“Credit Repair Companies Can Create All Kinds of Problems”

“Credit Repair Companies Can Create All Kinds of Problems”

 

This is an email from a client that I have been working with after she wasn’t getting very far with the credit repair company that she had been paying for 9 months, but now she is on the “Right Trac”.

 

 

I am working my tail off to resolve the previously discussed areas. The disputes have been resolved with all three bureaus.  I will let you know and have letters with settlement and payment receipts(hopefully) Is there anything else I can work on to be proactive?

 

One of the strategies that credit repair companies have is to send “Disputes” on every collection item on a credit report, no matter if the money is owed or not, in hopes that the items get removed from the credit report. Unfortunately, most of the time the obligations do not get removed, but the “Disputes” remain on the credit report.

 

In the mortgage world these day, lenders will not do a new mortgage for someone while “Disputes” show up on any credit item.  These disputes need to come off, it can be a pain to get them off. The info below will get the “Disputes” of pretty quickly.

 

Experian
475 Anton Blvd.
Costa Mesa, CA 92626
888-210-9101 and 866-673-0140  is answered by a live human being, tell them you need the National Consumer Assistance Center to end the dispute(s), hours are 8AM-5PM Pacific Time
Up to 72 Hours to remove disputes(You get an email confirming they have been)

Equifax
1550 Peachtree St, NW
Atlanta, GA 30309
404-885-8300 is answered by a live human being, tell them you need to speak with someone in the Executive Consumer Service department.

Up to 72 Hours to remove disputes


TransUnion
555 W Adams St
Chicago, IL 60661
312-985-2000 it has a machine greeting but just stay on the line and you are transferred to a live person, tell them you need to speak with someone in the Special Handling Department
Instant removal

Image courtesy of stuartMiles/freedigitalphotos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 31 commentsJoe Petrowsky • September 03 2015 11:11AM

Comments

Interesting.

We all have our purview.

Yours is credit repair, mine is home repair!

And boy, do we have problems with home repair companies!

Says he, with a wink...

It seems to me the credit companies are all familiar with the tricks the "repair" companies promote.  And are tired of it.

Kind of like me!

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) almost 3 years ago

This is great information for those with credit repair issues.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) almost 3 years ago

Thank you for the information. I hope consumers will read this and learn from it.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 3 years ago

Good Morning Joe: Most first-time home buyers need help with their credit repair. The information you provided is valuable.

Thank you.

Posted by Maria Gilda Racelis, Home Ownership is w/in Reach. We Make it Happen! (Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington) almost 3 years ago

Joe, if it looks easy, look again! The best thing to do with credit repair companies is to put them out of business. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) almost 3 years ago

Interesting Joe.  I am going to print those numbers off and keep them for future clients to use when the time comes.  

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) almost 3 years ago

Hi Joe.  Excellent post.  Those with bad credit should do their homework before selecting a credit repair company.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 3 years ago

Good morning, Joe. I just commented on this post to Maria Gilda Racelis, who reblogged it. She reblogged it so quickly, I hadn't yet seen your post and just assumed it was one I missed along the way. I just hadn't gotten that far down in my list of followed members this morning. Anyway, great post!

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) almost 3 years ago

I've heard of this happening way too many times Joe.....it's a huge problem.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) almost 3 years ago

Credit reppair companies can be like loan modifications...all talk...lots of money spent and no real results.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) almost 3 years ago

Joe, I have heard these type of companies keep buyers from buying, unless they find the right one.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) almost 3 years ago

Very important information for those who need results!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) almost 3 years ago

Good morning Joe,

Hopefully it was not one of those spammer types!

If there is a light at the end of the tunnel we know you will find a way.

Make yourself a great day.

Posted by Raymond E. Camp, Licensed Real Estate Salesperson Greater Rochester (Howard Hanna Real Estate Services) almost 3 years ago

Joe, as always you provide members here in the rain as well as the consumers important information. Thanks,

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty, Martha Hilton, Broker) almost 3 years ago

Ah Joe Petrowsky Always another problem. Just when we thought it was safe to improve our credit, another "issue" shows up. Time and timely payments is still the best cure.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) almost 3 years ago

I did not know that disputes themselves can have a negative affect as well as collection items. Great info Joe! I definitely bookmarked this one!

Posted by Nicole Doty - Gilbert Real Estate Expert, Broker/Owner of Zion Realty ZionRealtyAZ.com (Zion Realty) almost 3 years ago

Joe - that person does not need to pay a credit repair company.  She need to follow your advice and know that there is no silver bullet.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) almost 3 years ago

Hell YES!

Thank you for this post Joe I have had such difficulty getting disputes off in the past this is getting printed and distributed throughout the office!

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) almost 3 years ago

Hello Joe Petrowsky 

As with everything, there are the "good, the bad and the ugly" when it comes to credit repair professionals.  Starting with a professional lender like you, consumers won't go wrong!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) almost 3 years ago

Joe

Thanks for sharing your insight on credit repair.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 3 years ago

Great information - I had no idea that disputes could be considered as bad. I just pulled my credit report and saw a dispute that I had done a year ago still on my report, even after a correction was made. I'll work to get that off. 

As always, thank you for your valuable information! 

Posted by Mary Weiss, Trainer & Content Manager (Zillow Group Mortgages) almost 3 years ago

Great post, Joe. I changed it up a bit and made some copies to give to clients that have disputes on their  credit reports. Thank you for posting this. 

Posted by JoAnn Moore, Home Loans in Delaware (The Mortgage Market of Delaware) almost 3 years ago

Joe,

This is excellent infor and thanks for sharing it her with all the contact info.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) almost 3 years ago

Joe good job getting her on the Right Trac :)

Some times in stead of helping these credit repair companies do more harm than good.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 3 years ago

Joe: She will be a raving fan like the rest of us. Very good information that can help any consumer.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) almost 3 years ago

This is some pretty valuable information, Joe. Thanks for sharing it. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) almost 3 years ago

Joe glad you are highlighting a major problem and I truly hope that others read and spread the word about this,Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) almost 3 years ago

Good morning Joe and thank you for sharing this very important information!

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) almost 3 years ago

I too have heard of things like this happening.  Thanks for the number to the bureau's. Those I did not have!

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 3 years ago

I had a client that was so proud they had gone to a credit repair company and entered a plan. Unfortunately the lender was not so happy and said it actually penalized them and made them have to wait to buy. 

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) almost 3 years ago

Hey Joe,  Thanks for the info.  I've been running into this a fair amount lately.  What ever happened to paying your bills on time, saving for the down payment and paying off debt before you go looking for a home?

Posted by David A. Weaver, 24 years helping folks finance their dreams. (Peoples Bank & Trust Co.) almost 3 years ago

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