Perform Credit Repair Yourself
Some credit repair companies make unbelievable offers to eliminate negative items from your credit report. They also claim that a better credit score will be reported in a short period. But most of them fail to deliver on thier promise and consumers end up losing their hard-earned money. Even the Federal Trade Commission (FTC) is skeptical, stating there are very few legitimate credit repair companies. Therefore, it makes sense to try improving your credit score yourself rather than risking money on the services provided by credit repair organizations.
What are the most common credit repair scams?
The credit repair industry is riddled with scams and rip-offs. Most common are over-charging borrowers against false promises of providing a better credit rating. The scams that occur most often are detailed below:
Temporary removal of negative items:
Some credit repair companies claim they have an intimate relationship with the credit bureaus and have back-door through the system. Meanwhile, they bombard the bureaus with disputes over the derogatory items and debts recorded in your credit report. These debts may disappear temporarily from your report once the bureau starts the investigation. However, to the surprise of most consumers, the original derogatory items and debts re-emerge after the next reporting cycle.
The credit repair company charges a fee for the temporary removal of negative items from your report. Moreover, the charge is usually demanded upfront, which goes against the Credit Repair Organizations Act.
Applying for a new credit report:
Another credit repair rip-off involves a company soliciting a way to create a new clean credit report. The company helps you apply for a new taxpayer's identification number or Employer Identification Number (also known as EIN) in order to build a new credit history. This does not follow a legal process and the new report ultimately will carry the previous information, despite having a separate identification number.
Ensuring a clean report:
The biggest crooks are those credit repair companies who make you believe they can clean up your credit fast and help you get a mortgage or credit card through their channel partners. They typically demand a lot of money upfront in exchange for such services. In the end, these organizations are simply pretending to offer credit counseling or mortgage services and finally disappear. With all of the credit constraints returning in the mortgage complex, this is the most popular and most costly scam of all.
How can you prevent becoming a victim?
To avoid the trap all-together, you can complete the credit repair yourself. If you are still determined to seek outside council, please address the following items.
1. Verify the legitimacy and experience of the credit repair company. This can usually be done by asking for referral sources of satisfied clients.
2. Check with your state's regulatory and better business bureau to determine if the company is in good standing.
3. Have the company provide a contract outlining what services are to be rendered and the amount and method of payment.
4. Contact a trusted mortgage broker that is skilled in analyzing credit reports to determine if the suggested course of action is reasonable.
5. Beware when a company solicits you for services. Referrals are usually the best way to select a reputable service company.
Consumers have certain rights under The Credit Repair Organization Act. An executed contract is required to begin any repair services. You have three days to cancel the contract without paying any charge. It is prohibited for a credit repair company to charge you until the agreed upon services have been completed.
If you feel you are a victim of a credit repair scam, you may report it to the local consumer affairs office or state Attorney General's office. A complaint may also be filed with the FTC that ensures the future protection of consumers against fraud.
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Credit Card Fraud: An Idiots Guide To Prevention
Modern society has created a monster known as credit card fraud. With the considerable use of credit cards, the world has become a playground for the common credit larcenist. But, if you educate yourself on the issue at hand, and learn the steps to take, you can combat this momentous problem.
Some credit card perpetrators have started combing through garbage cans searching for your credit card data. If they discover credit card receipts or credit card account statements, they are in luck. The thieves then use the credit card numbers to purchase items on the internet. Some even produce a new credit card using your account number and all of your credit information.
This type of credit card fraud can easily be prevented. Before you throw any credit card receipts or statements containing your account number away, make sure they are completely destroyed. This will assure that your credit card information can never be discovered and reused.
Checking your credit report and credit card statements monthly can ensure that no unauthorized charges have been made to any of your credit card accounts. If you come across something curious in one of your credit accounts, you should act at once.
Call the credit card company immediately and report that someone has stolen your credit card or credit card number, and you would like this card canceled without delay. Invalidating the card will assure that no further charges can be made to your account and no additional financial damage can be done to your credit.
Your credit cards should be with you at all times for safe keeping. While most people carry their cards in wallets, it is actually better to carry them in a separate compartment. An example would be a small container, a mini pouch or a business card holder.
Always stay alert with each credit card transaction you make. Be sure to get your card back immediately after the purchase is completed. Not all credit thieves are after your actual credit card; most just want your credit card account number to finance their illicit business deals.
Credit card fraud has become quite abundant on the internet. There are several things you should avoid when using a card online. Never enter your credit card number on websites that are hyperlinked through an email. This screams fraud. This will most likely lead you to a scam site created to steal your credit card information.
You should be very cautious when giving your credit card number to online companies. If at all possible, try to only supply your number when only critical. If you do need to make a purchase online, there a payment services now offered that permit you to purchase an item without having to give your credit card information to an unauthorized third party.
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Taking A Stand Against Identity Theft
The first and most important thing you can do to become better prepared and protected against identity theft is to lose the attitude that "it could never happen to you". Identity theft is much more common than most people believe, and the belief that it won't happen to you leaves you much more vulnerable than someone who actively takes steps to protect themselves against the crime. Identity thieves are able to obtain information they need to assume someone else's identity- often with little effort.Take Care to Protect Personal Information
Do you shred information before you throw it away? The easiest way for identity thieves to gather information to assume your identity is through the paperwork you throw in the trash. You may as well hand a thief your credit card, social security card and driver's license if you're throwing out (without shredding) credit applications, resumes, credit card and utility bill statements.
Sometimes thieves will intercept your incoming or outgoing mail by taking items from your mailbox. With enough information, perhaps gathered through various bank statements or credit card applications, the data can be pieced together by a thief to use your name to apply for loans and credit in your name. You may want to consider mailing documents from a post office mailbox rather than a personal mailbox- the little red flag you put up on your box to signal your mail carrier that you have mail waiting for pick up is also a signal for identity thieves of a potential victim!Preventing Identity Theft
Other than shredding paperwork prior to throwing it away, there are a few other methods you can use in order to protect yourself against identity theft:
Cut credit cards into tiny pieces before throwing away, even if the card has expired, and throw the tiny pieces into more than one trash bag so even if one bag is found the card could not be put back together.
Report any stolen or lost credit cards immediately.
Destroy receipts, tax information, credit card applications, mortgage information or cancelled checks before throwing away- and keep such documents in files in a locked file cabinet inside your home. Don't rule out the possibility of the babysitter or housekeeper or guests taking paperwork lying around your home.
Keep a close eye on your credit reports and credit card statements to watch for anything out of the ordinary, or transactions you know you didn't make. Investigate anything suspicious immediately.If You Are a Victim of Identity Theft
Victims of identity theft often spend months or years trying to recover from the crime. Not only may it cost victims money, but their credit score is going to be ruined and will take work and time to repair. While the three major credit bureaus do have policies for fixing credit scores and reports after identity theft crimes have occurred, it does take a long time for the errors to be corrected and repaired.
Before the report and score is corrected, the victim is going to have a difficult time obtaining any sort of financing (from credit cards to student loans to car loans or mortgages). In some extreme cases, identity theft victims are even arrested for crimes they didn't commit.
Being a victim of identity theft interrupts your life. It is far easier to take appropriate steps to protect yourself than it is to repair your credit reports and credit score after your identity has been stolen.
Go Online For Information On Your Credit Score
The good thing about the twentieth century is the vast advancement in technology specifically with the use of computers. At this time and age, people don't have to worry about almost anything.
One can shop, do business, learn and enjoy the world, communicate with family and friends even at the opposite side of the globe, and make new acquaintances using the computer.
There is no need to leave the comforts of one's home, no need to tire and outdo oneself in borrowing references, and definitely no need to wait for long periods of time for letters and business correspondence to arrive, like knowing your recent credit score in the market.
Consumers can now just access the internet and get the latest updates on their credit reports for no fees and less effort. And a lot more can be obtained by being online.
Other related articles on credit can also be downloaded and looked into via the internet. Some of which are the following: Credit Reporting Bureaus, Guide on Credit Scoring, Credit Profiles, Inquiries on Credit Ratings, Tips on How to Improve One's Credit Score, and so on.
Through online surfing, the consumer can also be given email alerts on any alteration to his or her credit score. Their credit reports and scoring can be monitored daily by just being online everyday.
The consumer can also avail the unlimited services offered by all leading credit reporting bureaus though online. All credit reporting bureaus have their own web sites for consumers to easily locate them.
However, consumers must also be alert and check those credit reporting agencies that offer free credit reports via online. Considerations must be made before availing the services being offered by these online credit reporting agencies.
Many online credit reporting agencies who offer free credit reports and credit scores turn out to be just scams. They might put on the market your home and email address that in turn will send your home junk mails or might hack into your personal profiles online.
Others might offer you programs like free trials and after which will require you to pay for not remembering the cancellation of the program.
Consumers can look for legitimate online credit reporting bureaus which offer their services for a small fee.
They must really do a careful background checking on a target credit reporting agency so as not be lured into a hoax.
When online, consumers can readily get in touch with the concerned credit reporting agencies to make appropriate corrections on their credit score and credit reports to make sure that the creditors and lending agencies are viewing the latest payment history and most accurate personal information in your credit profile
Most lending agencies go online if they want to keep abreast with their client's credit profiles. In this manner, they can also save their resources for much bigger and important financial transactions.
Consumers who are not in a hurry to get their credit scores might just consider ordering it via the usual mail. It might take quite a long period of time, but consumers are assured that their personal records like credit reports and credit history are kept very private.
And to erase the worry of low credit scores and to avoid getting into trouble with your creditors and lending agencies, settle all your accounts on time.
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Eliminate Bad Credit
This Article is written because it has come to the attention of this Author that too many people are being scammed out of their hard earned money trying to restore their credit. You do not want to try to restore by paying a debt or trying to cancel a debt. You want to Crush A Debt. This will Eliminate Bad Credit. You want collections and charged-off debts to disappear forever.
Restore credit is a term that many use. These companies that promise this will charge you an upfront fee, then a monthly fee for their services. What they do is write a common letter, that anyone can get a copy of, and send it to the credit reporting companies. This letter simply states that the bad credit item is not correct, or not your debt. They write this letter month after month hoping the reporting agency will get tired of hearing from them and cancel the debt. This typically does not happen. What does happen is, you get charged the fee every month. You will not Eliminate Bad Credit this way.
Simply writing a letter requesting a debt be removed is not a successful way to eliminate debt. You cannot just remove a debt, you must Crush A Debt totally from your record.
If you hire a company to eliminate bad credit from your report and they succeed, it is not permanent. This debt will return. Collection companies like to sell bad debts to other companies. As soon as your debt is removed, it is sold and within a couple of months placed right back on your report again.
There is only one company, that this Author has found, that will totally eliminate bad credit from your report and collection or charged-off debts disappear forever. You do not want a company to just write a letter to remove a debt, you want a company that will crush a debt. This is not a .org or a .net company, this is a typical .com company.
Feel free to contact this Author with any questions concerning you bad debt or how to crush a debt.
Lee Selders has been involved in the Internet for over 10 years and has achieved extremely high ratings with all associated aspects. Feel free to contact with questions at dglhomebiz@gmail.com
Lee Selders produces success. Always consult a person with this type of vast experience before you start or expand your home based business.
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Credit Repair: Avoiding Scams!
The Credit Repair Professional
The credit repair business requires a clear grasp of the interaction of many factors. Credit bureaus, creditors, and collectors are each regulated under their own set of federal laws. There are state laws that may supercede the federal laws. In the background of all of this activity is Fair Isaac and Company that formulates your FICO Score based on the makeup of the information on your report. Credit repair professionals must have a working knowledge of all of these factors and more.And the Not-So-Professional
True credit repair professionals provide an incredibly valuable service. But there are also those that misrepresent themselves and the services they offer. These deceptive practices will waste your money, and in some cases leave you worse off than ever. Here is our list of the top offences…Authorized User Alert
Some so-called credit repair companies have been brokering "authorized user" status on credit card accounts. This involves making the customer an authorized user on someone else's credit card to boost the customers FICO score. This is not illegal, but you should be aware that Fair Isaac and Company, in response to this practice, has eliminated authorized user benefits from the new FICO scoring model. According to Fair Isaac, one of the three credit bureaus will begin using the new scoring model in September 2007. The other two credit bureaus will adopt the new model by mid-2008.The New Identity Trap
There is a busy little credit repair sub-culture that offers to help you establish a new identity by applying for an Employer Identification Number (EIN) which they suggest that you use in place of your Social Security Number. This amazes us! And it is a serious crime that could put you in prison. Steer clear.Promises Promises
Watch out for companies that guarantee results such as a specific increase in your credit scores in a specific period of time. Professional, reputable credit repair companies can produce dramatic results! But given the fact that there is no way to predict the responsiveness of the credit bureaus, creditors, or collectors it is inappropriate to make such promises, and a sure sign of bad business.The One-Dimensional Credit Repair Problem
Beware of credit repair companies that offer credit bureau disputes, and nothing more. They are most likely using software that simply pumps out dispute letters - repeatedly. This one dimensional approach to credit repair is certain to produce disappointment. Effective credit repair requires the skill to challenge the bureaus, creditors, and collectors alike; all with the knowledge and understanding of the legislation that governs them, and a grasp of how each change in your report can affect your FICO scores.Power Corrupts
I’m going to stray a bit from the category of credit repair scams and touch on two of the more egregious offenders in the credit reporting industry. Many people mistake size for honesty. Power can corrupt, and the journey to the dark side is often led by corporate attorneys who constantly test the limits of consumer’s tolerance. Credit repair can be tricky enough, but getting hoodwinked by the credit bureaus can be downright discouraging. Here are offenders that we encounter on a daily basis. False Credit
Every day untold numbers of consumers go to TransUnion's "True Credit" website and pay for what they believe to be their credit scores. What they get are deceptively named "TrueCredit" scores which vary significantly from the FICO scores used by lenders. Here is the (almost impossible to find) small print from the TransUnion website. "TrueCredit is not connected in any way with Fair, Isaac and Company; the credit score provided here is not a so-called FICO score. The credit scores of TransUnion may not be identical in every respect to any consumer credit scores produced by any other company."Not Free Credit Report
Are you starting your credit repair effort? You can get all three of your credit reports for free, one time per year, from AnnualCreditReport.com. Don’t be fooled by Experian's freecreditreport.com website! Here is the fine print: "When you order your free report here, you will begin your free trial membership in Triple AdvantageSM Credit Monitoring. If you don't cancel your membership within the 30-day trial period, you will be billed $12.95 for each month that you continue your membership." And it may not be so easy to cancel. The Office of the Attorney General of Florida lists the following issues in their investigation of Experian: "Deceptive advertising, misleading domain name, and failure to honor cancellations in violation of Chapter 501, Part II, Florida Statutes (Florida Deceptive and Unfair Trade Practices Act)."
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
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