Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · ‘Credit Washing’: How Some Credit-Repair Firms Inflate Credit Scores · 13 Dec 2022 podcast

However,

It also has made it easy for fraudsters to try this path, whether it's individual fraudsters or credit repair firms that are basically trying to make a case to their clients why they're charging them hundreds of dollars a month to improve their credit report.

So I spoke with one woman representing the industry, Donna Perkins, vice president of the National Association of Credit Services Organizations, who said the companies that are filing false identity theft claims are the exception and not the standard in the sector.

So overall, the people for whom credit repair services most appeal to are people who are in financially vulnerable positions.

People who can't get an apartment because their credit report has negative information and the landlord won't approve them for it.

People who need a car to get to work and can't get a car loan because of their low credit standing.

So for many people, credit repair firms are kind of like a last stop and they're really relying on them to help them get the necessities that they need.

So what should people know if they do decide to go that route?

One, they should definitely be aware of any documents that are being sent out in their names.

It's also very important to know the length of time during which accounts stay on people's credit reports.

Generally, the rule of thumb is that it's usually seven years.

So if someone is telling you that they can get this thing off quickly, that would be a red flag.

Last thing to be aware of, even if an account gets removed from your credit report,

it can get added back on.

So it could be a month later, two months later, where the lender and the credit reporting firm basically come to the conclusion based on the investigation that was done that this is a legitimate account.

And that account would then get added back on to the person's credit report.

WSJ Your Money Briefing · Why ‘Buy Now, Pay Later’ Data Isn’t in Your Credit Report · 21 Oct 2022 podcast

And what was found was that some 57% of consumers who would have these accounts on their credit reports would experience a, quote, material, end quote, credit score decrease that could persist for over a year despite paying the account on time.

Great to be speaking with you.

Last year, some $24 billion of Buy Now, Pay Later plans, specifically something called the Pay In 4 plan, a very popular type of Buy Now, Pay Later plan,

originated that was more than 12 times the amount from 2019 so the way that these payment plans work typically is that a consumer when they buy an item be it a dress be it makeup shoes whatever it might be often paying for plans or for smaller ticket purchases they will rather than getting charged the full amount of the purchase price when they buy the item and take it home

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