Credit repair scams - How to avoid them

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Credit repair scams – How to avoid them?

Credit repair scams – How to avoid them?

In the issue of repairing your credit, it is best to do it yourself. Most often, you may hear or see
advertisements claiming outstanding credit repair services offering you “legal” and “guaranteed”
solutions for your credit problems. These services may use mottos that are quite enticing to those
who are in dire need of credit repair.

When you are really in need of credit repair, the first thing you want to do is to act immediately. You
should remember that this action should be done by you and not anyone else. Luckily, there are
several factors that can help you avoid scam credit repair services.

Credit repair scams – How to avoid them? (Continue….)
The Fraudulence about credit repair

Day after day, several companies appeal to consumers who have awful credit histories. Often, they
promise to tidy up credit reports, for a price, to help consumers loan a car, mortgage a home, or
even get a job. The horrible fact is they cannot deliver; you should keep this in mind especially if you
do not want to worsen your debt. These companies would only take the cost of the services with
them and vanish into thin air.
The signs of a scam of credit repair

If you had responded to a credit repair service, there are warning signs that can help you determine
an authentic credit repair offer from a fraud. Firstly, be aware of companies that wish for you to pay
the cost of the repair before providing any services.

There are companies that advise consumers to directly contact a credit reporting agency - you
should avoid such companies. More so, if the company you have responded to suggests that you to
create a new credit identity and then make a new credit report by applying for an Employer
Identification Number to use rather than you SSN, you should immediately stop contacting that

Lastly, those that advise you to argue all information included within your credit report or take
actions that may seem illegal, i.e. generating a new credit identity, should be avoided.

Credit repair scams – How to avoid them? (Continue….)
The signs of a scam of credit repair continue…

Remember that you could be prosecuted for wire or mail fraud if you use the telephone or mail to
apply for credit and give information that are not authentic.

Most importantly, you should remember that included within the Credit Repair Organization Act is
the rule that credit repair companies should not require you to pay until the services they have
promised are complete.

The best possible way to avoid poor credit history, and totally keep you safe from fraudulent credit
repair services, is to do a periodic credit report review. Reviewing your credit report is important
because the information in your report affects your chances of getting an insurance or loan.

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