[Lender Of Gold]

I have some merchants whose FICO is the main thing holding them back. Who are some reliable companies to partner with alongside my ISO so I can get them funded down the line?

[maxis29]

I have the company for you, that has helped thousands of business with their credit. please contact me as soon as possible at 757-238-5651 ask for Deborah.

[CO1]

Tracy Becker
North Shore Advisory, Inc.
155 White Plains Rd. Suite 200
Tarrytown, NY 10591
Phone- 914-524-8300
Toll Free- 866-388-9400
Fax- 914-524-5014
info@northshoreadvisory.com
Tell Them Chad Otar Sent you.

[jotucker1983]

This is just my opinion, but I don't believe Credit Repair companies have a lot of value, as what they are supposedly going to do to fix your credit report, you can (and should) do yourself. Or in this case, your merchant should be doing these things.

Your FICO score is mainly 35% payment history, 30% amounts owed, 20% new credit/types of credit used and 15% length of credit history. If the merchant has a very low FICO score, it's most likely he has a very bad payment history, maybe has a high credit utilization rate, and maybe has some serious collections or charge-offs or bankruptcy related filings listed.

He would need to build positive history by opening other accounts and paying on time, while making sure to pay off the outstanding negative balances. If he has a bankruptcy on his report, charge-offs, etc., he will have to wait until they fall off, but in the meantime he can be building positive history with the other account(s).

This will help increase his FICO score in general, note though that there are different "types" of FICO scores such as FICO 8 and others.

If something is on his report that shouldn't be on there, or something is reported inaccurately, then he needs to contact the Credit Bureaus to begin a dispute investigation.

There's no need for a Credit Repair company (in my opinion).

[Lender Of Gold]

Your FICO score is mainly 35% payment history, 30% amounts owed, 20% new credit/types of credit used and 15% length of credit history. If the merchant has a very low FICO score, it's most likely he has a very bad payment history, maybe has a high credit utilization rate, and maybe has some serious collections or charge-offs or bankruptcy related filings listed.

He would need to build positive history by opening other accounts and paying on time, while making sure to pay off the outstanding negative balances. If he has a bankruptcy on his report, charge-offs, etc., he will have to wait until they fall off, but in the meantime he can be building positive history with the other account(s).

Much appreciated for the breakdown of the FICO score, when you put it that way it may just be up to me to educate merchant on how to relieve those problems myself.

An interesting question is, when do I give up? I have this merchant (grocery, 35K monthly, 25K cards) take 24K @ .45 over 6 months, so for his renewal I wanted to put him on a CC split deal, But literally everyone has declined b/c of his credit (below ~500) and averaging 5-6 NSFs a month since the deal. Despite the NSF's he is making the majority of daily payments and hasn't run off with the money or changed his account yet (haha).

I keep telling him I need just one/two good months and I'll have some ammo to get him money but he just can't seem to keep regular cash in his account ever since he went over 50-60% (and he's been hungry for the money for awhile now) I really really want to help him as a current client in my book, and I feel a split would relieve his NSFs and help his cash flow.....but perhaps he may just be destined to go bankrupt and the underwriters were correct in giving him the high risk rate, and I might be wasting my time...

As for maxis and Chad, appreciate the quick feedback, I'll call those guys soon. I'm all about honing the craft. but also using this product to genuinely improve people lives whenever possible even if the money's expensive

[ridextreme]

Credit "Repair" is a big scam. If your credit score is low because you have charge-off's, late payments, collection accounts, and other derogatory items, there is no one who can "fix" your credit, except time.

All the credit repair companies do is send the credit bureau's a letter stating "This account is not mine" or "I never had a late payment" or "I paid this account off years ago" which obviously are all lies, but they have 30 days according to the Fair Credit Reporting Act to prove the account is yours by contacting the original creditor or the collection agency. Sometimes, they do not get the response in time and some information comes off, but the problem is as soon as the creditor reports it the following month, it's right back on again.

BK's, tax liens and judgements remain on your report for 10 years and negative accounts remain for 7 years from the last date of activity on the account.

If you notice on all of the credit repair company's advertisements and adds, they say "We will remove all of the negative inaccurate information" to cover their ***.

BTW, by law, none of these companies are allowed to charge a dime until after the "inaccurate" information is removed, and the FTC is heavily involved in shutting these companies down.

http://www.consumer.ftc.gov/articles...-help-yourself

[Karen37a]

95% Of credit repair companies are scams BUT you can remove some negative items yourself or thru a credit repair company( if you find one) or a letter.

These scam companies were charging for credit repair upfront and taking off with the money never fixing the credit report, hence the laws against charging upfront. Now Some companies charge by line item AFTER they are removed.

Some debt has been sold off and can no longer be "accurately" validated and if you know how to word things or argue to death they must be removed. Also collection companies resell the bad debt and "re age" or start the debt over again. ( its supposed to be reported from the date of first delinquency not the date first reported ) or they sell it to another collection agency for pennies on the dollar then they re age the debt.( not all some are honest )

Another example...Hippa laws block collection companies and 3rd party companies from getting a detailed reflection on a medical bill. Some bills were not covered by insurance or not paid without people knowing or they were "out of the network ". so they were not paid, paid and not reported or they were and not reflected as such. Old debts are hard to verify.

Again, they can be deleted

This is why you are supposed to get one free credit report a year from "myannualcreditreport.com" and save them so you have proof of the date of first delinquency and proof it was passed from collection agency to collection agency then re aged again.

Also if you pay certain debts you start the "statute of limitations" on the debt again ( the time they can drag you into court and sue you ) So " some say" its not wise to pay certain debts or make payment arrangements. If you do you should negotiate to have it removed or marked as "paid" not "paid collection" because a paid collection is as bad as a collection. ( offer in compromise to lower debt as well , and remove )...ps get it in writing before you pay or they wont honor their agreement

I never was a credit repair agent, just too long in the game and have always been on the consumers side..Most people do not know how to get things removed off of their credit report and just leave them there and wait for 7-10 years to be removed( depending on the debt); even when the debt buyer is out of business and it could be easily removed .

[Chambo]

Credit "Repair" is a big scam. If your credit score is low because you have charge-off's, late payments, collection accounts, and other derogatory items, there is no one who can "fix" your credit, except time.

All the credit repair companies do is send the credit bureau's a letter stating "This account is not mine" or "I never had a late payment" or "I paid this account off years ago" which obviously are all lies, but they have 30 days according to the Fair Credit Reporting Act to prove the account is yours by contacting the original creditor or the collection agency. Sometimes, they do not get the response in time and some information comes off, but the problem is as soon as the creditor reports it the following month, it's right back on again.

BK's, tax liens and judgements remain on your report for 10 years and negative accounts remain for 7 years from the last date of activity on the account.

If you notice on all of the credit repair company's advertisements and adds, they say "We will remove all of the negative inaccurate information" to cover their ***.

BTW, by law, none of these companies are allowed to charge a dime until after the "inaccurate" information is removed, and the FTC is heavily involved in shutting these companies down.

http://www.consumer.ftc.gov/articles...-help-yourself

Like I have posted previously, only TWO THINGS can repair credit. Payments & Time

[Karen37a]

ah huh

[FUNd]

Like I have posted previously, only TWO THINGS can repair credit. Payments & Time

And removing incorrect and old information, opening new accounts, increasing available credit...

[NBDC_Leads]

Credit repair is easy, I have done it for dozens of people, the system is set up to let you dispute things on your credit report, the way it works is when you write the reporting agency and dispute something they send a letter to the company or organization that reported it, if they do not respond with proof in 30 days it gets removed, not saying it my not appear again down the road if the creditor realizes it has disappeared. If they do respond in 30 days, then 30 days later you dispute it again with one of the other credit reporters, again they have 30 days to respond even thought they responded once already.

It is the guidelines of credit reporting that lets you do this, basically this is the main method of clearing credit, there are a few other tricks too, but this works the best...

[CannonCap]

NBDC-Pipe Dream! Anybody that even sniffs at this and says they do this and that is full of BS, keep it movin pal!

[funda21]

Credit repair (done right and consistently) does have its place in the toolbox of helping a merchant getting cheaper financing down the road. The problem is credit repair has gotten a horrible name due to so many shady con-artists performing it. I myself have gotten beat by some guy who claimed he could make negative items disappear overnight for $800 when I was younger. He did nothing and at stopped returning my phone calls when I asked him to show me what he did.

However, the slow and steady approach of every month fighting negative items does in fact work and that's why reputable companies like (few and far between) do it successfully but no it's not an overnight or 1 month process that can be done quickly. Yes a person can do it themselves but let's be honest most of these merchants take a week to get over an app and bank statements so do you really believe they are going to pick 3 negative items and sent out letters (some that have to be notarized) on a month basis consistently for the 6 months plus straight it will take to see improvement? No way and this is what a reputable credit repair company can do for your merchant.

[cbs]

Corporate credit is completely different from personal credit. Most vendors don't report corp credit. You have to make sure the merchants goes to vendors that are reporting in order to raise his paydex score. Eventually no more personal guaranteès as credit worthiness is built. Merchant can do it himself just like personal but usually doesn't and doesn't know who is reporting.