by Florence Carver
You may see ads on TV, online, or in the newspaper claiming that your bad credit can be quickly and easily fixed. Avoid these people or services at all costs! These companies claim that by removing actual credit information and changing what's on there, they can improve your credit, and even claim that they are the only company that can offer such services. Don't believe their hype.
Don't be fooled by credit repair companies asking exorbitant sums of money in exchange for them repairing your credit. They may sometimes offer to pay you your money back should they not succeed, but in any case, stay away from these companies.
Disguising Your Bad Credit With A New Identity
If you have filed for bankruptcy, you may be the target of a credit-repair scheme, often called "file segregation." They will offer to disguise your bad credit by setting up a new credit identity for you. Don't fall for this. This is a crime punishable by law. You could end up in jail or have to pay hefty fines for this.
Other Credit Repair Scams
Many people want to take a short cut out of bad credit, and they would often turn to credit scammers for help.
First, we have credit by phone. Credit scammers often use 900 numbers, or pay-per-call services to market and operate their fraudulent activities. They would claim that all you need to do is call to get guaranteed credit. Instead, the caller might only receive a list of banks offering low-interest credit cards or a booklet on how to establish credit - and a phone charge of $50 or more. Obviously, it's not a good way to establish credit.
Avoid gold or platinum card offers. There are a lot of promos floating around with gold or platinum cards promising to help you build your credit rating. Although they may sound like all-purpose credit cards, some cards only permit you to buy merchandise from special catalogs and will not help you obtain other credit. And to top it off, you may be asked to call a pay-per-call number for assistance. And thus, a really huge phone bill.
The last scam used would be the checking account scam. This scam, which tricks you into disclosing your checking-account number, typically begins with a postcard advertising easy credit approval or low-interest credit card rates. When you call, you are asked for your checking-account number as "verification." Your number then can be magnetically encoded on a draft, which is forwarded to your unsuspecting bank for payment from your account.
Be vigilant about these exploitative scams and file a complaint with the Consumer Protection Hotline, or fill out an online form with the Attorney General's Office. Never give out your bank account or credit-card number unless you know the company is reputable. This way you could avoid credit card repair scams. - 41115
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New Unique Article!
Title: Don't Fall For Credit Repair Hoaxes
Author: Florence Carver
Email: uaw@commercepublishing.com
Keywords: Credit,Debt Consolidation,Debt,Business and Finance,Business,Finance
Word Count: 475
Category: Finance:Credit
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