So, your credit isn’t great, and you want to fix it. Doing it on your own hasn't been working, and you need some support. You decide to search for credit repair companies. And when you do, hundreds of sites come up. Be very careful as you take this journey, or you may get caught up in a credit repair scam.
Once you've set off on this search, you’ll see tons of ads making huge promises that sound really good. You may even start getting calls or emails from people offering to clean up your credit for you. But a lot of companies in this space are not legit. And working with them could completely trash your credit score. Or saddle you with even more financial problems.
Unfortunately, it's up to you to sniff out the scammers. Luckily, they throw up some very bright red flags...
If you spot any of these warning signs, you're looking at a credit repair scam:
If you're the victim of a credit repair scam, you can fight back. Visit the Federal Trade Commission to report credit repair scams, and learn how to take the con artist to court and get your money back.
Honestly, no credit repair service – even a legit credit counselor – can do anything for you that you can’t do yourself. And if you’ve already signed up with a service, you have three business days to cancel that contract for any reason.
To learn the right steps involved in fixing your credit, the best ways to pay off high-interest debt, and how to use borrowing to your advantage, grab a copy of my book Debt 101.
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