[aageneral] Credit Repair Scams

Please consider this free-reprint article written by: James
Dimmitt

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Article Title: Credit Repair Scams
Author: James Dimmitt
Category: Finances
Word Count: 422
Article URL: http://www.isnare.com/?id=2688&ca=Finances
Format: 64cpl
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------------------ ARTICLE START ------------------
“Erase Bad Debt !”
“Remove Negative Items From Your Credit Report”

You’ve probably seen these headlines and others just like it
promising to clean up or “fix” bad credit. For someone who
suffers from a bad or poor credit rating, these headlines are
certainly an appealing offer.

Imagine finally being able to buy that new car, get debt
collectors off your back, and enjoy a new found freedom from
your past debts.

Sound to good to be true ? It probably is. Once you fall prey
to the credit repair offer and pay the hefty fees involved to
clean up your record, here’s what happens:

1) The credit repair scam artist contacts the credit bureaus
and reports that the negative information in your file is
false.

2) The credit bureau removes this negative information from
your report while they investigate the claim.

3) The scam artist will then show you the cleaned up version of
your credit report and “ta-da” your credit history has been
fixed !

But here’s what the scammer doesn’t tell or show you. After
the credit bureau completes their investigation the negative
information is placed back on your credit report.

Negative but accurate information cannot be removed from your
credit profile. Only incorrect information can be removed.

Accurate information remains on your credit file for a period
of 7 years from the time it is reported to the credit agencies;
a bankruptcy appears for a 10 year period.

Many legitimate companies exist that can help you with your
debt problems. But how do you spot a scam offer ? Easy,
they’ll ask you for their fees up front. By law, credit repair
agencies cannot ask for payment until they’ve provided the
service they promised.

Additionally many states require that a credit repair service,
whether they are for-profit or not-for-profit, must provide you
with a detailed written contract, an explanation of your legal
rights, and the opportunity to cancel any signed contract
within 3 days.

Also, be aware that a “credit repair offer” could be an attempt
to steal your identity by getting you to provide personal
information such as a Social Security number, bank account and
credit card account numbers.

Always make sure you know who you are dealing with before
accepting any offer to help you repair your credit. Those who
don’t can have their credit ruined further and create more debt
problems.

About The Author: © 2005,
http://www.yourfreecreditreportnow.com Author: James H. Dimmitt
James is editor of “To Your Credit” a FREE weekly newsletter
focusing on managing your personal finances and credit.
Subscribe and get a FREE copy of your credit report when you
visit: http://www.yourfreecreditreportnow.com
------------------ ARTICLE END ------------------

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