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I keep hearing about those who say that they can take advantage of the "100's" of the provisions in the law about the need for credit reporters to provide data accurately and in compliance with these provisions. And the claim is that most of the time the requirements are not being met properly, so the credit dings must be removed.
I have never seen anyone document any of this. As far as I can see, there is nothing that anyone can do that can not be done easily by the individual him/herself.
As a matter of fact anyone utilising one of these services would, IMHO, be raising a red flag to a potential creditor.
I would like to read about even 15 of these "100's" of provisions. I don't think they are out there, and I have read and studied the laws.
Pls, show me where I have gone wrong here. Pls reply on this forum as I am not the only one interested in this.
I keep hearing about those who say that they can take advantage of the "100's" of the provisions in the law about the need for credit reporters to provide data accurately and in compliance with these provisions. And the claim is that most of the time the requirements are not being met properly, so the credit dings must be removed.
I have never seen anyone document any of this. As far as I can see, there is nothing that anyone can do that can not be done easily by the individual him/herself.
As a matter of fact anyone utilising one of these services would, IMHO, be raising a red flag to a potential creditor.
I would like to read about even 15 of these "100's" of provisions. I don't think they are out there, and I have read and studied the laws.
Pls, show me where I have gone wrong here. Pls reply on this forum as I am not the only one interested in this.
Thomas McCombs said:I keep hearing about those who say that they can take advantage of the "100's" of the provisions in the law about the need for credit reporters to provide data accurately and in compliance with these provisions. And the claim is that most of the time the requirements are not being met properly, so the credit dings must be removed.
I have never seen anyone document any of this. As far as I can see, there is nothing that anyone can do that can not be done easily by the individual him/herself.
As a matter of fact anyone utilising one of these services would, IMHO, be raising a red flag to a potential creditor.
I would like to read about even 15 of these "100's" of provisions. I don't think they are out there, and I have read and studied the laws.
Pls, show me where I have gone wrong here. Pls reply on this forum as I am not the only one interested in this.
Hi Thomas and all interested in this,
The way it works is that the individual does take all the steps.
Where I come into play is know-how and consulting.
The "hammer" that is used to getting accounts removed from credit is FCRA, FTC staff opinions and the body of case-law that is out there. It's very much pro-consumer.
With a systematic approach with respect to creditor and credit reporting agencies (CRA) of sending threatening letters and settlement agreements removal can be and is done. For example, the first inquiry allows the creditor and CRA 30 days to respond. After that the account holder sets the time-lines.
In essence it's like this:
- dispute
- provide them with a settlement
- file lawsuit
- last chance settlement
- move forward with lawsuit
It's pretty bullet proof provided you motivate them the right way and make it a win-win because they honestly just want you to "go away" at some point.
No different than negotiating credit card debt and subsequent reporting in some ways.
So, the individual does do this him/herself with some help.
Hope this clarifies things a little more.
If your client is current, they can get an FHA loan immediately after closing. I just received the information from one of my lenders. The purchase price of the new property can not exceed the sales price of the old property, and must be within the FHA loan limits. I actually closed a short sale with Wells Fargo, where the seller was current. Also, VA loans can be obtained quickly after a short sale, even if it was delinquent. I'm not sure about those timelines. He is telling me for delinquent borrowers, FHA financing can be anywhere from 18 months to 3 years depending upon circumstances.
You're right in the sense that there are no absolute guarantees and I really don't know what these credit repair companies claim to be doing or how successful they are. Alarm bells should go off if in some shape or form if they try to get money upfront.Dominique, not to take anything away from what you've stated but I've gone to seminars where the same thing has been said. I asked for testimonials and they could not provide to me proof of such 'outstanding' results being claimed. For this matter, I am very weary of credit repair companies making such absolute guarantees. Maybe you can prove me wrong otherwise but based from what I've seen I have not encounter one 3468065Comment16225 such company delivering these results.
It makes sense why a CW post player would throw FNMA under the bus- this article came out a few weeks after but there was also information that stated Fannie is the one that pulled the trigger on B of A due to them NOT paying the claims that have continuously been coming to fruition. B of A continues to be the "bottom" of the barrel for what America stands for.
http://www.nytimes.com/2012/02/24/business/bank-of-america-breaks-w...
Bank of America, once the nation’s largest bank by assets, has been steadily shrinking its balance sheet, and now ranks second to JPMorgan Chase. Many of its problems stem from the disastrous 2008 decision to buy Countrywide Financial, a subprime mortgage lender that caused Bank of America to record more than $30 billion in losses.
Investors are concerned that Fannie and Freddie, along with private investors, will force Bank of America and other giant mortgage lenders to repurchase tens of billions in mortgages that later defaulted, arguing they were not made with adequate documentation or proof of income, or otherwise failed to conform to proper underwriting standards.
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