Loan Officer Consultant

The time has come for you to either hire or recommend a credit repair company.

Who do you choose?
If you do a simple internet search for credit repair you’ll see tens of thousand of companies. What does one do that the other can’t, or even that you can’t do for yourself. I’m sure you’ve heard the same regurgitated response, “you can repair your credit yourself.” You can build your own plane too, but would you really want to fly in it? Do you do your own taxes, or do you hire a professional? Do you represent yourself in court, or do you hire a lawyer?

I literally laugh out loud at those who say, “I have a credit repair letter.” They must be delusional if they think that using the same letter, in the same format, stating the same thing over and over hasn’t been caught by the credit bureaus. Or mortgage brokers who say, “I repair my clients credit all the time,” “no you don’t, please stop fibbing,” is my reply. If they receive the same level of results that we here at HTDI Financial do, they should leave their current profession and start a credit repair company themselves. Incidentally, if this is the case, I can help you out there as well.

Consider this … It is illegal for a credit repair company to guarantee results!!! ILLEGAL!!! We can not guarantee the removal of any one specific item, that would be like a lawyer guaranteeing a verdict of “not guilty.” So how do you gauge the caliber of a credit repair company if they are adhering to the law? That’s easy … statistics. What is their average deletion rate? Do they limit their disputed tradelines and the bureaus they go against? I have scoured the internet for average deletion rates and we are by far the leaders of the pack. We are so good that we actually have other credit repair companies outsource their work to us so they can have the same level of success as we do.

• We go against all three credit bureaus simultaneously and an unlimited number of negative items.

Results as of 01-07-2008 (real time at www.htdifinancial.com)

1st Round 46.50%

2nd Round 20.97%

3rd Round 18.76%

4th Round 14.75%

To achieve the industry leading results in a legal and ethical manner there is no other choice but HTDI Financial.

I had come across this when asked by another member of WN. I figured I would share it openly for those who wanted a more clear definition. The link to article and the chart is below.

The statute of limitations (SOL) for a delinquent debt is the time limit for the creditor to file a lawsuit. This period starts when the debtor becomes delinquent. The fact that the SOL has “run” (expired) on a particular debt will not necessarily prevent a lawsuit from being filed (via a Summons And Complaint), but the defendant can have the suit dismissed on this basis.

The Statute Of Limitations only covers lawsuits, and SOL expiration does not affect other types of collection action or reporting of the account to credit bureaus. The creditor or collection agency may theoretically continue with letters and telephone calls forever (although third-party collectors are subject to the “cease and desist” provision of the Fair Debt Collection Practices Act.) However, they will generally put much less effort into collecting “Out-Of-Statute” debts, and may give up easily. Out-Of-Statute debts can still be reported to credit bureaus for the time limits specified in the Fair Credit Reporting Act.

Credit cards are generally considered Open Accounts. Auto loans and other installment agreements are Written Contracts

Personal information

• The top part of your credit report has the identifying information. It includes your name, social security number, date of birth, current and former addresses, any employment history reported to the credit bureau, alerts on file and a consumer statement if you have one.

1. Where the information comes from

• Creditors report consumers’ identifying information along with their account information to the credit bureaus, as do public record collectors with public records. Sometimes when inquiries are made, identifying information that’s typed in also gets reported by creditors.

It’s not a big deal if your employment history has no information listed. Iit doesn’t get updated and your employment history is not an important piece of information as social security numbers and names are. They really don’t care who your employer is as long as you’re paying your bills on time.

Credit summary

This section lists your credit account activity and how many closed accounts you have, how many accounts are in good standing and the number of accounts you have currently past due. It also accumulates the different accounts you have, such as mortgage, revolving or installment.

Account information

This is where you’ll find the detailed information about your accounts. It includes all facts about your account, like the type of account it is and when you opened it and also payment information, such as the highest balance and the amount past due.

Inquiries

The CBR separates inquiries that hurt your credit score from those that do not — AKA - hard and soft inquiries. A hard inquirie occurs when you apply for new credit and give permission for a company to pull your credit report. Consumers and subscribers can see these inquiries. Soft inquiries are displayed only to the consumer and can occur when you request your own report or when one of your existing creditors reviews your account.

Collections

These are accounts that have been sent to collection agencies.

Public records

This section lists any bankruptcies, liens, garnishments and other judgments against you. Public record information comes from the courts at every level - city court, county court, state and federal courts.

Figures reflect national average rates for $165,000, 30-year fixed mortgage.

Credit score– Interest rate–Monthly payment–Savings with higher score*

760-850 —– 6.274% —— $1,019 ———— $0
700-759 —– 6.496% —— $1,042 ———— $8,627
660-699 —– 6.780% —— $1,073 ———— $19,788
620-659 —– 7.590% —— $1,164 ———— $52,336
580-619 —– 8.905% —— $1,316 ———— $107,234
500-579 —– 9.899% —— $1,436 ———— $150,192

* The amount one could save over the life of the loan if credit score was 760 or higher.

Figures reflect national average rates for $22,000, 36-month auto loan.

Credit score– Interest rate–Monthly payment–Savings with higher score*

760-850 —– 7.131% —— $681 ———— $0
700-759 —– 7.974% —— $689 ———— $307
660-699 —– 9.444% —— $704 ———— $847
620-659 —– 10.967% —– $720 ———— $1,414
580-619 —– 14.360% —– $756 ———— $2,705
500-579 —– 14.896% —– $762 ———— $2,912

* The amount one could save over the life of the loan if credit score was 720 or higher.

Disputed items cannot be sold or placed for collection (eff. Dec 1, 2004): Once creditors have been notified of blocked items by the CRA, they cannot sell those items, transfer them, or place them for collection. §1681m(f), FCRA.

As the credit bureaus computerized their processes and greatly expanded their reach and influence in the late 1960s and early 1970s, consumer complaints began to pile up at the FTC and state attorney generals’ offices. The credit reporting agencies quickly became huge bureaucracies second only in size to the federal government. Yet, the credit bureaus expressly served only the needs of their clients, the credit grantors.

Many consumers were negatively effected by the credit bureaus, but they had no way to correct or change their credit information. The American consumer lay completely at the mercy of the credit bureaus. The United States Congress enacted the Fair Credit Reporting Act (FCRA) in 1971 to insure that the credit bureaus investigate the credit items disputed by consumers. This federal law set procedural guidelines which gave the consumer the right to challenge the accuracy, validity, and verifiability of the credit listings appearing in their consumer credit report. It also required that the credit bureau repair any credit listing if it was inaccurate or could not be verified.

In theory, the FCRA charges the credit bureaus with responsibility to the consumer as well as the credit grantor. In reality, the credit bureaus resist, resent, and reject consumer disputes. The credit bureaus would rather be left alone to make a profit. And, each time a consumer challenges his credit, profit is lost.

The credit bureaus first defend their profits by erecting walls of stall tactics, including requests for more information, further clarification, and additional identification. The vast majority of consumers give up before they even receive copies of their credit reports. If a consumer manages to get a credit report, decipher the codified information, write a coherent dispute, and mail it, the bureaus may still find some reason to disregard the challenge. The entire dispute system is designed to frustrate and discourage the consumer.

When we delete a negative credit report listing, the actual debt remains. You still owe the same amount of money that you owed to begin with. If you don’t pay the debt, the creditor or collection agency could always report the item again. So removing the listing without addressing the debt is only a temporary solution. Additionally, our service is designed for individuals that can pay their bills now, but have had problems in the past

No matter what the condition of the mortgage industry is, the fact is that there are always those in need of home loan approval. If they do not have the required FICO score then that takes credit repair to help them improve their credit picture to either receive an exceptable rate or at the very least an approval.

Borrowers with sub-approval scores are faced with less opportunities to own their own home. Credit repair and a sound financial plan/budget is their only solution to getting into a loan.

Top mortgage professionals understand that HTDI Financial has the resources to assist their clients in a wide variety of issues that effect their financial situation.

You don’t send your clients to HTDI Financial because you have nothing else to do with them, you send them to HTDI Financial because you care enough about their future to do so.

When the FCRA was revised by FACTA, they put in a section for “Expedited Dispute Resolution” Section 611a(8) aka the on-line dispute system. If you read that part you will notice this sentence:

“the agency shall not be required to comply with paragraphs (2), (6), and (7) with respect to that dispute” if they delete the tradeline within 3 days.”

• Paragraph 2 is the part that requires the CRA to forward your dispute and all related documentation you provide to the creditor.
• Paragraph 6 is the part that requires the CRA to provide you with written results of the investigation.
• Paragraph 7 is the part that requires the CRA to provide you with the method of verification on request from the consumer.

The law isn’t specific enough to say permanently delete or suppress … herein lies the problem. The CRA can “soft delete” it for 30 days and then the tradeline can reappear when the furnisher reports it again in the next 30 day cycle. This is due to the fact that the CRA’s aren’t required to tell the creditor you disputed it at all.
This leaves a system in place where the consumer thinks they are getting a delete, but it is only temporary. Since the creditor doesn’t know it was deleted, they will re-report it and the CRA will put it back on your report. Furthermore, you lose the hard-copy of the investigation results you would otherwise get if the dispute was done by mail by a reputable credit repair company. This leaves all evidence of the dispute with the CRA’s …where you are assured that they will fight any and all attempts any court action.