Warning Signs That You Are Being Scammed By A Credit Restoration Company

Millions of Americans are being faced with foreclosures and intense credit card debt

. If you are drowning in debt there is a way out of it. You can still build your credit and get back to where you want to be.

We recently posted an article about scam artists that are in the industry. There are a lot of other credit restoration companies out there that promise to erase all negative information that you may have, even with bankruptcy or foreclosure. They boast that they can turn your credit score around in a month or less.

While we completely understand why this option is attractive to you, the truth is that these are scams. These companies are scamming you, or worse - performing illegal services. A good rule of thumb to remember is that if it sounds too good to be true, it probably is.

These are common lines that are used with scam artists in the industry. "We promise we will increase your credit score in 30 days or less!" "We guarantee your bad credit will be erased!" "We will take all bankruptcies, judgements, liens, etc off of your credit file within 30 days!"

"We "work with" specialized credit restoration companies that can ..." "We will create a new identity for you - LEGALLY!" These lines are in almost all cases given by dishonest credit restoration companies.

In most cases, once you get in contact with the credit restoration company they want you to pay for their services before they even do anything. Or they do not offer free consultations to tell you what your legal rights are or what options you have to repair your credit on your own. These are obvious scams, since it is illegal for a company to charge you for services until they have completed their part of the bargain. (Credit restoration Organization Act).

These companies can also deal in the illegal services as well. You cannot legally apply for a new identity. If the company says they are applying for an Employer Identification Number (EIN) instead of a new SSN, they are clearly off base and dealing in illegal practices. It is a federal crime to falsify any statements on a credit or loan application, and you will be prosecuted just like they will.

Don't fall victim to these types of scams. The best way to think about repairing your credit is to think of it like losing weight and getting healthy. You start with baby steps, but as long as you put in the effort and take the proper steps with dieting and exercise you can lose that weight. Repairing credit requires hard work, effort, and a plan to improve. Don't get caught up with the false-promises of quick-fix offers.

by: Ace Winget

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