Scams Associated with Credit Repair Business

Posted by Admin on February 18, 2010
Filed under Credit repair | Comments (12)

Everyday there is a new credit repair company which spins off declaring it has got a quick fix to raise the score of its client and charges a hefty sum. 

The promises are to clean up the credit score so that they can get a mortgage, car loan, insurance or even a job. 

Fact is no one can remove a correctly mentioned negative entry on your credit report. So after you have paid a hefty amount to the credit report what you get is same credit report and a lot less money and a lot less time which you could have otherwise utilised. 

The Only Legitimate repair starts with YOU and Only YOU. 

There are certain laws that you should be aware of:- 

  1. No credit repair company can charge you all amount before they have completed their promised services. 
  2. The company cannot refrain you from contacting all the three credit rating agencies. 
  3. The company cannot ask you to try to invent a new credit identity and then a new credit report- by applying for an Employer identification Number instead of your social security number 
  4. To file a complaint against all such credit repair companies visit ftc.gov or call the toll free number 877 (FTC HELP) (1-877-382-4357) 

Sometimes it happens that due to desperation we try to adopt some shot cuts which we feel are legitimate since everybody else is doing it. Credit repair scams are taking advantage of your desperate situation. So it is always important to take care of your finances on your own.  

There are certain fantastic ONLINE Resources which are legitimate and which can be a great guide for easing your way in making a successful transition from an average credit score to a most amazing credit score. 

You should look out for the credit card repair scams and take full responsibility and leadership in dealing with your own situation. 

Nothing is more amazing than having a feeling that you could take care of your own situation on your own and made a positive change. This reflects on other parts of your life since once you are in control of your financial health your overall confidence increases manifold. 

Beware of the credit repair scams and try to stay away from them. It is in best interest of you and your credit score. Since for present there might be no accounts held by FICO as manipulated but in future there might be a change in algorithm and you might find yourself at the wrong end of law just because your credit repair company had illegitimately tried to increase your score. Credit repair scams have grown in alarming proportions and this has to be controlled.

Do your own credit repair and even if you have a bad debt it should be a long term goal to be debt free best put as financial freedom.

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