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Spotting Credit Report and Repair Scams

People are often looking for ways to view their credit report and repair their situation. In doing so’ they need to be very careful as they could very easily get scammed.

If you want to watch out for a scam these are the signs of fraudulent activity pertaining to your credit report:

• If you request your free credit report and you are not given one.

• You are denied the right to dispute inaccurate credit report information.

• You may not be allowed to see the text of a contract that you are about to sign.

• You are dealing with a business who does not even have a legitimate address and name on file.

• You are not given the right to cancel if this applies in your state.

• An up front payment is required.

• You are given a promise that even accurate information can be removed from your credit report.

• The vendor in question offers the chance to give you a new social security number or federal employer identification number.

• You are asked to sign a form waiving any rights you have according to federal credit reporting laws.

• You are told that you can dispute items on your credit report such as bankruptcies even though you did so file for one.

The above signs of a scam often pertain to so-called “credit repair services.” Many of these companies are offering illegal means by which you would repair your financial past.

The main offense would be assuming a new identity. This is considered a felony and if you are caught you could face serious financial penalties and/or jail or prison time.

As a general rule of thumb, realize that there is nothing that a credit repair company can do for you that you cannot do for yourself. You are even entitled to one free copy of your credit report every 12 months.

Reporting Scams

You can sometimes take action against a company if you feel that your rights as a consumer are being comprised. The first step towards fighting against a fraudulent organization would be to report that company to your state attorney general.

You can also send a complaint to the Federal Trade Commission and the Better Business Bureau. There may be a situation where many complaints have been made against a credit repair company and perhaps a class action lawsuit can be dealt.