How to Repair Credit & Avoid Credit Repair Scams
If you have a poor credit rating, the promises made by credit repair companies, to provide clean credit histories and access to fresh lines of credit, may seem like a dream come true. Unfortunately, these offers are too good to be true and may leave you in even worse shape than when you started.
Here are some of the critical facts you should know about credit. Fraudulent credit repair companies often:
- Demand payment upfront;
- Fail to explain your legal rights;
- Instruct you to provide inaccurate information to credit reporting agencies or lenders;
- Dispute accurate information on your credit report; and
- Tell you not to contact or respond to credit reporting agencies yourself.
Companies offering “new credit identities” often charge a fee for what they call a “credit profile number” or “credit privacy number.” These companies will instruct you to apply for credit using this new number. These numbers are often either stolen Social Security Numbers (SSN) or fraudulently obtained Employer Identification Numbers (EIN). Using a fraudulent SSN or EIN is a federal crime and you could be held responsible. Penalties may include steep fines or possible jail time.
The process of improving your credit score takes time and effort, but it can be done. There are many steps you can take and your LegalShield provider law firm is ready to help.
Your provider law firm can help dispute inaccurate information on your credit report. They may also help you negotiate payment or settlement agreements for outstanding debts. Call and talk with a consumer rights lawyer at your LegalShield provider law firm today.
LegalShield is a trademark of Pre-Paid Legal Services, Inc. (“LegalShield”). LegalShield provides this blog as a public service and for general information only. The information made available in this blog is meant to provide general information and is not intended to provide legal advice, render an opinion, or provide a recommendation as to a specific matter. The blog post is not a substitute for competent legal counsel from a licensed professional lawyer in the state or province where your legal issues exist, and you should seek legal counsel for your specific legal matter. All information by authors is accepted in good faith. However, LegalShield makes no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of such information. The materials contained herein are not regularly updated and may not reflect the most current legal information. No person should either act or refrain from acting on the basis of anything contained on this website. Nothing on this blog is meant to, or does, create an attorney-client relationship with any reader or user. An attorney-client relationship may be formed only after the execution of an engagement letter with an attorney and after that attorney has confirmed that no conflicts of interest exist. Nothing on this website, or information contained or transmitted by this website, is intended to be an advertisement or solicitation. Information contained in the blog may be provided by authors who could be a third-party paid contributor. LegalShield provides access to legal services offered by a network of provider law firms to LegalShield members through membership-based participation. LegalShield is not a law firm, and its officers, employees or sales associates do not directly or indirectly provide legal services, representation, or advice.
Managing Record Household Debt: Lessons from the LegalShield Stress Index
Your Guide to Airline Passenger Rights
