Avoid Being Scammed While Trying To Repair Your Credit!
If you are in financial difficulties, and suffering from excessive credit card debts, plus a bad credit record, then some of the advertisements you see may seem like a gift from heaven. Eliminate not only your credit card debts, but your bad credit record too. They may claim they can give you a new credit identity, or remove bad marks from your credit record, even if they are true.
Unfortunately for you, the truth is there are no shortcuts to building an AAA credit rating. Repairing your credit record will take time, and much effort on your part to make it a reality. Meanwhile, there are some scams and traps that you need to be aware of. If you are aware of them, you are less likely to fall into any traps and become a victim of one of these questionable credit repair companies. We’ve put together some guidelines to help you in the process.
1. First of all, be wary of any company that tells you they can remove true marks from your credit report. Often, a credit repair scam will involve telling debtors that it will to bombard the credit reporting agencies with enquiries, and hope that they won’t respond in the given time-period. Or they may claim the agencies will simply take off the remarks to stop the incoming letters. Here’s the truth: even if the scam operation does succeed in getting 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.
2. Next, run as fast as you can from any company that offers to get you a new credit identity! Following their advice could land you in jail under US law! 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 offence—and guess who will take the rap? You—the person who actually completed the forms “under penalty of law.” Nor is it legal in the UK to try to skirt round the law like this. You need to be honest about your true ID and deal with your credit card debt problems within the law.
3. Another certain sign that a company is operating a scam, and is not a true credit repair company, is if they try and pressure you into signing a contract with them. A proper credit repair company will not do that, and will inform you that, if you do change your mind within three days of signing, it is the law that you will be release from any obligation. A scam company will likely want large, upfront fees, and will tell you that the offer expires today, or use some other high pressure tactic.
4. Finally, you should accept the fact that nobody can “repair” your credit, if you’ve truly made some errors in the past. The 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 clean credit report! Be patient, and your record will eventually be back where you want it to be........without falling for any of the scams.