Beware of Credit Repair Scams

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You must beware of credit repair scams looking for people like you to fall into their trap. These companies prey on people desperate for a fast solution. Don’t be their victim! If you have found yourself in a situation where your have a low credit score and are looking for a solution to rebuild your credit, you may be tempted to answer an advertisement from a company who can promise you that they can give you an entirely new credit identity. All your bad records will be wiped off and you will have clean credit record.

You will see this type of credit repair ad almost everywhere. You need to aware of the truth of repairing your bad credit. There are no shortcuts for building an AAA credit rating. It will take time and a lot of effort on your part to successfully rebuild your credit.

If you are looking for a credit repair services, you must take your time to search for a reputable credit repair company. They do exist and are not hard to find. How can you tell a reputable company from a scam? Be on the lookout for any of the following. If you see these, the company will post likely take your money and offer your absolutely nothing of value in return. In fact, you may find yourself in a worse position than you started in.

Erase Your Bad Credit History Quickly and Effectively

These companies will promise and even guaranteed you that your bad credit history will be erased in short period of time and you will have totally clean credit records. There is, of course, a fee attached to this promise.

Theses scams will often pressure you to sign up today because this special offer will expired tomorrow. The contract will state all the outrageous promises and in return, you will be asked to pay a high upfront fee.

An honest and reputable credit repair company will let you know that your credit cannot be rebuilt overnight. They will never pressure you or trick you to sign a contract with them. In addition, they will make it clear to you that if you do change your mind within three days of signing, you can cancel it without any obligation. The amount of time does vary by state but three days is most common.

Nothing can erase bad credit but time. Long histories of on time payments, lowered balances and responsible use will see your credit rating soar.

Offer To Get You A New Identity

There are companies who will offer you a new identify. Essentially, they help you apply for a tax identification number, traditionally used by businesses, and then use it whenever applying for credit. Your record will shows clean with the new tax identification number and you application of credit can be approved.

Doing this can actually send you to jail. Lying to the government about your intended uses for an ID number is a federal crime. Should your accounts be audited, you will have to face the penalties.

In Summary

In actually fact, nobody can repair your credit except yourself. A reputable credit repairing company will be able to guide you to achieve you goal. The only way to successfully regain your good credit is thru you own efforts such as pay your bills on time, not extend your credit limits, and be careful not to apply for too many credit lines. Do all of these things on your own and you will soon find yourself with a great credit report. Always beware of credit repair scams!


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