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Is this familiar to anyone?

Established Contributor

Is this familiar to anyone?

I just had a friend come to me with a scenario I've never heard of and am wondering if this is possible. He says that a friend of his paid someone ($2500?) to "hide" derogatory info on his credit report. I have never heard of this. The friend said that his student loans and bankruptcy were both "hidden" by this service. The debt was still on the report but potential creditors were unable to see it. How can that be? I did verify that these debts were not already due to age off. The person's score jumped from 520 to 722 in 30 days. He was approved by AmEx and bought a new car after the scoore jump.

 

This friend was also told that the laws regarding the ability to do this sort of thing were about to change and that it may no longer be available (but they wouldn't say when-hard sell?) I suggested that perhaps they were writing PFD or GW letters-things you can do yourself for free, but he seemed adamant that was not the case. I remain skeptical.

 

Does anyone know of this sort of service or exactly what it is that they do?

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP


7 REPLIES
Super Contributor

Re: Is this familiar to anyone?

Take with a grain of salt

While there are companies out there that charge a lot of $ to do credit repair...it can be done for free with research and Myfico members IMO

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Epic Contributor

Re: Is this familiar to anyone?

I have never heard of it and it doesn't sound very legal.

 

The only way I know to get things blocked is through fraud but that would need to be legitimate.

Community Leader
Epic Contributor

Re: Is this familiar to anyone?

I know of no statutes permitting such a thing.

Ask him for a statutory citation.

It is contrary to the entire porpose of the credit reporting system.... to accurately reflect consumers' credit history.

 

 

Senior Contributor

Re: Is this familiar to anyone?

I'm sure you've heard the expression................... ‘If something sounds too good to be true, it probably is.’  

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Regular Contributor

Re: Is this familiar to anyone?

Sounds very fishy/scammy. I have heard that there are 'credit repair companies' that charge a high fee & claim that they can 'fix' your credit in 30 days. However, all they really do is dispute everything. Since aspects of disputed accounts are not factored in fico while in a dispute status, their scores soar. Of course, once all the disputes come back verified, their scores tank again (and they have a few thousand less dollars after paying for their so-called credit repair).
Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Established Contributor

Re: Is this familiar to anyone?

I am thinking the same things all of you have posted. I am very skeptical and told him as much. There isn't anything you can pay someone to do creditwise that you can't do yourself for free with a little (sometimes a lot of Smiley Happy) time. I warned him that it sounds shady to me but I wanted to see if maybe I was just unaware. 

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP


Moderator Emeritus

Re: Is this familiar to anyone?

I agree with the above posters.  There is no method that I am aware of that would include "hiding" information on one's CR.  Nothing that would be legal without ramnifications anyway.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.