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Don't Get Scammed
While Repairing Your Credit
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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:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
Other Credit And Real Estate Related Information
American Grant
Provider Directory
The
Federal Government and Private Grant Foundations issue billions
of dollars in grant money to a variety of groups each year.
Grants are awarded to individuals each and every day from all
walks of life, with large and very small bank accounts, for
an ever-increasing array of purposes.
Grant programs are not Loans.
You decide how much you need. As long as the amount is lawful
and you meet the Foundations and Government Agencies Requirements,
the money is yours to keep and never needs to be repaid. This
grant money is non-taxable and interest-free!
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Do You Have
Bad Credit?
Don't give up!!
Our list of lenders and credit card
companies are willing to give you another shot. They realize
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Whether you have
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Mortgage Loan Tips
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Credit Secrets
"How
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Take a moment to imagine this...
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