I would say that credit repair scams are happening all the time. However, it is most often to people who are not alert enough to recognize the swindle in time. Do not expect the credit repair agency to do the impossible.

Who finds and falls into the trap of all these credit repair scams? People who are desperate enough to feel that ‘desperate situations call for desperate measures’ will  push themselves into believing that this credit repair agents  can do more than they can do for themselves.

No doubt, there are credit repair scams out there. However, until each person decides to go the legal way, such agencies are encouraged to exist and function.

Source:  Credit repair scams – true or false

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One of the easiest ways to prevent such fraud – or at least keep it to a minimum – is to have the provider send you SMS alerts on your cell phone every time your card is charged.

This has two benefits :
(1) it keeps a close tab on your balance available, and
(2) it will alert you whenever your card is used.

In case you find that your card has been used without authorization, you can immediately alert your bank and the police regarding the credit card fraud in progress. It’s possible to track the transactions made on the card, and the culprit can be nabbed and brought to justice.

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You will also find professionals of high repute who will do their very best to restore your credit to “good health.” But that leaves one with the problem of how to go about finding which companies are reputable and how to stay safe from the traps the fraudulent credit repair business agents lay for you. Contrary to common belief, picking out a deceptive credit agency isn’t so complicated. The first warning sign is when the business you are looking into purports to repair your credit “quickly.”

Because your credit history was formed over the span of many years, it’s just not possible to improve your credit score overnight. If you hear a credit repair business tells you they can perform what you know is not possible, you need to back off, because they are definitely fraudulent!

In addition there are other warning signs you should look out for as well. The deceitful “professionals”, in most cases, will require full payment upfront.

A credit repair organization, under federal law, may not charge their entire fees up front. No matter how bad your credit report is, do not pay in advance of any services being rendered.

A less-than-reputable credit repair business is more than willing to use illegal methods. They will even advise that you use illegal means and talk you into thinking it’s OK to do so, since they have somebody on the “inside” in the credit bureaus who can cover up for them and you.

Make sure you don’t fall for these kinds of lies! Do not accept any tactics in order to improve your credit unless it’s 100 percent legal. No matter how bad your credit problems, they’ll be made so much worse if you’re caught trying to amend the situation illegally. You are primarily responsible when your credit report is repaired through illegal means; therefore, you can be prosecuted if caught breaking the law. Everything considered, it just isn’t worth risking it!

Another simple way to establish whether the credit repair business you’re considering is reputable, is to ask that they help you understand more about repairing credit. A reputable agency will be happy to give you guidance and advice (and possibly some “hand holding”) in your quest to learn more about how to repair credit. A trustworthy business will work as a facilitator, while a fraudulent company will be resentful and wary about sharing information in regard to repairing your credit.

There will come a day when, like the installation of anti virus software, you will have something that guards you and your computer from identity theft. Until then, you should use your common sense and stay alert. Your best identity guard theft is your own alertness!

Most identity thefts occur when the hackers send you a link that opens a cloned website that looks identical to that of your bank or email id provider, and asks you to fill in personal information for verification/ upgrading/ re-registration and so on. You need to make it a rule to NEVER give any personal information, especially passwords or ATM / debit or credit card numbers to anyone over the Internet or the telephone. While shopping online, ensure that the site is encrypted and marked so by Verisign – there will be a tiny yellow lock in the lower right hand corner of the page.

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1. Check to see that the company is a member of the Ethical Credit Repair Alliance (ECRA) or a similar organization.

You You are often advised to choose businesses who have membership in the BBB (Better Business Bureau) when considering whether to hire a service. But when evaluating credit repair companies, those businesses that are members of the ECRA are most likely to be the best choices.

This body has its own stringent codes of conduct and any business that gets their approval will give you their best services. All credit repair companies that find approval under this organization must maintain high standards of ethics in dealing with their clients. This means protection for you, the consumer, from being “taken” by a predatory scammer.

2. Know what credit repair is before seeking help. Most of those who end up being scammed while they are seeking ways out of a financial jam, have no prior knowledge of what credit repair is all about. It’s important to know what what these companies are able to do and what they cannot do.

Only if you have knowledge of the difference, will you be able to distinguish those companies in which you can place your trust. For example, no one can remove derogatory accounts on your credit report if those accounts are verified by the credit bureaus.

Many credit repair companies telling you that they can give you a clean credit report within a month or less. Think carefully; is this even possible to do legally? If the answer is negative you would do better to pass.

3. Never accept unsolicited offers by e-mail. It’s not fate that sent you an email offering to repair your credit at a time when you are desperately looking for help. These kinds of e-mails come from fraudulent businesses who use shady methods to get your e-mail address, and are sending out millions of spam emails trying to fool a person desperate for help whom they can scam for all they’re worth!

Never be fooled by such shenanigans. In the vast majority of cases these are unscrupulous thieves hoping to prey on the unwary. Reputable credit companies will contact you by e-mail or US mail only after you have ask for them.

4. It is illegal to create a “new identity.” This is the “Big Lie” many people fall prey to, the reason being that it looks like the “magic solution” to all their difficulties. This idea is so widely accepted due to a general ignorance regarding credit repair. This is called”File segregation.” Avoid it like the plague – it’s illegal!

Your credit score is a reflection of your payment history from the onset of adulthood until the present. How can you get a second and “new” such history? And since it’s not possible, any attempt to do so would have to be illegal. So it’s clear that the credit repair companies that offer you such a way out of your problems are fraudulent.

5. Demanding complete payment upfront should raise a “red flag.” The Credit Repair Organizations Act (CROA) stipulates that the agency must provide you with a written contract and that they cannot charge you a fee prior to completion of the services offered. In addition you have three days to cancel the contract if you so choose.

There are companies who do charge an upfront fee for an initial consultation, and charge monthly fees after that as they follow up with the credit bureaus on a continuing basis. But if a company demands their entire fee be paid in advance, chances are the reason is because they realize you will not be inclined to pay later when it becomes clear that their claims have been overstated. Organizations such as these are fraudulent and you would do well to avoid them!

6. Credit repair won’t happen overnight. As we discussed, no reputable organization can solve your credit problems in the blink of an eye or change your credit history entered on the credit report if it can be verified.

In a best case scenario, less serious issues can be fixed within two or three months, by removal of mistakes, and by means of changing your habits so as to pay your bills on time. More serious derogatory items such as leans and foreclosures remain on your report for 7 years ( bankruptcies for 10), notwithstanding the best management of your finances.

If there are bankruptcies, they will be there for 10 years. “Guarantees” that these can be removed overnight means fraud.

7. No contract? Forget it! If you don’t want to be ” taken” make sure there is a contract; and according to the law, this is your right. Dishonest agencies would prefer there’s no contract, and if they do there will be information missing on various aspects of the services to be provided, what the fees are, and the like. You will learn a lot about these businesses based on their contract. And if there is not a contract, do not hire them.

8. If a company makes any guarantees, do not trust them! Not even the best and most experienced agencies will make guarantees in regard to results of their credit services. After looking at your credit report, they can promise to use all legal means to affect improvement in your score. But to guarantee results is dishonest and unrealistic.

Unfortunately, due to the nature of human beings, most people are more inclined to believe – and to hire – an agency that tells them what they prefer to hear, rather than hire a credit repair business who gives them an honest and truthful assessment of the situation. Avoid falling prey to this trap! Even though you would prefer to hear about guaranteed results, credit repair companies that guarantee they can achieve given results are not telling the truth.

9. See if counseling services are offered. Most reputable credit repair companies provide them for free. If the agency you are looking at does not, look a bit beyond. It might not be a trustworthy agency. All agencies of repute encourage and educate people on how to repair credit. The company performs those services that are for those matters that need professional intervention to improve one’s credit.

10. If you’re given wrong advice, look out! There are those businesses that encourage you to dispute every derogatory account on your credit report writing “this is not mine..” Although the short-term results may be impressive, the creditors whose remarks are thus disputed may later counter it, and the bureau will verify it with subsequent investigations.

Given the poor record keeping habits of the credit bureaus, the probability is very high that any trade lines on your credit report has mistakes regarding the details. But credit repair companies that advise you to claim “this is not my account” if this is not truthful, are not worthy of your trust.

As you can see, there are plenty of red flags along the way to warn against possible fraud. The first and most important thing you should do before you seek the services of credit repair companies it is to become knowledgeable regarding credit repair matters. You also need to know the minimum applicable laws before you go for any type of credit repair help. A good way to begin is to visit the FTC Bureau of Consumer Protection website and the Ethical Credit Repair Alliance.

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They feel that they do “work” since hacking is indeed hard work – and justify their stealing saying that they generally “take money” only from super rich people who will not miss it. They usually latch themselves to a good account and then siphon very gradually a constant source of income. Unless you realize you are swindled and take appropriate steps to stop id theft, you can end up as a host for these parasites for years on end.

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First of all immediately file a complaint with the proper authorities, so the fraud can be investigated and possibly be stopped before it draws in other victims. Once you have reported the scam, go back and find the right credit repair agency for help. Do not lose hope because you have gone through credit repair fraud.

This time ensure that you check the antecedents of the company thoroughly before you sign the dotted line. The best bet will be to check whether they are affiliated with any significant regulatory body such as the ECRA (Ethical Credit Repair Alliance) and/or the BBB (Better Business Bureau). When you avail of the services of such agencies you are safe from any credit repair fraud.

The majority of credit repair scams focus on what measures will be taken to increase your credit score in an unreasonably short time span. This is because people demand this type of service.

In some cases people will be unaware of how the credit score is calculated; hence, they look and accept offers for quick-fix methods. Do they find the right solutions?

No, they do not! What they find are fraudulent credit repair companies that drain their already dwindling financial resources in return for a mirage.

Beware of fraud in credit repair. Educate yourself before asking for the impossible. Know what is realistic and what is not. The moment you start looking for answers that are not legally feasible, you are setting up an environment for scam companies to cheat you.

If you want to increase your credit score do it the right way. Do your “homework” before hiring a credit repair company – and above all, avoid unrealistic expectations. A company that refuses to promise overnight results my not seem a appealing as one that does. But you can bet they are more trustworthy!

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1. Beware of organizations that ask for all their fees upfront. Most reputable organizations will charge after the work is done. You will only have to sign a contract to this effect; your obligation to pay will come into effect only after you are satisfied with the job.

2. Beware of incredible promises. If the offer looks too good to be true – it most likely is. Do not be sucked into believing that miracles can happen when it comes to credit repair. This is a sure path to falling prey to credit repair fraud.

3. Beware of quick fix measures. If the credit repair agency offers you quick-fix methods, run away.  It’s not possible to wipe off or increase your credit score overnight. Anyone saying so will likely be using illegal means, which you would do well to avoid.

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Even though they know that credit repair takes time and effort, in most cases they will talk themselves into believing that the promises made by fraudulent companies can come true. They part with your hard-earned money knowing fully well that such services are not legally possible.

Why do they allow themselves to be scammed?

If you’re in need of the services of a credit repair agency, say “No” to false promises. Face your debt problems squarely. In most cases there are many ways that will lead you out of your financial impasse the legal way. Work together with reputable credit repair agencies so you can not only resolve your credit report problems, but also ensure that such situations do not repeat themselves in the future.

It’s up to you to steer clear of credit repair scams. Be sure you make the right decision.

When and if you find credit repair agencies promising you otherwise, please keep in mind that they are probably employing illegal means.  Don’t ever be tempted to hire the services of such credit repair agencies because you will fall into more trouble than help.

The way you can fix a credit score legally is by improving your financial transactions, and the minimum time for this to register with the bureaus is about 6 months. You can also improve your credit score by removing wrongly entered negative information. 

It will be possible to raise your credit score a few notches if there are major mistakes on your credit report. And given the fact the anywhere from 1/3 to 90% of credit reports DO contain errors!  But keep in mind that it’s not possible to “wipe” away correctly entered negative remarks.

No doubt you’ve heard a great many stories of people who have gone to credit repair agencies hoping they can improve their credit, only to be ripped off by credit repair scams!

To protect yourself from these crooks, you need to be aware of how they operate.

First of all, they are keenly aware of the desperate situation of those who have bad credit. And they know that such people are so very desperate, they are eager to believe just about anything a company tells them, if they think it will help them out of their despair.

They are often so disheartened by the system, which seems downright cruel and uncaring toward  their plight, that they’ll do anything to improve their situation. Most people who seek out help are on the verge of declaring bankruptcy. It’s these individuals who are the most likely to fall prey to credit repair scams.

Why? Because they feel a great sense of urgency. They just don’t want to believe or accept the reality that fixing their credit score can take up to 12 months. Very often, they feel they are running out of time, and that unless they take drastic steps immediately, it will be too late.

Ironically, when they sign up with such unscrupulous agencies, rather than improving their financial situation, they find themselves even worse off than ever! 

If you expect to steer clear of credit repair scams, make sure you heed these warning signs:

1. They promise the impossible

These lowlifes promise they can get EVERY negative account removed from your credit report. They’ll also guarantee that your score will increase within 2 or 3 months.

Then they dispute every adverse trade line in your report. And in fact, the credit bureaus may at first remove some (or most) of the disputed items, if they can’t verify them within the 30 day time span required by law. But some time later, those items may indeed get verified.

Then guess what happens? That’s right – they go right back on the credit report!

Credit repair companies can ofter make major improvement to you credit score – but there can never be any guarantees. The company who tells you – truthfully – that they cannot make ANY promises as far as results, may not be as appealing as those who make wild promises. But it would behoove you to trust them over those who do!

2. They urge you to take measures that are illegal

They will employ an illegal tactic – having you get a new Social Security Number that has no bad credit record associated with it – in effect, giving you a “brand new identity” who has clean credit.

If this happens, run the other way! This is most definitely illegal, and can get you in BIG trouble! You’ll wish you could go back in time to when your “only” problem was having to with your bad credit!

3. They ask for full payment up front

It’s not uncommon for a credit repair agency to charge an initial fee for a credit report analysis, credit advice, or a consultation. After all, they are providing a service and are entitled to fair compensation.

But beware of those who insist on their entire fee up front! Most all of the  credit repair scammers will do this. And for good reason – they realize that once they are “found out” you’re not about to pay them!

In conclusion, credit repair scams ARE avoidable. You need not fall prey to them if you keep a cool head, do your research, and watch out for the “warning signs.” And most of all, don’t allow your desperation cloud your judgment!

For the FREE Report “The Danger Signs to look for in a Credit Repair company” sign up for the ECRA Newsletter (Right Hand side of this Page)

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But not all credit repair companies are thieves! There are lots of honest credit repair companies that provide a badly needed service to consumers.

A poor credit score can dig deeply into your bank account and fritter away  your financial resources because of appallingly high interest rates. At the same time, credit repair is a long drawn out process, which requires close follow-up and often specialized and customized appeals for removing inaccurate negative data from your credit report.

You are undoubtedly aware that there are a great many credit repair companies and credit repair lawyers ready to offer their services, but you don’t know which one to choose. You may have heard too many stories of people being scammed, and for that reason, you are wary.

Here are five factors that will help you reach an intelligent and informed decision:
 
1. Professionalism – is the company you are considering professional? Look at their web site carefully and see whether you are comfortable with what you find there.

* Is the website easily easy to navigate?
* Does it have a FAQs page?
* Do they have a live chat or fast-response email service to answer your queries?
* Is there counseling offered free by the companies?
* Does it make extraordinary claims? (NOT a good sign!)

Check carefully every aspect, and trust both your logic and your gut feelings.

2. Ethical – it is very important that the credit repair companies you choose behaves ethically. Do not be taken in by agencies that claim to be able to remove all your negative accounts, whether they are being accurately reported or not. You should expect to be able to delete only those accounts that are erroneous.

Do not be persuaded to use illegal means to increase your score. You might be inviting more trouble than you could handle. Search the Web for reviews or feedback on the credit repair companies you’re considering. Be on the lookout for any reports of scams. Check whether the company is a member of any reputed organizations such as the ECRA (Ethical Credit Repair Alliance) or the BBB (Better Business Bureau) which will require that they abide by strict codes of conduct.

3. 24/7 monitoring – credit repair goes beyond just “credit repair.” It means monitoring, education, counseling, and awareness among other things. Regular monitoring and immediate intervention when adverse information finds its way into your credit report are more important in maintaining a good credit score that just repairing it. Are the credit repair companies offering you more? Do they offer these supplementary services on their menu?

4. Reasonable – it is true that credit repair companies are in business to generate revenue. But, this should not be to the detriment of their clients. The best business relationships, ones that survive time and changes in technology, are often associated with the offer of value-for-money by companies. You must be satisfied with the price and services offered. Research these aspects well enough to be empowered to negotiate the best fee. Do not be afraid to negotiate.

5. Offer solutions – you need solutions. The best credit repair companies are those who are able to draw you out and learn about your problems in detail, so that they can come up with a customized solution for your personal situation. This is very important due to the fact that no two financial problems will be identical, and what works fine for one individual may not be best for another. Look for a credit repair agency whose goal is offering solutions – “tailor made” solutions for YOU!

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