How to Avoid Credit Repair Scams
How can you avoid turning credit repair into credit despair? Here are a few suggestions from the Federal Trade Commission:
Avoid any company that wants you to pay for credit repair services before they provide any services. It is against the law.
Avoid any credit repair company that will not tell you your legal rights and what you can do, yourself, for free.
Avoid any credit repair company that tells you not to contact a credit reporting company directly.
Avoid any credit repair company that advises you to dispute all of the information in your credit report.
Avoid any company that suggests creating a 'new' credit identity - and then, a new credit report - by applying for an Employer Identification Number to use instead of your Social Security number. That is against the law. If you follow illegal advice and commit fraud, you also may be subject to prosecution.
Be safe out there.
Categories: Consumer protection, Consumer safety, Credit reports, Debt, How To, Personal finance
Comments
And when looking for a debt management company, consumers should also check to see if a company is licensed with the Commissioner of Financial Regulation. Debt management companies operating in Maryland must register with them.
See http://dllr.state.md.us/finance/debtmgmtlic.htm
DD: That's right. Thanks for the reminder, AlisaBS.
Posted by: AlisaBS | October 28, 2008 11:15 AM
Has anyone heard about something called a cpn number, it's supposed to repair your credit in 30 days.
DD: I would be incredibly wary of anything promising to repair my credit in 30 days.
Posted by: isonsuridsNuh | November 13, 2008 10:45 PM
I found something called a cpn number that will
give you a new credit profile within 30 days.
the website is
http://www.creditmenow.info
DD: I gotta say I'm real leery of anything that promises to wipe your credit clean.
Posted by: carluew | November 18, 2008 8:39 PM