Once or twice a week, I see advertising for ordering a free credit report services. They help you get back on your feet and stop your creditors from hounding you.  They all claim to be a non-profit entity. I find them annoying.

Since they advertise so much:    What's in it for them?  Are they publicly funded?  What do they allegedly do for you?  What are the long-term ramifications?  i.e. - Does it leave some kind of mark on one's credit history?

NadCixelsyd (nadcixel@aol.com) wrote: : Once or twice a week, I see advertising for services. They : help you get back on your feet and stop your creditors from hounding : you.  They all claim to be a non-profit entity. I find them annoying.

Some of them are annoying. Some of them border on criminal, and are annoying. Some of them are outright crooked.

: Since they advertise so much:    What's in it for them?

They make money on the transaction. You thought they were doing it out of the kindness of their hearts?

:   Are they publicly funded?

I'm just guessing here, but let's go with "No".

:  What do they allegedly do for you?

If they're playing at being honest, either home equity loans or consolidation loans or both, or possibly even bankruptcy counseling. If it's a racket, they'll just take the money and run.

:   What are the long-term ramifications?

If you get a home equity loan or a consolidation loan, at a more manageable interest rate than the stupid money you're paying on credit cards or whatever, AND change the spending habits that got you into that problem in the first place, and the place doesn't hose you on the loan fees, it's entirely possible that some people might come out of these transactions ahead.

On  the other hand, if it's an  advance-fee loan fraud, you're in the same shape you were in before, only now you're out another couple hundred bucks you couldn't afford to lose.

There are probably a range of options between those two extremes.

:   i.e. - Does it leave some kind of mark on one's credit history?

Bankruptcy does. Having a larger load does. Being poor doesn't. The credit card companies ~lurve~ the people who maintain high balances and keep mailing in minimum payments. They'll even increase your limit! Spend more! (Send us more interest, you fools!)

the FTC's website at <- has some good stuff on it. Pay close attention to /bbcr.htm#4

-- Huey

NadCixelsyd wrote: - Once or twice a week, I see advertising for services. They help you - get back on your feet and stop your creditors from hounding you.  They all - claim to be a non-profit entity. I find them annoying.

- Since they advertise so much:    What's in it for them?  Are they publicly - funded?  What do they allegedly do for you?  What are the long-term - ramifications?  i.e. - Does it leave some kind of mark on one's credit history? I'd think they skim off a small amount of the payments you make to them, becore passing them along to your creditors.

-- Blinky

Some of them (maybe all?) are actually affiliated with (owned by?)  the big credit card companies as I understand it.

So they get the advantage of placing their agent in your finances, so to speak, to encourage you to pay them back (but not to pay them back so quickly that they don't reap lots of interest charges.)

At least that's what I've heard, I can't vouch for it personally.

-- Aloha,

-Ben-

"NadCixelsyd" <nadcixel@aol.com- wrote in news - Once or twice a week, I see advertising for services. They help you - get back on your feet and stop your creditors from hounding you.  They all - claim to be a non-profit entity. I find them annoying.

- Since they advertise so much:    What's in it for them?  Are they publicly - funded?  What do they allegedly do for you?  What are the long-term - ramifications?  i.e. - Does it leave some kind of mark on one's credit history?

On 09 Dec 2002 22:49:16 GMT, nadcixel@aol.com (NadCixelsyd) wrote:

-Once or twice a week, I see advertising for services. They help you -get back on your feet and stop your creditors from hounding you.  They all -claim to be a non-profit entity. I find them annoying.

-Since they advertise so much:    What's in it for them?  Are they publicly -funded?  What do they allegedly do for you?  What are the long-term -ramifications?  i.e. - Does it leave some kind of mark on one's credit history? The dirty little secret is a lot of those organizations are run by the credit card companies themselves.  They figure this way they'll get their money (and probably get a tax break by forming it as a non profit organization).  

As I understand it they basically help you spread out your payments to make it easier for you to make them.  how can they do that?  They are the same company you are paying.

I am sure they effect your credit rating poorly but have no cite.

Scott

On 10 Dec 2002 00:32:28 GMT, Blinky the Shark <no.s@box.invalid- wrote:

-NadCixelsyd wrote: -- Once or twice a week, I see advertising for services. They help you -- get back on your feet and stop your creditors from hounding you.  They all -- claim to be a non-profit entity. I find them annoying.

-- Since they advertise so much:    What's in it for them?  Are they publicly -- funded?  What do they allegedly do for you?  What are the long-term -- ramifications?  i.e. - Does it leave some kind of mark on one's credit history?

-I'd think they skim off a small amount of the payments you make to them, -becore passing them along to your creditors. The "legit" ones, are often non-profit, often funded by those interested in seeing debts paid, rather than someone go bankrupt. Some banks and financial institutions, directly or through their credit card arms have sponsored  a few.. There is often a flat fee there.

There are so many places that advertise that they consolidate or re-structure , though, that it is hard for most to figure out who the legit ones are.

Boron

"Scott P" <quim@ix.netcom.com- wrote in news

- I am sure they effect your credit rating poorly but have no cite. I can confirm that.  My wife got into some credit card problems during college, tried one of these places, and found that it did appear on her credit report as a negative mark (despite the promises by the " counsellors" to the contrary).  They also made some of her payments late, which also reflected poorly on her credit record.

-- Aloha,

-Ben-

"Scott P" <quim@ix.netcom.com- wrote in news

- I am sure they effect your credit rating poorly but have no cite. I can confirm that.  My wife got into some credit card problems during college, tried one of these places, and found that it did appear on her credit report as a negative mark (despite the promises by the " counsellors" to the contrary).  They also made some of her payments late, which also reflected poorly on her credit record.

-- Aloha,

-Ben-

Gary S.  Callison <h@interaccess.com- wrote:

- NadCixelsyd (nadcixel@aol.com) wrote: - : Once or twice a week, I see advertising for services. They - : help you get back on your feet and stop your creditors from hounding - : you.  They all claim to be a non-profit entity. I find them annoying. - Some of them are annoying. Some of them border on criminal, and are - annoying. Some of them are outright crooked. - : Since they advertise so much:    What's in it for them? - They make money on the transaction. You thought they were doing it out of - the kindness of their hearts? Well that and many are operated by credit card companies that have a vested interest in seeing you not declare bankruptcy.

- :   Are they publicly funded? - I'm just guessing here, but let's go with "No". Most in fact are not.

- :  What do they allegedly do for you? - If they're playing at being honest, either home equity loans or - consolidation loans or both, or possibly even bankruptcy counseling. If - it's a racket, they'll just take the money and run. Mostly the dept consolodation loans along with negotiation (i.e. accept this lower payment or this nut will go bankrupt and you'll be lucky to get a tenth of what we're offering).

- :   What are the long-term ramifications? - If you get a home equity loan or a consolidation loan, at a more - manageable interest rate than the stupid money you're paying on credit - cards or whatever, AND change the spending habits that got you into that - problem in the first place, and the place doesn't hose you on - the loan fees, it's entirely possible that some people might come out of - these transactions ahead. Yep, but if you just use it as a crutch to keep spending more than you can afford, well you'll just be that much deeper in .

- On  the other hand, if it's an  advance-fee loan fraud, you're in the - same shape you were in before, only now you're out another couple - hundred bucks you couldn't afford to lose. - There are probably a range of options between those two extremes. - :   i.e. - Does it leave some kind of mark on one's credit history? - Bankruptcy does. Having a larger load does. Being poor doesn't. The - credit card companies ~lurve~ the people who maintain high balances and - keep mailing in minimum payments. They'll even increase your limit! Spend - more! (Send us more interest, you fools!) - the FTC's website at <- - has some good stuff on it. Pay close attention to /bbcr.htm#4 All good points, and do you knwo what they call folks who pay off thier credit cards in full every month?  "Deadbeats"   Well that's what I heard anywho, but it makes sense.  They only get a slim cut from the vendor for peep like that.

John - proud deadbeat -- Remove the dead poet to e-mail, tho CC'd posts are unwelcome. Ask me about joining the NRA.

In article <3qnJ9.2268$cX3.1839@newshog.newsread.com-,

r@westnet.poe.com wrote: - All good points, and do you knwo what they call folks who pay off thier - credit cards in full every month?  "Deadbeats"   Well that's what I heard - anywho, but it makes sense.  They only get a slim cut from the vendor for - peep like that. I've never paid a cent of interest on Discover.  I was one of their first customers, back when they were a venture of Sears, so that's a lot of monthly payments met.

They have never shown any sign of disliking it, they've regularly increased by credit limit, and two reps have thanked me for being such a good customer. -- Carl Fink                     c@fink.to I-Con's Science and Technology Programming <-

"Carl Fink" <c@panix.com- wrote in news

- In article <3qnJ9.2268$cX3.1839@newshog.newsread.com-, - r@westnet.poe.com wrote: - I've never paid a cent of interest on Discover.  I was one of their - first customers, back when they were a venture of Sears, so that's a - lot of monthly payments met.

- They have never shown any sign of disliking it, they've regularly - increased by credit limit, and two reps have thanked me for being - such a good customer. - -- - Carl Fink                     c@fink.to It's possible that they kept increasing your credit limits in hopes that you'd charge more to the point where you couldn't pay it all off at the end of the month.

-- Aloha,

-Ben-