CREDIT REPAIR FEES IN ADVANCE ARE NOT LEGAL!

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 Austin Credit Group, Steve GangeyDid you know that it is not legal to charge a large lump sum payment in advance for credit repair?

Most businesses in consumer credit repair expect to be paid a sizable lump sum up front for work to be done on credit bureaus profiles/reports.  However, there are stiff fines and penalties if they are caught doing business in this manner.

Austin Credit Group’s (ACG) fees are based on the work actually being done and the performance (results). . .and not assessing clients a large lump sum fee up front.

Our Profile Review Program (where everyone starts whether they are tackling personal or business credit concerns) typically includes a one-plus hour counseling and education session discussing the contents line item by line item on all three of your credit reports.  This includes identifying the credit improvement actions you can actually do for yourself, and what approach ACG would take if given the opportunity to enroll you into our Ultimate Credit Improvement Program (UCIP), where ACG does the work.  We also address debt management and credit building strategies that you should implement to build your credit scores as quickly as possible.

There is an administrative setup fee for the UCIP which pays for the time needed to create the database of the creditors to be challenged by letter to produce validation of the debt.  These letters also indicate that on receipt of this proof-of-the-debt an opportunity to reach a settlement may exist.  It also puts them on notice that the debt will be disputed should validation not be provided, and demands that in the absence of this documentation, they must remove the related records from credit profiles.  Shortly after these letters go out, letters to challenge the appropriate records at the credit bureaus are also sent out.

It is not unusual for updates from the credit bureaus to indicate some of the records challenged were no longer on the file after this process.  ACG will then asses a nominal fee for those records successfully removed or made positive as a direct result of our efforts.

To my knowledge, there are only a very few that use a similar business model and fee structure like ACG.  And none offer the accompanying counseling, education, and strategies provided by ACG.

We also negotiate settlement with creditors as a separate service for our clients.  Fees are based on an hourly rate plus a percentage of the amount saved as a result of our efforts.

We encourage everyone take advantage of the Free Annual Credit Reports provided for by the Fair Credit Reporting Act (FCRA).  To order by phone simply dial 1-877-FACT-ACT and follow the phone prompts.  Your credit reports will arrive in your mailbox within 15-days.  Be advised that your ability to request corrections or challenge records is only for a limited time after you receive these reports.  Don’t delay! Any correspondence must be accompanied by copies of your Driver’s License, Social Security Card, and two forms of Proof-of-Residence (e.g., utility bills, bank statements, etc.).  ACG will order these reports on your behalf for free as part of the Profile Review Program.

Our Profile Review Program cost is only $54.95.  Should you require assistance on receipt of your credit reports, simply call to make an appointment for a professional review, and free advice on what can be done to improve your credit score.

Make it a great Day!

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Your Credit Improvement Specialists

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20 Comments

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