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Credit Repair Scams

Credit Repair Scams

There are several companies that prey on those with less than desirable credit. Consumers should be very careful when turning to credit repair companies.

Signs You’re Dealing With a Credit Repair Scam:

  • Promises of a brand new credit identity or a clean slate to your credit history
  • Payment is requested before any service is provided
  • Company tries to stop you from contacting CRAs yourself
  • Company tries to dispute information on your credit report that’s correct
  • Company tells you to lie on credit applications
  • Company doesn’t explain legal rights
  • Told to use credit profile/privacy number or are told to apply for an EIN from IRS
  • It is a crime to get an EIN (employment identification number is used by businesses) under false pretenses
  • Told to alter your SSN to a taken SSN

Your Credit Repair Rights

  • Under the Credit Repair Organization Act, credit repair companies can’t lie about what they can do for you or bill you before services are performed
  • They must give a written contract detailing services and rights
  • Must provide you with the right to cancel at no cost within three days
  • Must give details on how long services will take, the total cost, and any guarantees
  • If the CROA is violated, you can sue for losses or what you paid

IIf a Credit Repair Company violates your rights under the CROA, you are entitled to sue them for damages and/or whatever you paid them. Contact us if you feel your rights have been violated.

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