Credit Repair Companies We Have Seen The ADD's

This is the 3 article that I am writing, on our changing" Credit"; present times we are in. Credit Repair Companies will be the primary topic in relative to our credit. There is advertisement in magazines for them, we get several emails that we didn't ask for from them, that some how get past the spam guards. Offering us at first free advise on cleaning up our credit. Well I started to use one a number of years ago and after sorting through some 15 pages of documents that was mailed to me. I decided that I didn't have the time or the sanity to proceed. Please understand theses agency's are not all that they appear. My understanding of things is that if word phrases like we have "Special Relationships with 50 banks, the credit reporting companies, 500 debt collection companies. We are looking at a scam operation. Even those that are considered to be legal can be considered by some to be a greater night in hell for some. Maybe I should say years in hell for some after signing the contract some of these company take direct control of your paycheck and it is sent to them and you receive only pocket change every 2 weeks. All the time charging a monthly service fee that is paid to them before they pay any of your creditors. Legal yes, dishonest well you signed the contract. Some are owned by Lawyers. I will say no more. Except to say that unless the Credit Repair Company is Recommended by Doctor PHIL on national TV by name or by the lady that has the YOU and YOUR CREDIT Show on PBS don't use them. None can do anything that you and your spouse can not do if you work together, to clean up your own credit problems.

American Express just emailed me a complete information package on managing my credit; not something that I asked for but found the information to be factual and correct based on my own research. I trust that if you are an American Express Card Member that you also received your email also.

Think of this your spouse dies and there is no will and everything you own and have purchased over the years is in both your names. [Mr. AND MRS. Smith] this is and automatic for all to go to probate even if there is a will. Reason is the word "and". That simple. Good news; we are going to change the word and to "OR " puts a completely different slant on things. Bank accounts, cars houses, investments. If the word and is on all of your credit cards; car loans any thing then you are both responsible for the bills. Joint credit is the most dangerous thing that you can have. Credit card companies send hundred of card applications to my wife every year she has been instructed by me to fill-up the public land fill with them. Politically correct or not these days we are not going green. Filled up a 2 gallon trash can with them after 4 months away from home. Of course there was and equal number of credit application for myself as there was for her. I maintain a total of 4 credit cards, at this time no more than that all credit cards are current in payments and there interest rates except one the one my wife uses have and interest rate of less that 17%. This is my credit card and I have given my wife the privilege of using it. Getting back on track I am rambling. The point, is that we should not maintain credit in both our names. Community property states can sometimes make this difficult but there are ways of getting around these requirements. In the death of your spouse, "WILL" or not, we may loose everything we have in probate. Probate lawyers have been known to move in to houses that they are suppose to be looking after. Get the keys to the car(s) drive them into the ground and even exhaust all cash funds in the bank accounts and drag things out for years. There are stories equaling the same that I have hear from some who used certain credit repair companies that did the same. A person who is drowning will reach for any thing to keep them alive in their fear of dying. Many people feel that way when it comes to their credit obligations. I will make this as simple as I can the only thing that cures your credit score is time and making payments on what you can pay. Charge offs are only on your records x number of years. It is amazing as to how much knowledge one can gain from reading a single e-book on CREDIT.

[I like e-books; I can download 20 or so into my computer and have enough educational reading to last me for 3 months.]

Federal Records show that the average family nation wide is $40,000.oo in debt excluding mortgage payment; mostly in credit card form and debt consolidation loans that were intended to clear up the credit card problems. THAT got them into trouble in the first palace. We are a nation that lives on CREDIT lots of it and we are loosing that credit faster that we have ever earned it.

In my previous post concerning our credit and what has happened as a result of dealing with an non regulated finance company. In the form of General Motors sub corporation GMAC and the solely owned subsidiary of GMAC; Homecomings Financial. Corporate greed and everyone getting in on the band wagon ( well not everyone I didn't ) is what caused the meltdown that we are in the middle of today. Congress of The United States is as much to blame for it as is George Bush. Any time bank loan officers and private mortgage companies fail to live by the 60/40 debt to earning ratio and give out interest only loans on properties that are inflated artificially 500 to 2,000 % above the baseline value established at the County Assessors Office, we are all damned. I watched property rise 97'% in the state of Nevada in a single year. Almost bought a house there, a mobile home on a 1/2 acre lot but would not go into a bidding war over it. Settled on El Paso as Forbes Magazine reported that property in the city was selling at a base price of $80,000.oo the lowest rate of increase of any city with a population of 1million plus, in the nation. Like it or not personal greed on the part of individuals buying houses in this country are as much to blame as the banks and private mortgage company's and their salary plus commission based loan officers who were earning $100,000.00 plus a year supporting the big lie.

I contacted my mortgage company when I realized where the error in the payments was; concerning my two mortgages that had with them; why 2 I still don't know. This was in August of 2007 receive verbal assurances that it would be corrected it was not in November of 2009, I was forced to put my remarks to them in written form. I have a letter from them stating that the error was reported and by their own admission failed to correct the matter per my instructions. They claim to have corrected the error going back to a certain point but claim that their hands are tied in correcting past one year I refuse to accept this. They want me to pay them the difference, for what reason I cannot understand; they breached their contract with me. I have it writing that they are not willing to fully correct their, error and they continue to report to the credit company's that I am behind in my payments which is absolutely false.

Was I a Drowning man I might reach out to one of these credit repair companies to see if they could assist me. But in my view that would be throwing good money after bad. You see I believe in the system. The system that says when you do everything right. that corporations; which are nothing but an artificial 3Rd. person, which are in the business of making money for the stock holders. Are not suppose to do everything that they can to steel from the customer. It is unethical, a sham, corruption.

I challenge every electronic news magazine in America to publish this article and the 2 previous ones that I have posted, concerning our changing credit and how errors in accounting by financial institutions can greatly effect our credit.

Did a little research and here are a couple of blog sites that also have some interest reading;
http://www.plasticrewards.com/credit-card-blog/

http://bugblogger.com/credit-crisis-fx-238/

I felt it necessary that I show that there are others besides myself are concerned about the state of the country and must admit the these blog sites are much better presented than my own.

Thank you.

Kermit Q. Bengtson
email: kermitgmachomecome@gmail For those who wish to reach me, concerning a class action suite against GMAC/Homecomings Financial
Blogs web address: orangepickelsonlinemoney.blogspot.com