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Don’t Get Scammed When Repairing Your Credit!
By: John Sanderson
If you are in trouble financially, then you may be tempted to answer an ad from
a company that tells you that they can give you an entirely new credit identity,
or remove bad marks from your credit report—whether or not they’re true.
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. Meanwhile,
there are some scams and traps that you need to be aware of so you won’t fall
victim to one of these questionable credit repair companies. We’ve put together
some guidelines to help you in the process.
First of all, be aware of any company that tells you they can remove true marks
from your credit report. 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.
Next, run as fast as you can from any company that offers to get you a new
credit identity! Not doing so could land you in jail! Why? Because 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.”
Another sure sign that a company is operating a scam, and not a true credit
repair company, is if they try and pressure you into signing 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.
Finally, you should accept that fact that no one can “repair” you credit if
you’ve truly made some errors in the past. 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. Do all of these things on your
own and you’ll soon find yourself with a great credit report!
About the Author:
This article provide courtesy of http://www.debt-solution-guide.net
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