and placed aside as "dead" leads.  The astute loan originator should be looking to build a pipeline of future prospects and assist them with … (5 comments)

credit repair compliance: Getting Involved In Credit Repair - 12/23/08 02:35 AM
 
     The credit industry, as a whole, is one of the most important industries in existence. With loans, insurance and even employment taking individuals' credit pictures into consideration, the credit industry is getting bigger every day. The credit bureaus make money each time credit information is pulled. People with low scores or damaged credit have their credit pulled dramatically more often than those with good credit. Credit bureaus are fundamentally opposed to credit repair companies for one simple reason, it costs them money!
     Think about it for a minute: If a consumer dispute by a consumer or a credit … (0 comments)

credit repair compliance: Credit Repair Companies - Are they Trustworthy? - 12/23/08 01:27 AM
     Many credit repair companies make bold claims to fix your credit report.  They claim that no matter what the individuals credit problems are, the company can fix them. Is this true?     Now some credit repair companies are outright frauds that swindle people with damaged credit.  Experts say these companies have taken millions of dollars from the consumers over the years.     The reason for this is when your credit is damaged you pay high costs on new credit lines.  Frequently people become desperate for a way to escape these high costs.     Can they guarantee results?  No, and when a credit repair … (1 comments)

credit repair compliance: A successful credit repair company is an effective credit repair company! - 12/01/08 03:09 AM
     If you consider utilizing the services of a professional credit restoration company, then you still have your homework to do; just not as much.  The number one qualification you want to use when researching credit repair companies is results.  They can have all the bells and whistles, preach about how many attorneys they have working for you or that they have "Attorney Facilitated" services, or even be a little less expensive then the next guy.  None of this matters unless they are producing results and achieving higher credit scores. 
         You might have seen some agencies claim they have removed … (1 comments)

credit repair compliance: www.BrokenCredit.com --- Some Help From Brian For Crystal - 07/30/08 06:08 AM
 

http://www.brokencredit.com/some-help-from-brian-for-crystal/
I currently do not have any credit cards. I have a very poor credit score of 574. Last month and this month I paid off about four accounts. I tried to negotiate a pay for delete but they said that they do not do that and made me think that I was crazy. They were all telling me things like that doesn't exist or we can't delete and account. They all said that all they could do is update it to show paid in full, and that would indicate a satisfactory account. Instead what has happened is it … (2 comments)

credit repair compliance: www.BrokenCredit.com -- Testimonial for Brian C. Aber - 07/30/08 06:04 AM

http://www.brokencredit.com/another-htdi-testimonial/
While running my annual credit report last year, I discovered that a medical bill that I thought was paid by the insurance company, was actually sent to a collection agency, and that was now on my credit report.
I, of course, freaked out, because I always had perfect credit before this. This really dinged my credit score hard, and no one would extend me any credit after this, even after I paid the bill in full. I started searching the internet for any assistance.
I ended up at http://www.brokencredit.com They had some suggestions on what to do, but none … (0 comments)

credit repair compliance: BrokenCredit.com -- Helping a Consumer - 07/11/08 03:18 AM
 
http://www.brokencredit.com/brian-lends-his-expertise/
 6 months ago, I made a car payment that was 2 months past due on Saturday. On Thursday the following week, my car was repossessed because their computer system didn't indicate the payment made over the weekend. I was informed if I had called, the repossession wouldn't have happened despite the fact that i made a payment at their branch location. I had my car back in 3 hours, now there is a redeemed repossession on my credit. Do I have grounds to ask for that to be removed? Additionally, the account is now listed under closed accounts, but … (2 comments)

credit repair compliance: The Broken Credit Blog Welcomes Brian C. Aber - 04/23/08 11:56 AM

 
                        
 
Paul asked me to join the Broken Credit Blog after we became colleagues on the real estate networking forum WannaNetwork.com.  I certainly hope to build on some of the great things that are being accomplished here and I very much appreciate The Broken Credit site as a tremendous source for self help in credit repair.  If you feel that you do not have the experience and/or time to take on this task by yourself, we here at HTDI Financial are willing to help.
We are aware of the methods that are used and have helped thousands of … (2 comments)

credit repair compliance: Chart for statute of limitations - DEBTS - 02/12/08 09:44 AM
 
Chart for statute of limitations - DEBTS
 
 
The information was found here http://www.cardreport.com/laws/statute-of-limitations.html
(2 comments)

credit repair compliance: The Credit Bureaus Defense Strategy of Attrition and Delay - 02/04/08 03:19 AM
The "Big Three" (CRA's) defense strategy was criticized by Judge Posner of the 7th Circuit in the bedbug case as "investing in developing a reputation intended to deter plaintiffs", which was an important reason why in that case the 7th Circuit upheld $372,000 in punitive damages with only $10,000 in punitive damages (a 37-to-1 ratio). Consumers need to urge the courts to follow Judge Posner in deliberately recognizing that that is a game played by the CRAs [and most of their furnishers], and that an appropriate outcome of that game will be high punitive damages. Here is the actual passage from … (9 comments)