Re: A different strategy! - Posted by Mark-NC
Posted by Mark-NC on February 10, 2001 at 14:15:07:
I understand your skepticism. When I was first introduced to the company I was the same way. In fact I was introduced to them by a mortgage broker that was using it to help his clients. I watched him use their services for a few months with unbelievable success before I would even consider using them.
In the last few years I have devoted a lot of time and effort studying credit issues and repair and found out that yes, many, if not all credit repair companies were scams. The issue of a obtaining a new SS# is illegal It is called file segregation. The other way of challenging the creditors does not work either if the item is correct.
What drew me to the attention of ICR was the fact that they were using a different approach. What they did was develope a computer software program that uses the rules of the fair credit trade act to remove these items on the ENTRY PROCESS of the derogatory item. What I mean by this is that there are 320 rules written by the fair credit trade act that the credit bureaus are supposed to adhear to before they enter an item on a persons credit report. Now I don’t mean 320 rules for each item, different rules pertain to different entries.
So here is what happens and how they get the items removed. The credit buereaus recieve on an average over 260 million pieces of information a month. For the most part these rules are very labor intensive and they just don’t have the man power to be able to follow all those rules so they just don’t.
So When ICR runs a persons credit through their computer search program it picks up on the rules that pertain to the item and they force the credit buereaus to remove the item from the credit report by law. The thing is the Creditor is never even contacted through the process.
To ask if it is legal, yes it is. In fact one of the judges that helped write the fair credit trade act is on the board of this company. To make another point this software program is so powerfull the credit buereaus offer ICR 15 million to buy this program and ICR refused it.
So have I had any luck with them? If I didn’t, I wouldn’t be wasting my time with it. As an example we recently sent one in that had 21 derogatory items on his credit report and the first time through the process 17 of them were removed. If everything is not removed the first time through it is sent through again. They work with the client up to a full year.
I have many people in the process of repair at this time. The latest deal I did I had a client with a 570 score I put him in one of my houses on a contract for deed. He had put 10k down on the deal so I was willing to take a chance, After 4 months his score has gone up to 640. when we hit the 6 month mark we are going to refy the deal and cash me out. TO me this is very powerfull.
I have had many people respond to me privatley on this so as soon as I get time I will post more information on it.