Credit Repair Scams - Be Very Careful
I’m sure you’ve heard stories about those who have gone to credit repair organizations for help to improve their poor credit, only to fall prey to credit repair scams. In order to understand what must be done to protect yourself against such unscrupulous people|these scammers|these crooks}, you need to understand how they function.
They’re betting that those who find themselves drowning in debt are in such desperation as to believe anything that is told them, in the hope that these fake agencies can really improve their credit, so they can regained a peace of mind. They are often so disheartened by the system, which is downright cruel to people who have problem credit, that they’ll do anything whatsoever to get it fixed.
Most of those who seek out help are thinking about declaring bankruptcy. It is these who are most likely to fall prey to credit repair scams.
Why? Because they feel a sense of urgency, and don’t realize that fixing their credit can take up to 12 months. Very often, these folks feel like time is running out on them, and unless they act right now, disaster awaits them in the future. Ironically, when they hire these scam artists rather than getting themselves rid of debt, they will find themselves in even worse financial straits, since they’ve been chasing a mirage.
Beware of these red flags that alerts you to credit repair scams:
1. They promise impossible results - these unscrupulous companies promise they will get all adverse accounts deleted from your credit report. They will guarantee you that your credit score will improve within the next 2-3 months.
They try to accomplish this by disputing everything negative in your credit repor. The bureaus may initially remove some or most of the disputed items that can’t be verified within the required 30 days. In the meantime, it might look as though this fraudulent agency has delivered on its promise.
But if the credit bureaus verifies the items at a later date, they’ll go back on the credit report - plus you will have earned the reputation of being a hustler!
2. They urge you to violate the rules - they use illegal means, such as using other people’s identity to improve credit, by offering to give you a new SSN, so that you can “start from scratch.”
Look out! Such tactics can land you in a lot of trouble. It’s not only against the law to take up a “new” SSN, the number could have a police record attached to it, or any such things that will be far worse that having bad debt.
3. They ask for full payment up front - these credit repair scams ask for payment in full before any services have been rendered. This is understandable, because they know you will find out that that they can’t deliver as they had promised. And at that point, you would refuse to pay.
Know that you can avoid credit repair scams. Just remember that no matter how desperate you become, look closely for the warning signs!
Related posts:
- Looking For A Reputable Credit Repair Business You’re having problems with a low credit score and you...
- Credit Repair Business Opportunity - Rewarding and Lucrative Are you seeking a way to earn you a second...
- Credit Dispute - The Opening Issue of Credit Repair Credit Dispute - The Beginning Level of Credit Repair Businesses...
- Reviewing Credit Repair Companies So much has been said in reference to credit repair...
- How To Repair Credit After Bankruptcy You must repair your credit history when you find that...