Technically as a mortgage originator or company when you run a credit report, it’s only supposed to be for your clients who are applying for a loan. Reports run for anything else are not allowed. Today we talk about a company that ran reports for a credit repair company that didn’t turn out so well.
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Couldn’t the repair company just set up their own account?
Don’t be misled by companies acting in a “pyramid scheme” telling the public it is legal.First all credit repair companies must be licensed in South Carolina with Consumer Affairs. We had started a credit repair company but the parameters of what you are allowed to make and how you must comply make it impossible for a legitimate company to do business. As a broker we help the clients and give them the correct advice anyway. There is the sudden presence of a pyramid like company backed by “millionaires” or so they preach that have ties to other businesses that are not licensed with South Carolina Consumer Affairs. Take careful precautions to insure you are not violating the law.
With the ability to make insane amounts of money just by working hard and doing the right thing why would any mortgage broker look to get involved in side projects that might bring down the legal wrath of various agencies? I hear it all the time from friends in the business with their latest greatest way to put an extra few thousand bucks in their pockets..Really? Spend that extra time on your real business and you’ll make more the right way. Or go ahead and mess around with those credit repair people while I’m networking with your Realtors behind your back.LOL