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Debt-Consolidation
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The
Scam
The Warning Signs
The Truth
Reporting Negative Information
Credit Repair Organizations Act
Have You Been Victimized?
Do-It-Yourself Check-Up
About The FTC
Advice From The BBB
Credit Repair Companies with
BBBOnLine Reliability Seal
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The Warning
Signs:
If you decide to respond to a credit repair
offer, beware of companies that:
- Want you to pay for credit
repair services before any services are provided;
- Do not tell you your legal
rights and what you can do-yourself-for free;
- Recommend that you not
contact a credit bureau directly;
- Suggest that you try to
invent a "new" credit report by applying for an Employer
Identification Number to use instead of your Social Security Number; or
- Advise you to dispute all
information in your credit report or take any action that seems illegal,
such as creating a new credit identity. If you follow illegal advice and
commit fraud, you may be subject to prosecution.
You could be charged and
prosecuted for mail or wire fraud if you use the mail or telephone to apply for
credit and provide false information. It's a federal crime to make false
statements on a loan or credit application, to misrepresent your Social Security
Number, and to obtain an Employer Identification Number from the Internal
Revenue Service under false pretenses.
Under the Credit Repair Organizations Act, credit repair companies cannot
require you to pay until they have completed the promised services.
The
Truth
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