Anyone Heard of Clean Slate Credit Solutions?

Question

Hi everyone,

I'm trying to learn as much about Lease Options as possible. I've been reading Wendy Patton's literature and watching her videos. In one of her videos she mentions Clean Slate Credit Solutions as the company that she uses for credit repair for tenant-buyers. According to her people become creditworthy within 5-6mos of starting in the program.

I would like every tenant-buyer that I have be able to purchase the home after the lease period. So my questions essentially are:

Has anyone heard of/ use Clean Slate Credit Solutions and what do you think of them? What results have you seen with them?

If not what credit repair programs do you use and why? What results have you seen with them?

Thanks guys!

Richard Adjou · Answer

Account Closed I saw that video too, I was wondering the same. That's a good tip to go and ask the mortgage lenders about who they recommend. Based off of a conversation I had with a one the other day, I just assumed that they all have their own internal programs. How do you qualify you potential T/B's credit thought? I was thinking of having them give me the information from credit karma. If they are already in a bad situation, I don't want another credit check hurting them in the process right? Also, does anyone have any advice on what an acceptable minimum credit score is?

Account Closed · Answer

@John D.  Thanks so much for the details. That's really helpful for me in choosing which credit repair program to use. They seem very knowledgeable and now this isn't the first time I've heard of them. I did some cold calls to mortgage lenders in my area and one of them said they use ownthekey.com as well. They're starting to sound pretty popular and reputable so I'll definitely go on the site do some more research and then I'll call and ask for info (maybe an investor friendly info packet) before making my decision. I've got to research some others too, though. But thank you again for all the feedback!

Account Closed · Answer

@John D.  By the way how many people have you put on ownthekey.com and what percentage of them have resulted in them getting the finances for the home and buying the house?

Account Closed · Answer

@Joe Gore  so what you're saying is that I should keep the contract they give me and if they don't improve the T/Bs credit I should get my money back.

Account Closed · Answer

@John D.  Thanks for the recommendation, I'll look into them.

@Joe Gore  They do charge an upfront fee. Why is that not a good thing?

Account Closed · Answer

Mr. Robert Taylor, you are about 99% correct. Most companies are scams because the wording they use is itself an illegal act.

Most companies use a hook. The big miracle cure, the massive boost to a score, the instant promise. Truth is no one can promise what cannot be accurately predicted. The Fair Isaac Corporation came up with the analytics score that bears it's initials. They use this system to score credit worthiness. Some guy telling you they can boost the score is nonsense.

For a better score, try the following: keep credit inquiries low, don't apply over and over for credit. Pay debts owed in full, or as close to it as possible. Prove you don't need the credit, that's how it rises.

Besides credit repair should be renamed "inaccurate information removal" because that's about the only thing one can remove. Inaccurate, incomplete, fraudulent information. That's it. So if you owe a student loan or defaulted on that jet ski you just HAD to own, well you pretty much have to deal with the consequences.

Still some companies do exist which are upfront about the laws, about the rights and wrongs, about the links to advocacy. But they are few and far between.

Hope it helps.

Account Closed · Answer

Upfront fees are illegal. According to the Credit Repair Organization Act, (an act within the FEDERAL TRADE COMMISSIONS oversight) charging upfront fees is a big no-no.

Many companies find interesting ways to side step this little inconvenience. Enter the "set up", "file creation", "initial audit", and my favorite, "file generating authentication fee".

Guys, this is what is known as professional B.S.

The truth is if there are set up fees they should not exceed $50 dollars.

They should not be hidden charges anywhere at all.

There is a whole list of conditions operators of CRO's need to adhere to, before they can engage the general public.

I usually surf the net researching competing companies. I find it humorous that out of the 10 only 2 comply somewhat and 2 list the laws governing credit repair acts.

Truth in business is subjective, or so they tell me. I dispel these things on the regular. My thinking is a bit different.

Any company that makes promises which are too good to be true are usually a scam. Lots of experts out there, but if they were experts, they'd apply the law and inform those who don't know them.

Upfront fees, not a good idea. Avoid them wherever and whenever possible. I wouldn't pay an upfront fee at a pharmacy before they can help me. Why do it with anything else?

Hope it helps.

-A

Paul Ritter · Answer

There is a company who serves our Real Estate Investor industry. They:

1. Perform a debt to income ratio analysis in consideration of futuristic circumstances. They look at the prospect’s current and potential future income. They provide disclosures to you, which hold the tenant / buyer accountable for their representations of earning capacity.

2. Provide a professional action plan for a tenant / buyer to follow. The action plan is designed to bring their credit score to a mortgage ready range. They provide disclosures to you, hold the tenant / buyer accountable for their commitment in following the customized credit enhancement action plan.

3. You will be provided access to track and measure the success of the action plan. You will have an on-line secure login to a portal so you can track results on-line, real-time 7/24. If the tenant / buyer withdraws from the service you will be notified.

Message me if you want more info.

Paul Ritter

Tony Gatto · Answer

Here is what a friend that does credit repair/ flip houses does. He says that the minimum is a 30 percent ratio of debt to salary. This is also his business model

Credit score should be 640 or higher.

The brokers then can work with that (usually)

He also said repairing the credit yourself is fairly easy. However warned that you will have to do most of the work with some of the tennent buyers.

Anyone Heard of Clean Slate Credit Solutions?

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