Don't Fall For a Credit Repair Scam
You've probably seen the advertisements in newspapers, on Television, and on the web sites. You can hear them on the radio. You find the ads in your mail box, and maybe even cold calls during dinner, offering credit repair services. They always make these or similar claims:
"Credit Score Down? No problem!"
"We can easily remove all your bankruptcies, tax liens, judgments and bad loans from your credit file for ever!"
We can legally erase all your bad credit - 100% guaranteed.
Get a new credit file overnight - all legal.
It is not too smart to believe these claims: they are many times signs of a scam. Some authorities even state they have never seen a legitimate credit repair company trying to make those claims. In reality there is often not a fast fix for credit and creditworthiness. It is true, however that you can actually improve your credit report legitimately, but it takes quite some time, a persistent effort. And also it is advised that you stick to a personal debt repayment plan.
Here are some warning signs that go along with a Credit Repair Scam
Often, organizations target uninformed people who have bad credit histories with promises to clean up their credit report so they can get a car loan, a home mortgage, insurance, or even a job once they pay them a fee for the service. In reality, these organizations cant deliver an improved credit report for you using the tactics they promote. No one can, if they stick to the law, remove accurate, but damaging information from your credit report. So after you hand them over fees, often several hundred dollars or more, you are left with the same, or worse credit report and someone else has your money.
If you encounter credit repair offers, here is how you can tell whether the firm that does it is crap:
The service company does not tell you your rights and what you can do for yourself for free.
The lawyer recommends that you refrain from contacting any of the three major national credit reporting companies directly yourself.
The organization or individual suggests that you try to create a brand new or false credit identity - and then get a completely new credit report - by applying for an EIN number, so that you use that instead of your Social Security number.
The organization wants you to pay for credit repair services before they provide you any services. Under what is called the the Credit Repair Organizations Act, companies that are offering to repair credit, cannot require you to hand over the money, until they have completely delivered the services they have advertised.
You've probably seen the advertisements in newspapers, on Television, and on the web sites. You can hear them on the radio. You find the ads in your mail box, and maybe even cold calls during dinner, offering credit repair services. They always make these or similar claims:
"Credit Score Down? No problem!"
"We can easily remove all your bankruptcies, tax liens, judgments and bad loans from your credit file for ever!"
We can legally erase all your bad credit - 100% guaranteed.
Get a new credit file overnight - all legal.
It is not too smart to believe these claims: they are many times signs of a scam. Some authorities even state they have never seen a legitimate credit repair company trying to make those claims. In reality there is often not a fast fix for credit and creditworthiness. It is true, however that you can actually improve your credit report legitimately, but it takes quite some time, a persistent effort. And also it is advised that you stick to a personal debt repayment plan.
Here are some warning signs that go along with a Credit Repair Scam
Often, organizations target uninformed people who have bad credit histories with promises to clean up their credit report so they can get a car loan, a home mortgage, insurance, or even a job once they pay them a fee for the service. In reality, these organizations cant deliver an improved credit report for you using the tactics they promote. No one can, if they stick to the law, remove accurate, but damaging information from your credit report. So after you hand them over fees, often several hundred dollars or more, you are left with the same, or worse credit report and someone else has your money.
If you encounter credit repair offers, here is how you can tell whether the firm that does it is crap:
The service company does not tell you your rights and what you can do for yourself for free.
The lawyer recommends that you refrain from contacting any of the three major national credit reporting companies directly yourself.
The organization or individual suggests that you try to create a brand new or false credit identity - and then get a completely new credit report - by applying for an EIN number, so that you use that instead of your Social Security number.
The organization wants you to pay for credit repair services before they provide you any services. Under what is called the the Credit Repair Organizations Act, companies that are offering to repair credit, cannot require you to hand over the money, until they have completely delivered the services they have advertised.
About the Author:
Why pay for Repairing Credit if you can do it yourself free. Legally Raise Credit Score 100 pts. in 30 days!
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