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Warning! 3 Sure Shot Signs a Credit Repair Company Is a Fraud (Buyer Beware)

June 10, 2012 | Comments: 0 | Views: 163

I'm going to start this short article with a statement of the obvious. If your credit has been only become an issue, you may not know this yet, but it's 100% true.

Credit repair is a controversial topic.

In theory and in spirit... It is a totally LEGAL, ethical and effective process, and has helped millions of people recover from financial issues that may have otherwise taken them years to fix.

In application however... it's a business often dominated by outrageous claims, unethical offers and promises that are not only unattainable, but are often illegal as well.

As someone who has been professionally published in the credit repair industry for many years... I can easily spot a credit repair scam, from a legitimate offer.

But the funny thing is, some of my MOST intelligent, most successful and often most professional readers and clients, often find themselves being snookered by credit repair clinics who are here one day... and gone the next.

With that in mind... Let's look at the 3 BIGGEST signs a credit repair company is making promises they can't deliver, and why you need to avoid anyone who offers any of the items below.

1 - 1 Week Improvements to Your Credit Score

Legitimate credit companies will NEVER promise to fix your credit overnight, or to raise your FICO score "X" amount of points in a few days. It simply can't be done... and while I've seen hundreds of offers that promised this, (and have many readers and clients who have used them) I have never seen 1 single documented case of this being possible.

As a matter of fact, there is only ONE way to raise your credit score without filing disputes (which by definition, take about 30 days) and that is to PAY or negotiate with your creditors for a deletion, or if the item you are challenging is NOT yours and you can document it. (this represents less than 2% of all cases... and legally, if proven, these items must be corrected within 72 hours if supporting documentation if provided)

You CAN expect dramatic improvements to your score within 30-45 days in many cases, but very rarely less than time period and anything that promises to "speed up" this time frame is not telling you the truth.

2 - Special Computer Software That Can Access The Credit Agencies Records

This is a fairly frequent claim often made on online classified sites, and high hype newspaper ads that promise instant credit improvements. The truth is, the credit bureau's use software that vastly exceeds that of most international government agencies, and there is no credit clinic, attorney or service that can remotely access and improve your file from a distance. Not only can't this be done, but it would be punishable by significant Federal prison time if it was... and certainly no one would be advertising this on a web site for the world to see.

3 - Securing a New ID (a fake SSN, Federal ID or otherwise)

Yes, you are allowed to have a secondary form of ID, other than your SSN. Yes, getting a Federal ID number (EIN) is not difficult. But... YES, it is a Federal crime to use a new id number to apply for credit... IF it's purpose is to shield a previous history of non payment from new creditors. Simply stated, you can (and some have) go to PRISON for this, and it's not something that anyone reading this should try. I have a friend who tried this approach... even though I advised against it on over and over again, and he was caught, and sued by multiple lenders. (and settled to avoid criminal prosecution, which would have been a slam dunk case... even though he paid all of the new creditor on time every month without fail)

Remember, there is a reason why credit repair clinics prey on those who are vulnerable to the promises of overnight improvements. They understand your desperation.

The good news is, you CAN legally restore your credit score at any age... just do it the RIGHT way instead!

Click HERE to learn how to Improve Your Credit Score 90 POINTS in 90 Days... GUARANTEED!

You Deserve A Second Chance. Get it HERE!

Source: EzineArticles
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