You may see ads on TV, online, or in the newspaper claiming that your bad credit can be quickly and easily fixed. Dont 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...
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