Don't Get Scammed When Repairing Your Credit!
John Sanderson
If you are in trouble financially, then you may be tempted to answer an ad from a company that tells you that they can give you an entirely new credit identity, or remove bad marks from your credit report—whether or not they’re true.
The truth is, there are no shortcuts to building an AAA credit rating—it will take time and a lot of effort on your part to make it a reality. Meanwhile, there are some scams and traps that you need to be aware of so you won’t fall victim to one of these questionable credit repair companies. We’ve put together some guidelines to help you in the process.
First of all, be aware of any company that tells you they can remove true marks from your credit report. Generally, a credit repair scam that tells that it’s possible will try to bombard the credit reporting agencies with inquires and hope that they won’t respond in the given time-period. Or will simply take off the remarks to stop the incoming letters. Here’s the truth: even if the scam operation does manage to get a few bad remarks removed from your credit report, they can always be added on again should the lender prove that the bad marks were true.
Next, run as fast as you can from any company that offers to get you a new credit identity! Not doing so could land you in jail! Why? Because their mode of operation is to get you to apply for a tax identification number, which has the same amount of digits as your social security number, and then use it whenever applying for credit. The number will come up “clean,” and you won’t have to pay the consequences for your past bad marks. Now, here’s the downfall. Lying to the federal government about your intended uses for a federal ID number is a federal offense—and guess who will take the rap? That’s right—you—the person who actually filled out the forms “under penalty of law.”
Another sure sign that a company is operating a scam, and not a true credit repair company, is if they try and pressure you into signing a contract with them. They will likely want large, upfront fees and will tell you that the offer expires today, or use some other high pressure tactic. A company that is truly concerned about helping you to repair your credit will never pressure you or try and trick you into signing a contract with them. In addition, they will make it clear to you, that if you do change your mind within three days of signing, it’s the law that you will be release from any obligation.
Finally, you should accept that fact that no one can “repair” you credit if you’ve truly made some errors in the past. The only way to build a good credit report is to pay your bills on time, not extend your credit limits, and be careful not to apply for too many credit lines. Do all of these things on your own and you’ll soon find yourself with a great credit report!
About the author: This article provide courtesy of http://www.debt-solution- guide.net
The latest information and news on Credit Repair:
A variation on a Nigerian wire scam apparently is targeting automobile repair shops in the Medford area. Using a stolen credit card, the scammers say they want to have a car towed to the repair shop, but need the shop to wire money to pay for the towing.
5 ways to get the best mortgage deal
It's tougher to get a mortgage today. But shoring up your credit and other moves can lead to success.
Finally, Some Real Stimulus
Obama's announcement today about business tax breaks, following yesterday's $50 billion infrastructure plan, shows he finally understands that his administration, not the Fed, must end this downturn. Reboot America manifesto signer Marshall Auerback on how Obama has figured out the folly of interest-rate policy as economic elixir. Plus, join in with over 150 economists and historians who have ...
FTC Obtains Court Order Requiring Credit Repair Operation To Stop False Claim...
A credit repair operation has agreed to stop making false claims and stop charging up-front fees under a settlement with the Federal Trade Commission.
Obama, in campaign mode, defends policies and offers new proposal for transpo...
President Obama used a Labor Day speech to fire up voters and lay out a $50 billion program to improve the nation's infrastructure. Barack Obama - President - United States - Infrastructure - History
Council faces post earthquake rating cut
Standard & Poor's Ratings Services is today signalling a possible downgrade of Christchurch City Council's credit rating in the wake of Saturday's earthquake.The credit rating company has placed its AA plus credit rating on Christchurch...
Europe's Banks Stressed by Sovereign Debts EU Regulators Failed to Examine
Even after a 750 billion euro ($960 billion) bailout for the weaker economies in the euro zone, investors are skittish about sovereign debt -- and about the banks that hold the region?s government bonds.
S&P signals possible cut of Christchurch's rating
Standard&Poor's Ratings Services is today signalling a possible downgrade of Christchurch City Council's credit rating in the wake of Saturday's earthquake. The credit rating company has placed its AA plus credit rating on Christchurch City Council and subsidiary Christchurch City Holdings Ltd on credit watch with negative implications. It said any rating action would not likely exceed one notch ...
S&P may downgrade Christchurch rating
[AAP] - Standard & Poor s Ratings Services on Monday signalled a possible downgrade of Christchurch City Council s credit rating in the wake of Saturday s earthquake.The credit rating company has placed ...
and #8216;I just couldn and #8217;t believe it and #8217;
OXFORD - Competition figure skater Anilta M. Cournoyer-Sullivan was a 31-year-old mother when her wallet was stolen at a Worcester skating rink.