Credit Reporting and Debt Collection News

I somehow get newsletters (advertisements) from Jay Peters, Zodiac Publishing at http://www.CreditRepairPublishing.com

They seem to sell all kinds of courses such as the “credit secrets bible.”  I read a couple of their blog posts and they are obviously targeting the “not so bright.”

I’ve been receiving their ads for their YouTube videos, made really cheap, but CLEVER –  mixing some truth and presenting it with this very authoritative voice, as if he knew what he was talking about.

So I just watched the video Why Banks and Credit Bureaus Love Your Low Credit Score… (*CR Intelligence Report #4*)

Some truths, lots of BS.  It’s strange that the video starts with this odd pic:

Are they trying to look like the Illuminati?

I submitted my comment about SOME of the false statements in the video at YouTube, but my comment is subject to APPROVAL and is unlikely to be approved.

In the video they claimed that banks LOVE mortgage applicants with low credit scores because they’ll make so much money on the higher interest rate.  So I wrote:

Banks couldn’t care less what your credit score is as long as they can approve and SELL the mortgage.  Never heard of FNMA, FHA, SECURITIES, DERIVATIVES?  The housing market collapse? Foreclosures?

Just about NOBODY keeps a mortgage for 30 years and obviously people can REFINANCE when their credit got better. …

I would NOT recommend counting on being able to refinance (as rates may well go up), but it is a known FACT that very few people keep their mortgage for 30 years.   To state that it will cost over $100,000 in extra interest more makes no sense.

Just about everybody knows that you’ll pay more interest with low scores and the more important question is whether anyone SHOULD buy a home.   The answer depends on EACH person’s situation (not only their credit scores) AND on the home they’re buying.

The Credit Bible is a scam like ALL credit repair outfits.  There is NOBODY in the business with a clue because you cannot possibly train employees to learn how credit and scores work.  Credit reporting and especially scoring are so extremely complex and no two reports are identical.  EACH credit report contains often over 1000 pieces of data.

In the many years I’ve worked with clients, I’m THRILLED every time they actually understand a few of the concept relevant to THEIR reports.

I really hope that people will at least do a quick web search before signing up with these scammers.  If you REALLY want to learn how to improve your credit scores, read the FREE blog at CreditFactors with many details about some of the more systemic problems.

Subscribe to the CreditFactors Knowledgebase and Forum ONLY if you’re willing and able to read and learn or you want to order my personal services.   There is NO easy fix and for most people it is NOT worth the effort to spend many hours studying materials and reviewing credit reports.

Sorry — that’s just how it is.

Filed under: Scam and