Q1. What is DPMC Consulting / DPMCUSA ?
Q2. Is DPMC Consulting / DPMCUSA a Debt Management Company or Credit Repair Clinic?
Q3. How long does the Credit Restoration Process take?
Q4. Bill collectors call me repeatedly at home and on my job. What can I do? What are my rights?
Q5. I've been thinking about filing for bankruptcy. How would it affect my credit record?
Q6. I have previously filed for Chapter 7 Bankruptcy. Can Credit Restoration still help me?
Q7. I am a victim of Identity Theft. Is it possible to repair the damage to my credit record?
Q8. How does Credit Restoration help the small business owner?
Q9. Can you create a new credit record file?
Q10. How do I start the Credit Restoration
Process?
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| Q1. |
What is DPMC Consulting / DPMCUSA ? |
| A1. |
DPMC Consulting / DPMCUSA is a Private Consulting Firm that specializes in Consumer and Commercial Business Credit Restoration.
Our services are provided and recognized nationally.
We provide services under a Short Term (4 Month/Extendable) Service Contract.
Full Disclosure of our Initial Retainer Amount(s)
and Hourly Service Fees can be found on this website at: http://dpmcusa.com/fee.html.
Our professional services are specifically designed to help you improve or preserve your credit ratings through a
combination of needed or applicable services. Initially a full Credit Report Analysis is performed on
every client to assess all credit related problems and issues in detail. After that comes the Action
Plan & Resolution Stage of the Credit Restoration Process which may differ in time span for every client.
Services are personalized or tailored to the individual need of each clients current situation.
Services we distinctively offer are; Credit Report Analysis, Negotiation with Creditors,
Debt Verification Services, Defaulted Student Loan Services, Bankruptcy Recovery,
Bankruptcy Prevention, Identity Theft & Credit Fraud Resolution, Tax Lien & Civil Judgment
Resolution, Debt Settlement, Creditor Mediation Services and Credit Report Updating. Real
Estate Investor Support Services. We also consult a large percentage of our clients throughout
the Mortgage Qualification and Home Buying process.
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| Q2. |
Is DPMC Consulting / DPMCUSA a Debt Management Company or Credit Repair Clinic? |
| A2. |
DPMC Consulting / DPMCUSA is not a Debt Management Program,
Debt Consolidation Company, Consumer Credit Counseling Service (CCCS) Agency, or
Credit Repair Clinic. Non-Profit Consumer Credit Counseling Services , Debt
Consolidation and Debt Management programs are administered by Non-Profit (501C3)
Agencies that obtain funding through the solicitation of creditor Fair Share
Contributions. These programs are usually limited to assistance with only unsecured
debt(s) or credit card bills. Most are unable to assist with more advanced credit related problems.
Although some of these programs do help consumers pay credit card debt off sooner
there are some disadvantages. Consumers in some of these programs may experience
significant reductions in their credit scores. In many cases, the initial payments
made to some Debt Management programs are used to cover either undisclosed or hidden
upfront fees. Creditors may not receive a payment for several months. In the
meantime the consumer has been given the impression that creditors would immediately start receiving monthly payments.
The Non-Profit Credit Counseling industry has been in serious crisis for several years.
Although these agencies are registered as Non-Profit organizations, many are
charging hidden or higher fees for very limited to poor services. They may also
be giving either none or possibly bad advise to financially distressed or
vulnerable clients enrolling in their program. In March of 2005 one of the nations
largest Debt Management operations was forced to shut down as part of a settlement in a Federal Trade Commission lawsuit.
www.ftc.gov/opa/2005/03/ameridebt.htm
www.law.com/jsp/article.jsp?id=1136887513476&rss=newswire
Consumers should also be aware of the services that some non-traditional law
firms and/or credit repair clinics offer. Most of these companies charge an
initial set up fee of about One Hundred Dollars. As well, they also require an
additional commitment to pay ongoing monthly servicing fees. The monthly servicing
fees normally range between Forty Dollars for a basic plan to Sixty Dollars per
month for a premium plan. If you were to choose a "premium plan" your total cost
over a one year period could be as much as Eight Hundred Twenty Dollars ($820.00).
Because of the monthly servicing fee obligation the supposed objective to help
client(s) in a timely manner could become undermined. Client progress could be
systematically slowed or controlled. This "controlled results" effect keeps their
clients paying servicing fees as long as possible to generate more income. They
make more profit by keeping client results or overall improvement restricted.
These companies also do not offer any negotiation or settlement services. They
are also usually unable to assist with more difficult credit related problems or issues that someone may be dealing with.
Remember the old saying, "You get what you pay for." Usually it does prove to be true.
Also, watch out for "Smoke and Mirrors". Things are not always as they seem.
Make note of the phrase; "Caveat Emptor" (Latin: Let the buyer beware).
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| Q3. |
How long does the Credit Restoration Process take? |
| A3. |
The Credit Restoration Process varies in time length for
each individual client. Acknowledge these key words "process" and "individual."
Synonyms for the word process are; procedure, progression, course of action or system.
Synonyms for individual are; private, personal, special, or for one person.
Any individual that has more serious credit related issues such as a previous foreclosure,
unpaid tax liens, civil judgments, bad debt charge-offs, multiple collection accounts
or a previous bankruptcy may require more effort and time spent than another with
only minor credit issues. Although consumers should have high expectations of our
process, they should also retain some sense of realism. The process will take some
time. Patience, individual fortitude and resilience are all considered to be required
prerequisites of any of our potential clients.
One should not expect some "miraculous" event where every single negative item
or personal liability owed gets wiped clean from the credit reports. The reality
is that a bad credit rating or low credit score cannot somehow be "magically
transformed" to a "sparkling clean" credit history over a matter of a couple
days or weeks. In other words, there is no "magical wand" effect. It is a matter
of getting professional help and resolving past issues in an acceptable and affordable manner.
New clients should allow a minimum period of three months for significant or desired results to be realized.
Keep in mind, usually credit problems that are
being addressed have taken several years to make. Some debts may need to be resolved through negotiation,
mediation and/or settlement strategies which may extend the process. No one
person's credit issues or problems will be exactly the same as another. Every situation
differs as does each and every person who comes to us for help.
If unresolved credit issues are currently preventing you from obtaining your needs,
wants or desires, you may be at a "defining moment" or "turning point" in life.
Those who start the process and follow it through to the end will experience a life
changing event. For those who decide to do nothing, that same event may not come to
pass. In simple terms, the options become; (1) Begin the journey forward for a
better financial future and an improved quality of life, or (2) Stay idle and
stagnated in the same situation. The decision is yours. To move forward
click here.
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| Q4. |
Bill collectors call me repeatedly at home and on my job. What can I do? What are my rights? |
| A4. |
Bill collectors are legally allowed to
contact you if there is a legitimate debt owed. But, they cannot
continue to contact your place of employment if it jeopardizes
your continued employment. Employers want personal issues of
their employees to be left at home. This includes calls from bill
collectors. Also, how would you pay the debt if you lost your
employment? Personal issues concerning your financial problems
should not interfere with the workplace environment.
If you are experiencing this dilemma, the best defense is a clear
understanding of your rights under the Fair Debt Collection
Practices Act. Also, seek professional assistance so the calls
stop. Don't wait until issues that could have been dealt with
turn into lawsuits. For more information go to: http://www.ftc.gov/os/statutes/fdcpajump.htm.
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| Q5. |
I've been thinking about filing for bankruptcy. How would it affect my credit record? |
| A5. |
Although there are some bankruptcy attorneys that take the
time to qualify candidates for professional credit consulting versus bankruptcy,
it doesn't happen enough. Most people who file for Chapter 7 Bankruptcy do so ill
advised, or under a great amount of psychological and financial pressure. They
also tend to regret it later because of the ten-year lingering affect on their
credit record. This is not to say that all people can avoid bankruptcy as a
means to an end. But some can.
Most creditors are willing to work out agreements with reduced payments,
and/or reduced interest factors with consumers to help them avoid filing a
bankruptcy filing. If a Chapter 7 Bankruptcy is granted, most unsecured creditors
would not recover any of the debt amounts owed. If a consumer is placed in a
Chapter 13 Bankruptcy (Wage Earner Plan) only a portion of the debt may be repaid to creditors.
In most cases, Credit Restoration strategies applied correctly actually help
consumers and "believe it or not" strengthen their credit ratings. In some sense,
it is a personal issue concerning an individual's moral obligations to repay
their debts. In order to make the best decision, don't make rash decisions about
filing for bankruptcy. Bankruptcy would remain part of your credit history for
ten years from the date of the initial bankruptcy filing. Carefully consider the
other options available. The easiest way out of a situation may not be the best way.
As well, on April 20, 2005 the Bankruptcy Abuse Prevention & Consumer Protection Act of 2005
was enacted as law. Filing for Chapter 7 Bankruptcy has become more difficult and now more
costly than it may have been in the past years. Chapter 7 Filers must now undergo a "means
testing" process to determine whether or not they can legally file Chapter 7 Bankruptcy for a
full discharge of unsecured debts. Chapter 7 filers could also be placed into a Chapter 13
Repayment Plan with a Trustee of the court administering court required payments to creditors.
Credit Counseling by a "court approved" Non-Profit Credit Counseling Agency is also required by the new law.
Again, keep in mind that the Non-Profit Agencies primarily do work on behalf of the participating creditors.
For additional information on Bankruptcy go to:
www.uscourts.gov/bankruptcycourts/bankruptcybasics.html
www.law.cornell.edu/topics/bankruptcy.html
www.abiworld.org
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| Q6. |
I have previously filed for Chapter 7 Bankruptcy. Can Credit Restoration still help me? |
| A6. |
The Credit Restoration process is an
essential part of financial recovery after bankruptcy. Credit
reports are not updated with the status of previous debts owed
until the bankruptcy is fully completed. Creditors also may not
update accounts discharged through bankruptcy without adequate
evidence. Although the initial filing stops creditors from
pursuing collection measures, the liability remains until the
court formally discharges the debts.
Some individuals file bankruptcy only to have it dismissed later.
Creditors have become quite aware of this occurrence. For that
reason, creditors do not discharge debts owed based on a
bankruptcy filing alone. The initial filing only prevents further
collection activity, legal actions and creditor contact.
As well, the bankruptcy attorney's job is usually completed when
you receive a letter of "Discharge of Debtor" from the United
States Bankruptcy Court. Attorneys are not responsible for
updating any previously reported information to the credit
reporting agencies. Nor is the U.S. Bankruptcy Court. Credit
reporting is a separate issue apart from the bankruptcy
process.
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| Q7. |
I am a victim of Identity Theft. Is it possible to repair the damage to my credit record? |
| A7. |
Yes. In all identity theft or credit fraud
cases resolved for clients, one thing can be noted. It does
require a more in depth investigation pertaining the debt(s)
origin to get fraudulent accounts removed from credit record
files. But it is possible.
It makes no sense for an individual to suffer financially because
of another person's criminal behavior. Although, it happens on a
much larger scale than people think. It is a growing problem
nationally. Not only do creditors lose millions of dollars, but
also the person wronged suffers financially.
Recently under new guidelines of the Fair Credit Reporting Act,
consumers believing that they are the victims of credit fraud can
get their credit reports for free.
For more information go to:
http://www.ftc.gov/bcp/edu/microsites/idtheft/.
http://www.dpmcusa.com/bureau.html.
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| Q8. |
How does Credit Restoration help the small business owner? |
| A8. |
If you run a business, or plan to try it in
the future, be advised. Don't attempt it with bad credit or
burdening debt. The odds are against your survival from the very
beginning. You could fail outwardly, or may just struggle to the
point of eventually quitting. You may be highly skilled at your
business or trade. You'll put forth your best effort. You can
also work long exhausting hours. But reality remains. Having bad
credit presents greater difficulties when its time for your
company to grow. Meanwhile, your competitors just keep advancing.
The reason most businesses fail to succeed is the lack of
financial resources. That includes insufficient availability to
credit lines.
A "good rule of thumb." Deal with credit and debt issues first.
The road to success will come much easier. There will also be
less trial and hardship along the way.
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| Q9. |
Can you create a new credit record file? |
| A9. |
No. The only way to legally restore your
credit is through the Credit Restoration process, and future debt
management strategies. Over the past several years, numerous
companies have surfaced making the claims "you can start a new
credit file regardless of your past credit history." These
companies ask consumers to pay an exorbitant amount for kits that
simply include application forms for an Employer Identification
Number (EIN). You can go to your local federal tax office and get
it free.
Not only were the targeted companies fined or put out of
business. Some consumers who used the process to get credit
unlawfully were fined. Please keep in mind - if it sounds too
good to be true, it's usually not true. For more information go
to http://www.ftc.gov/bcp/conline/pubs/credit/creditid.htm.
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| Q10. |
How do I start the Credit Restoration Process? |
| A10. |
First, you must admit that help is needed.
That is the hardest part. Next, order your credit reports from
the three national credit reporting agencies. By law, you will
also receive an explanation of your rights under the Fair Credit
Reporting Act. If you are currently experiencing monthly
financial deficiencies due to excessive debt, gathering all
monthly debt and income information is important. Go to our Monthly Budget Worksheet page for a
detailed example. A professional credit report analysis will also
help further identify issues to be addressed in the Credit
Restoration process.
If you want a service contract to be sent to you, go to the Fees and Contract Requests page and
submit the requested information. If you would like to order our
book Credit Restoration, "New Beginnings for A
New Millennium", go to the Consumer
Resources page. You can order the book and work
through some of the issues on your own. It's a decision you must
make. Regardless of what you decide, do something. Don't wait
until issues get out of hand. That is the worst thing to do.
Seeking professional assistance does yield better results with
more strategic solutions. We can help, but you must be determined
to face your credit and debt related problems head on. Act now.
You won't regret it.
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Please Do Not Fax Credit Reports to
DPMC Consulting / DPMCUSA.
For Confidentiality Reasons We Cannot
Respond To Questions Received Via Email.
Thank You for Visiting Our Web Site!
Sincerely, Daniel R. Coleman, CEO - DPMC Consulting /
DPMCUSA
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