Do You Know How To Spot Credit Repair Scams
Below is a MRR and PLR article in category Finance -> subcategory Credit.
How to Spot Credit Repair Scams
If you're dealing with poor credit, be cautious of quick-fix promises that often lead to scams. Here's how to protect yourself:
Recognizing False Claims
Be wary of companies that claim they can change or erase truthful information to improve your credit score, or that suggest only they can remove inaccuracies. These promises are simply untrue.
Beware of Upfront Fees
Avoid any credit repair company that demands a large payment before delivering results. Even a money-back guarantee might not protect you from fraudulent businesses.
New Credit Identities: A Dangerous Trap
If you've filed for bankruptcy, watch out for "file segregation" schemes. These offer a way to hide negative credit information by creating a new identity. This practice is illegal and can result in fines or imprisonment.
Other Common Credit Scams
Credit by Phone
Be cautious of pay-per-call services that assure guaranteed credit or cash loans. Often, these result in a hefty phone bill and little else, providing only lists of banks or guides that you could find elsewhere for free.
Gold or Platinum Cards
Promotions for gold or platinum cards might suggest they can boost your credit rating. However, these cards often only allow purchases from select catalogs, not aiding in credit-building. Be wary of any offer requiring calls to expensive numbers.
Checking-Account Scams
Watch out for postcards offering easy credit or low-interest rates, which ask for your checking-account number as verification. This information can be used to illegally withdraw funds from your account.
How to Protect Yourself
If you suspect a scam, report it to the Attorney General's Office online or call the Consumer Protection Hotline at 1-800-392-8222. Never share your bank account or credit card number unless you're certain the company is reputable.
Stay informed and vigilant to avoid falling victim to credit repair scams.
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