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 Posted: Thu Dec 28, 2006 8:11 pm Subject: Never pay any debts back? |
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I attended a "Free Credit Repair" Seminar. The speaker said the following:
1. Any negative item (correct or not) on the credit report can be removed by disputing the item. You will never have to pay the debt. Even though you owe the money.
2. The negative item will never appear on your credit profitle again.
3. Paying debts off to collection agencies will lower your credit score.
Is any of this true?
Thanx,
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9oaa97
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| Posted: Thu Dec 28, 2006 8:14 pm Subject: |
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NO
NO and NO
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PDLFREE
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| Posted: Thu Dec 28, 2006 8:17 pm Subject: |
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Instead of paying collection agencies, try and pay the original creditor if you can. But if anything, once you pay off debt, your credit score would have to improve, right?
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kscornell
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| Posted: Thu Dec 28, 2006 8:20 pm Subject: debt |
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Wouldnt it be nice if things were that way. I think we are in fairy land even thinking that. KYSIDE38
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KYSIDE38
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| Posted: Thu Dec 28, 2006 8:35 pm Subject: Never pay any debts back? |
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The following is from a credit repair website. This follows the theme from the seminar.
| Quote: | Some Truths You Should Know About Credit Repair
Does Credit Repair work? Yes! Can you remove ba nkru ptcies and repossessions? Yes! Even if they really are yours? Yes! Is it Legal? Yes! Are reporting bureaus legally obligated to remove even accurate derogatory information? NO! If any person or company tells you otherwise-- They are lying. Credit repair techniques can be incredibly effective and do wonders for your ability to purchase real estate, get that car or get the lowest rates on any loans-- But having said that, it does have it's limitations... Any person or company that tells you otherwise is not being honest and is simply after your money without regard to the accuracy or benefit of the information or services they provide. The truth is that bureaus have no obligation to remove accurate information-- and your creditors have no obligation to request that bureaus remove that accurate information. BUT THEY DO! And they do it EVERYDAY!
WHY?
Why and How Credit Repair Works:
Why Does Credit Repair Work? Thanks to the many laws that have been enacted by our government for your benefit, it is often easier and cheaper for a creditor or bureau to remove a derogatory item than it is to fight it. For them to successfully argue that a debt is yours requires them to find the "original" document and original signature. If the original document is in a warehouse in Alabama, it could get very costly and time consuming to find. And remember, if they can't find it and verify it within 30 days, it must be removed. Few creditors will spend hundreds or thousands of dollars in man hours to find a signature to prove you owe them money that they know they will never receive anyway. This is the same principle that attorneys use every day to extract multi-thousand dollar settlements from companies that actually have no legal liability. It's cheaper for a company to pay $5,000 that they know they don't owe than $50,000 to PROVE they don't owe it! In a nutshell, that is why credit repair techniques work.... When you use the laws that congress has enacted (that we teach you), to dispute derogatory items on your file, bureaus and creditors alike often decide it is in their best interest to allow the item to be removed. Is This Ethical? It is not our place or goal to make ethical decisions for anyone. It's the decision of the person whose family can't buy a home, or a new car, or get credit cards-- and with numerous derogatory credit items often if they can get these things-- the interest rates are so high they can't make the payments... We know that bad things happen to good people. Maybe you got injured or sick and couldn't work, or co-signed and the creditor didn't tell you that the payments weren't being made, or you were a victim of credit fraud, or maybe you just got in over your head and now your creditors and the bureaus are making you and your family pay for that mistake.... We don't preach-- we teach. Our goal is not to look out for the interests of the credit bureaus or creditors-- It is to provide the best information available on techniques for solving your issues. It's up to you to decide how to use that information. |
The credit repair seminar seems to follow this theme. Does the above information make sense?
Thanx,
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9oaa97
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| Posted: Thu Dec 28, 2006 8:47 pm Subject: |
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Some of it kind of makes sense---but what I want to know is how much they want to charge you for this "help". If it was a one-time reasonable fee, it might be feasible. But, beware if it is something like a monthly fee with no way out.
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Lorri
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| Posted: Thu Dec 28, 2006 8:48 pm Subject: |
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These would be the same seminars that lead you by the nose down the garden path...promising you that they can clean up your credit report, and get all those nasty debts - yes, even if they're valid debts - eliminated off your report forever!
And then they lead you to the table where you have to sign up for their service, buy their books and tapes and videos, spend thousands of dollars...only to find out that it doesn't work.
I really dislike those scams.
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SUEBEEHONEY70
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| Posted: Thu Dec 28, 2006 8:53 pm Subject: Never pay any debts back? |
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They offer two options:
1. Do It Yourself for a one time letter template fee of $49.
2. They recommend you hire their attorney to write your dispute letters for $35 per month, cancellable at any time.
It sounds too good to be true. I'm just starting my research and this place seemed like a good place to start.
Thanx,
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9oaa97
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| Posted: Thu Dec 28, 2006 8:55 pm Subject: |
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I can tell you the part about disputing with the CRs and getting accurate info. deleted is correct. I disputed alot on mine and even though some was correct they deleted a few correct ones. So there is truth in that. But why pay when you can do it yourself!
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WHEREAMI
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| Posted: Thu Dec 28, 2006 8:55 pm Subject: |
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if it sounds to good too be true then it probably is and if "repairing" credit was this easy we all would have credit scores of 725 and this forum would not be needed
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PDLFREE
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| Posted: Thu Dec 28, 2006 8:57 pm Subject: loan |
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I am sorry if I sounded like a smarty. Didnt mean to. We get so many nuts on here. I am glad your on forum. Please register and join us. You can earn money by posting. This is a great place full of useful info. WELCOME KYSIDE38
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KYSIDE38
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| Posted: Thu Dec 28, 2006 9:00 pm Subject: |
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You are a smarty kyside. You give some of the best advice here! 
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WHEREAMI
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| Posted: Thu Dec 28, 2006 9:03 pm Subject: never pay any debts back? |
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"I can tell you the part about disputing with the CRs and getting accurate info. deleted is correct. I disputed alot on mine and even though some was correct they deleted a few correct ones. So there is truth in that. But why pay when you can do it yourself!"
Thanx Steelers1,
I was hoping someone had some experience with this subject... either positive or negative. The part about the creditors being too lazy to verify the information, makes sense. Some of them will do the work, some won't.
I'll keep researching before deciding on the DIY method or the hiring an attorney method.
Thanx,
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9oaa97
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| Posted: Thu Dec 28, 2006 9:04 pm Subject: |
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You can actually do the disputes online without sending a letter. That is how I did mine. I had no problem with the submission. I was pleasantly surprised when I got my response back from the CR!
If I were you I wouldn't pay anybody to do that for you, you can do it yourself and for free!
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WHEREAMI
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| Posted: Thu Dec 28, 2006 9:16 pm Subject: |
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Ashley - I love your new avatar - that's so cute!
More beauty sleep...and here I am at 11:00 p.m., having just cooked up bacon and sausage for breakfast sandwiches and homemade biscuits are in the oven...beauty sleep is just a biscuit...I mean a few moments away
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