Saturday, August 29, 2009

Involvement In Failed Real Estate Scheme Results In Big Drop In Credit Score For Navy Officer, Leaving His Security Clearance, Service Status In Limbo

In Fresno, California, KGO-TV Channel 7 reports:
  • The ABC7 I-Team has been investigating a statewide, multi-million dollar real estate scheme that ruined credit scores for dozens of Bay Area investors, but one man's story stands out. He's a Navy officer who just volunteered for a tour of duty in Afghanistan. The condos he bought for more than $1 million are now virtually worthless. But even worse, he says, he can't be deployed overseas because of the huge drop in his credit score.

***

  • Late last year, he got a default letter from a bank. Then a call from the Naval Criminal Investigative Service saying his security clearance was under review. That's because his credit score had dropped from more than 800 to around 500. [... His] deployment was [placed] on hold.

For more, see Scheme ruins war veteran's credit score.