When your credit has been damaged, whether by poor spending habits or identity theft, working to rebuild it takes a great deal of time and patience. The last thing that you want to have occur is to incur more credit damage by falling victim to the latest scam. Because of this, paying attention to the latest scam alerts is crucial. There are scammers everywhere, and they are trying harder than ever to get your personal information so that they can open credit accounts using your identity. (more…)
Archive for the ‘Credit Repair Scams’ Category
Staying On Top of the Latest Scam Alerts Can Help You Fix Your Credit
Sunday, August 15th, 2010Why You Don’t Need a Credit Repair Company
Saturday, June 12th, 2010These days, millions of Americans are struggling with bad credit. It’s hard to believe, but a low credit score can be a major lifestyle cramp for many people. It can keep you from getting a home loan or a car loan, and it may even keep you from getting the job you want. Also, a bad credit score can get you bad rates on loans that you do get, meaning that you could be paying hundreds û or even thousands û of dollars a month on your loan payments that you would otherwise not have to pay if you had better credits and interest rates.
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Do You Need a Credit Repair Company?
Saturday, June 12th, 2010Credit repair companies are everywhere right now. They’re making a killing by taking the money of people who are in deep trouble as far as credit goes. These companies often do help people repair their credit. The problem, though, is that they don’t often do something that an individual can’t do on his or her own for a lot less money. (more…)
Credit Repair Companies and Scams
Thursday, June 10th, 2010As an educational information, here is a list of common credit repair scam techniques that you should know in order to prevent falling victim to credit repair scams.
1. Companies that charge low monthly fees; Most of these companies will drag their feet to prolong the process in order to charge you more money in the long run, and probably not even produce many improvements.
2. Companies that do not inform you of your legal rights and what you can do on your own for free.
3. Companies that discourage customer contact with the credit bureaus.
4. Companies that guarantee removal of ALL negative items. No company can legally or ethically guarantee to remove all of your negative accounts, however they can offer a money back guarantee.
5. Companies that send you unsolicited emails, many of these come from fraudulent sources.
6. Companies that cannot or will not help your obtain your credit reports.
7. Companies that are not registered with the Secretary of State and bonded.
8. Companies that do not provide you with a general time frame for your case. Most cases can be completed in about 6 months.
9. Companies that urge you to create a new credit profile by applying for an EIN (Employer Identification Number). This is illegal.
10. Companies that advise you to lie on loan applications or suggest you establish a different identity. This is not only dishonest, it is illegal.
11. Companies that promise to pay your creditors from money you pay them that is placed in an escrow account. This proposition is merely a scam, and the debtor is the loser.
12. Companies that try to pressure you to join their program without providing you with a contract.
13. Companies that claim to repair your credit within a few days or a month. Your credit was not ruined overnight and it will not be fixed overnight!
14. Companies that have a 900 phone number should be avoided at all times. Any reputable company would have a toll-free number.
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