5/27/2010 12:30 PM (PST)

Check out this article on credit repair/credit reports from our BBB of the Southland Facebook page:

http://www.facebook.com/notes.php?id=117568537756&start=20&hash=b52ce54b71fedd0612a960eba1ce2f6f

5/26/2010 8:52 AM (PST)

Jim,

Their rating is below average due to lack of information such as nature of business, length of time they've been in business etc. I checked out their website
http://www.sunbeltcreditsolutions.net/credit-repair

I would suggest you check out the article on debt settlement posted in our "New Scams" section before you do anything, please. The article provides some in-depth info on this industry and you should be aware of the proposed rules on fees and disclosures that the FTC is considering for the debt settlement industry.

These types of companies operate as a referral agency to various law firms or other companies for debt settlement leads so they are not the company you would end up doing business with. These referral arrangements are “pay to play” deals, meaning that the referring agency receives some sort of consideration by the law firms for their referrals. This is a whole issue in and of itself, but more importantly, if you have read any previous posts here you will know that the experience of the BBB with debt settlement firms has been decidedly negative. Most people who complain about these companies state that their debts weren't negotiated, they were told to stop making payments, and the result is that they're in worse shape than when they started. Many are sued and are forced to file bankruptcy to rid themselves of the lawsuits.

There are many reasons why the debt settlement industry is under scrutiny by the FBI, Secret Service, State Attorney Generals, and other financial crime regulators. This industry is rife with companies using predatory fee models and deceptive advertising. Don't fall for the ads that are all over television: they are produced by slick third party lead generators and oftentimes if you call the phone number you see on TV you will be speaking with the lead generator who will screen your call for distribution to any referral receiver who will pay. The FTC’s proposed rules will shut down the industry as it stands today - for good reason.

Have you tried a nonprofit credit counselor? Check out www.nfcc.org to be connected to a local accredited agency and also check out their "Debt Settlement Consumer Alert". Their national hotline is 800-388-2227.

5/27/2010 1:18 PM (PST)

Mari, it is NOT a debt settlement company nor does it claim to be. They have been in business 4 yrs. Bill, this is stuff I already knew but in this instance they do not charge a monthly on going fee for doing nothing. They do charge a one time upfront fee and claim to be able to remove items with 48 hrs for some. I would think there would have been numerous complaints by now if people were paying $600 and getting nothing. As to your suggestion, unless you know a secret method, you must not have ever tried to remove a negative item from your credit report. The bureaus are nearly impossible to deal with. They have no incentive to remove anything and make you do everything except give up rights to your first born to prove every little jot and tittle which takes months and many letters and phone calls and they are not friendly about it all. I have attempted on my own following exactly as you have indicated with the result I indicated and a lot of frustration and very little changed. For example, in 1994 my divorce papers clearly spelled out my exwife getting the house. My name was on the mortgage. She refinanced the remaining balance in her name only. It took me 7 yrs to get my name removed from the report related to this mortgage and in the end I think they only did it because of the passage of time.