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Credit Repair Scams
"Erase Bad Debt !" "Remove Negative Items From Your Credit Report" You've probably seen these headlines and others just like it promising to clean up or "fix" bad credit. For someone who suffers from a bad or poor credit rating, these headlines are certainly an appealing offer. Imagine finally being able to buy that new car, get debt collectors off your back, and enjoy a new found freedom from your past debts. Sound to good to be true ? It probably is. Once you fall prey to the credit repair offer and pay the hefty fees involved to clean up your record, here's what happens: 1) The credit repair scam artist contacts the credit bureaus and reports that the negative information in your file is false. 2) The credit bureau removes this negative information from your report while they investigate the claim. 3) The scam artist will then show you the cleaned up version of your credit report and "ta-da" your credit history has been fixed ! But here's what the scammer doesn't tell or show you. After the credit bureau completes their investigation the negative information is placed back on your credit report. Negative but accurate information cannot be removed from your credit profile. Only incorrect information can be removed. Accurate information remains on your credit file for a period of 7 years from the time it is reported to the credit agencies; a bankruptcy appears for a 10 year period. Many legitimate companies exist that can help you with your debt problems. But how do you spot a scam offer ? Easy, they'll ask you for their fees up front. By law, credit repair agencies cannot ask for payment until they've provided the service they promised. Additionally many states require that a credit repair service, whether they are for-profit or not-for-profit, must provide you with a detailed written contract, an explanation of your legal rights, and the opportunity to cancel any signed contract within 3 days. Also, be aware that a "credit repair offer" could be an attempt to steal your identity by getting you to provide personal information such as a Social Security number, bank account and credit card account numbers. Always make sure you know who you are dealing with before accepting any offer to help you repair your credit. Those who don't can have their credit ruined further and create more debt problems. © 2004, www.yourfreecreditreportnow.com">www.yourfreecreditreportnow.com
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19,178 Identity Theft Victims Per Day - Are You One Of Them? Identity theft statistics are shocking. And we are told that it will only become worse, before it gets any better. Opting For A Credit Card? Check Out Certain Terms You've just received a "pre-approved" credit card offer in your mail. Without wasting a minute you're ready to accept it, especially if it's the "before-the-offer-expires" one. The Easy Way To Gain Access To Your Free Online Credit Report When you apply for credit, those lending you the money want to know if you are going to pay them back. One way they decide if you are a good risk is to see how you've dealt with other people's money. Credit Report - How Your Credit Score is Determined Most consumers are aware that they have something known as a credit report that is used to determine whether or not they would qualify for a loan. Fewer are familiar with the FICO score, a creation of the Fair, Isaac, and Co. Credit Cards and How To Choose Them: It may seem like a simple question but its important to take into account a few factors when choosing your credit card. If you are in the enviable position of being able to pay off your card every month then you are amongst the few. Stop Credit Card Offers You can stop receiving credit card offers in the mail! It's really easy to do - just phone 1-888-567-8688 and follow the prompts and provide the requested information including Social Security number, date of birth, etc.Do this for every adult member of your household, including college students. Applying for Credit Cards Online In the olden days, about 10 years ago, before the internet, consumers would have to fill in applications for credit cards, loans, mortgages and so on by hand. It's hard to believe now, but this lengthy process was the norm, with requests for extra documentation and references going backwards and forwards, until finally the application was accepted or rejected. Using Credit Cards Wisely "I think money was stolen from my card" or "I might have blocked my card in the ATM" - these are frequent problems that bank customer-support officers usually hear from agitated clients. Incorrect use of credit cards or wrong interpretations of their functions are frequent even after tens of years of credit-card extensive use. Is Your Credit Score Costing You Money? Most of us want a good credit report to obtain automobile financing, credit cards, and to purchase a home. But, beyond these consumer loans, your credit report can cost you in everyday living expenses. Rate Tarts Losing Ability to Cherry Pick A "rate tart" is someone who switches from one zero per cent introductory credit card deal to another to avoid paying interest; however they may be set to become something of the past. Recently a number of the major credit card companies, including Egg, Barclays, the Royal Bank of Scotland and MBNA have introduced transfer charges for people who want to shift their outstanding credit card balances to a new card to take advantage of a zero per cent introductory rate. Good Credit is King, When Qualifying for Mortgage Programs If you want to purchase a new home or refinance your current mortgage, be sure to check out the wide array of loan programs available. If you have less than excellent or even poor credit, you can still qualify for a loan. Start Building Credit Fast! There are a couple of reasons for this. You can pay your bills on time for years and never gain more than a few points on your credit score. Your Guide On Choosing a Credit Card To Suit You Reach into your wallet or purse, pull out a card, swipe, and you're done. It is very easy to use a credit card. Top 7 Factors to Consider While Reviewing Credit Card Offers Credit cards have migrated from being hip or convenience product into a must have entity for everybody. Shopping Online you need a credit card. Bank Robbery Growing In U.S. Bank robbery has grown to become a huge problem in the United States but I am not talking about people robbing banks. I am talking about banks robbing people. Credit Repair Myths and Facts There are no secrets to repairing your credit. Many shady credit repair agencies would love you to think the contrary. 7 Compelling Reasons Why A Prepaid Debit Card May Be Just The Financial Tool You Need Prepaid debit cards are great financial tools and may be just the financial tool you need. Here a seven compelling reasons why:1. Beware of Falling Minimum Payments If you opened a credit card statement recently and were pleasantly surprised to find that your minimum payment due was lowered, don't be so quick to "jump for joy". What may appear as a small boost to your monthly budget is actually the rock that can weigh you down in debt for a lifetime. What is the Check 21 Act? Check 21 is the common name for the Check Clearing for the 21st Century Act. It's new legislation that was recently passed by congress and made a law when signed by the President of the United States (remember "I'm just a bill" from Saturday morning cartoons). Avoiding ID Theft and Credit Fraud Article excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TM copyright 2004, all rights reserved, by Eve Abbott, the Organizer ExtraordinaireEach year billions of dollars in credit fraud is perpetrated on unsuspecting citizens. With so much personal information publicly available (or easily available to someone with medium computing skills) it is essential to develop good habits to prevent your information from falling into criminal hands.
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