Credit Repair Scams

Home
>
Credit
>
Credit Repair Scams

Credit Repair Scams

"Erase Bad Debt !"

"Remove Negative Items From Your Credit Report"

You've probably seen these headlines and others just like it promising to clean up or "fix" bad credit. For someone who suffers from a bad or poor credit rating, these headlines are certainly an appealing offer.

Imagine finally being able to buy that new car, get debt collectors off your back, and enjoy a new found freedom from your past debts.

Sound to good to be true ? It probably is. Once you fall prey to the credit repair offer and pay the hefty fees involved to clean up your record, here's what happens:

1) The credit repair scam artist contacts the credit bureaus and reports that the negative information in your file is false.

2) The credit bureau removes this negative information from your report while they investigate the claim.

3) The scam artist will then show you the cleaned up version of your credit report and "ta-da" your credit history has been fixed !

But here's what the scammer doesn't tell or show you. After the credit bureau completes their investigation the negative information is placed back on your credit report.

Negative but accurate information cannot be removed from your credit profile. Only incorrect information can be removed.

Accurate information remains on your credit file for a period of 7 years from the time it is reported to the credit agencies; a bankruptcy appears for a 10 year period.

Many legitimate companies exist that can help you with your debt problems. But how do you spot a scam offer ? Easy, they'll ask you for their fees up front. By law, credit repair agencies cannot ask for payment until they've provided the service they promised.

Additionally many states require that a credit repair service, whether they are for-profit or not-for-profit, must provide you with a detailed written contract, an explanation of your legal rights, and the opportunity to cancel any signed contract within 3 days.

Also, be aware that a "credit repair offer" could be an attempt to steal your identity by getting you to provide personal information such as a Social Security number, bank account and credit card account numbers.

Always make sure you know who you are dealing with before accepting any offer to help you repair your credit. Those who don't can have their credit ruined further and create more debt problems.

© 2004, www.yourfreecreditreportnow.com
Author: James H. Dimmitt.
James is editor of "TO YOUR CREDIT", a weekly free newsletter. Subscribe to the newsletter by visiting http://www.yourfreecreditreportnow.com.

In The News:

CREDIT MARKETS: Possible Greece Euro Zone Exit Captivates Markets
Wall Street Journal
By DOW JONES NEWSWIRES Fresh worries about the fiscal stability of the euro zone dominated market action Wednesday, as market participants fretted about the possibility of Greece's exit. The fears sent investors into safe-haven assets, ...

and more »

USA TODAY
Ford credit rating boost: 'The Blue Oval is back'
USA TODAY
Moody's also said its outlook for Ford and Ford Credit is stable. The decision appears to vindicate the company's bold but risky decision in 2006 to borrow the staggering $23.4 billion that Mulally often referred to as "a little home improvement loan.
How Ford's Credit Upgrade Helps ShareholdersTheStreet.com
Ford regains assets, including blue logo, after credit upgradeCBS News
Ford credit rating upgrade wins back iconic oval logo pledged awayLos Angeles Times
The Detroit News -Seeking Alpha -Huffington Post
all 402 news articles »

Go Banking Rates
Free and simple ways to view your credit
Fox Business
By Doresa Banning Improving your credit is a great way to better your overall financial standing. But tackling this task first requires knowing where your credit stands. Many of the online offers you see for free or $1 credit scores come with strings ...
Consumers Getting Savvier About Credit ScoresNew York Times (blog)
Action Line: Secret revealed: credit score is not a credit reportSan Jose Mercury News
Getting back to our old (good) credit scoreMarketplace.org
Go Banking Rates -Auto Credit Express (blog) -Huffington Post (blog)
all 13 news articles »

MTV.com
Phillip Phillips Won't Take Credit For 'Home' At 'American Idol' Finale
MTV.com
'It's not really something I would write, so I'm excited to get my own stuff out there,' he tells MTV News. By Kara Warner (@karawarner) , with reporting by Kelly Marino As has been his MO throughout this 11th season of "American Idol," Phillip ...
American Idol: Phillip Phillips Delivers "Brilliant" Finale PerformanceUs Magazine
American Idol Finale Part 2TVOvermind

all 2,035 news articles »

Credit Suisse Reduces Estimates For Brazil Currency, Inflation
Wall Street Journal
SAO PAULO (Dow Jones)--Credit Suisse's economic research department revised a slew of forecasts for the Brazilian economy Wednesday to reflect global uncertainty and local authorities' preference for a weaker currency and lower interest rates.
New Dow Jones Credit Suisse Hedge Fund Index Commentary Offers Insight into ...MarketWatch (press release)
Dow Jones Credit Suisse Hedge Fund Index finished April with only 4 out of 10 ...Opalesque

all 12 news articles »

TEXT: S&P Puts A- Corp. Credit Rtg For Dun & Bradstreet On Watch Neg
Reuters
As a result, we are placing our 'A-' corporate credit rating on D&B on CreditWatch with negative implications. Rating Action On May 23, 2012, Standard & Poor's Ratings Services placed its 'A-' corporate credit rating on Short Hills, ...

and more »

Pardot Gets SaaS Credit Line From Silicon Valley Bank
MarketWatch (press release)
ATLANTA, GA, May 24, 2012 (MARKETWIRE via COMTEX) -- Pardot received a line of credit today from Silicon Valley's premier lending group, adding fuel to one of the fastest growing cloud software providers in the industry. Silicon Valley Bank, financier ...

and more »

AFP
TEXT-Fitch may raise Home Credit & Finance Bank ratings
Reuters
(The following statement was released by the rating agency) May 23 - Fitch Ratings has placed Russia's Home Credit and Finance Bank's (HCFB) Long-term Issuer Default Ratings (IDRs) of 'BB-' on Rating Watch Positive (RWP). A full list of rating actions ...
Fitch Cuts Japan's Credit RatingFox Business
Fitch downgrades Japan's credit rating because of ballooning government debtWashington Post
Fitch cuts Japan's credit rating, cites huge debtSydney Morning Herald
MarketWatch (press release) -Washington Technology
all 361 news articles »

Newsday
Two agencies downgrade Suffolk's credit
Newsday
Suffolk Newsday > Long Island > Suffolk Print Aa Two agencies downgrade Suffolk's credit Originally published: May 23, 2012 8:17 PM Updated: May 23, 2012 10:54 PM By RICK BRAND rick.brand@newsday.com Two Wall Street rating agencies Wednesday downgraded ...

and more »

S Korea 1Q Household Credit Declines For First Time In 3 Years
Fox Business
SEOUL – Outstanding household credit in South Korea recorded its first quarterly decline in three years in the January-March period, as a sluggish housing market and year-end bonuses reduced the need for borrowing, the Bank of Korea said Thursday.
S.Korea end-March household credit growth at 2-1/2-yr lowReuters
S. Korea's household credit dips in Q1Yonhap News

all 5 news articles »

Google News