Feb 08 2010
Avoid Credit Repair Software Fraud
The internet is flooded with these “amazing” offers of a program being able to “erase” your debt. This is virtually impossible; your debt cannot be erased as debt will stay there until you actually put some money towards it. Credit repair is high in demand and people will do anything to get themselves out of debt. There are a lot of people who aren’t educated enough to know all the ways of repairing your credit score. Therefore fraudsters will try their luck to promise you a good deal when, in fact, you have to all the work anyway.
The first sign that indicates that it’s a scam is when they offer you a guarantee. “Nothing in life is guaranteed” but especially not credit repair software programs. You should be able to repair your credit score by following certain steps but the software cannot make your debt disappear. It also is against the law to guarantee that your debt will be repaired by using the software. If you get involved in illegal dealings, even if you’re just the innocent customer, you might also have a run in with the law.
Also you have to steer clear of credit repair software programs that requires that you pay a large sum of money even before you receive the service. A legit company will only ask for money once you have seen results inn suing the program. The legit program will also usually only offer you tips and professional advise on what to do to repair your credit score.
There are companies that offer you credit bureau disputes. This software program usually takes those letters and feeds them one after the other to a credit bureau. This is a one dimensional approach and this does not give you the “repair your credit score” that you wanted. You normally have to challenge bureaus, creditors and collectors. All these institutions can tell you how your credit score will be affected and can possibly be changed.
People are usually not very educated in the world of finance with it’s many different structures. Consequently they only see the good in all those scams that offer you “special” deals, completely oblivious to the fact that these software programs only wants your money with no intention of giving you the service they offered. Always to your homework on these credit repair programs and make sure you know when you should trust them or not.