Secrets Of The Credit Industry

Have you seen the commercials about identity theft wrecking a person’s credit?

Well, the truth is just a bit different. If identity theft happens to you, you can get a brand new social security number from the Social Security Administration, which will allow you to get a brand new credit file. You can be sure that the people paying for those commercials don’t want you to know about that!

The credit industry is rampant with corruption, especially the debt collection segment. There are many scams involving debt collectors.

Do you know that Collection Agencies, and Collection Attorneys, rely on the fact that consumers DO NOT know the Law? They Lie, Cheat and Steal to get people to give up their money.

One of the worst scams involves credit card debt which has been written off by the original lender, and sold for pennies on the dollar. Do you know that credit cards are a continuing offer to contract, and as such are not transferable, or assignable? Yep, the courts have ruled on it.
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Facts for Consumers – from
The Federal Trade Commission

Your Credit Repair: Self Help May Be Best

You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims:

“Credit problems? No problem!”

“We can erase your bad credit — 100% guaranteed.”

“Create a new credit identity — legally.”

“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”

Do yourself a favor and save some money, too. Don’t believe these statements.

This comment is not part of the FTC quote: There are ways to do all of that, but the people you pay to do it for you would never use the strategies it takes to get the job done. Some of those strategies push what is legal, and those firms and attorneys don’t want to lose their license. Your credit repair depends on you to do it. Back to the FTC quote:

The Scam

Everyday, companies nationwide appeal to consumers with poor credit histories. 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. The truth is, they can’t deliver. After you pay them hundreds or thousands of dollars in fees, these companies do nothing to improve your credit report; most simply vanish with your money.

End of FTC quote

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Curt’s comment:
The Fair Trade Commission is right on with this information. You can do it better and faster, by yourself. In addition to knowing exactly what is really happening, and right where you are in the process, you won’t be making disappointing phone calls to a credit repair service who is sending out standard form letters to the credit bureaus.

The credit bureaus receive hundreds of these form letters every day. Don’t believe for a minute that they actually process them right away. They know that most credit repair services bill their customers every month. And, they are in no particular hurry to get your credit fixed. So, your letter gets set aside until later.

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Credit repair, and/or keeping your credit in good standing, is something everyone should do. Your credit report reflects who you are to people or firms who see it. It is much the same as someone visiting your home. You want to give them a good impression.

It is not difficult to repair your credit. However, there are several different strategies available for doing these things. Not everyone has the same situation. So, not everyone will use the same strategy.