Posts Tagged ‘agency’

Don’t let yourself be taken by shady credit repair offers

October 25th, 2008

This economy is causing consumers with credit issues to become more desperate and seek out quick fixes to their credit problems rather than do the real work needed to clean up credit issues. We’ve been educating consumers on line since 1995 about do it yourself credit repair, and more than ever, consumers should be very careful when choosing a credit repair company to help clean up their credit.

Credit repair agencies are legal but they must follow certain laws to make sure they comply.  A credit repair company who is promising all sorts of major changes to your credit reports should be avoided. A credit repair company has to follow the Credit Repair Organizations Act (CROA) and they cant charge you in advance for work they have yet to do, nor can they make exaggerated claims of guaranteed removals.

This week we told you about the latest crackdown by the FTC against these shady offers and according to the L.A Times, a credit repair company based in Woodland Hills California has been targeted by the FTC for violating such laws.  Success Credit Services was accused in an FTC civil suit of violating the Credit Repair Organizations Act by contending that it could quickly clean up credit reports by removing legitimate negative items, such as late payments, bankruptcies and tax liens.

You’d think by now, with all the crackdowns across the nation by the FTC, that credit repair companies would get a clue that they cannot get away with taking our money and doing nothing. They are sitting ducks for groups like the FTC and the Attorneys General. It’s a risk these companies should not be taking.

There’s a reason we decided in 1995 to bring credit education online to consumers nationwide. People were desperate for information about how to clean up their credit reports and not get ripped off in the process. By educating you to do the work yourself, you are going to not only save money but you’ll be sure to stay in control of exactly what is being done along the way. A shady credit repair company CAN make your credit worse.

We’ve never wanted to go into the business of fixing your credit for you and there’s a simple reason for that. We feel it’s very possible to do the work yourself by simply following some key educational steps. It’s that simple. Learn to understand the credit industry and how it works and you can take on the task of credit issues yourself. With what you learn, you could see dramatic improvements in your credit reports and spend next to nothing to do it.

Sure, there are some people that just do not want to undertake the task themselves, and they have the right to hire someone to do it for them, but just realize you are hiring someone to do pretty basic tasks like letter writing and debt negotiating.  What you are paying for is a service to simply do “the steps” you don’t want to bother with. That’s fine. You are paying a “service fee”. Just make sure the company is reputable and I’d recommend checking their record with the BBB (Better Business Bureau), completely reading their terms before you sign anything, and most importantly research them online. You can uncover a lot by reading what past customers have to say about them.

You don’t have to fall victim to these credit correction scams. Choose wisely just as you would choose a bank, mechanic, or mortgage broker. If the service is offering all sorts of exaggerated promises then it’s a pretty sure bet that you are going to get taken. These types of so called “businesses” are just waiting for the desperate buyer.

There is no reason that all rational should fly out the window when choosing a credit repair company. Many of these crackdowns could be avoided all together if consumers would use great caution when dealing with credit repair companies and do their homework. Common sense should prevail and if it doesn’t feel quite right then trust your instinct.

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Going undercover as a debt collector

October 8th, 2008

Fred Williams, a reporter for the Buffalo News, worked for three months at a debt-collection agency to see how one operates. Here is his report,

Ethel, you did this!” Joe barks into the phone, his voice booming through the divider between our desks. Joe is trying to collect a credit-card bill, but Ethel is unaware of the card’s existence — or claims to be. “Stop making excuses!” Joe tells her.

It’s my first week on the job as a debt collector, and already I’m learning a lot. Or rather, unlearning a lot. Everything I know about consumer finance is wrong here.

In this upside-down world, unpaid bills are a boon, not a curse. The bigger, the better. If we collect, the agency gets a bounty of 10% to 50% from the creditor, and it gives us a cut. Top collectors are handed bonuses of $10,000 or more at a monthly assembly, while envious co-workers clap and cheer.

In this world, identity theft isn’t an epidemic. It’s an excuse used by weaseling debtors — like job loss, illness or even the death of a spouse. In the notes we make after each call, these excuses are summed up with the code HLS — hard-luck story.

Joe tells Ethel that he’s looking at her credit report and it doesn’t support her innocence. “This card was paid every month for two years,” he says. “Identity thieves don’t do that!” Maybe he’s right and she’s trying to skip a legitimate bill. Or maybe he’s making it up.

The collection industry gets the most complaints of any industry regulated by the U.S. Federal Trade Commission — more than 300,000 in the past five years. The trade association, ACA International, blames the griping on consumers’ increasing debt burden.

But inside the large, well-established agency where I work, that’s not the whole story. Motivated strictly by cash, collectors manipulate, shame and threaten people into paying, without caring whether the bill is legitimate.

“Get the money!” our team leader exhorts us in a brief morning huddle. Then we hit the phones, making 150 to 200 calls a day. Most are answered by machines or by people who say we’ve got a wrong number.

Debtors are cagey about picking up, so we’re taught to mask the purpose of the call as long as possible. We ask for them casually by first name, like an acquaintance. Outright deception is forbidden, but sometimes my co-workers pose as paralegals or even as “fraud investigators,” to imply that criminal charges are looming.

Once a debtor is on the line, we demand that they pay the overdue balance immediately. But the balance is like the sticker price on a car — a starting point for negotiation. On some accounts, I may offer a settlement that wipes out half the bill. This helps to placate debtors. They’re usually sputtering mad because their actual purchases are a pittance compared with the interest, late fees and over-limit fees they now owe.

If a debtor opts to settle, I am trained to take their application. In a bored voice I ask for their cell-phone number, their spouse’s work phone and so on, as if I’m filling out a form. There’s no application; we get the phone numbers to hound them if their payment falls through.

To help debtors raise money, we are trained to give them financial advice that would make their accountant blanch, if they had one. We suggest that they take money out of their IRA, drain their home equity with a second mortgage, load up a different credit card or even skip a mortgage payment.

If a debtor still won’t pay, we play a version of good cop/bad cop. Two collectors will team up on one call, with one posing as a hard-hearted manager. The other listens patiently and pretends to be sympathetic. The idea is to make the debtor want to please the sympathetic collector, who closes the deal.

Even people like Ethel, who claim to be fraud victims, can be squeezed for cash. We say it was probably their child or someone else in their household who abused the card, and if they don’t call the police, we will.

But Joe loses his battle of wills with Ethel for today when she simply hangs up. Calling her back immediately would violate rules against harassment. I go around the divider to commiserate, and to see whether Ethel’s credit report really implicated her. But Joe has already deleted it from his screen and pulled up another account, preparing to make his next call.

Our group manager has also been listening. “You blew it,” he tells Joe loudly, so the rest of the group can hear. “You should’ve got her to pay.”

Kiplinger’s Personal Finance. Author Fred Williams’s book, Inside Debt Collection, is available at lulu.com.

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Court orders credit bureaus to clean up consumer credit reports

October 4th, 2008

We just covered this issue again last week in the members area. Old zombie debts that just live on and on, often outliving you. Our credit system is very unforgiving. If they don’t get you for 7 years from the bankruptcy, they’ll try to get you for another 6-10 through erroneous reporting, either on the suppliers end or the credit bureaus end.

It’s a vicious cycle and is it a wonder people give in and hire credit repair attorneys?

This court order is going to make some consumers and credit repair agencies very happy- and make their jobs easier when it comes to deleting negative trade lines that were part of a bankruptcy.

The issue is millions of debts that were included in a bankruptcy are being reported incorrectly as delinquent or past due with a balance. The debts, however, should be listed as “included in bankruptcy” with a zero balance. This can have a major impact on your credit score.

According to the WSJ; Erica Noe of Burke, Va., says an old debt on her husband’s credit file cost them their home — in part because it prevented them from being able to refinance their interest-only adjustable-rate mortgage last year. Her husband, Kenneth, had filed for Chapter 7 bankruptcy in 2002; in that proceeding, the court discharged his prior debts. Nevertheless, they were unaware that a previous $7,000 credit-union loan remained on his report, pulling down his credit score for several years.

“We thought that once we filed for bankruptcy, it would go away,” says Ms. Noe. “But it didn’t. It affected everything.” The 31-year-old nurse says they didn’t find out about the error until they tried — but failed — to refinance their mortgage. When the rate reset, the Noes’ monthly mortgage payments shot up by about $1,000; they lost their home to foreclosure last November. “It was a snowball effect,” she says. “Unfortunately, everything just kind of worked against us at the same time.

“I tried to fix the error on the report by calling the credit union and telling them to stop reporting,” she says. Currently, their lawyer, Robert Weed, is filing a separate lawsuit against Equifax and the credit union. Equifax declined to comment on an ongoing suit.

A recent court order requires the three major credit-reporting bureaus — Experian Group Ltd., Equifax Inc. and TransUnion LLC — to clean up the credit files of millions of consumers who have filed for Chapter 7 bankruptcy. The problem: Old debts, which are typically forgiven by the courts in a bankruptcy filing, are still being reported as active on many consumers’ credit reports.

The changes could be particularly important to borrowers now, as consumer credit tightens across the board. It is perhaps more important than ever for people to make sure their credit scores are accurate and as high as possible.

This ruling is expected to clean up the credit files — and potentially boost the credit scores — of an estimated six million to 10 million people who have filed for Chapter 7 bankruptcy but still had errors in their files, according to plaintiffs’ attorneys. Consumers with so-called zombie debt — old loans they may have paid off years ago that can resurface when an aggressive debt collector erroneously demands payment — are also likely to get some relief, if those debts also were discharged under Chapter 7 protection.

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Debt Collection firm violated FDCPA

September 19th, 2008

A collection agency called Anderson, Crenshaw Associates based in Texas has been accused of violating the Texas Fair Debt Laws. The agency allegedly sent out a bill to a consumer and when she didn’t recognize the debt and called the agency, a man on the other end refused to identity himself.

While it’s legal for debt collectors to use alias names for their business, it isn’t legal to mislead or harass a debtor, which the Texas AG claims happened in this case.

Over 71,000 complaints were filed with the Federal Trade Commission last year against debt collectors. As I told you yesterday in a related article, debt collection is up with our current economy situation, more consumers are going to fall prey to abusive tactics.

If a debt collector contacts you and you believe they have violated your rights, contact the AG or FTC and report the abuse.

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Need a job? Get into the best paying field in the industry right now

September 19th, 2008

And what is that industry you ask? Debt collectors. While the economy is whirling with bank collapses, record foreclosures and high gas prices, one thing remains solid. The debt collection industry. Even the IRS is advertising collection jobs on Google. Paid ads!

With over 969 billion in credit card debt across the country, the debt collectors are filling a supply and demand of bad debts.  A debt collector can earn up to 100k a year in salary and bonus. Think of the demand that’s out there right now.

80 million people are paying off medical debts, students can’t pay their credit card bills, and complaints about bill collectors are on the rise.

Everybody is affected by this looming recession and someone’s got to go after the debts. Banks are writing off record numbers of failed loans and with a tighter bankruptcy law, it isn’t so easy to escape your debts. With new bankruptcy provisions, debtors have to complete a debtors education course, prove they cannot pay their debts back and overall, go through a lengthy process. This causes pause with consumers, so they wait it out.

Eventually the debt collector comes knocking and you will be found. Just yesterday I had a friend call me and tell me her father, who is 70, received a note from his neighbor. The note said to call back Mr. Jones at ABC collection agency. She asked me if this was legal and if it violated his privacy. I explained to her that using a Haines Criss Cross guide to find a debtors “nearby” is a common tactic of debt collectors and isn’t illegal as long as the debt collector doesn’t reveal the nature of the call. In other words, the debt collector cannot discuss the debt with the neighbor but is allowed to leave a message. Humiliating in deed but affective. He was mortified and embarrassed and will probably now return their call to avoid further contact with his neighbors.

Debt collectors know this is a ripe time to cash in on all of our bad luck with this crushing economy and make a fortune in commission and bonuses. What’s frightening is that just about anyone can be a debt collector, and thus, be privy to your financial information. Take a look in your local classified ads. There are offers everyday for highly motivated people with no experience to make a career in debt collections. Imagine someone having access to your credit reports and checking account information along with your home address. I’m surprised there isn’t more identity theft in this field than there is.

Lots of debt collectors are shady characters to say the least. Sure, there are many professional debt collectors with a college education who decided to go into this recession proof industry, but there are also a lot of really bad people taking on jobs to collect debts and those people will stop at nothing to make a fortune off collecting debts.

I know this firsthand, being a debt collector myself for 10 years. I worked with some really shady characters when I took on jobs at local collection agencies. These people would harass debtors nonstop and some went as far as taking the debtors phone number home with them to continue the harassment after work!

There’s very little internal regulation of these actions because debt collection firms roll employees in and out at a constant pace and cannot control what a debt collector does after hours or in private. To someone like me, who knows how some of these employees operate, it’s a frightening scenario.

Now with a failing economy we are going to see a sharp rise in complaints about debt collectors to the Federal Trade Commission and local Attorney General offices. I’m sure there are many lawsuits on the horizon.

If you plan to go into debt collections, remember, these debtors are people just like you and me who have fallen on hard times. I think a diplomatic approach with sensitivity is a much stronger practice to follow while collecting debts. I know it worked for me.

The majority of people not paying their bills aren’t doing so simply because they’re deadbeats. They can barely fill their gas tanks, buy groceries and pay their mortgage. We are all impacted by this economy so I hope collection agencies are enforcing stricter practices and offering good solid education to their debt collectors on how to collect debts in a legal, ethical manner.

If you do find that you’re being harassed, you need to take action quick to stop it. I’ll talk more about that in my next post.

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Do it yourself credit repair | Easier than you think and cheap!

September 16th, 2008

You can improve your creditworthiness and get legitimate resources for low or no-cost help.

 

You may get calls from telemarketers offering credit repair services.  The Scam, companies’ nationwide, appeal to consumers with poor credit histories and who are desperate. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. Desperate consumers fall prey to this scam. Remember, if it sounds too good to be true. It is.

 

Some credit repair services get sleazy when they promise to do a job that’s just not possible. Unlimited credit report disputes, corrections, and removals with Equifax, Experian, and TransUnion and guaranteed deletions are just some of the promises you hear.

 

An ethical firm (usually reputable lawyers, not shysters) will not tout miracles, charge you in advance or make false promises. if they do, sooner or later the FTC will find them.

 

Just this past week, a credit repair company was shut down and fined by the FTC for making promises it couldn’t possibly keep, by assuring buyers that they could remove negative accounts even if accurate and for collecting money in advance for work yet to be performed.

 

That’s a key word. Accurate. The foundation of credit repair isn’t an industry trade secret. It’s using the law with your customized disputes to garner the best possible results. Period. 

 

By using existing state and federal laws, you CAN remove negative information from your credit reports. The fundamentals aren’t whether the item is negative or positive. It’s is it accurate.  The FCRA is quite clear on this issue. If it isn’t verifiable or accurate, it cannot remain.

 

It doesn’t matter what your history, background, or credit record is, you’ll be amazed at how simple correction can be. You’ve probably been told that your credit history will stick with you forever, or it takes years to clean up. 

 

While no one can guarantee you a spotless credit record, real credit repair is a worthwhile investment, and if the bureaus, collection agencies, and creditors were doing their job, credit report repair wouldn’t be the top search online.

 

People are desperate because credit reports DO contain lots of errors. Nearly every consumer has an error in at least one credit report from one of the major credit bureaus. Credit bureaus generate your report they receive from your creditors; they don’t verify it… Unless you ask.

 

The simple truth is that the credit bureaus and even furnishers of information must comply with federal law. Doing so isn’t so easy for them. You need to leverage that. It will take time, but it’s a very worthwhile investment.

 

 

Don’t despair.  It’s never too late to become credit worthy – just get started, and remember that it won’t happen overnight and you must commit to doing the work. Doing the work can be justified in how much money you are going to save if you don’t have to hire someone AND in rates if you do have an improved credit report.

 

While I can certainly understand the FTC warning us all to avoid credit repair and scams, what I don’t understand is why they don’t focus a campaign on just how difficult the credit system makes fixing your credit. The bureaus don’t work for us, they make billions and our disputes are a kink in there rhythm. They sort of help us because they have to, not because they want to.

 

So, what ends up happening, is the consumer gets frustrated and seeks out a service to fix their credit for them, and often, it’s a scam.  The FTC moves in, shuts them down, and reminds us that we can do this ourselves. Trouble is, people get lost in the process and the FTC doesn’t tell us that communication with the credit bureaus, debt collectors, and furnishers of information can be a vicious cycle.

 

That’s why it’s important to educate yourself and if you are going to do the work, do some research online. You’ll quickly find there are only a handful a really good , reputable DIY sites and credit repair lawyers.  

 

The highly effective letters that we offer have been proven to WORK in correcting negative items on your credit that may be outdated, obsolete, or inaccurate (unverifiable). When you combine the right letters to cut through the bureaucracy of the credit system, you’ll garner much better results, save money and avoid mistakes that can cause you more trouble and more time. Not to mention, you’ll understand the dangers of dealing with bill collectors without proper knowledge.

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Credit repair website shut down by FTC

September 12th, 2008

FTC Obtains Court Order Against Husband-Wife Credit Repair Team

Here’s a perfect example of why you should never believe when someone tells you that they can guarantee you to remove anything and charge advanced fees for removal of negative items.

The Federal Trade Commission charged two credit repair marketers with violating federal law by collecting advance payment for credit repair services and falsely promising to remove derogatory information from consumers’ credit reports – even if the information is accurate and not obsolete. At the Commission’s request, a federal court halted the defendants’ allegedly unlawful business practices and froze their assets pending further litigation. The FTC seeks to bar the defendants from further violations and make them forfeit their ill-gotten gains.

According to the FTC’s complaint, the defendants marketed their “services” to consumers throughout the nation via an Internet Web site, www.lhcreditrepair.com, classified ads in USA Today, Thrifty Nickel, Common Cents, and www.americanclassifieds.com, and online listings such as www.kellysearch.com and www.aboutus.org. Statements on their Web site include, “Have you had a bankruptcy? We will repair your credit so that this past event does not haunt your future.” Consumers who called the defendants in response to their ads were told, “Anything that hurts you, we’re going to get it off of [your credit report].”

The complaint states that the defendants often led consumers to believe that accurate information on their credit reports might somehow be considered inaccurate and subject to removal. Even when consumers told them that the information was accurate, the defendants led consumers to believe that it could be removed. The defendants allegedly claimed they had special knowledge and expertise that enabled them to permanently remove negative information, including late payments, charge-offs, Collections, tax liens, repossessions, foreclosures, bankruptcies, and judgments, even when the information was accurate and not outdated.

According to the complaint, the defendants offer four levels of service ranging from $250 to $1,150 per person. They require an advance fee they call a deposit, which varies in amount, depending upon the program selected. On their Web site’s home page they claim, without qualification, that “[a]fter we have cleared your files we will stay with you for life, at no additional charge, to catch any other bad files that might show up.” Subsequent Web pages indicate, however, that only one of the four service levels includes the “for life” feature.

The defendants are Rudolph Joseph Strobel, a/k/a Lee Harrison, and Leanna Ruth Harrison, both doing business as Lee Harrison Credit Restoration, Credit Restoration, and Lee Harrison Associates Credit Restoration (LHCR), all located in Naples, Texas. They are charged with violating the credit repair Organizations Act (CROA) and the FTC Act by falsely representing that they can improve consumers’ credit reports by permanently removing negative information, even when the information is accurate and not obsolete. The defendants are also charged with violating the CROA by requiring advance payment for credit repair services; and by failing to provide, before contracts are signed, the written “Consumer Credit File Rights Under State and Federal Law.” In addition, they are charged with violating the CROA by failing to include in their consumer contract a full and detailed description of the services to be performed, including all guarantees of performance and an estimate of the date by which the services will be performed; and failing to include a conspicuous statement about the consumer’s right to cancel the contract without penalty or obligation within three business days after the contract is signed.

The Commission vote to authorize staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the Eastern District of Texas, Marshall Division.

Additional credit repair information is available in “Credit Repair: Self-Help May Be Best,” at www.ftc.gov/bcp/conline/pubs/credit/repair.shtm. The FTC advises that only time, a conscious effort, and a personal debt repayment plan can improve your credit report. The first step is to learn what information is in your credit report. If you find errors or mistakes, federal law gives you the right to have them corrected – free of charge. Federal law requires that the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – provide you with a free copy of your credit report once every 12 months, if you ask for it. To order your free report, visit annualcreditreport.com, call 1-877-322-8228, or complete and mail the Annual Credit Report Request Form.

NOTE: The Commission files a complaint when it has “reason to believe” that the law has been
or is being violated, and it appears to the Commission that a proceeding is in the public interest.
The complaint is not a finding or ruling that the defendant has actually violated the law.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,500 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s Web site provides free information on a variety of consumer topics.

MEDIA CONTACT:
Frank Dorman,
Office of Public Affairs
202-326-2674
STAFF CONTACT:
Anne D. Lejeune
FTC’s Southwest Region
214-979-9371
(Lee Harrison Credit Restoration)
(FTC File No. 0823141)

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Do it yourself credit repair including debt settlements

August 28th, 2008

Credit repair can be a very dirty word. Especially on the credit industry front. Credit repair companies are under siege for marketing and targeting people in serious trouble and for good reason. There are so many credit repair companies on line that claim to be able to increase your credit score or guarantee you perfect results.

It’s simply not true. You cannot guarantee what you cant control and thats the credit bureaus and collection agencies. You cannot promise a consumer that you can work magic on their credit, collect the money up front and then not deliver. That’s fraud.

What you can do is do the work yourself to bring your credit up to the best possible status. No one has better interest in your credit reports than you do.

There are good credit repair companies but I honestly only trust Lexington if you prefer to hire someone. I’ve already told you before, its the only credit repair company we promote and for good reason. They are lawyers who really do focus on nothing but credit repair and debt settlement. Their entire firm focus is credit repair so they do nothing but credit repair all the time. When you do something that much, you get really good at it.

If the do it yourself method is for you then I urge you to educate yourself with the process before you delve in. You can avoid costly mistakes by learning how the system works and how to use it to your benefit. By just taking  little time to educate yourself about the topic, you can make great headway.

First, order your credit reports and review each one. Once you identify the negative items then start a strategy to target the items. Determine if you plan on disputing an old paid off debt thats negative or plan to attack one that still has a balance due. Both have very different strategies.

If the debt is negative but paid then you can start by sending your investigation to the credit bureaus and wait for their reply. The bureaus have 30 days to complete your investigation and send you the results. If the bureau is unable to confirm the items accuracy, the item will be removed. If they confirm it as accurate then you move on to the furnisher of information and ask that they provide you with the proof they provided the credit bureaus. They must be able to show you proof or the item will be removed.

If the debt still has a balance then understand that disputing it to the credit bureaus may wake sleeping dogs. The bureau will send the dispute onto the furnisher of information who will realize you are out there. that may cause them to start pursuing you very aggressively. But if you know the debt is not accurate or has been sold several times to collection agencies then you may stand a very good chance of having the item removed. Finding those records will not be so easy.

This is a solid strategy against debts that have gone to third party debt collectors and you should always try to remove anything thats being reporting from  a collection agency because the rating is always negative. A paid collection account still looks bad so your purpose should be to question negative paid off collection accounts and collection accounts that still have a balance. The difference is you will move onto the collection agency reporting the item if the bureau verifies it as accurate. 

More often than not the item will have some inconsistencies in it that will result in a deletion. If by chance the item is 100% verifiable then consider debt settlements to pay the agency in exchange for total removal. They do it all the time and its actually quite simple.  Be sure they provide the agreement to delete IN WRITING!! If you don’t, kiss your money goodbye and your credit rating.

for more tips on deleting items from your credit reports visit our credit library.

Hot tip

debt snowball method, you put as much cash as you can toward eliminating your smallest debt, while paying the minimum on all other debts. When the first debt is paid off, you roll the amount of that payment to the next smallest debt, creating a “snowball” of increasingly larger payments on a decreasing number of bills. The reward? A feeling of accomplishment that many practitioners say helps them stay on track to pay off all their debt.

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