As the saying goes, “if it sounds too good to be true, it probably is”. It’s just a ploy to get your client’s hard-earned cash (usually in full and upfront – another illegal activity). Second clarification: never trust someone who says they “have a guy on the inside”. 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! Forging police reports is clearly illegal, period. Creditors have an obligation to remove items added as a result of ID theft when presented with the police report and affidavit. These criminals forge police reports and file fraudulent Identity Theft Affidavits to force creditors to remove accurate information. It helps the client to reduce its cost paid through interest on outstanding debt.Ĭredit sweeps are offered by banks as a cash management tool to help customers manage their accounts.įirst 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. The client will set a target balance that determines how much funds will be needed. The remaining funds in a deposit account are used to pay down a short-term debt under a line of credit. It turns out, they probably can….but they will also wind up in prison (and land your borrower in some hot water).Ĭredit sweep is the arrangement between the bank and the customer. These ads claim experts can use credit sweep methods to remove all negative items off a credit report in 30 days or less. I’m sure you’ve seen ads on Craigslist or had a buddy tell you they “have a guy on the inside”. Just last week, a group of unscrupulous criminal bottom-feeders out of Nevada were indicted on fraud charges stemming from their “CREDIT SWEEP” program.
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