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Credit Restoration Company Scams

By Ace Winget

If you are drowning in debt, you are not alone. Literally, millions of Americans are being faced with the sad reality of bankruptcies, foreclosures, and intense debt and bad credit. If you need to build your credit don’t lose hope. There are still ways you can get your credit back where you want it to be.

We recently posted an article about scam artists that are in the industry. There are a lot of other credit restoration companies out there that promise to erase all negative information that you may have, even with bankruptcy or foreclosure. They boast that they can turn your credit score around in a month or less.

While we completely understand why this option is attractive to you, the truth is that these are scams. These companies are scamming you, or worse – performing illegal services. A good rule of thumb to remember is that if it sounds too good to be true, it probably is.

Have you heard these lines before? We will increase your credit score guaranteed in 30 days! We will erase all bad credit, guaranteed. We will remove bankruptcies, judgments, liens, etc. from your credit history and credit file immediately.

“We work with specialized credit restoration companies that promise …” “We will LEGALLY create a new identity for you so your credit will be repair instantly.” These are lines that dishonest credit restoration companies use a lot.

In normal cases, companies that promise these types of actions will require you to pay for their services before any of their services are rendered. If a company has a fee to meet with them, stay away from them. It is illegal for a company to charge you for services until they have completed what they have promised to do (Credit restoration organization act).

These companies can also deal in the illegal services as well. You cannot legally apply for a new identity. If the company says they are applying for an Employer Identification Number (EIN) instead of a new SSN, they are clearly off base and dealing in illegal practices. It is a federal crime to falsify any statements on a credit or loan application, and you will be prosecuted just like they will.

Be smart. Don’t fall victim to these types of credit restoration scams. Repairing credit will take a lot of hard work and effort, but it is well worth it. Don’t get caught up with false promises or quick-fix offers.

Nitro Credit focuses on credit repair, credit help, improving your credit score, and credit restoration. We’ll help you have a clean slate and the confidence of good credit.

Article kindly provided by UberArticles.com

Topics: Credit and Debit | Comments Off

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Article Citation
MLA Style Citation:
Winget, Ace "Credit Restoration Company Scams." Credit Restoration Company Scams. 10 Jul. 2010. uberarticles.com. 17 Oct 2014 <http://uberarticles.com/finance/credit-and-debit/credit-restoration-company-scams/>.

APA Style Citation:
Winget, A (2010, July 10). Credit Restoration Company Scams. Retrieved October 17, 2014, from http://uberarticles.com/finance/credit-and-debit/credit-restoration-company-scams/

Chicago Style Citation:
Winget, Ace "Credit Restoration Company Scams" uberarticles.com. http://uberarticles.com/finance/credit-and-debit/credit-restoration-company-scams/


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