Credit Repair Services received a bad reputation in the past few years because of some shady individuals out to make a quick buck off on unknowing consumers. The scam revolved around the among other things, the XB codes on credit reports in response to disputes; unscrupulous individuals saw a chance to make a quick buck by "guaranteeing" immediate improvement of credit scores. They charge outrageous up-front sums of money; collected the money and then filed a blanket "*not mine" dispute on every negative account on your credit report.
*Lying on a dispute is never REAL credit repair. The only form of real credit revolves around FACTUAL Disputes - protection of consumer rights as laid out by FCRA, HIPPA, FACTA, etc.
Anyway, these scam credit repair companies take your money, file the disputes, and then after a few days re-pull your credit report showing the AMAZING jump in credit scores seemingly overnight. This is exposed as a scam after the "dispute" (I want to call lying) process runs it course and these items that were disputed suddenly begin counting against the client scores again. When an item is in "dispute," it will state so on the credit report and also place a code (XB) on the report so that the scoring model does NOT account for the derogatory information on the account against the score. Once this "in dispute" code (XB) is removed from that account - it is again accounted for in the score.
Hmmm...remember that "company" that took your money...they are suddenly no where to be found, don't return phone calls....
SCAM.
REAL CREDIT REPAIR is done by REAL Credit Professionals.
Credit Management Solutions
http://www.cmscreditrepair.com
904-579-4312
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