How to Steer Clear of Credit Repair Scams
If you’re a consumer who has had some financial difficulty lately, you’re not alone. Perhaps your credit score isn’t everything you’d like it to be, and you’re having trouble getting credit or even getting a job because your score is lower than it should be. However, if you’re desperate for a swift fix, be careful. Scam artists look for just such a situation and can present you with a credit repair claim that looks too good to be true. Well, guess what? It is.
One common scam prevalent today is that con artists will state they know someone within the bureaus that they can convince to take less than stellar items off of your credit reports. While it’s true that these people might know someone who works within a credit bureau, it’s not true that he or she has the ability to get unsatisfactory information taken off of your credit report. No person in his or her right mind is going to take unsatisfactory (but accurate) information off of your report just because a friend asks him to.
The only time anything can get fixed on a credit report is when something is verified to be incorrect. But those you can take care of yourself. All you have to do is report it and if it’s determined that it truly is an error, it will get fixed.
Of course, there are companies that can do this for you, but why would you spend the money? You can simply do it yourself. And of course, you’re not guaranteed that someone who’s promising to fix your credit report will actually do so. Most likely, they’re just out to take your money, or even worse. Again, take care of mistakes yourself and save yourself money and headaches.
Another common credit repair scam is that a company will tell you they can convince a credit bureau that you don’t really owe a particular debt. However, if you owe this debt, there’s nothing that can be done.
If a company tells you they can remove it, they’re wrong and they’re just out to get your money. Even if they try to make an attempt at resolution, they’re not going to be successful and you’re going to be out what you’ve paid them anyway. And the debt will stay on your record until it ages off or you pay it.
Another common scam to look out for is companies that say they can change the whole credit file into one good clean one. Sorry, it won’t really happen. Your debts will remain on there and any activity you do will be reported on it. There’s no true way to get a clean record without paying off your debts and paying bills on time.
There are some companies that are even offering loans with their credit repair services. Don’t fall for that. A legitimate company will repair what truly needs to be repaired and that’s it. If you need a loan, that should be done by you.
Look out for the 900 number scams. If a company tells you to call a 900 number to find more information on their services, then look elsewhere. The 900 numbers will charge you per minute for the phone call.
Even though there are companies out there that will legitimately fix incorrect items on your credit report, the ideal advice isn’t to use these, either. Fixing incorrect listings on your credit report is something you can do easily yourself by reporting the error to the credit agency itself. The bureau must by law investigate and correct the error if indeed the information is false or incorrect. And in the end, you’ll have a corrected credit report that you didn’t spend a dime on fixing, only a little elbow grease of your own.