BOOK DETAILS

Sue the Creditors - Fix Your Credit: How to Legally Sue Your Creditors to Repair Your Credit and Win (Volume 1)

Sue the Creditors - Fix Your Credit: How to Legally Sue Your Creditors to Repair Your Credit and Win (Volume 1)

by Renee McClain

ISBN: 9781475162165

Publisher CreateSpace

Published in Business & Investing/Finance, Business & Investing/Personal Finance, Business & Investing/General, Business & Investing

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Book Description

Sue the Creditors and Fix Your Credit is an instructional guide built for consumers to fight the laws being broken by the creditors and collection agencies when it comes to their financial past, present and future. This book is filled with examples, sample letters, laws, as well as a number of resources you can reference in order to fight and win against the unlawful practices that many Americans are faced with today, and a way to get negative information removed from their credit reports.

Sample Chapter

Credit Bureaus – The Devil?

It never fails, year after year, debt collection complaints rank among the most-common consumer grievances the Federal Trade Commission receives. In fact, in 2011, the FTC’s second most common complaints were that of deceptive debt collection tactics after identity theft. Since 2001, overall FTC complaint volume for all industries has risen from 325,000 complaints to 1.8 million complaints overall.

We as consumers know how crooked the banks can be. For instance, one of the big banks (starts with a C ends with an E) is currently being investigated by the government for improper credit card collections. Can you believe it? It is unfortunate that we have to rely on the banks for financing for our homes, cars, school loans, and in some cases medical bills. They have the ability to turn the tables fast during a hardship even after claiming they understand that “life happens”, but yet are quick to report negative information to the credit bureaus when you are a second late even if you have contacted them to work something out.

Did you know that the credit bureaus make money off of people having financial hardships? I know what you are thinking, “How can the credit bureaus make money off of me if I don’t have any money?” They make MILLIONS off of people who have poor credit and no money because the banks buy this information from them. The credit bureaus are in the business to make money. They make this money by selling data (names, addresses, credit scores, etc.) to banks that are requesting certain criteria and they will pay top dollar for this information. Why would they pay money for a list of people with bad credit?

Let me give you an example of why they do this:

Put yourself in the shoes of a bank that offers high interest loans. What is your main objective as a bank? Right, to make money, lots of money. Think about this scenario for a moment.

You have a block of loans to sell. Two potential customers walk into your bank. Customer A is a consumer with good credit, who has access to a lot of credit cards and can pretty much get a loan for anything he wants, anytime he wants.

Customer B is a consumer with bad credit. His credit took a dive when he lost his job. He's been struggling to pay his bills and to put food on the table for his family. It's more difficult for him to get loans because his credit is shot, and since his credit cards are all maxed out and overdue, he doesn't have any available credit.

Which of these consumers do you think is more likely to want or need a loan from the bank?

If you picked customer A, then you are wrong. Customer A isn't in need like customer B is. Customer A can get a loan anywhere for any rate. Why would they want to settle for your bank?

Customer B is in desperate need of anyone who will loan them the money they need to get by and (hopefully) get back on their feet. Since they are likely struggling, and likely don't have a lot of loan options available to them, they are more likely to be in a position to need the loan from the bank. In other words, gotcha!

What makes the deal for customer B even sweeter for the bank is that the loan is more profitable because with bad credit, customer B will have a much higher interest rate and pay more for the loan.

It is for this reason that certain banks, credit card companies, and "sub-prime" lenders want to offer their "sub-prime" products to consumers with bad credit. It is why they go to the credit bureaus to purchase "bad credit" (or sub-prime) data in order to market their products to consumers who desperately need or want them. Credit bureaus make a killing off of this information and can charge premium rates for sub-prime data since it is in high demand. Can we say “Predatory Lending”?

This also means that once your credit sucks, the credit bureaus have no motivation to correct inaccuracies. They make it difficult for you to get any type of response when disputing your credit reports. They have designed their whole system around “guilty until proven innocent” theory, which when you can prove that you are innocent, they still don’t comply by deleting inaccuracies. Why should they? It would mean less money for them in the long run. That is the reason that it has been said that the credit bureaus are a for-profit organization – and now you know why.

You know what? By them ignoring your requests to investigate inaccuracies and delete information that can be proven to be inaccurate, they are breaking the law. You as a consumer have rights explained in the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA) that protect you from these slimy credit bureaus. However, it is up to you to research these laws (they are listed for you in the back of this book) and keep diligent records of all correspondence between you and your creditors in order to make a case against them. They are not looking out for your best interest. You should be.

  Continues...

Excerpted from "Sue the Creditors - Fix Your Credit: How to Legally Sue Your Creditors to Repair Your Credit and Win (Volume 1)" by Renee McClain. Copyright © 2012 by Renee McClain. Excerpted by permission. All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher. Excerpts are provided solely for the personal use of visitors to this web site.
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