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Signs of a credit repair scam

If you are overwhelmed by debt, you may be weighing the advantages and disadvantages of filing for bankruptcy or maybe seeking the help of one of the many businesses that purport to repair your credit. This is an important decision, one which may determine many things about how you go about your life for many years. Unfortunately, many credit repair services are merely scams that will leave you in worse financial shape after claiming to help you.

There are some red flags to look out for in any unscrupulous credit repair operation. For instance, an illegitimate credit repair service will generally try to stand between the customer and information, charging fees for information that should be free. This information may be the customer's rights under the law, or their right to contact a credit bureau. They will generally seek to be paid for their services before any services have been provided. If any of these things occur, you should run away from this service, and quickly.

The shady dealings can be even more serious, however. Many unscrupulous services may suggest that the customer engage in illegal behavior, such as deceiving a credit bureau through creating an Employer Identification Number instead of using a Social Security number with a bureau, or advising them to create a new credit identity to qualify for better terms. Anyone that follows this advice may be committing fraud, which they may personally prosecuted for if they are caught.

It is understandable that mounting credit problems can lead to desperation, which is why it is vital to seek out legitimate help when the need arises. If you are ready to take control of your financial future, the guidance of an attorney who is familiar with bankruptcy and credit repair can help you create a plan and use the strength of the law to set you back on the path to financial freedom.

Source: Findlaw, "Avoiding Credit Repair and Credit Counseling Scams," accessed Nov. 22, 2016

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