Can you get a credit report without permission of the creditor?
Lorelei Stevens, President, Wall Street Brokers, Inc., has been spearheading this question on behalf of the note industry for years — unofficially, of course, since there is no organized “note industry.” (Reminds me of Will Rogers’ comment, “I’m not a member of any organized political party. I’m a Democrat.”) She’s corresponded with credit bureaus, state regulators, hired attorneys and has engaged in a continuing dialogue with the Federal Trade Commission over the legalities. Lorelei faxed a copy of the Associated Credit Bureau’s analysis of the Fair Credit Reporting Act. It says: “Section 604(a)(3)(E) creates a permissible purpose for potential investors, servicers or insurers of credit obligations to obtain consumer reports for the purpose of evaluating or assessing the credit or prepayment risks involved in existing credit obligations of consumers. For example, an entity that plans to invest in a mortgage loan transaction would have a permissible purpose under this section to obtain a consumer report on the borrower in that transaction.” The industry owes a debt of gratitude to Lorelei Stevens for her tenacity in monitoring this issue.’
How do investment swindles work?
See www.papersourceonline.com/swindles.htm
How can I spot a rip-off?
The cash flow/note business is not a get-rich-quick scheme, despite what you may have been told. It can be an excellent get-rich-slowly plan. The hucksters use mass marketing techniques to sell it as the latest road to fabulous wealth. It IS making THEM wealthy. One of those pitchmen, whose conscience got the better of him, confided to me that another cash flow pitchman was always introduced as follows: “Now, ladies and gentlemen, here is a man who has made millions with the information he´s about to share with you!” Pretty impressive, right? Here´s the rest of the story: Yes, he made millions with the information he gave the marks, I mean, the audience (in case you don´t know, a “mark” is a carnie (carnival) term for a sucker). But it´s not what you think. Those backstage got a big laugh when he was introduced that way. Why? The “information” his millions came from was his sales pitch for his products and “boot camp”! No one has the secret to getting rich quick. If they did, why would they tell the world about it? They´d be too busy using their secrets to get rich. Count on it: ANYONE WHO SELLS ANYTHING PROMISING EASY RICHES IS CONNING YOU. “The plans of the diligent lead surely to plenty, But those of everyone who is hasty, surely to poverty.” — Proverbs 21:5 Instead of trying to get rich quick you should be trying to (in the words of Jimmy Napier) get smart quick. And smart people are much more likely to get rich than others.
Help! I’ve been ripped off!
If you’ve been victimized by a seminar promoter, contact your local and state consumer protection agencies and your state Attorney General. You also may file a complaint with the Federal Trade Commission online at https://www.ftccomplaintassistant.gov/ or call 1-202-FTC-HELP or write: Consumer Response Center, Federal Trade Commission, Washington, DC 20580. Although the FTC cannot intervene in individual consumer disputes, the information you provide may indicate a pattern of possible law violations requiring action by the Commission. You may also wish to consider filing a class action lawsuit. Contact an attorney and discuss the possibilities.
