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Credit Repair and Foreclosure Company in Hot Water in N.C.

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The attorney general of North Carolina has issues a formal complaint against one of the loan modification and credit repair companies. The company has been charging people advanced fees for services that often times would not be handled properly resulting in the foreclosure and loss of someone’s home. This company specifically Eddie Long had advertised himself as an experienced credit repair professional. The information he provided was often times simply falsified, and none of the things that he claimed he could do for people simply were not true. The complaint doesn’t come from the specific inability for him to not be able to get things done, the complaint comes from unsettling business practices. Eddie Long had been charging in advanced for his credit repair and foreclosure avoidance assistance, which in the state of North Carolina is illegal. The other major deal was that for the people he failed to follow through on in either the credit repair or the foreclosure that asked for a refund he simply ignored. Eddie Long has taken advantage of people who need one of the most important services offered in the financial community, credit repair, and is rightfully barred from engaging in business through his company in North Carolina. The eventual goal of the attorney general is to completely shut down the credit repair company for not only false advertisement, but for failure to return money for services. The company deserves to go under, the violation of fair business especially in the credit repair industry is absolutely intolerable.

 

Fraudulent Texas Credit Repair Company!

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Credit Repair: A jury has returned $ 13.8 million against a Texas company with the charge of fraudulent promise of eliminating debt and restoring credit ratings. Attorney General Greg Abbott’s announced on Tuesday that the Credit Card Solution and Freedom from debt Alliance should have to pay $13.8 million for consigning fraud against hundreds of Texans. A jury in Houston found that the 4 has failed to register with state authorities. Prosecutors charged seven hundred Texans an average of $3, 000 each, claiming that they could eradicate debts and restore credit ratings just by filling lawsuits. The companies claimed that they could assist the residents to develop loopholes in the credit reporting system. They could also file lawsuits against debt collectors who would wipe out their debts and guide to thousands of dollars in court awarded damages. In a statement Tuesday, the attorney general’s office said that the defendants provided nothing of value and claimed thousands of dollars for the alleged service and struggling customers have received a worse financial condition after paying TCCS.

Well, there are some topics discussed below on how credit repair can be counted. So let’s have a look towards them:

  • 35% Payment history
  • 35% Amounts owed
  • 15% Length of credit history
  • 10% new credit
  • 10% Type of credit

 

 

Credit Repair Scams – Major Cause!

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Now in these economic crisis days credit repair scams have been rising enormously. The main reason of the rising credit repair scams is the huge numbers of bankruptcies and record level of foreclosures. Credit card delinquencies and late mortgage payments are also some other causes of the appearance of credit repair scams. Though credit repair business is getting so much popularity among those people who are in financial crisis but the appearance of credit repair scam is providing harmful result for many people who are facing foreclosure or bad credit. Many people fall victim to bad credit because they don’t have any option. Credit repair is not that kind of process that happens over night.

Like other scams credit repair scams also forcing people to believe to provide unbelievable results within short time and those people who are suffering from financial crisis get fall into their trap to solve their financial problem. But at the end they loose everything buy getting nothing. You can avoid such scams by learning what kind of credit repair scams available there. You can also take advice of some experience campaigners to get rid of credit repair scams. Always avoid choosing those companies who are offering mouth watering proposal to solve your bad credit. The new credit files do at times get mistakenly made at a credit bureaus, and a few of the credit repair scams can exploit a system to try as well as intentionally force the new file to get created. Once again, it is totally illegal. Some other credit repair scams can make use of the fraudulent methods to get the new social security number or the new identity.

You need to steer clear in case, there is even the subtle indication of giving you totally clean slate and the new credit file. The credit repair company will certainly stand it behind the services with the money back satisfaction assurance. But, to make the firm promise of some outcome and point increase in the score just will not be done. Also, there are a lot of factors out of the control & out of the control to promise the specific result with an absolute certainty. Any of the statements about the typical and the target outcomes must at least leave open all possibility that it might not at all happen despite the best efforts.

 

“The In” with credit bureaus scam

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Credit Repair Scams: We have an in with the credit bureaus, speak their language or know some super-secret regulation or handshake that will make them delete the unflattering citations from your file. What you should know is there is no such thing as “an in with the credit bureaus”.

The bureau may list the debt as disputed while it investigates. Debts may disappear during the short investigation (after which they will return), and the company will show this temporary “clean” report to collect its fee, she says.

Some companies take the money and run. Others will deluge the credit bureaus with frivolous disputes of the debts in your file, says Linda Sherry, director of national priorities for Consumer Action.

Or, if the bureau realizes what the company is doing, it may simply ignore what it recognizes as bogus requests, says Joe Ridout, of Consumer Action. Credit Repair.

In addition, the Credit Repair Organizations Act prohibits any company from taking money until after it does what it promised. So if anyone is trying to bypass that federal law (or banking on the fact that you don’t know about it) by getting you to send, charge or wire money, that’s a bad sign. “The crooks always ask for money upfront.” Credit Repair.