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Illegal Credit Repair
Toni Said:If loan sharking is illegal, how do banks get away with charging 30% interest rates on credit?
We Answered:So quit using your credit cards. No one twisted your arm to apply for it, no one twisted your arm to use it. Start living within your means. Quit borrowing money.
Florence Said:Do I have a law suite against a credit repair company?
We Answered:have a lawyer review your contract; but odds are there are so many disclaimers built in you are SOL
Allen Said:What's the difference between consumer credit & hp agreements?
We Answered:In uk, if the goods are faulty you ask for repair / replacement at the discretion of the vendor.
They obviously attempt a repair where this is the most economic for them, if not they should replace without question.
Only an Idiot would pay for goods that are defect!
Obviously, once the problem is remedied and you have possession of USEFUL goods then you pay your first payment!
The difference twixt HP & CC is simple;
HP = If you do not maintain correct & proper payment the goods may be repossessed, or goods to the same value, but the vendor must first gain a possession order / distress warrant from the relevant court.
This can only be served by a bailliff under police escort, only the police can serve a copy of the relevant document, BEFORE the bailliff can gain entry / possesssion.
CC = The vendor does not have the same level of protection, & would most likely need to "file a suite" for civil damages, as possession is 9/10 of the law.
In conclusion, seek FREE legal advice, poste haste, on the validity of the contract which you believe is "null & void".
It may be best for you to inform the police of a criminal act, it is possible they will send you to trading standards.
Do NOT release the goods to the police or any else without demanding a receipt!!!
This should be dated, stamped, their name, rank etc. printed AND signed!!!
Jaime Said:My Credit Report Has Been Suppressed, What To Do?
We Answered:What TransUnion is probably doing is contacting each listing on your credit report to verify which ones are legitimate and which ones are false. This could easily take 30 days to have them get all of the information, then what ever time it takes for them to put everything together. So it could be anywhere from tomorrow to a few months.
Having your score or report suppressed is not going to be seen as a positive thing with the lenders. Now, if only your score is suppressed, but your report is visible they may look at that to at least pre-qualify you. That is a long way from actually getting approved. If your report is also suppressed you can probably show them an old report but it would have little to no weight in even pre-qualifying you.
Depending on the outcome of this investigation you may need to look into if there are any actions you can take against this "repair" company.
Catherine Said:How can i increase my credit score while still in chapter 7 bankruptcy?
We Answered:again, your going to have to wait until your Bankruptcy is over. As soon as that is resolved, immediately start practicing responsible credit management, for it will take you months and years to rebuild your credibility as a borrower. Generally, the lower your FICO scores, the higher your rates (or the more it will cost to get a decent rate). Use the following credit management tips to get yourself back on track:
1. Never spend more than 30% of your credit card limit. ex. if your limit is $1000, never spend over $300. then pay off the entire amount at the end of the month. Keeping your balances at the 30% range is an accelerater to your credit score growth.
2. Try not to maintian any more than 4-5 cards per person.
3. Most department store discounts that are applied when you sign up for thier card are dwarfed by the interest rates they charge on your balance, stay away from them if possible.
4. if you make a big purchase, like a flat screen tv, and decide to put in on a new store credit card, before the transaction is done, make sure that they extend your limit so that your starting balance is 30% of the limit.
Best of Luck! Watch out for preditory lenders when purchasing a house right away, but know that you will have to pay the price for not having strong credibility as a borrower.