Credit Repair Scams - Common Scams That Credit Repair Companies Use to Rip You Off
Need Your FICO Score Fixed?
There are hundreds even thousands of companies that claim to be able to fix your credit scores. If you have considered using the services of one of these companies to help you get your FICO score increased you need to keep reading as I will talk about some of the shady practices these companies often use on unsuspecting clients.
Three Common Credit Repair Tricks To Watch Out For
Overcharging Clients- The biggest scam the is pulled by some of these companies is overcharging their clients. The way they do it is so simple and sneaky its hard to detect. First they set you up on a monthly fee, then they work at a slow pace to extend he service out. Things are getting done and you are happy. Unfortunately they could have been done much faster and you are out hundreds of dollars!
Stealing Your Money- Another scam that is pulled by the worst of the bunch is they actually steal your money. This often happens when the company asks you for a cash deposit that they can use to negotiate with your creditors. In 99% of the cases this money never reaches the creditors and the company shuts down once they have enough money from their clients. When this happens you will be out the fees you paid them and also the money they were able to steal from you.
Committing Fraud- While it will sound crazy this actually does happen alot. The credit repair company will ask you to start a new identity through the Federal Government using the EIN or TIN numbers that are supposed to be used for businesses and resident Aliens. You can then take out new loans under your new identity and basically start over. While it will work it is also very illegal and the one who get s in trouble and charged with a felony and fraud is you,even if you were following the companies advice.
How Can I Avoid These Credit Repair Scams
The best way to avoid credit repair scams and save money is to do the work yourself. This is easy with allthe good credit repair kits on the market today. For about $40 you can buy a system online that will give you all the tools and information you need to quickly start increasing your credit scores on your own.
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