Quick Fix Credit Related Scams
Having good credit is extremely important in this day and age. Many of the things that we buy require having good credit. Good credit is necessary to take out a mortgage for a new home, buy a car with a car loan and take out credit cards which are now common place for many online transactions. If you have poor credit or a credit history that has many flaws, you are probably desperate to change it.
Unfortunately, there are many scam artists and businesses looking to take advantage of people that have poor credit and would like to fix it. These scam artists and businesses promise to quickly and easily fix bad credit problems for a fee. For the most part, many of the people that have bad credit are in poor financial health to begin with, so paying a large fee in some cases, only to be scammed is extremely egregious. Here are some tips on how to beware of common quick fix credit scams.
You Can’t Erase Your Credit History
If you see an advertisement or someone contacts you and promises to erase your credit history, this is obviously a scam. It is not possible to erase your credit history. In fact, your credit history will be available for creditors to see for up to 7 years. If you went bankrupt, it will show for up to 10 years. There is no way to erase your file or any negative marks.
You Can’t Fix Your Poor Credit Score Quickly
Credit scores can not be fixed quickly and easily. Just like your credit history, you need to build it slowly over time. This takes a concerted effort by the consumer to pay all their bills in a timely basis and to control their debt. It can take a few years to raise your credit score.
Check First with the BBB and FTC
If you have received an offer from a business or organization to fix your credit or help you back on your feet so to speak, make sure you check with the Better Business Bureau or Federal Trade Commission. Many of these businesses usually operate in the grey market and use tactics that are legal, but very shadowy. You should first consult with these government and community agencies to see if there are any complaints against these services. It is also extremely important to educate yourself on credit reporting and credit scores in order to know all the details, so you won’t have to rely on these businesses to fix your credit.
