Stay away from the CCCS

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Comments:
: : I'm not an unimpeachable

: hahaha take a vacation from TV and talk radio :)

: : authority, but I think the seven years refers to the date when the account is closed or the last payment is made. If you dispute a charge and lose, I don't think that has any effect. 

: The magic 7 years apply to the date the delinquency occurred.

: Big problem:  

: The creditors often do not report the date of the delinquency.  Subsequently, underwriters and scoring software use the last time the account was reported (usually last month) as the date of the delinquency.  And of course, you'll NEVER reach the magic 7 years, it'll always be one month old.

: A charge-off 5 years ago is usually disregarded (unless chronic continuing lates.)

: A charge-off last month results in major Score reduction and/or decline of loan.  If you got lots of equity in your house you'll still get your loan.  But instead of the 7% fixed rate you'll get a 15% ARM.

: 
: :Negative items will still show up past seven years if you are applying for at least $50,000 of credit or a job paying at least $20,000 annually.

: Technically true, and practically false.   Almost ALL loans I ever brokered exceeded $50,000.  However, NEVER once have I seen derogs older than the magic 7 and 10 years.

: :I think that charge-offs and liens will stay on the report beyond seven years since they are still liabilities and would be appropriate for a company to consider before extending credit.

: A lien is a liability.   A charge-off is not.  Look at the words. Charge off.  What does it mean?  The creditor does no longer expect payment. The creditor wrote off the debt and probably sold it.

: : It is up to each creditor to decide on repayment terms, so you have to ask them. If you are considering bankruptcy, you might want to check with the Consumer Credit Counseling Service to see if they can help set you up with a repayment plan.

: This hurts.  You have to STOP believing everything you hear on the radio/TV.

: The CCCS doesn't help anyone except their founders, the finance industry.

: I have sent several letters to various CCCS offices (no response) and attended one of my client's meetings with the CCCS.  You can read about the meeting at http://www.bayhouse.com/tfs-main.html

: The CCCS basically consolidates your bills and tries to get you to pay as much as possible.  You make one monthly payment to the CCCS and they distribute the money to the creditors and charge you a monthly fee for it.   In the process they often totally screw up your credit, as many creditors will report LATE payments even if you pay the CCCS on time every month.

: Since you're reading this on the web, I assume you have a computer.  You can buy Quicken for $30 or so, get on-line banking, you can develop a budget, and take control of your finances.

: If you need the CCCS to pay your bills, and to foul up your credit, you are a 100% loser and beyond any help.

: If you just can't make your payments, take advantage of the free consultations offered by bankruptcy lawyers, and go for a Chapter 7.  Instead of paying the CCCS, you can start saving some money, re-establish credit and get a fresh start.

: Which is better? 

: Making huge monthly payments for many years to come and having terrible credit?

: or

: Starting out with no payments and excellent credit within 2 years?

: I'm disgusted by all those commercials for the CCCS on radio and TV.  Their ONLY goal is to prevent consumers from filing for bankruptcy.

: Good luck,

: Christine



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