Credit Repair Service Scams – How They’re Robbing Consumers Blind
Credit Repair Services are robbing unsuspecting people blind with their shifty scams, broken promises and false hopes. The director of the Federal Trade Commission’s Bureau of Consumer Protection warns citizens looking for credit repair to be advised of numerous credit repair service fruads as well as schemes. He says that while “There are genuine, credit repair choices available, the FTC has never ever noticed a genuine credit repair company.”
Do not be tricked by credit repair services that contact you with hard-sell tactics, unbelievable promises and outlandish fees. There are many big-time scams underway in the United States fooling consumers into paying big money to have the credit report of theirs cleared.
Be skeptical of credit repair services claiming that they’re “in” with the credit bureaus, have some kind of special arrangement or even realize a secret tactic making credit reporting agencies delete poor credit reports from your file.
There is no such thing as an’ in” with the credit bureaus, they have regulations as well as rules that they follow on the letter, no matter what Credit Monkey repair service you represent. The credit bureau might temporarily eliminate the debt in question from your file and place it on the disputed list, but if the fake credit repair service does not follow up with the proper procedures, the debt will come back onto the credit report of yours. This short-term deletion from the file of yours is the so-called’ clean credit report’ the credit repair service is promising.
Another bogus line a bit of Credit Repair Services use to connect you is; “we is able to persuade the creditor you do not truly owe this particular debt.” They come with a scheme to have you challenge the debt then attack the debt holder with procedural requests which will allegedly make them drop the bad claim off of the credit report of yours. Although there are legitimate approaches to compel a debt holder to confirm disputed debts, this is not a good procedure and buyers rarely see any future results by using this particular sort of credit repair service scheme.
The third scam to watch out for is made for a price, the credit repair service promises to get you a complete new, clean credit file. The credit service shows you to apply for a new taxpayer id or maybe Employer Identification Number, likewise known as a EIN, to build a brand new credit report. This is a felony and may end up you and the credit repair service into extreme trouble.
The reason unsuspecting consumers get taken by this scam is because the credit repair service does not completely describe what they are being required to do. In most cases they don’t even recognize that this’s not really a legal solution to the credit repair problems of theirs. Be leery if any credit repair service promises you a brand new credit file or maybe fresh credit history.