Complex Credit Restoration

The economy in the United States is recovering, but is still in a state of flux. Foreclosures are at an all time high, unemployment continues to be a pesky problem, underemployment is even a bigger problem and families’ savings accounts are dwindling. Lack of cash flow is the derivative of credit problems. When the money is not coming in, the bills don’t get paid. More Americans are faced with problems on their credit reports now than at any other time in the past. All is not lost, however. Consumers, working hand-in-hand with a knowledgeable and aggressive credit repair firm, can eliminate bad credit.

When a consumer turns to the internet to look for information on bad credit repair, they are immediately bombarded with a wide variety of information. From information on how to repair your own credit to web sites touting that credit repair is fraudulent, consumers are left to wade through the information to determine what is factual.

The first point to address is that bad credit repair is possible. However, it is an extremely complex process. Every problem has a derivative that has different exponential effects on your credit scoring. Obviously, attacking the problems that carry the largest scale of average is most important. However, due to the new age of distressed debt transactions, there also many other moving parts that statistically cause significant problems. A large majority of credit bureau reports contain one or more errors. Depending on the significance of these errors, an individual’s FICO (Fair Isaac Corporation) score can be drastically affected. By law, credit bureau reports are supposed to only contain accurate and factual information. By simply correcting these errors, a consumer’s credit score can raise significantly.

It is very important to recognize that simply filing disputes with the credit bureau will NOT eliminate the credit problems for the long run. You must obtain documentation from all credit reporting sources or the creditors. This requires hours of intense phone calls with collection agencies, creditors and debt buyers. They all have no incentive to help you. They typically will not supply accurate and truthful reporting, unless the feel pressure and are forced to do so. Since debts are bought and sold on the open market, it has made the credit repair game much more aggressive. You must have a very aggressive firm representing you that is willing to pick up the phone, negotiate and make things happen. The days of simply filing redundant paperwork and shuffling the deck are over. Be very leery of firms that state that simply filing computer generated disputes will fix your problems.

The new age of vulture debt buyers (VDB) has really added whole new dimension to the credit report challenges. When a bank or financial institution deems a debt uncollectable, they will typically sell the debt direct to a VDB ~ for pennies on the dollar. Since the VDB is in pursuit of a huge profit margin and does not have a reputation to protect, the consumer is put in serious jeopardy. Battling a VDB on any level is extremely difficult. They are notorious for re-aging and padding debt. Re-aging a n old debt means that the VDB will make the old debt look brand new ~ which has a serious negative effect on the overall credit score. Padding a debt essentially adds extreme and unnecessary dollar amounts to a debt ~ making it look like you owe a lot more money. Both of these practices are ILLEGAL and violate the FDCPA and FCRA. The VDB’s also tend to set illegal terms to a debt. For example taking a $80,000 charged off debt and setting $650 per month terms. This makes the debt look like you have defaulted on a new debt with new terms.

The only way to challenge a VDB is to set up proper discovery and file complaints on a Federal Level. This is a very complex process and must be done 100% correct in order to attain merit towards challenging false credit reporting. Many folks that try to handle these challenges solo ultimately fail. They do not hit the mark with merit ~ and their claim is discarded by the Federal Agencies and the Credit Bureaus. Remember that the Credit Bureaus are paid BIG MONEY by the banks, financial firms, collection agencies & VDB’s. They have no incentive to guide in the right direction to prosperity.

We will review your case and contact your creditor / VDB / collection agency ABSOLUTELY FREE. We will set a strategy for credit restoration. We essentially put in 90 minutes of work ABSOLUTELY FREE. You can then decide if you would like to proceed and retain our services. No gimmicks and no hype…..just plain talk and straight answers. Feel free to call our office at 877.297.7011 or email tstull@TheFreshStartFirm.com.