Find Out Credit Repair Scams

Find Out Credit Repair Scams

Credit troubles? No problem!”

“We can erase your bad credit – 100% guaranteed.”

“Create another credit identity – legally.”

“We can remove insolvencies, judgments, liens, and bad loans from your credit file forever!”

Do yourself a favor and economize some money, too. Don’t listen these statements. Only time,
a conscious effort, and a personal debt repayment plan will make better your credit report.

This article explains how you can improve your credit worthiness but you have to have in mind
that it can take time. If you cling to a plan you can repair your credit and get your life back
to normal. Take it step by step in order to be sure that you are not planning to do anything illegal.

Credit Repair Scams

Everyday, there are international companies that appeal to consumers with poor credit histories.
They promise, for a commission, to clean up your credit report so you can get a car loan,
a home mortgage, insurance, or even a job. The truth is, they can’t deliver. After you pay them
thousands of dollars in fees, these companies do nothing to improve your credit report; most simply
vanish with your money.

How Can They Scam You

If you decide to respond to a credit repair offer, look for these easy to recognize signs of credit repair scams:

companies that want you to pay for credit repair services in advance of providing any services.

companies that do not let you know your legal rights and what you can do for yourself for free.

companies that recommend that you do not get in touch with a credit reporting company directly.

companies that propose that you try to fabricate a “new” credit identity – and then, a new credit report
- by applying for an Employer Identification Number to use instead of your Social Security number.

companies that suggest you to dispute all information in your credit report or initiate any action that
seems illegal, like creating a new credit identity. If you pursue illegal piece of advice and commit fraud,
you may be subject to prosecution.

You could be accused and prosecuted for mail or wire fraud if you use the mail or telephone to apply for
credit and provide false information. It’s a federal crime to lie on a loan or credit application, to falsify
your Social Security number, and to get an Employer Identification Number from the Internal Revenue Service under false claims.

Under the Credit Repair Organizations Act, credit repair companies are not allowed to require you to pay until
they have delivered the services they have promised.