You Can Do It Yourself Cheaper, Easier, FASTER & More Safely
Here’s the thing folks if you want to clean up your credit report the last thing you want to do is hire a credit repair organization. Sometimes they call themselves credit repair clinics. Other times they call themselves credit repair consultants. Once in a while they call themselves tradeline companies, tradeline Brokers, or Wholesale tradeline Brokers. Steer clear y’all.
I’m going to go through an entire video explaining all this but here’s the bottom line: you shouldn’t have to ever pay for credit services. These companies can legally only do what you can do on your own and a whole bunch of them use some pretty questionable tactics, and besides that let me pose a question to you. What you think is better paying for something once and then having to pay for it again a second time or third time or for time or learning something once and having that knowledge forever? What you think?
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Some Credit Repair Consultants Use ILLEGAL Tactics
Some credit repair organizations are using practices that are deceptive at the least and fraudulent and illegal at the most. For example there been credit repair companies that have been caught altering Social Security numbers. There’s been others that been caught out and out stealing Social Security numbers from people who are minors or dead and then substituting those files for people with poor credit histories.
Even worse there are credit organizations out there that have advised clients start new identities. This process is called file segregation and it typically involves a credit repair company selling you an EIN number. That’s an employee identification number, see it’s also nine digits just like a Social Security number however it’s the number that businesses use for tax purposes like you would use a Social Security number. They have you use it in place of your social. It’s illegal, it doesn’t work, and if you get caught you’re going to be the one left holding the bag.
And speaking of left holding the bag, piggybacking or renting Tradelines has lately become very popular as well. The way that works is you typically pay some middleman a pretty sizable fee to rent you somebody else’s credit for a period of time. Kind of like becoming somebody’s authorized user on a credit card only you don’t know the other person and you really don’t have access to their credit. Here’s the problem with renting a tradeline. Sure, it’s using a loophole in the system however if you fall for the tradeline RENTING scam you could be found guilty of bank fraud and another a number of other associated crimes. And oh by the way, Cycle is gotten wise to this project and they got logic designed into their algorithm that helps detect fraudulent tradeline RENTING. So not only is it expensive and illegal it’s probably not gonna work.
Finally, federal law prohibits any credit repair organization for charging you until after they’ve produced the results. Many credit repair companies are getting around this by charging some sort of membership fee, club fee, or an initial consulting fee. Again this is a loophole that’s working for now but I can guarantee you the governments to close the loophole. Oh by the way, if the credit bureau figures out that you’re using a credit repair organization then they are going to shut down that dispute. If the dispute had to do with a single error that was legitimate than you’ve now used up your chance to dispute that error because when you write them a second letter that’s from you instead of a credit repair organization there going to write it off as frivolous because you’ve already disputed it before.