CREDIT RESTORATION SERVICES

Will credit repair companies help you to get into “Credit Shangrila” or out of a frying pan into a fire???

LISTEN UP…the best and only legitimate path to repair your credit is to pay your bills, and time. There are no quick fixes. You can’t plant a seed and tomorrow wake up to find a large plant bearing fruit. It isn’t going to happen.

The Scam —“Credit Problems, No Problem!” — “We will erase your lousy credit; we will remove judgments, liens, etc.” Of course these companies are anxious for your cash and might even recommend certain tactics to be engaged in by you that could be fraudulent and even criminal——such as creating a new credit identity, using a new/different Social Security number and/or an Employer Identification Number. Don’t do it; you could be prosecuted for Mail Fraud.

Neither you or anyone else can legally remove correct negative data from your own Report. You certainly can and should dispute any entry that is incorrect. This ‘dispute’ must be done in writing. All should be aware that there is the Credit Repair Organization Act, mandating that all supposed “Credit Repair Companies” must give you a copy of Consumer Credit File Rights under State and Federal Law—BEFORE you sign any agreement with them! Stay away from all of these promises and claims that sound too good to be true. If you have been victimized, IMMEDIATELY contact your State Attorney General’s Office or the Consumer Response Center, Federal Trade Commission, Washington, DC 20580.

Scamraiders will be featuring follow-up articles on Credit Restoration Scams, Case Histories, and articles on various Mortgage Fraud Scams.

RESOURCES:

Law in Plain Language: Credit Repair – http://www.ct.gov/ag/cwp/view.asp?A=2066&Q=292378

Credit Repair Scams (ExpertLaw.com) – http://www.expertlaw.com/library/consumer/credit_repair.html

Credit Repair Scams (CreditRepairScams.Net) – http://www.creditrepairscams.net/

7 Ways to Stop a Credit Repair Scam – http://credit.about.com/od/creditrepair/qt/avoidrepairscam.htm

Credit repair scams (Bankrate.com) – http://www.bankrate.com/brm/news/advice/19980720c.asp

Credit Repair Scams: Self-Help May Be Best – http://www.ifg-inc.com/Consumer_Reports/CreditRepair.html

Consumer Credit Counseling Services – http://financialplan.about.com/cs/creditdebt/a/CreditCounselor.htm

 

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