How to Recognize a Scamming Credit Repair Company

There are scams all over the place and that includes scams for repairing your credit. You should make sure that the company that you are using to help repair your credit is following the rules set down by the government. Make sure that you aren’t being taken advantage of and ensure that the company is genuine. There are many different signs to look for that can tell you if it is a scam or not.

 

  • The company is required to give you a copy of the “Consumer Credit File Rights Under State and Federal Law”. This document tells you what your rights are regarding getting a credit report and further how to dispute the inaccuracies on your credit report.
  • If they aren’t providing you with a contract before signing. You are required to sign a contract, but you should be able to read and look over the contract before you sign. If they aren’t giving you one, then avoid using the company and you can even report them if you want.
  • The contract is required to provide certain information, including the amount you are required to pay, details about the services they are providing, the time period the services are being provided, the name of the organization and their business address, and the clause that you can cancel within 3 days of signing. If these details aren’t on the contract it is time to get suspicious and look for another company.
  • If you have been asked to pay before the services have been provided. Never pay in advance for services that haven’t been rendered. Make sure to only pay after the services have been given, or else it might be suspicious. If they want payment before it might be that they are trying to scam you and not intending to follow through with the services at all. If they are asking for partial payment, then make sure to use your best judgment and if you give the partial make sure the services have been provided before giving the final payment.
  • If the company says they can remove actual information from the credit report. If there is actual correct information on your credit report and the company says they can remove it, you should question them. This isn’t possible and highly unlikely since only the company that put the information on can remove it.
  • They want to create you a new identity. This is suspicious because if they want to give you an entirely new identity, including a new EIN, or employer identification number or social security number. This is definitely going to be a scam because this can’t be done by these types of companies.
  • They want you to waive your rights. By no means should you give up your rights that you are given by the law. If they ask tell them no and find another company.

 

If you have already been scammed, you can report the agency to the attorney general in your state and follow up with a complaint to the Federal Trade Commission and even the Better Business Bureau. Make sure to do your research before hiring a company to repair your credit.

 

 

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