Dont Get Scammed When Repairing Your Credit!

John Sanderson

If you are in trouble financially, then you may be tempted to answer an ad from a
company that tells you that they can give you an entirely new credit identity, or remove bad marks from your credit reportwhether or not theyre true.

The truth is, there are no shortcuts to building an AAA credit ratingit will take time and a lot of effort on your part to make it a reality. Meanwhile, there are some scams and traps that you need to be aware of so you wont fall victim to one of these questionable credit repair companies. Weve put together some guidelines to help you in the process.

First of all, be aware of any company that tells you they can remove true marks from your credit report. Generally, a credit repair scam that tells that its possible will try to bombard the credit reporting agencies with inquires and hope that they wont respond in the given time-period. Or will simply take off the remarks to stop the incoming letters. Heres the truth: even if the scam operation does manage to get 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.

Next, run as fast as you can from any company that offers to get you a new credit identity! Not doing so could land you in jail! 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 wont have to pay the consequences for your past bad marks. Now, heres the downfall. Lying to the federal government about your intended uses for a federal ID number is a federal offenseand guess who will take the rap? Thats rightyouthe person who actually filled out the forms under penalty of law.

Another sure sign that a company is operating a scam, and not a true credit repair company, is if they try and pressure you into signing a contract with them. They will likely want large, upfront fees and will tell you that the offer expires today, or use some other high pressure tactic. A company that is truly concerned about helping you to repair your credit will never pressure you or try and trick you into signing a contract with them. In addition, they will make it clear to you, that if you do change your mind within three days of signing, its the law that you will be release from any obligation.

Finally, you should accept that fact that no one can repair you credit if youve truly made some errors in the past. The only 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 youll soon find yourself with a great credit report!

 Credit Secrets  

Credit Secrets! These are the SECRETS that the Credit Bureaus DON’T WANT REVEALED!


About the Author: This article provide courtesy of http://www.debt-solution-guide.net

Source: www.isnare.com

 

Don’t Get Scammed