Credit Repair Scams
If you are considering credit repair beware of these Credit Repair Scams. There are two primary scams you need to look out for and both are described below.
The first scam is any promise a person or a company makes claiming to be able to remove negative but accurate information from your credit report. These companies function by overwhelming your creditors with disputes through the credit bureau until the creditor misses a response deadline. At this point the credit bureau must remove the information from your credit report by law. Great, your thinking! Well, not so fast. A few months down the road once your creditors go to update your report and realize the negative information is gone, they simply reapply the negative information. At this point the company you used for credit repair has been paid and considers their work done. You on the other hand are out your fees to them and at best you received a few months without the negative information on your credit report. So, avoid companies who promise they can remove negative but accurate information from your credit report. At a minimum, make sure the company is a member of the Better Business Bureau. This is why I recommend Lexington Law for your credit repair needs, not to mention the fact they are an actual law firm that specializes in Credit Repair.
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The second scam is much more serious! In the first you only risk wasting money. In the second however, you are breaking the law. What is the scam you ask? It is any person or business that offers you the ability to start over with a new and clean credit history. Basically, they are offering you a completely new credit profile. How you ask? With a new social security number! In other words, you are going to apply for new credit as if you were a different person. Be careful, these offers don't make this clear but this is what is happening! It is illegal and you could find yourself in serious legal trouble if your choose to participate in these credit repair scams. My only advice is DON'T! It is a much better idea to speak with legitimate experts such as Lexington Law.
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