Scams To Avoid When Repairing Your Credit
DROPPING THE HAMMER ON THE DEVIL
Scams To Avoid When Repairing Your Credit
Copyright 2005 Money and Credit Information
A person who s financially burdened is more trustful than someone who’s having it easy. This is because a damaged credit history creates a sense of urgency and panic, that the person so burdened becomes desperate for help, more often than not.
There are some entities that would approach him under the pretense that they are to offer some help. This may be in the form of erasing your credit history, or creating a brand new one. Sadly though, these are but lies to bury you deeper in financial woes. The truth is, there are no shortcuts to building an AAA credit rating—it will take time and a lot of effort on your part to make it a reality.
Let’s take a look at some of these shameful scams that seek to take advantage of you during times laden with difficulties.
1. COMPANIES THAT OFFER TO REMOVE TRUE MARKS FROM YOUR CREDIT RECORD. Generally, a credit repair scam that tells that it’s possible will try to bombard the credit reporting agencies with inquires and hope that they won’t respond in the given time-period. Or will simply take off the remarks to stop the incoming letters. Here’s 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.
2. COMPANIES THAT OFFER TO GIVE YOU A NEW CREDIT HISTORY. 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 won’t have to pay the consequences for your past bad marks. Now, here’s the downfall. Lying to the federal government about your intended uses for a federal ID number is a federal offense, and guess who will take the rap? That’s right, you, the person who actually filled out the forms “under penalty of law.”
3. COMPANIES THAT FORCE YOU TO SIGN 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, it’s the law that you will be release from any obligation.
You have to accept this fact, no matter how hard it could be. No one can repair your credit history for you. No one, except yourself. 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. Once you’ve accomplished these things, it would be a matter of time before you get to fix your credit report and be back on your merry way to financial freedom.
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