Credit Repair Scam – 3 Danger Signs

When you are trying to repair your credit score in a hurry, you tend to believe all promises made as they seem to offer you exactly what you want. Beware of such false promises because these are tell- tale signs of credit repair scams. Here are some common tactics used to defraud vulnerable consumers:

1.    Second Credit Report – It is not possible to have a second credit report; not legally.  If any credit repair agency claims that they can avail you of the use of a second credit report, it is definitely a credit repair scam.

2.    Credit Repair Takes Time – There is no ‘urgent’ delivery in this business. If anyone tells you that they can improve your score overnight, beware; you are falling into a credit repair scam trap. Often times what the fraudulent company does is dispute every blemish on the credit report which gives the illusion of a repaired report. However, once the investigation is completed by the credit reporting agency and by whomever the debt is owed, it will be clear that this was a fraudulent attempt at raising the consumers credit report or to eliminate a debt by committing fraud. Remember, any and all actions done on your behalf are ultimately your responsibility and you will  have to face the consequences for illegal actions taken on your behalf. Often times by the time you realize that you have been a victim of a credit repair scam- the agency is long gone with your money and leaves you with no ability to trace them down.

3.    Credit Repair Emails – Are you getting offers via email that seem too good to be true? They are exactly that; they are lies. Be very wary of such emails. Never give any financial information through such emails, or any email that was not initiated by you through a secure and verified website. Also, be very careful as to how and when you respond to emails requesting your sensitive financial information, a copy of your identification or a request for your previous address or your mother or fathers information. Sometimes the simplest piece of information in the wrong hands can cause a catastrophic financial blunder that can be difficult to recover from.

Source:  Credit Repair Scam – 3 Danger Signs

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