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Thread: Credit Repair...A scam?

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    Default Credit Repair...A scam?

    I was turned down for a house today. It hurt...I cried.It was my dream.Today is the first time I thought "Damn I need to get this credit right ASAP"
    So I went to this credit repair place and he said he could ERASE within 6months to a year all the negative things on my report.He said it would cost anywhere between $250-$1000 to erase $3630.00 in bad debts.Is this a scam?I need to do something about this quick because I got my eye on a house...one of them homes that say "..... Estates" So thats one option,but I need to know if its a good idea?They say money back gaurantee and he said hes with BBB. ???
    Another option is to pay off collections and everybody,and have my credit score up.Seems more honest and legal to me...but would take longer.But I was told today it dont make sense to do that since they already wrote it off. I know you ladies are smart....so PLEASE what am I supposed to do??? Thank you....

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    Banned Katrine's Avatar
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    Default Re: Credit Repair...A scam?

    Even if you have your credit cleaned up, its going to be tough for you to buy a house. Read some of the other threads, or even just the news, on the new (and constantly changing) standards for mortgages.

    You can clean-up your own credit if you do the research yourself and actually DO what needs to be done. $3,630 isn't that much money either. I am not really sure of the credit repurcussions. And you'll have to write and call to get those removed off your report afterwards as well.

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
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    Default Re: Credit Repair...A scam?

    I wouldn't buy a house right now.

    You will become familiar with the phrases "catching a falling knife" and "alligator home."

    I don't think there is anyone saying to buy a house right now other than the National Realtor's Assc.

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    Banned Melonie's Avatar
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    Default Re: Credit Repair...A scam?

    ^^^ agreed with Katrine that if the 'credit fixer' company is only going to lock you into a debt repayment plan plus doing the paperwork to challenge negative credit rating entries after repayment is complete, then you are paying them handsomely to do things that you yourself could do. Now if the 'credit fixer' company is going a step beyond this, and will attempt to renegotiate outstanding balances in exchange for quicker repayment - with or without a footnote in your credit report re debt 'forgiveness' - then this probably a different story.

    But back on the topic of dancers attempting to buy their first house, it is absolutely imperative to realize that the days of 'liar loans', no-doc mortgages, 100% financing via 'silent second mortgages' (i.e. seller financed second mortgages, recourse loans not using the property as collateral) covering the down payment requirement of the primary mortgage lender etc. are now officially history. New regulatory guidelines have been issued by the regulatory bodies which affect all banks and brokers. Among those cast in stone regulatory requirements are ...

    A. documentation of an official source of income that is sufficient to cover the projected monthly mortgage payment in a 'worst case' scenario re future interest rates / future market price changes. In general, for dancers this means being able to produce 3 years worth of tax returns showing a declared after tax income that is typically three times as large as the monthly payment of the loan you are applying for

    B. the buyer establishing 20% equity in the new mortgage. In the simplest sense this means the buyer has enough cash saved to pony up 20% of the sale price of the property as a down payment ON TOP OF closing costs, fees, and any other necessary costs to complete the transaction and get the title recorded. In a bit more complex sense, this means talking a family member into providing the down payment money on the buyer's behalf. In an even more complex sense, this means signing on with a secondary mortgage lender / insurer like PMI / MGIC to cover the down payment shortfall with an official 'second mortgage' ... with associated very high interest rate, and with obvious effects of a second monthly payment on the creditworthiness calculations of the primary lender.

    C. risk premium i.e. available interest rates / points being offered with some element of 'categorical' risk also being assigned regardless of the individual financial history of the would-be borrower. Like male drivers under age 25 for car insurance, and like smokers for health insurance, the 'powers that be' now automatically consider dancers to be high risk borrowers for a few reasons.

    #1 dancers are self-employed business persons, who history typically shows do not have a dependable repeatable income (certainly not dependable / repeatable over the 30 year term of a mortgage).

    #2 dancers are associated with the 'sex' business, which is vulnerable to huge upsets in profitability by the future passage of new regulations restricting club operations and/or 'content' that dancers are legally allowed to sell, etc. Also an additional risk exists for huge potential future upsets in profitability due to possible law enforcement actions / legal fees etc.

    #3 dancers as a general category have a high instance of low/rotten credit ratings, typically do NOT have a history of timely bill payments, typically do NOT have a history of long time work / residence at the same location, typically do NOT have a history of responsible personal lives (i.e. married with children), typically DO have an elevated instance of alcohol / drug problems / family problems etc. While the particular circumstances of a given dancer may bear little resemblance to the characteristics of the category in general, this will NOT allow that given dancer to escape the negative fallout (and interest rate / points premium) associated with the loan losses that her less fiscally responsible / personally responsible co-workers have recently foisted onto the lenders via going bankrupt / being delinquent on their no doc mortgages etc.

    Given these changes, it is likely that from here on out the only way that dancers are going to be approved for future mortgages will require that they ...

    - file three years worth of tax returns showing enough after-tax income to cover the applied for mortgage's monthly payment plus other costs of home ownership (property tax, repairs etc.) by about a factor of 3 to 1

    - save up enough cash to cover the 20% down payment equity requirement plus another 5% or so to cover closing costs / fees

    - agree to pay an interest rate / points up front that is significantly higher than the best rate available to so-called 'prime' borrowers i.e. corporate employees working in a stable business regardless of the dancer's individual financial situation or credit rating


    As a final comment, keep in mind that no would-be American mortgage borrower has a constitutional right to a mortgage loan approval under favorable economic terms. Also keep in mind that the vast majority of the 'capital' which formerly financed no-doc and otherwise categorically risky mortgages came from the Chinese, from the Europeans, etc. - who have now taken some serious losses and who are NOT anxious to repeat the experience. As such, the future availability of mortgage financing for people in high risk categories, in this case 'strippers', is going to be both limited and expensive !!!

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    Last edited by Melonie; 10-03-2007 at 01:58 AM.

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    God/dess Deogol's Avatar
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    Default Re: Credit Repair...A scam?

    In short, prepare to buy a yurt.

    Don't worry - there are gonna be a lot of people living in em if the dollar fails to remain the reserve currency.

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    Default Re: Credit Repair...A scam?

    Also, erasing 3600 in bad debt will probably not improve your score much. If you've got 12-24 months of negative credit, then it might...but if you've got negative credit going back YEARS...it probably won't do much.

    Were you turned down due to your credit? Or were you turned down due to your income? It could also be both...so "fixing" your credit won't get you a home until you can prove your income.

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    Banned Melonie's Avatar
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    Default Re: Credit Repair...A scam?

    Were you turned down due to your credit? Or were you turned down due to your income? It could also be both...so "fixing" your credit won't get you a home until you can prove your income.
    and I would reiterate that, under the new regulatory guidelines, even having proof of income ... but income stemming from a 'high risk', unstable source ... may NOT get you a home.

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    Featured Member Vamp's Avatar
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    Default Re: Credit Repair...A scam?

    There is a BIG differance between credit repair and credit counseling. Credit repair places that promise miracles, WITHOUT talking to you about budgeting and exactly HOW and WHY to improve your credit, are scams.

    Considering how much the "credit repair" is going to charge you vs how much you owe it is better and cheaper to just pay off your collections. Are collections the only thing weighing down your credit score ? Do you have late payments? Do you have a high debt to income ratio? Why did the mortgage lender decline your application? You can ask them why and they have to answer.

    If you pay off your collections yourself; they can be cleared up within three months usually. Most collection agencies have contact info on your credit report, either an addy or phone number. Always verfy with the orginal retailer that the debt has been sent to that collection company. If they are not cleared up then you dispute the collections based on the fact you have paid them off.

    Always keep in mind when dealing with businesses that the only time they have anything negative at the BBB is when someone reports it. If people dont take the time to report it then the business will still have good standing with the BBB.

    A free way to pull your own credit report is www.annualcreditreport.com. It will also point out negative factors for you.

    Only buy a house after alot of research, with a down payment of some kind, and only if you can afford it.

    Good Luck!
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    Default Re: Credit Repair...A scam?

    Quote Originally Posted by Vamp View Post
    There is a BIG differance between credit repair and credit counseling. Credit repair places that promise miracles, WITHOUT talking to you about budgeting and exactly HOW and WHY to improve your credit, are scams.

    Considering how much the "credit repair" is going to charge you vs how much you owe it is better and cheaper to just pay off your collections. Are collections the only thing weighing down your credit score ? Do you have late payments? Do you have a high debt to income ratio? Why did the mortgage lender decline your application? You can ask them why and they have to answer.
    If you pay off your collections yourself; they can be cleared up within three months usually. Most collection agencies have contact info on your credit report, either an addy or phone number. Always verfy with the orginal retailer that the debt has been sent to that collection company. If they are not cleared up then you dispute the collections based on the fact you have paid them off.

    Always keep in mind when dealing with businesses that the only time they have anything negative at the BBB is when someone reports it. If people dont take the time to report it then the business will still have good standing with the BBB.

    A free way to pull your own credit report is . It will also point out negative factors for you.

    Only buy a house after alot of research, with a down payment of some kind, and only if you can afford it.

    Good Luck!

    I dont have late payments.Just no payment at all/charge offs.. I was def. turned down due to collections. Also the statement came in the mail today about why I was turned down. Negative info on my credit report...and also bad check writing...which is i think when I was young and had a debit card and went overboard.But THATs not listed on my credit report? They did however give me the source for the bad check info.
    So if I do pay off all the collections...I can get if off my record? Id rather do that and KNOW it wont pop up again just because some guy thinks he "erased" it. So thats what Ill do?
    The debt to income thing. Its nothing for me to pay them off. Just gotta go outta town a few weeks and make the money.
    Also,I was looking to rent this house...not buy. Sorry I should have made that clear. Im def. not ready to buy yet because Im not that stable yet.
    I am under the impression a debt consolidation would buy up all my debts...clearing my report...then I owe the company that money. Right?
    You are all helpful..thank you.

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    Default Re: Credit Repair...A scam?

    when a business looks at my credit...does that lower my score also? the last time i checked,my score was 515 in feb. when I got my car. Ive ALWAYS paid them on time...so it should have went up at least one point,right?

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    Banned Melonie's Avatar
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    Default Re: Credit Repair...A scam?

    I am under the impression a debt consolidation would buy up all my debts...clearing my report...then I owe the company that money. Right?
    this is true for a debt consolidation / debt refi company. However, this is an entirely different animal than the credit repair companies you originally asked about.


    So if I do pay off all the collections...I can get if off my record? Id rather do that and KNOW it wont pop up again just because some guy thinks he "erased" it. So thats what Ill do?
    pulling a current copy of your credit report, and paying off listed creditors will not necessarily remove their negative credit reporting info. What you really need to do is call / write these creditors and offer them a deal of immediate payment in full in exchange for withdrawing their negative credit reporting info. Make sure that you have the deal in writing BEFORE you send them any money though, because if you pay them first they can easily 'reneg' on the deal. In that situation, those negative reports could potentially percolate for another seven years.


    The debt to income thing. Its nothing for me to pay them off. Just gotta go outta town a few weeks and make the money.
    Also,I was looking to rent this house...not buy
    It is still going to be the case where big name rental agents are involved, or where corporate landlords / REITs are involved, that the landlord's 'agent' is going to require you to show proof of income before they will rent / lease to you. This usually means being able to produce tax returns or at the very least bank statements going back a couple of years which show levels of reported income / regular bank deposits which are 3 times higher than the monthly rent / lease payment you're looking to sign onto. Attempting to hand over a fist full of cash bills is NOT going to cut it with these types of landlords. In fact, it could result in a suspicious financial activity report being filed with the IRS by the landlord's 'agent'. Additionally, it is often the case that a corporate landlord's 'agents' are charged with pre-screening potential tenants on the basis of job / lifestyle. Thus making the 'agent' aware that you work as a 'stripper' may slam the door in your face no matter how much cash you are waving.

    However, the fist full of cash bills approach usually works extremely well with private 'mom & pop' landlords who do not face the same sort of Patriot Act / Terrorist anti-Money Laundering Law compliance risk as big corporations do. Mom & Pop landlords are also usually much more reliant on personal observations and face to face interactions with potential new tenants than on their paperwork. Where a corporate landlord's 'agent' is going to automatically associate the fact that a would-be new tenant works as a 'stripper' with potential drug use, potential prostitution etc. on the landlord's property, a Mom & Pop landlord is probably going to listen to a nice college girl who is forced to work as an exotic dancer occasionally in order to cover her expensive tuition.


    when a business looks at my credit...does that lower my score also?
    in most cases, yes !
    Last edited by Melonie; 10-03-2007 at 06:57 PM.

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    Default Re: Credit Repair...A scam?

    Ok,so ive decided the credit repair is a scam. Not worth it. So consolidation.How does it work.Is it worth it?

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    Featured Member Vamp's Avatar
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    Default Re: Credit Repair...A scam?

    Quote Originally Posted by Xiomara View Post
    I dont have late payments.Just no payment at all/charge offs.. I was def. turned down due to collections. Also the statement came in the mail today about why I was turned down. Negative info on my credit report...and also bad check writing...which is i think when I was young and had a debit card and went overboard.But THATs not listed on my credit report? They did however give me the source for the bad check info.
    So if I do pay off all the collections...I can get if off my record? Id rather do that and KNOW it wont pop up again just because some guy thinks he "erased" it. So thats what Ill do?
    The debt to income thing. Its nothing for me to pay them off. Just gotta go outta town a few weeks and make the money.
    Also,I was looking to rent this house...not buy. Sorry I should have made that clear. Im def. not ready to buy yet because Im not that stable yet.
    I am under the impression a debt consolidation would buy up all my debts...clearing my report...then I owe the company that money. Right?
    You are all helpful..thank you.

    As far as the bad checks, they do not appear on your credit report (unless sent to collections which is rare), they appear in Chexsystems. "ChexSystems is a check verification service and consumer credit reporting agency like Experian, Equifax and TransUnion. While most credit reporting agencies broker data about how a consumer handles credit relationships, ChexSystems provides data related to how a consumer has handled deposit accounts at banking institutions.A consumer's ChexSystems report contains banking irregulities such as check overdrafts, unsatisifed balances, depositing fraudulent checks, or suspicious account handling that other banks have reported in the past five years" snip from Wikipedia lol

    Here is how to contact Chexsystems for more on your personal information https://www.consumerdebit.com/consum...s/disputes.htm

    Here is some detailed info about the hows and whys from bankrate
    http://www.bankrate.com/brm/green/chk/basics1-6a.asp

    Debt consildation is usually in the form of a loan with an interest rate. If your credit is already bad the interest rate is going to be high. I would suggest paying off your collections yourself and keeping good documentation. Setting up payment plans with them usually doesnt involve an interest rate on top of the dollar amount. But make sure you ask them if there is an interest rate. Things change all the time. Make sure they send you a letter outlining your payment agreements as well.

    If you pull the credit report ,thru the website i listed, it will be considered a soft hit. That is because it is a consumer website. If you go anywhere to apply for a credit card, loan, etc where a retailer pulls your credit report it is considered a hard hit. It will impact your credit score for the next three months. Usually a few points down per pull. The thing is those few points can make a big differance in the interest rate if your credit score is border line.

    What I would suggest is taking the next year to fix this problem and save up a nest egg. During this time you can also start learning more about your credit score, what goes into it, how to improve it, etc. This isnt going to be an over night solution. It will take time to clean all of this up. Learning about all of this yourself will also save you time and money. So the next time you apply for anything you will be able to call the shots instead of the other way around.

    And you always have us if you have questions along the way
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    Default Re: Credit Repair...A scam?

    Sign up for an account at and make this your new internet addiction for a while. Utilize the search function there and read the newbie faq's. It is a wealth of information.

    How old are your debts? I have one that's about 6 years old so I just ignore the "PAY NOW" letters that the collection agency sends me because it's due to fall off of my report next year anyhow.


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    Default Re: Credit Repair...A scam?

    Good Idea....waiting a year and fixing things. I am going ahead and staying at my apartment here for a while until I can get a house. Not signing another 7mo. lease though...just month to month. I still am planning on trading my car. Im sick of paying 330 a month for some 2000 piece of crap. Id rather pay 400 for something i like.Once I get that, Ill get on track. Maybe its dumb...but my car needs to be turned in.!!!
    I didnt know the consolidation was in a form of a loan like that. Well,I guess it would be since Ill then owe them. So I would prolly end up payin more than I owe collections. But would be a little easier. But if it helps me get the things I need NOW. Oh wait..thats what got me into this mess!!!! UGGGGHHH
    Thanks everybody..

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    AudreyLeigh
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    Default Re: Credit Repair...A scam?

    If you had $10k or more id say consolidate but with such a small amount? Get your credit reports. Call the companies and dispute all the charges. Some may come off if the company doesnt have proof of the collection (happens if theyre old a lot) Then you can call the collection companies and do what was said above - that youll pay the amt in full if they take it off your CR.

    I cleaned up my credit. last april my score was 515 and now its 585.

    That credit board above helped me a lot. Instead of focusing on the amount as a whole look at each collection 1 at a time. This month focus on the smallest one. Next month the next, etc etc. Theyll be gone (or at least paid off) in no time.

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    Banned Melonie's Avatar
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    Default Re: Credit Repair...A scam?

    But if it helps me get the things I need NOW. Oh wait..thats what got me into this mess!!!! UGGGGHHH
    again I don't want to keep beating a dead horse, but even if you do pay off all of your creditors, even if you do get the black marks erased from your credit report, even if you save up some cash, and even if you allow a year to pass for everything to settle down, there is still absolutely no guarantee that any future lender is going to extend credit to you on favorable terms. It is just a new fact of life that 'strippers' have now been lumped into a high risk category by lenders which pretty much guarantees that the only credit they are going to be offered in the future will be on 'subprime' terms.

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    Default Re: Credit Repair...A scam?

    Melonie..I see what your saying. Which is the one reason...aside from my future retirement plans...I want another,or maybe second job. SOmething to defend myself with when I need credit.
    AudreyLeigh..thanks for the hope i needed that. Congrats to you also
    So Ive decided to tackle each one on my own.No third parties getting involved with my business. Ill start small..then tackle my big one. Yeah,thats what Ill do. Kinda like layaway...before I know it Ill be clear. Thanks guys...
    Oh yeah..Ive given up on new boobies.That priority thing that comes with growing up. Damn it!

  19. #19
    AudreyLeigh
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    Default Re: Credit Repair...A scam?

    ^^ it takes time but you can do it. i looked at my bad credit and debt AND a bankruptcy. my credit was a MESS and I looked and thought this will be too much work but when i got into it I realized its quite easy. Now i just watch my score go up and up. its a great feeling to know you fixed it too. YOU helped yourself rather than having no patience and wanting it done now and having someone else do it.

    Good luck to you... it wont take much time at all and will be well worth it in the end.

    Def go to that creditboard - it helps a LOT

  20. #20
    cameron_keys
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    Default Re: Credit Repair...A scam?

    Credit repair or Consolodation can actually hurt you when it comes to getting a mortgage. It shows up on your report that you have done it and many companies will decline as soon as they see that.....on that alone. They assume that if you were so screwed up you needed a service like that...you arent a good credit risk.

    and bad stuff doesnt always fall off in 7 years. It sometimes doesnt fall off at all. Even when it is supposed to. Mostly because credit companies are staffed with underpaid overworked people who just dont give a crap. So if you ar ecounting on the 7 yr thing.....dont. Write the credit companies(all three of them) and lodge a formal dispute. Most have 30 days to investigate and are so backtracked they dont get to it. So in 30 days...you can request it be removed.
    You will likely have to do it several times....but thats your best bet at fixing things.

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    Featured Member Vamp's Avatar
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    Default Re: Credit Repair...A scam?

    Quote Originally Posted by cameron_keys View Post
    Credit repair or Consolodation can actually hurt you when it comes to getting a mortgage. It shows up on your report that you have done it and many companies will decline as soon as they see that.....on that alone. They assume that if you were so screwed up you needed a service like that...you arent a good credit risk.

    and bad stuff doesnt always fall off in 7 years. It sometimes doesnt fall off at all. Even when it is supposed to. Mostly because credit companies are staffed with underpaid overworked people who just dont give a crap. So if you ar ecounting on the 7 yr thing.....dont. Write the credit companies(all three of them) and lodge a formal dispute. Most have 30 days to investigate and are so backtracked they dont get to it. So in 30 days...you can request it be removed.
    You will likely have to do it several times....but thats your best bet at fixing things.
    A credit repair scam can hurt your credit report because they dont always do things the right way. A consildation loan wont always hurt your credit. It really depends on what else is on your credit report. Consildation loan is not reported as a way to fix your credit. It shows up on your credit report as an installment loan. Legit credit counseling does not hurt your credit score. I have been in credit counseling for two or three years now. It has improved my credit score and i have purchased a car during it as well. Credit counseling has not shown up on my credit report and no lender can deny you based on the fact you have been in credit counseling.

    A dispute with a credit reporting agency takes 90days. The orginal debt holder has that long to respond to the dispute. Usually it is a matter of keeping records and if the cost of showing proof the debt is owned is worth their time. Depending on the item in dispute, late payments are easy to dispute, where as collections are harder if they arent paid off.
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    Default Re: Credit Repair...A scam?

    Credit counseling. Why WOULD that show on a CR? I was considering that....its a free service to give advice based on your situation,right?

  23. #23
    cameron_keys
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    Default Re: Credit Repair...A scam?

    Credit counseling wont show up, but consolidations will. The credit they pull for mortgages is slightly differant and will show if you've used a consolodation company. When I worked as a loan officer I saw many loans denied for this.

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    Featured Member scorpio's Avatar
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    Default Re: Credit Repair...A scam?

    credit counceling will absolutely show up on a credit report. It does because they insert a flag that tells any future creditor to contact them. When you are in credit counseling, you must get written permission from the councelor to open a new credit account. Most mortgage lenders treat counceling exactly the same as a chapter 13 bankruptcy.

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    Default Re: Credit Repair...A scam?

    Im SO confused So just because I go for advice I am ruined for life? Or maybe Im not??

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