Just last week, a group of unscrupulous criminal bottom-feeders out of Nevada were indicted on fraud charges stemming from their “CREDIT SWEEP” program. I’m sure you’ve seen ads on Craigslist or had a buddy tell you they “have a guy on the inside”. These ads claim experts can use credit sweep methods to remove all negative items off a credit report in 30 days or less. It turns out, they probably can….but they will also wind up in prison (and land your borrower in some hot water).
First clarification: I know it is enticing to think you can get your buyer’s credit fixed in just a few days but there is no such thing as a CREDIT SWEEP. These criminals forge police reports and file fraudulent Identity Theft Affidavits to force creditors to remove accurate information. Creditors have an obligation to remove items added as a result of ID theft when presented with the police report and affidavit. Forging police reports is clearly illegal, period. But what’s more concerning is that if your buyer is aware of this criminal activity and allow it to proceed, then they can be found criminally liable as well!
Second clarification: never trust someone who says they “have a guy on the inside”. It is nonsense. It’s just a ploy to get your client’s hard-earned cash (usually in full and upfront – another illegal activity). As the saying goes, “if it sounds too good to be true, it probably is”. There is only one way to perform credit repair – LEGALLY and ETHICALLY. No large upfront payments, no crazy promises, and yes, NO fraudulent police reports. Credit repair through credit sweep can happen, but like most things, there is a right way and a wrong way. It is critical to know the difference.
Forget credit sweep. Choose the right way. In other words, The Credit Pros way!