New Congress Set To Make Credit Repair Harder

With the election of President Elect Donald Trump we will see some direct changes to the credit repair industry.

Over the years we’ve seen credit reporting agencies try to make it harder for consumers to repair their credit.  Here are some of the direct changes that I see coming after the new year.

  1. The proof of ID of the consumer will be harder.  You already have to “Triple Optin” proof of ID when you choose to submit any corrective information about your credit report.  Creditors and Collection Agencies only have to do a “Single Optin”.
  2. Fool’s Gold – congress has allowed corporations to own and set up multiple shell corporations to hide their true intentions.  Credit reporting agencies are using this to set up “Free” services that don’t give the consumer all of the information needed to really understand their credit reports. These sites are also marketing products and services such as: credit cards, loans, auto loans, etc. making it easier to go into more debt.
  3. Collection Agency Abuse – the proposed laws will allow any collection agency to make a consumer legally responsible for any debt that is not validated with in the 30 day period even if they are not the person that owes the debt.  They are also proposing that “NO” settlement options be available to anyone that has a job or provable income.
  4. Holding Down Scores – currently credit reporting agencies allow credit card companies to change your interest rates if you are having trouble with another credit card company, even if you’ve never missed a payment with them.  The new congress will hold hearing to allow any company to do this.  So if you pay all your bills but have trouble with one, they will allow all of your other creditors such as your mortgage, auto lender, etc. to reset your loan with a higher interest rate.

The credit is a system, the system is set up to make businesses money.  If you don’t learn to play the game you’ll lose every time.  If you need help with your credit contact us so we can help you.