September 19, 2017
 
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Credit Repair Scams

Credit repair businesses nationwide are thriving while preying on unsuspecting consumers who are desperate for a quick solution to their credit problems. One company advertised “if you could buy ‘good credit’ for $179 you would, wouldn’t you?”

In many cases, these companies are more than eager to take your money and do little or next to nothing to improve your credit report. They employ various marketing techniques and scams to convince you to pay up. Some are even outright lies and even illegal. One scam used by some credit repair services is directing customers to call their 900-number for details on how to fix their credit. While you’re looking for help, they will try to keep you on the phone as long as possible to make money from the per-minute charges. This kind of scam can be combined with other scams so they can try to make even more money. 

What you should know

·        Credit repair companies cannot get negative information removed from your credit history just by asking. They don’t have clout with the credit bureaus.

·        They cannot convince the creditors that you really don’t owe the debt.

·        They cannot legally create a new credit identity for anyone.

 

Look out for companies that are vague on the details. It’s a bad sign if they cannot answer your questions directly. Beware of promises offering “guarantees” for credit cards, a mortgage, or other loans—they’re most likely frauds.

 

Help is Available

If you’re having difficulty paying your bills, have a bad credit rating, or struggling to keep your head above water, it may be time to consider contacting a credit counseling organization.

 

 

 

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