Warning Signs of Credit Repair Rip-offs

“Your credit will be erased permanently!”; Does that offer sound too enticing to dismiss? Maybe so. Especially for those who are awfully troubled by financial crisis and debt. They may be so desperate about their bad credit that they would take any offer of help as appealing as that. But before you take that plunge, be warned! There are many companies out there, disguising as help who are only after your money.


Here are the warning signs of what to look out for or credit repair rip-offs:

  • You are being asked to pay a sum of money before any services are provided. This should be a major red flag for you, because you are already in debt and you should be not be asked to put out any sum of money without completing the services you need.
  • The Company does not advise you your legal rights.
  • You are not informed about options that you can do for yourself for free. Yes, there are some means to help fix your credit problems on your own, without having to pay anything.
  • Advices you not to get in touch with a credit bureau directly.
  • Advices to use false information such as your Employer Identification Number to use in place of your Social Security Number
  • Recommends an action that seems illegal like creating a new credit identity. Following this advice will make

True, many Credit Repair Companies make ridiculous offers and knowing what these are is a great protection that would save us time, money and false anticipation. There is legitimate Credit Counseling Companies that one can obtain help from. And these ones explain to you your rights and give you all necessary steps that you can do to break away from bad credit. So go ahead, feel free to avail their service, but make sure you will be getting the right one.


For a copy of your report, you may contact one of the following numbers:


Experien (formerly TRW) at (800) 682-7654

Equifax at (800) 685-1111;

Trans Union at (800) 916-8800.


If you have been charged money by a Credit Repair Company with a promise to fix your credit, you may file a complaint with the FTC at (202) FTC-HELP, TDD (202) 326-2502. You may ask for free information on credit repair and other consumer issues from the Federal Trade Commission at these same numbers.

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