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“Credit Repair Companies Can Create All Kinds of Problems”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Credit Repair Companies Can Create All Kinds of Problems”

 

This is an email from a client that I have been working with after she wasn’t getting very far with the credit repair company that she had been paying for 9 months, but now she is on the “Right Trac”.

 

 

I am working my tail off to resolve the previously discussed areas. The disputes have been resolved with all three bureaus.  I will let you know and have letters with settlement and payment receipts(hopefully) Is there anything else I can work on to be proactive?

 

One of the strategies that credit repair companies have is to send “Disputes” on every collection item on a credit report, no matter if the money is owed or not, in hopes that the items get removed from the credit report. Unfortunately, most of the time the obligations do not get removed, but the “Disputes” remain on the credit report.

 

In the mortgage world these day, lenders will not do a new mortgage for someone while “Disputes” show up on any credit item.  These disputes need to come off, it can be a pain to get them off. The info below will get the “Disputes” of pretty quickly.

 

Experian
475 Anton Blvd.
Costa Mesa, CA 92626
888-210-9101 and 866-673-0140  is answered by a live human being, tell them you need the National Consumer Assistance Center to end the dispute(s), hours are 8AM-5PM Pacific Time
Up to 72 Hours to remove disputes(You get an email confirming they have been)

Equifax
1550 Peachtree St, NW
Atlanta, GA 30309
404-885-8300 is answered by a live human being, tell them you need to speak with someone in the Executive Consumer Service department.

Up to 72 Hours to remove disputes


TransUnion
555 W Adams St
Chicago, IL 60661
312-985-2000 it has a machine greeting but just stay on the line and you are transferred to a live person, tell them you need to speak with someone in the Special Handling Department
Instant removal

Image courtesy of stuartMiles/freedigitalphotos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Very important information for those who need results!

Sep 03, 2015 11:25 PM
Raymond E. Camp
Ontario, NY

Good morning Joe,

Hopefully it was not one of those spammer types!

If there is a light at the end of the tunnel we know you will find a way.

Make yourself a great day.

Sep 03, 2015 11:41 PM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Joe, as always you provide members here in the rain as well as the consumers important information. Thanks,

Sep 04, 2015 12:37 AM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Ah Joe Petrowsky Always another problem. Just when we thought it was safe to improve our credit, another "issue" shows up. Time and timely payments is still the best cure.

Bill Roberts

Sep 04, 2015 01:00 AM
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

I did not know that disputes themselves can have a negative affect as well as collection items. Great info Joe! I definitely bookmarked this one!

Sep 04, 2015 01:45 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Joe - that person does not need to pay a credit repair company.  She need to follow your advice and know that there is no silver bullet.

Sep 04, 2015 01:58 AM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Hell YES!

Thank you for this post Joe I have had such difficulty getting disputes off in the past this is getting printed and distributed throughout the office!

Sep 04, 2015 02:29 AM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Joe Petrowsky 

As with everything, there are the "good, the bad and the ugly" when it comes to credit repair professionals.  Starting with a professional lender like you, consumers won't go wrong!

Sep 04, 2015 03:06 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Joe

Thanks for sharing your insight on credit repair.

Good luck and success.

Lou Ludwig

Sep 04, 2015 03:24 AM
Mary Weiss
Zillow Group Mortgages - Seattle, WA
Trainer & Content Manager

Great information - I had no idea that disputes could be considered as bad. I just pulled my credit report and saw a dispute that I had done a year ago still on my report, even after a correction was made. I'll work to get that off. 

As always, thank you for your valuable information! 

Sep 04, 2015 03:38 AM
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Great post, Joe. I changed it up a bit and made some copies to give to clients that have disputes on their  credit reports. Thank you for posting this. 

Sep 04, 2015 05:02 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Joe,

This is excellent infor and thanks for sharing it her with all the contact info.  A

Sep 04, 2015 05:47 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Joe good job getting her on the Right Trac :)

Some times in stead of helping these credit repair companies do more harm than good.

Sep 04, 2015 07:50 AM
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Joe: She will be a raving fan like the rest of us. Very good information that can help any consumer.

Sep 04, 2015 10:15 AM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

This is some pretty valuable information, Joe. Thanks for sharing it. 

Sep 04, 2015 01:06 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Joe glad you are highlighting a major problem and I truly hope that others read and spread the word about this,Endre

Sep 04, 2015 04:39 PM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Good morning Joe and thank you for sharing this very important information!

Sep 04, 2015 09:21 PM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I too have heard of things like this happening.  Thanks for the number to the bureau's. Those I did not have!

Sep 05, 2015 01:51 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I had a client that was so proud they had gone to a credit repair company and entered a plan. Unfortunately the lender was not so happy and said it actually penalized them and made them have to wait to buy. 

Sep 06, 2015 10:47 PM
David A. Weaver
Peoples Bank & Trust Co. - Scottsdale, AZ
24 years helping folks finance their dreams.

Hey Joe,  Thanks for the info.  I've been running into this a fair amount lately.  What ever happened to paying your bills on time, saving for the down payment and paying off debt before you go looking for a home?

Sep 08, 2015 08:57 AM