A discussion on a well guarded secret to keep your credit scores suppressed…

A client was telling me of a situation he ran into and wanted to know what kind of an effect it could have on his credit score.

Well the situation was a $110k line of credit which had a balance of 96k.  This particular credit line was rated R-1 paid as agreed.  A perfect rating, right?  or was it?

Unfortunately we see this kind of thing all the time…”but wait” you say, this is a good thing!  Well, upon further investigation I found out this was actually a home equity line of credit, which makes sense.  I mean how may visa cards do you see with a 110k credit line?

Let’s look at this a couple of ways.  First thing is it’s a home equity line of credit so it’s tied to real estate which makes it a mortgage, right?  Well, yes, it is a mortage albiet a line of credit which by definition means revolving, right?  so is the R-1 rating correct or should it be M-1?

Survey says…it’s a Home Equity Line and while you don’t see this all the time the correct rating should be a mortgage shown as a Home Equity Line

When a creditor rates this line of credit as revolving or R-1 the FICO scoring system eats this alive because it sees 96K owed on a 110K available credit line so this person MUST be in trouble and might take a big hit to the credit scores.

When it is rated as a mortgage or Home Equity Line then FICO understands this is against real estate and grades it based more on payment history and not as heavily in the amount owed area.

So, then the question becomes “Why would a creditor do this?”  The answer is to keep your scores suppressed!  I know the truth can hurt but the reality is most creditors giving a home equity line do not want this line paid off.

Ok, so if they don’t want the line paid off then what’s the best way to keep these deals on their books?  You’ve got it!  By suppressing your credit scores, through misreporting, your options can become limited in what you might be able to do.  If your scores are suppressed you might not be able to get a mortgage refinance or another credit line at better terms so…..

It’s not fair but it is life and how most creditors play the game.  Fighting back is your right so if you find your HE Line of Credit rating like this it very well could be costing you money!

Be Bold!

Herschel Bentley

Herschel here again…

In the previous blog, I shared a little bit about the seemingly ‘all-powerful’ credit bureaus …  and why they’re not too excited about removing negative or incorrect items from your report.

If you’ve ever tried to fight this battle on your own, you know what I’m talking about, right?

Here’s a little bit more, and how to put the law on your side of the credit playing field for once…

Did You Know?

The Federal Trade Commission (FTC) receives more complaints against credit bureaus than ANY other type of business.  (Yes, they are a business, not a government agency like some believe)

In fact, in February of 2000, the three major credit bureaus paid a fine of $2.5 million for ignoring consumers’ requests for their files!

Here’s More Startling News …

79% of all credit reports contain errors.

29% of credit reports contain serious errors, false delinquencies or accounts that did not belong to the consumer.

20% of credit reports were missing major credit, loan, mortgage or other information to demonstrate the credit worthiness of the consumer.

26% of credit reports contain accounts that were closed by the consumer, but incorrectly listed as “closed by credit grantor.”

41% of credit reports contain demographic information that was misspelled, outdated or incorrect.

(by the way, you can get a copy of the research report that proves these facts from us by calling toll free 1-877-720-PLUS (7587), there’s no obligation).

Contrary to Popular Belief, Credit Reporting Agencies (CRAs) Are NOT Government Agencies…

The credit reporting bureaus are publicly traded “for profit” companies.  They, like all publicly traded companies, are in business to make money for their stockholders…period.

But that alone is not the scary part…

Some of their biggest customers are credit card companies and predatory lenders, who BUY their lists of people with less than perfect credit so they can prey upon them, with HIGH interest offers.

But, due to the startling statistics we just revealed, they are heavily regulated … one of the MOST heavily regulated companies in fact.

So what can you do about all of this?

Know Your Legal Rights …

Congress has given you rights that the credit reporting agencies (CRAs) really hoped you wouldn’t know.

We all know that everyone is innocent until proven guilty, right?  And, if accused of a crime, the burden of proof lies with the accuser.  But, with the credit-reporting agencies, it appears this is not so.

However, they are only a repository of anything and everything that creditors report to them.

And here’s the surprising fact about CRA’s…

They have no economic reason to ensure the accuracy of the information reported to them.  And, in fact, they have every economic reason not to at all.

They are only powerful because most consumers don’t know how to wrestle with them.

In fact, Congress set up provisions to allow consumers (you) the right to CHALLENGE information that is deemed to be inaccurate.  And you can also challenge information that is not properly validated.

In the next email, I will reveal once and for all why the Credit Reporting Agencies actually seem not to care about this information as much as consumers think…and what you can do to immediately begin the process of information removal.

Until next time…why not get your free credit repair consultation?  It’s as simple as filling out a form online (securely)…and then waiting for a call from one of our credit specialists.

Go to http://www.vantageca.com/free-consultation

to schedule your free credit consultation today (no high-pressure sales, and no obligation).

Sincerely,

Herschel Bentley

Herschel here…I’m hoping that I’ve revealed some eye-opening information for you in the previous blogs…now it’s time to reveal the scary truth about our common enemy the Credit Reporting Agency (CRA).

They really don’t care about you or about protecting your information.

Even better, if you dispute information on your credit report using the proper legal process, the CRA probably won’t even fight it…

Why?

Because the legal process of challenging information requires time on the part of the CRAs, they often find it more beneficial for them to simply remove the disputed item than to fight it.

The Legal Process…

You could, conceivably, challenge the bureaus yourself, it’s your right.  But the likelihood of you having the know-how, time and energy is slim to none unfortunately.

Why is that the case?

For the same reasons you wouldn’t represent yourself in a court case – given the opportunity, you’d prefer to have an attorney represent you in this battle as well to ensure it’s done right the first time and you can just sit back and relax, right (don’t worry, it’s really not as expensive as you might be thinking)?

As I said above, Congress says that information NOT properly validated, under the law, must be removed regardless of whether it is accurate or not.

It is YOUR right, then, to have an attorney represent you … someone who knows the law and knows how to use it on your behalf.

How little of an investment this will require will shock you (this is the really good part, and why I direct this program)…

In my next blogs I will reveal even more startling information, secrets and tips…including the actual law that Congress passed to help you and me beat our common enemy.

Until next time.

Sincerely,

Herschel Bentley
Executive Director
National Credit Federation

I’m going to show you WHY the credit bureaus are NOT interested in helping you to clean up your reports!

My name is Herschel Bentley, and I want you to understand WHY I am so excited to be able to help you regain your credit, social status, and freedom.
You see, it wasn’t too long ago that I was exactly where you are. I couldn’t even buy a mattress for my family, much less buy a new car or a home.
(in fact, it got so bad I couldn’t finance the steam off of a hot dog)

I was humiliated. I felt like a total loser.

I was treated like a 2nd class citizen. And I don’t have to tell you how horrible that made me feel. Like you, I wanted to take care of my family … I just didn’t know how because my credit was so bad.

The real shocker is, the credit bureaus don’t want you to get out of that vicious circle.

You see, the very wealthy have been able to take advantage of these credit “loopholes” for a long, long time. Now, it’s YOUR turn to do the same 100% legally.

You’ve heard the old adage … the rich get richer and the poor get poorer.

Well, unfortunately, there’s too much truth to that statement.

Knowledge is Power.

There is SO much I want you to know, so you will be able to arm yourself with the tools, information and strategies to regain your credit power (like I have).

In the next few blogs, I’ll be sharing some things with you that will inform and inspire you to take ACTION. So please take the time to read and understand these posts so we can take an extraordinary journey together.

But if you simply want to “skip the wait” for more information and action items, and just get started on the path to 1st class credit citizenship right now… pay close attention…

Here’s what the attorneys at my company (National Credit Federation) do for you that others don’t:

This is extremely important information for you to understand…

What We Don’t Do:

Dispute items one at a time, without an attorney, as most groups try to do (not a permanent fix).

What We Actually Do That Separates Us From The Competition (aside from earning your trust as a partner in credit restoration):

* We 100% legally force the total removal of negative items from your credit report.

* Our attorneys use every legal means available to challenge (and beat) the credit bureaus.

* And the law requires the bureaus to REMOVE derogatory items on your credit reports, under certain conditions that our attorneys put into place.

It’s a sad state of affairs that you have to know the ins/outs of the law, before you can effectively challenge these companies …

But NOW, you can level the playing field because you will have a trusted partner and legal representation.

http://www.VantageCA.com