In recent years, our televisions and email in-boxes have been inundated with advertisements from companies promising to help consumers improve their credit. Many of these companies offer a quick fix for people who have a high-rate of debt or bad credit, and the promises made often seem to good to be true. Many offer extended lines of credit, immediate debt relief and easy access to cash. Unfortunately, the fact of the matter is that many of these offers are too good to be true, and consumers must read carefully to be aware of possible scams and protect themselves from compounding their money troubles.
The Federal Trade Commission (FTC) cautions consumers against many forms of credit scams that consumers face today. Two of the most prevalent scams against consumers include offers for advance-fee loans and credit repair services.
Advance-fee loan scams often target consumers with credit problems or consumers who have difficulty getting credit. In exchange for an up-front fee, these companies guarantee that applicants get the credit they want – usually a credit card or personal loan. Below are some points to keep in mind before responding to ads that...
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