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The Truth about Credit Repair

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"Erase bad credit," the credit repair ads say. The Federal Trade Commission (FTC) says something quite different . . .

"Don't be misled by credit repair ads ... Promises to repair or clean up a bad credit file can almost never be kept."

How do these firms get away with making false promises? They just operate until the government shuts them down; then they open shop again under a new name.

In fact, many of the tactics used by these firms can land their victims in jail. For example, one trick they pull is to get you a new credit file under a different (false) Social Security number or business tax number. If you get caught (and you will likely get caught in our ever-more-automated, no-privacy world), the Feds can prosecute you for identity fraud or obtaining credit through fraudulent representations. Anytime you fib, deceive, mislead, omit, overstate, or understate to obtain credit from a federal-  or state-regulated financial institution, you commit criminal fraud.

Is there such a thing as legitimate credit repair? Yes, but it takes time and financial discipline. It means repairing your credit report: correcting wrongful entries, adding legitimate entries, and careful credit management that complies with the law.

Gary Eldred, PhD is Professor of Real Estate at Trump University, where he teaches The Real Estate Investor Training Program.

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7 Comments

[-] Posted by Patrick MVREI on 10/12/2007 1:09 AM
This is a very good subject. Having been in the financial industry for seven years (from customer service to collections to mortgage loans), credit repair is an extremely important thing. I currently work with my clients to repair it the right way, and sometimes that's after they've already done it the wrong way. It does take time and discipline to do it the right way, but is truly worth it.
[-] Posted by member1662788 on 10/14/2007 10:11 AM
Hello.Mr Donald Trump!I am so glad to be the first person who leaves a comment here.Actually.I am so far away from you,I am living in a very small city of China,and I know you through the fantastic program"The Apprentice",I reel off all the seasons ,just because it is so good.Every time I watch the program,I adore you so much,not only because your luxurious lifestyle,but also your wisdom and humor.You respect your assistants,patiently to listen to their ideas;you respect the candidates by never insulting them,but instead giving them much valuble instructions and encouragement,you host the program so well .

I am a girl of 20,a senior,as well as an English learner who loves you so much,who also has an American dream that one day I can go to America and see you.I don't know whether you have ever been to China and have an impression of my country,but you must know Beijing which is the host city of the next year's Olympic Games.As you know,china is still a developing country in which the industry is not so powerful and the pace of life is very slow,compared with New York city.Nevertheless,it has its own dimensions and all the people here are very hospitable and benign.

You are a good writer,I am your loyal reader;you are a good teacher,I am your well-behaved student,you are a good host,I am your patient audience.all in all,I will be always standing by you.and hope to reap a lot of great benifits from you.!

Thank you for your patience .
[-] Posted by lightwayvez on 10/25/2007 3:44 PM
Some policies for cowards are self defeating when it comes to truth and credit repair.

Take X Box for example.

Divorce and ex fathers why of course.

In Donald's analogy fathers are our mentors. This is true in the context of our world's era.

The point in length for the past few decades by contrast will introduce a new flavor of women.

X Box took aim to maintain a cheaper pocket of men in our future.

Ushering a child the need and use of a credit card

and a hefty student loan followed by insurance premiums.

Where is the pay off value ?

For me it is whatever lies in one's altruism

But really does altruism exist the hearts of fathers in the past few decades ?

My father left me with this lasting impression ...

My father didn't buy an X Box to squander such silly money

He did however once purchase a chessboard I will never forget.
[-] Posted by member1677086 on 11/10/2007 11:08 AM
Thanks for the advise on how to "heal" your credit report.

What are the first steps in the "DYI" method? By that I mean if you want to "do it yourself" how do you begin to prioritize and plan with the dicipline and patience you speak of?

I have just joined the Trump University and I feel richer already!!

Queenmum
Reigns in Pittsburgh
[-] Posted by member1814673 on 06/20/2008 8:46 PM
Is credit repair possible?

Contrary to what the credit bureaus would like you to believe, credit repair does work and can work for 100% of people in most circumstances. This is, of course, provided you are getting the best advice and have an experienced professional working on your case. Anyone with a credit score below 720 can benefit long-term from the advice and information provided through credit repair; however, there are times when your own limitations make adhering to this advice impossible. The two limiting factors are: (1) your financial situation and/or (2) the time-frame in which you need to reach your results. It is possible to remove anything from a credit report, even accurate items, if the creditor does not adhere to the law that outlines what needs to be done within a specified time period.

Arty Bujan: Entrepueneur, Certified Credit Expert and Business Credit Coach
www.credit-boost.net
[-] Posted by credit repair ideas on 07/25/2009 6:05 AM
Before doing business with any company I highly recommend dedicating at least 30 minutes researching their background. You can read a really good article on how to spot a scam here http://www.thecreditbar.com/ways-to-spot-a-scam/ Even though the article is specifically about credit repair companies, the information is universal and can be applied to any business type including debt consolidation, debt negotiation etc..
[-] Posted by credit repair ideas on 09/16/2009 7:20 AM
Before doing business with any company I highly recommend dedicating at least 30 minutes researching their background. You can read a really good article on how to spot a scam here <a href="http://www.thecreditbar.com/ways-to-spot-a-scam/">http:... Even though the article is specifically about credit repair companies, the information is universal and can be applied to any business type including debt consolidation, debt negotiation etc..
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