“Some Credit Repair Companies are a Rip off”

Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Joe Petrowsky from Connecticutt gives some good words of warning to those who may be having troubles with their credit.  I am in full agreement with him, having recently had a client who spent much money and many months, without getting any results.  When they contacted me, I gave them some advise, much like Joe's (and since they didn't need to rebuild on credit) they had cleared up most of the problems themselves in two months.

Original content by Joe Petrowsky NMLS # 6869
“Some Credit Repair Companies are a Rip off”
I received a referral from a Realtor recently. She had a client that wanted to buy another home, but there were a number of things on the prospective buyer’s credit. She told me that he had gone to a credit repair company, but after a few months, nothing on the credit report had changed.
I actually met with the client and ran the credit. As the Realtor told me there were numerous items that were a problem. I went over the list with the client and as it turned out, all the obligations were actually owed.
credit repairHe told me that the credit repair company told him, they could get the items off his credit without paying any part of the debt. He paid them $2,500 to get rid of $5,000 worth of obligations. He has called them numerous times to get a status, but each time he was able to speak to someone they said we should be all set real soon. He wasn’t ready to admit it, but he was ripped off.
Here is what anyone in this situation needs to know, if the debt is owed, NO ONE can get anything off a credit report, unless the debt is paid or settled. Certainly if the obligation is incorrectly reported, it shouldn’t have to be paid.
I coached him on the process, gave him all the phone numbers of the collection agencies and coached him about arranging for 2 secured credit cards. Hopefully, he will make his other monthly obligations on time and not create any additional problems.
I let the Realtor know, if the client did what I have suggested, he should be ready to go in 4-6 months.  
image courtesy of phanlop88/freeditialphotos.net


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



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Posted by


Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
Office 253-874-1111 | Cell 253-677-1064
Toll Free 1-800-874-8760 | fax 253-295-3901
scook@cphloans.com | www.bayeq.com

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Comments (2)

Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Steve, thank you for the re-blog. I know you have seen the same thing, which drives both of us crazy.

Make it a great week!

May 13, 2013 07:18 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Thank you for coming by and commenting on the re-blog Joe.  Maybe we can help educate enough people that these type of guys won't be in business too much longer.

May 13, 2013 07:40 AM