Do You Know How To Spot Credit Repair Scams?


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Home \| Finance \| Credit & Repair Do You Know How To Spot Credit Repair Scams? By: lar, Posted on: 2008-02-23 You may see ads on TV, online, or in the newspaper claiming that your bad credit can be quickly and easily fixed. Don’t fall prey to these scam artists. Avoid companies that tell you truthful information can be changed or erased to improve your credit or that only the credit-repair company can remove old or inaccurate information. These claims are false. Be wary if you are asked for a large sum of money before the credit-repair company completes the job. A money-back guarantee will not protect you from a disreputable company. Avoid new credit identities If you have filed for bankruptcy, you may be the target of a credit-repair scheme, often called “file segregation.” Here, you are promised a chance to hide unfavorable credit information by establishing a new credit identity. However, there is a problem: File segregation is illegal. If you use it, you could face fines or imprisonment. Other scams Consumers looking for an easy fix often are targets of other credit-related scams: Credit by phone: Pay-per-call or 900-number services have become a popular vehicle for credit scams. Advertisements promise that “guaranteed” credit or cash loans are only a phone call away. 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. Consumers rarely end up getting credit. Gold or platinum cards: Beware of promotions for gold or platinum cards that promise to get you credit and build your 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. You also might be asked to call a 900 or 976 exchange number for more information. These phone charges add up quickly. 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. If you suspect a credit-repair scam, file a consumer complaint with the Attorney General's Office online or by calling the Consumer Protection Hotline at 1-800-392-8222. Never give out your bank account or credit-card number unless you know the company is reputable. Don’t be a victim of these credit card repair scams. Article Source: http://www.allthebestarticles.com You can find the best selection of credit cards and student credit cards at www.creditcard-repair.com Submitted by: Free Submitter Please Rate this Article Not yet Rated Click the XML Icon Above to Receive Credit & Repair Articles Via RSS! Additional Articles From - Home \| Finance \| Credit & Repair Credit Repair Scam Tips - By : lar Clearing Up Credit Card Jargon - By : Michael D. Strauss Avoiding Big Problems with a Little Time Spent Transferring Balances - By : Derek Lenehan Getting Started or Staging a Come-Back, Prepaid cards Offer a Path - By : Derek Lenehan Citi Professional Card - By : Jeremy Biberdorf Discover Small Business Credit Card - By : Jeremy Biberdorf How a Gas Rebate Credit Card Could Actually Cost More - By : Jeremy Biberdorf Making the Most of a Credit Card Balance Transfer - By : JD Theis Save Money By Erasing Your Credit Card Debt Fast - By : Paul McDermitt How To Get Out Of Credit Card Debt - By : Peter J Kenny	Attention Writers! Articles Needed! Sign Up for a free account or learn more. Featured Author Eileen McDargh Members Area Submit Articles Member Login Submission Guidelines Publishers/Webmasters Top Authors Most Popular Articles Ezine Notifications Article RSS Feeds Link to Us Privacy Policy Terms of Service Featured Websites Wedding Party Shoes Wedding Party Mall Sports and Concert Tickets Pet Gift Site Questions? Contact Us Vote For All The Best Articles.com at Best Directory TopSiteList Sponsored by Fitness Inform Vote For All The Best Articles.com at Top Article Directory List Top Sites Never Stare At A Blank Screen Again!

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