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Ja Ccwerecommend Index Credit Card We Recommend

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... In one instance, a debt collector applicant disclosed her criminal background to Allied Interstate, LLC during the application process. She had been previously convicted of financial card fraud and of being a lookout in a burglary. Allied Interstate, LLC hired her nonetheless and told the Commerce Department she had no criminal history. ...

The release contains detailed charges and the settlements with Allied Interstate, Van Rue, IC System, Bureau of Collection Recovery, AllianceOne Receivables Management, Inc., General Revenue Corporation, Nationwide Recovery Systems, LTD LP and Commercial Recovery Corporation (CRC).

… Department investigation uncovers troubling pattern of negligence, harassment, and identity theft. ...

Also included are tips for consumers including:

2. Protect your identity. Do not give away or verify any of your personal financial information. ...

Excellent advice! 

The entire MN Department of Commerce press release with lots of details about the settlements.

Thursday, September 22, 2011

Incorrect Student Loan Reporting Lowers FICO Scores despite perfect payment history

MOST student loans are in deferment for years while the students go to school.  Unfortunately, INTEREST accrues during this time and the balances INCREASE.  Because many student loan lenders such as Sallie Mae do NOT report the NEW increased balances, FICO scores are lowered.  The scoring formula only sees the ORIGINAL loan amount and the CURRENT balance and subsequently reduces the borrowers’ FICO scores, assuming the accounts are over the limit.

This is very much like the Capital One refusal to report the credit card limits until they finally settled class actions in 2007 and now report the limits.  While the the installment balance/limit ratio is not as important as the revolving ratio, it does lower FICO scores.

My client’s letter to Sallie Mae and to the student loan ombudsman and their responses:

Incorrect Student Loan Reporting Lowers FICO Scores

For the umpteenth time I documented that the system is designed to redistribute assets form the working people to the elite and their corporations.

Wednesday, May 25, 2011

Collection attorneys Nelson & Kennard unfair practices documented

The new Liars & Cheats EXPOSED collection documentary:

Collection Attorneys Nelson & Kennard and Fraudulent Affidavit of Service

They couldn’t care less that my client wasn’t served as process server Tom Miranda with Wakeman Process Service claims. 

I found a number of lawsuits against Nelson & Kennard and I purchased the dockets and complaints.  I’ll try to post a summary for each case along with the complaints and other relevant documents at Liars & Cheats.  As usual, most cases didn’t go to trial and they didn’t even argue their points in motions, but they settled with confidentiality agreements.

In the last couple of years I’ve noticed the increasing disregard for the law by attorneys. They act as if they are above the law and unfortunately that is all too often the truth.  Many judges and Bar associations support unfair and illegal collection practices by attorneys.

A good percentage of collection attorneys should be disbarred and be sentenced to do time in prison.  Of course that won’t happen, but at least you should be aware of the corruption in our “justice” system.

Monday, March 28, 2011

Tired of big banks ripping you off?  I’m a Common Good Bank founding member

The Common Good Bank finally was restructured to allow the PEOPLE to fund it.  So if you want YOUR bank to be a little different from Chase, Household, Bank of America and Wells Fargo, become a Common Good Bank FOUNDING MEMBER.

The listing of current founding members.

Stop complaining, start doing and vote with your money!

A $25 donation can get you started.  It’s up to YOU to make it happen.

Sunday, March 06, 2011

Trans Union FICO score 738 with two charge-offs

I’ve been too busy to post here, but here’s a CreditFactors post you don’t want to miss if FICO scores are important to you:

Part 1: Trans Union FICO score 738 with two charge-offs

Part 2 will be about the FICTITIOUS late payments created by myFICO on Equifax reports.