HOW TO AVOID CREDIT REPAIR SCAMS

If you are struggling with bad credit, you may be tempted to reach out to a credit repair company. Before you do, read 7 ways to recognize a credit repair scam

In exchange for a small fee, credit repair companies offer those struggling with bad credit the chance to get their credit back on track. While many are quick to jump at such a generous offer, they must be wary; this is an industry full of scams. There are proven methods of credit repair in Orlando, but you need to know how to filter the bad from the good to avoid the potential scammer that lurks around the corner.

7 Signs of a Credit Repair Scam

When searching for credit repair in Orlando, pay attention to the following because they can indicate a potential scam.

1. All credit card repair companies are required, by law, to let you know that you can perform these credit repair services on your own. A reputable credit repair company in Orlando will provide you with a copy of the “Consumer Credit File Rights Under State and Federal Law” to let you know your rights in obtaining a credit report and in disputing inaccurate credit report information. If you are not provided any of this information, do not proceed with said credit repair company.

2. Before dealing with credit repair in Orlando, you should be given a copy of the contract detailing the services you are agreeing to. Read the contract over, and if you are able, hire a lawyer to help you make sense of the important information it contains. If no contract is provided, do not agree to or pay for anything.

3. Once you have the contract in front of you, focus on the following information: the amount you are being charged for these services, details about the services being performed (if there are little to no details, this is a red flag), the dates of said services, the name and business address of the organization (which you should google to confirm it is indeed legal), and a cancellation clause that allows you a to terminate the agreement. If the credit repair contract in Orlando does not contain all of this, do not sign it as you are most likely agreeing to a scam.

4. If a credit repair company in Orlando asks you to pay a fee upfront, they are breaking the law that prohibits companies from doing this. You should never pay for credit repair in Orlando before the service is performed.

5. While some information can be removed from a credit report, not all information can be. If a credit repair company in Orlando recommends you do something like claim identify theft to have accurate information disputed, you are being asked to participate in a scam.

6. Do not trust a credit repair company in Orlando that advises you against contacting credit reporting agencies, such as Experian, Equifax, and TransUnion.

7. Legal credit repair in Orlando does not include the replacement of your social security number. If a company offers this or tells you to apply for credit using the CPN or EIN, they are suggesting an illegal practice.

There is, unfortunately, no easy fix or shortcut to credit repair in Orlando, and anything a company legally does is something you can do on your own at no cost. If a company promises things that sound too good to be true, it’s because they are scamming you. Contact us for more details.

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