Legal Loopholes: Credit Repair Tactics Exposed

By Charles Dickens

It is estimated that over 80 million Americans are living with poor credit, and recent studies have shown that up to 79% of all credit reports contain errors. Use this recession-proof, guerilla-repair guide to quickly and legally repair your credit and improve your scores. Dont pay credit repair companies thousands of dollars; do it yourself, and be fast on your way to owning the car or house of your dreams.

Remove accurate negative information
Boost your scores in as little as 72 hours
Establish credit fast and easy
Laws to stop creditors fast in their tracks
Secrets the credit bureaus dont want you to know
Remedy identity theft in 4 days

Finally, a credit repair guide that delivers! I applied these legal-loopholes tactics and improved my credit score by over 100 points in less than 30 days! The author uses his legal background to shed light on the little-known provisions in the law, allowing you to legally and quickly repair your credit and boost your scores. Yet his simple approach and sample legal form letters make repairing credit so easyyou need only be smarter than a fifth grader to do it yourself.

E. Henry, Milwaukee, Wisconsin, savvy consumer

• Language: English
• Publisher: Trafford Publishing
• Release date: Apr 17, 2013
• ISBN: 9781466985520

Charles Dickens

Charles Dickens was born in 1812 and grew up in poverty. This experience influenced ‘Oliver Twist’, the second of his fourteen major novels, which first appeared in 1837. When he died in 1870, he was buried in Poets’ Corner in Westminster Abbey as an indication of his huge popularity as a novelist, which endures to this day.

Book preview

Contents

Acknowledgments

Introduction

1

Legal Loopholes

2

The Credit Game

3

How to Obtain Your Credit Reports

4

How to Understand Your Credit Report

5

The Dispute Process

6

Credit Scores

7

Tricks of the Trade

8

How to Negotiate a Deal with Your Creditors

9

How to Establish Credit Fast and Easy

10

How to Remedy Identity Theft A New Millennium of Identity Thieves

11

What They Don’t Want You to Know

12

The Application Process

13

Boost Your Credit Scores in as Little as Seventy-Two Hours

14

The Truth About Inquiries

15

Stopping Debt Collectors in Their Tracks

Final Thoughts

Appendix

A

Addresses of Attorneys General

Appendix

B

Statute of Limitations for Debts

Appendix

C

Resources

Appendix

D

Credit Card Act

Appendix

E

A Summary of Your Rights under the Fair Credit Reporting Act

Appendix

F

The Consumer Financial Protection Bureau (CFPB)

About the Author

Disclaimer

This book is sold with the understanding that the author or publisher is not engaged in rendering legal, accounting, or professional services. The author, publishers, and distributors specifically disclaim any liability, risk, personal loss, or otherwise incurred as a consequence, directly or indirectly, of any information presented in this work. If legal advice or expert assistance is required, the services of competent, certified, licensed professionals should be sought.

The information and opinions provided herein are not guaranteed to produce any particular results. This information was gathered from many sources believed to be believable but cannot be guaranteed as they apply to any particular individual.

The addresses, telephone numbers, Internet addresses, and other information were accurate at the time of publication; neither the author nor the publisher assumes any responsibility for any errors or changes after publication or third-party Web sites referred to or their content. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered.

Acknowledgments

Since this book is predominately about credit, it is only appropriate that I give credit where credit is genuinely due. The origin of the word credit derives from the Latin word credo, meaning, I believe.

I would like to give credit to my family, grandparents, aunts, uncles, mom and dad, brothers, and my two sons, all of which are people who I believe in and who continuously support and believe in me.

I would also like to give credit to Ms. Henry (operation specialist), Dale Gibson (senior project editor), and Mr. Jarvis Bradley (editorial assistant) for their various contributions to this project.

While I may be an author, I would like to thank The Author and Finisher of my Faith.

Additionally, I dedicate this book to the over 130 million people in the United States who are suffering from having no or poor credit.

Introduction

Credit makes the world go around. Dating from the temples in Babylonia, who extended credit from their treasuries as early as 2000 BC, and through the years of the Roman Empire, who had a very developed banking system, purchasing mortgages and extending lines of credit to its early citizens.

The creation of the Federal Reserve System in 1913 greatly enhanced the operation and role of credit. Retail installment loans began in the United States in the nineteenth century, and thirty-year mortgages were first introduced in the 1930s. In 1958, American Express introduced its first charge card and, within three months, had over a half-million cardholders. US essayist and journalist Edward Bellamy stated, An American Express card is just as good as American gold used to be.

Today there are over six hundred million credit cards in use in the United States, and one out of every three-consumer purchases is made with a credit card. We are living in a society that is very credit conscious. If you want to rent a car, lease an apartment, book a flight, reserve a hotel room, apply for employment, or even enter a cell phone contract, you run the risk of your credit profile being pulled.

Insurance companies now evaluate your credit, and you can be subjected to higher premiums if you have a low credit score. Interestingly, even DIRECTV charges more based on credit scores. In addition, some utility companies require deposits in advance for those with bad credit. It is almost impossible to function in this day and time without good credit. French novelist, poet, and critic Anatole France stated, It is only the poor who pay cash, and that not from virtue, but because they are refused credit.

Some of the analysts have compared the times we are living in to the Great Depression of the 1930s. Job losses are at an insurmountable high, foreclosures are skyrocketing on a daily basis, and the American economy is in a crisis. In the aftermath of the great recession, we have fallen victim to predatory lending, adjustable-rate mortgages that are like being on a roller-coaster ride, subprime lending scams, high unemployment, and high-interest-rate credit card debts that are spiraling out of control—all of which have left an indelible impression on our creditworthiness.

Annually, nineteen million Americans turn to payday loans as a result of poor credit. The average interest rate of these loans is over 400 percent—thirty times as much interest as a traditional loan and twice as much as a loan shark charges. The average amount owed on automobile loans is about $700 billion, credit cards average $800 billion, and student loans exceed $1 trillion.

Debt has become a way of life and a huge problem; even our federal government is trillions of dollars in debt. Many of the large banks and automotive makers have had to receive federal bailouts. The average consumer has thirteen credit obligations, nine of which are credit cards. In light of all these calamities, lenders have enacted tougher, more stringent lending policies, making it harder to obtain loans.

In the wake of the great recession, this credit-repair guide was created for those whose creditworthiness may have been negatively impacted or adversely affected by whatever unforeseeable circumstances life may have dealt. By applying some of the quick and easy methods (legal loopholes) the professionals use and a history of timely payments, you can quickly be on your way from cellar to stellar credit.

This credit-repair guide was created for those with no credit, poor credit rating (300-619), fair credit rating (620-659), and good credit rating (660-749) but would like to quickly boost their credit scores to an excellent credit rating (750-850). The economy we are currently living in is making it even harder for those with just good credit to be approved for loans. With a good or excellent credit rating, you can now take advantage of some of the lowest interest rates in history. Federal Reserve chairman Ben Bernanke announced that he would keep the interest rates low through 2014.

I recently filed a civil lawsuit pro se (myself without an attorney). In the preliminary stages of the action, I mailed the opposing defense attorney arguments stating the legal validity of my claims. In addition, I informed him that I would be willing to settle my claims and draft a motion to dismiss my suit only if he responded within ten days. A few days later, I received a letter stating, Let’s cut right to the chase—what is your settlement offer? I promptly responded with my offer, and the case was settled for an undisclosed amount of money.

I told you this story because I appreciated and respected the fact of how the opposing attorney did not attempt to beat around the bush or play games; he was very frank and up-front, and he cut right to the chase.

To the contrary, many credit consultants and authors on credit repair tend to play games and string readers along while promising to fix everything but the kitchen sink. I’ve read countless books that claimed to possess credit secrets, only to find out that if there was a secret, the author surely was not revealing it. While these authors seem to promise you the world, they do not provide the necessary information to produce any results.

In lieu of countless books, I have read on the subject of credit repair and the disappointments I had in many of those authors for providing outdated misinformation, I have comprised this work to be straightforward, to the point, highly effective, and incredibly accurate at the time of this printing.

Let’s Cut Right to the Chase

I have been intrigued with credit since I was a teenager. At the age of eighteen, I applied for and received my first credit card, which was an American Express charge card. I have since read every article and book I could possibly find or obtain on the subject of credit. Several years ago, I started a credit-repair company (White Out Credit Repair Co.) with the premise that I would help people white out negative information from their credit reports. In doing so, many of the negative accounts I assisted my previous customers in deleting (whiting out) were actually accurate negative accounts.

Some may question, is it ethical to delete accurate negative information? Others stand firm, maintaining there is no way that deleting accurate negative information can be done. Some of the companies that uphold the theory that it is impossible to remove accurate negative information from your credit reports are traded on the New York Stock Exchange and, therefore, have their own motives for making these inaccurate statements. Equifax is traded under the name NYSE: EFX, and FICO is traded on the NYSE under NYSE: FICO. Additionally, Experian is listed on the London Stock Exchange as EXPN. If multibillion-dollar lending institutions and information providers stand to lose revenue, of course, they will continue to tell consumers, The only way to fix your credit is to make timely payments.

There are many naysayers that say it is impossible to remove accurate negative information and that there is no way it can be done. I recently completed repairing a credit report that started out with a score of about a 400. Currently, the score is about a 745, and if the person would pay down their credit cards, it would be around an 800. In all, I deleted thirty-seven accounts, nine judgments, twenty-four inquiries, two liens, and yes, their bankruptcy.

Reviews for Legal Loopholes

[Jron Lewis · Rating: 5 out of 5 stars]

Wondering informational book, this book was very much helpful to boosting my credit immediately thank you writer. I highly recommend to those who are having problems with there credit

[Ali Salsu · Rating: 2 out of 5 stars]

Ok. But no substance. This book only states the obvious and / or readily available information that's out on the web. I didn't learn any tricks or new information I didn't already know. It was a waste of time for me. Skip this, IMO.

[TMH128 MANAGEMENT · Rating: 4 out of 5 stars]

Very solid info for credit healers starting off in the game.