topic Re: I'm a newbie and I need some help in General Credit Topics

I'm a newbie and I need some help

Anonymous — Thu, 01 Nov 2007 17:43:56 GMT

I've been trying for the past 2 years to get grip on my credit card debt. In November 2005, I enrolled with a Consumer Credit Counseling Service. They negotiated some really good low interest payments for me and it helped having to remember to only make one payment a month for all of my credit cards. I've been checking my balances online with my cc accounts and they have steadily decreased. I recently check my credit report though, and realized that they have made late payments that have negatively effected my score. Not one or two late payments but several.

Does anyone know what remedy I have to fix this? The Credit Counseling Service drafts the payment from my account automatically every month and I have never missed a payment. Are there agencies I can report them too, and can this be fixed or am I just screwed? Please help me, I am in such despair right now, because I had been working so hard to get my credit fixed.

(The Counseling Service I chose was registered with both the Association of Independent Consumer Credit Counseling Agencies and the National Foundation for Credit Counseling, and I had a personal reference.)

Re: I'm a newbie and I need some help

Anonymous — Thu, 01 Nov 2007 18:56:38 GMT

I have no real knowledge about CCS in general but have heard a few things about them from time to time. The few things I have heard weren't good. Keep in mind that this is all just heresay....

I've been told (I know that is how a bunch of crap is started) that going through a CCS is almost as bad as filing bk - but without the judgement. Of the few times I have heard of people using CCS, I have heard them all say that it, somehow, adversly affects their credit due to your very problem..... the credit card company posts lates because of the altered plan. The credit card company accepts the plan but since it is changed, they report as late.

I don't really have any advice for you except to try to contact the CCS for help and if no success, try contacting the credit card company. I'm not sure if it will hurt or help, though.

I'm sorry you're going through this. It sucks when someone tries to do the right thing and gets penalized for it regardless.

good luck

Re: I'm a newbie and I need some help

Anonymous — Thu, 01 Nov 2007 19:12:47 GMT

Thank you for your reply. I have emailed the CCS but they said I have to call to discuss my problem. I'm going to call them after work and see if I can get it straightened out.

Re: I'm a newbie and I need some help

Anonymous — Thu, 01 Nov 2007 19:22:11 GMT

Welcome, Lizard

Unfortunately, this happens all too often.

1. Write CCCS, explain, and get them to change your payment date so that it will coincide better with the CC due dates. Tell 'em if they don't work with you to straighten this out, you will report them to the Federal Trade Commission, the [your state] Attorney General's office, and the Better Business Bureau. Also find out if your state requires credit counseling agencies to be licensed or bonded, and say you will report to that state agency also.

2. Write to the credit card companies, explain, and enclose your agreement w/CCCS, copies of your bank statement or cancelled checks showing you made your payments on time, and copies of CRs showing the late pays. Tell 'em you are working with CCCS to change the due date, and ask them to remove the late pays from your CRs.

Keep in mind that CCCS is FINANCIALLY FUNDED in part by the creditors. Even if they are a non-profit, they get a percentage from the creditors for every $ they collect from you. So CCCS doesn't work for you; they work for the creditors as their collection agencies. Word.