All Forum Posts by: Alina Nicol

Well.... in some cases we add their rental history up to the past 3 years to reflect as an open active REV tradeline that continues to report as long as you are not late, if you move the subscriber will continue to report with the new landlord.... How is that fraudlent? We are working on being able to do the same thing with cell phone bills and other utilities.... don't asume, it's not an apealing quality. Another form of tradeline is Authorized user accounts which although are still not counted by all underwritters, they still help boost your score. Example: Wife has a Macy's card she's had for years and never been late on. Why not add the husband as an authorized user so that he gets credit for the payments too? It's not fraudulent is it? Should he not also get credit for that? It's not like we are making up tradelines and reporting to the credit report.. not like making up a new number so they don't have to be responsible for their inability to pay their bills in the past. Everything we do it carefully looked over by our team of lawyers to make sure it is legall. We are not some over night chop shop, we have been around over 13 years. We've had 0 complaints with the BBB.. don't believe me? Look it up.

Matty is right in that the lenght of your credit history is key in maintaining a good credit score. The older a credit card, the better it is for your credit. Just remember that new credit cards actually HURT your credit for the first year. It is important to not be late as new lates have the biggest neggative impact on your credit and yes we can remove neggative information such as lates, bk's collections and chargeoffs bt there is a process and there is no magic eraser that just wipes out your bad credit. Some items can take a while to remove. It's also important to remember that payment history only equals 35% of what makes p your credit score so make sure you are adressing all 5 factors.

There are CPN and TIN numbers people use when applying for bussiness credit but if you are applying for a home mortgage and the form asks you for your SS number and you use ANYTHING other than you government issued SS number, it's fraud as clearly stated in the terms and conditions. This applies to credit cards and almost all other forms of credit. Just because you don't get caught once or twice doesnt mean you won't get caught down the road and fraud is no slap on the wrist. Why would it be legall to just go out and get a new number? What would be the point of credit scores if that were the case? :) Just be carful out there.... the sharks love cold water and the days of hot financing are long over!

Using ANYTHING oter than your government issued SS# to apply for a loan is fraud. NEW CREDIT FILE SCAMS are all over the place and the customer is the one who ends up paying the price. You can not just erased you entire credit profile and start all over. This isnt even close to legall. Look it up folks.

Sorry, I read the rules after I posted.


Okay so I will use this to give you some free information instead. Some facts about credit repair.

Trying to repair credit on your own is a horrible idea. If you don't know what you’re doing you could permanently damage your credit.

Example: A person may think that they are doing themselves good by sending a copy of a collection showing it's been paid to the bureaus.
Reality: Now that you have provided them documentation that item belongs to you, you have permanently cemented that item on your credit report.

I had a client who had a collection that DID NOT BELONG TO HIM, but he paid it because he thought he could remove it that way. He sent the bureaus this documentation and now that collection although it says paid, it will remain on his report for the entire 7 years.

There are 5 factors to what makes up your credit score.

FIVE FACTORS

Payment History = 35%
Debt Ratio: Balance/Limits = 30%
Length of Credit History = 15%
Types of Credit = 10%
Number of Inquires = 10%

FIVE SOLUTIONS

Remove the "Bad Credit"
"Rapid Rescore" your existing credit
Add a "Seasoned Tradeline"
Add different "Types of Credit"
Remove "Inquires"

The point is that even if you are successful in disputing negative items off your report, you are still only affecting at best... 35% of what makes up your score... make sure you address all 5 factors.

Fact.... Repairing your credit on your own is like defending yourself in a court of law. Knowing what NOT to say is just as important as knowing what TO say.

Many online websites offer dispute your items online options... but they force you to choose a reason you were late or a reason why your account went to collection. Often your reason isn’t posted and often there is no option to choose that the item does not belong to you. Well without knowing many people just choose an option at random and permanently damage their credit by cementing that item on there. They basically unintentionally admitted guilt because the site tricked them into it.

The three credit bureaus make their money by selling credit scores, not by removing items off your report. Who do you think gets their scores pulled more? The guy with 720 middle score or the guy with a 580?

The worse your credit is the more likely it is to get pulled excessively making the bureaus more money. Banks also make more money off worse credit by charging higher interest rates. The scoring modules used by the credit bureaus were not designed to benefit the consumer, they were designed to benefit the banks and credit bureaus.

YOU cannot win the game of credit without understanding the rules..... funny how these rules are nowhere to be found on any of the bureaus websites nor will they send you the rules if you request them.

Coincidence?


Alina D. Nicol
Senior Account Executive