When Credit card scammed cheat you

Credit repair Companies always claim that they can reduce your credit problems immediately this is illegal, and if you’re not careful you could take your body into jail. This is scams. But you don’t confuse with the good credit counseling that truly help you to eliminate credit card debt. Scammer always have the sign that let you know about they are scamming. In other words, you are scammed. Two often sign have shown below:

• This fly-by-night, rip-off artists can’t do anything for you that you can’t do for yourself.
• They’ll probably charge you anywhere from $50 to several thousand dollars for something that you can get for free or just a few bucks.

“In many cases,” says the Federal Trade Commission (FTC), “this Scammer takes your money and does little or nothing to improve your credit report. Often, they just away.” Example: Kaezy make credit card debt to $20,000 on five credit cards. A credit repair clinic “consolidated” their debt, reduced their total monthly payments to only $350 per month, and told that it require only four year completing payment. Then they exciting because they will get out of the debt. They send their payments to the credit repair clinic—but lately Kaezy’s been noticing late payment charges on her monthly statements. That is credit repair scam do nothing for them.

“Don’t worry, we’ll take care of it,” is all the company will tell Kaezy and her husband. But they still didn’t do anything. You may follow these tips for eliminate your credit card debt:

• Only three things can improve your credit record: Time, a conscientious effort on your part, and a debt repayment plan.

• Say “no” to any credit repair outfit that suggests you invent a “new” credit identity by applying for an Employer Identification Number (EIN)—which businesses use to report financial information to the IRS—to replace your Social Security number (SSN). The trick is called “file segregation.” It’s not only frowned on by the federal government, it’s also a federal crime to obtain an EIN from the Internal Revenue Service under false pretenses. Plus, you could he prosecuted for mail or wire fraud.

• Beware of credit repair mechanics who ask you to fork out money for their services before they are provided. That’s in violation of the Credit Repair Organizations Act, which requires those companies to tell you in writing about your legal rights. I hey re also supposed to give you a contract that spells out exactly what services they are to perform, how long it will take to get results, and the total cost. Even a “money-hack guarantee” won’t protect you if the company is shady.

“Why spend a lot of money for something that you can do yourself in 30 minutes?” If you want any advice for reduce your debt. The nonprofit Consumer Credit Counseling Service, with 1,440 locations nationwide, is a good place to start repairing your credit. It will guide you in fixing your credit report and, for little or no fee, negotiate with creditors and set up a payment plan you can afford. Call 1-800-388-2227 for the location nearest you, or for on-line counseling.