Credit Strategies

All You Get is BAD ADVICE! 

Tired of being told that the only way to increase your credit score is to pay your bills on time, pay down debt or get an Authorized User account added? 

If you’ve had an unexpected event like health problems, job loss, or any number is things that affect your ability to pay off debt, then you know it’s a scary world out there.

With no way to get any unsecured credit once you’ve hit bottom, where do you go? Who can you trust?

Attorneys hawk bankruptcy. You’re inundated with debt consolidation and debt management (DMP) offers – it seems predatory and hopeless.

And that squeamish feeling you get in your gut when looking at those plans is justified – the only ones that benefit from those programs are the ones selling them.

Hardship Programs

Each company has a different way of handling it – some are better than others. However, you can only do this once a year and if your hardship lasts longer than that, or another one comes along, they won’t help you again.   This is not a solution as they may let you skip payments for one to three months, or even make smaller payments, but they update your credit report with late payments and the amount just keep building up, along with interest and fees.
It’s just not good solution.

Debt Management or Consolidation Plans

With Debt Management Plans, you often end up paying more, extending the payoff time, they don’t disclose all charges and penalties and your credit problems end up lasting longer. Complaints show there many DMP scams.

First. They don’t pay anything until you’ve paid enough into their plan to cover a payoff, which you could have done without their fees and interest.  They say that you can’t get the discounts they can get – that the account holder will only deal with them.  That’s is absolutely not true – if you know what to say, you can often get the same or better deal.

If you miss a payment to them, which is common because you’ve usually lost your source of income or had it greatly impacted when you get to this point, they then add on more fees and penalties.

What you don’t know, and they won’t tell you, is that there are laws in your favor that, if used correctly, can get rid of almost anything on your credit report. Why?  Because they routinely skirt the law, or outright break it.

If you have accounts in collection, you should know that 99% of these collection accounts are not enforceable or collectible (legally) because they don’t actually buy the debt, so ch. It’s not cost effective for those companies to pay for the chain of debt,  allowing them to collect it, which is required by law.

They rely on scare tactics, constant harassment, threats and ignorance of the laws that are in your favor – not a legal right to collect a debt.

NOTE: The “debt chain requirement”, or Chain of Title, under the Fair Credit Reporting Act (FCRA), is a requirement under state laws and is a crucial part of the debt validation process for debt buyers to prove ownership of a debt. Under the Fair Debt Collection Practices Act (FDCPA), a consumer can request verification of a debt, which would include a record of its ownership.

If they can’t provide this (and 99% cannot), YOU DON’T OWE THEM ONE PENNY!