When you start to use credit cards and take out loans, you build a credit score that demonstrates your creditworthiness. Does that number stay static a day, a week, a month? In truth, it’s changing all the time. Most of your accounts probably report information to the credit bureaus every 30 to 45 days. One … Read more
Question: Dear Steve, My financial standing was destroyed by Lexington Law Firm beginning in August of 2017. They were to repair my credit history by dealing with some student loans and Bill Me Later(Pay Pal Credit). I approved the trial price of $14.99 using my debit card and personal account with US BANK. I also … Read more
The Federal Trade Commission is sending refunds totaling nearly $150,000 to individuals who lost money to a company called Grand Teton Professionals, which operated a bogus credit-repair scheme. According to the FTC, Grand Teton Professionals targeted consumers with false promises of substantially improving their credit scores by claiming to remove all negative items and “hard” … Read more
A great reader told me about a company named Prestige Business Financial Services that was promising tradelines to boost credit score and lend up to $400,000 in business funding. What caught my attention was that the services Prestige Business Financial Services promotes seem to all be on separate domain names, and the sales representative uses … Read more
I’m not sure why the following lawsuit popped up on my radar this morning. Still, it’s a good example of a consumer running into a credit reporting roadblock, trying to resolve it, but having to turn to the courts to attempt a fix. According to the complaint, the consumer, Diaz, has been struggling with Equifax … Read more
In 2019 the Consumer Finacial Protection Bureau (CFPB) sued the popular credit repair company, Lexington Law. I don’t want to rehash the complaint again but you can read all the details on the original complaint filed by the CFPB, here. Let’s see if I can summarize it in the fewest number of words: CFPB claims … Read more
United States Attorney Robert J. Higdon, Jr. announced the unsealing of a Second Superseding Indictment charging the following: Michael Anthony Griffin, Sr. (“MGriffin”) 52, of Knightdale, North Carolina; Regina Griffin (MGriffin’s sister), 48, of Raleigh, North Carolina; Angela Griffin (MGriffin’s wife), 52, of Knightdale, North Carolina; Creshun Alexandria Griffin (MGriffin’s daughter), 26, of Knightdale, North … Read more
Not all that long ago the National Association of Credit Service Organizations (NACSO) sued the Consumer Financial Protection Bureau (CFPB) to have them back off the industry. You can see past posts, here. NACSO had solicited funds from members to help pay for a suit filed by Greenspoon Marder against the CFPB. You can read … Read more
The credit repair world is exploding in a giant pissing contest right now. The National Association of Credit Services Organizations (NACSO) recently held a fundraiser for membership money to sue the CFPB and seek to eliminate the Telemarketing Sales Rule (TSR). The following day after filing suit against the Consumer Financial Protection Bureau (CFPB) the … Read more
Recently I wrote about the valiant effort of the National Association of Credit Services Organizations (NACSO) to get some clarity from the Court regarding the unfavorable language of the Telemarketing Sales Rule (TSR). It appears the intention of the lawsuit filed against the Consumer Financial Protection Bureau (CFPB) is to invalidate the part of the … Read more
Here is an important lesson for any company or person that is selling any service that uses added authorized users or tradelines to a consumer credit report in order to improve the credit score. The information below comes directly from the case filed by the Federal Trade Commission and to make sure people don’t feel … Read more
Defendants promise “huge” credit score increases, ease in obtaining mortgages A Colorado-based credit repair company and its owner have agreed to settle Federal Trade Commission charges they mislead consumers with promises to “drastically and immediately” improve credit scores and increase access to lower rates on mortgages. In its complaint against the operators of BoostMyScore.net (BMS), the … Read more
So, you’ve disputed an item on one of your credit reports, and now you’ve gotten your response. Now what? These tips about how to read the results of your credit report dispute can help. 1. Decoding the terminology First of all, it’s important to understand the terminology you might find in the results of your … Read more
How does credit repair affect your credit? One would think the answer should be fairly obvious — the entire point of credit repair is to improve credit. But it might not always work out that way. In fact, there are times when working with companies that advertise credit repair that you could be advised to … Read more
The operators of a bogus credit repair scheme are banned from the credit repair business and subject to a wide array of other requirements under settlement terms with the Federal Trade Commission. The settlements relate to an FTC complaint filed in June 2019 alleging that the defendants targeted consumers with false promises of substantially improving … Read more