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Which people
remain fully employed while lots of people everywhere are losing their jobs? …. Scam artists
Did
you know the possibility of being defrauded by a con artist increases
during a recession, as money becomes short and thieves work overtime to
gain access to your money!
Currently, the #1 scam to beware of is "We can repair your
credit!"
With loss of income, people usually fall behind on their payments for
credit cards and other debt. Missing enough payments can harm your
credit rating, which results in higher interest rates and even inability
to qualify for new loans.
During this time, fake companies thrive that offer to "clean up
your credit". There is a great deal of confusion because
legitimate, accredited credit counseling organizations do exist, and
both are bombarding the public with ads. How do we discern the scams
from the valid agencies? Valid organizations often help people create a
manageable payment plan for debt and offer other counseling. Scams often
offer the impossible, claiming they can quickly "erase"
damaging information on your credit record, or repair it immediately. NO
ONE can do this, so be careful. Also, scams often ask for a large sum of
money in advance, legitimate credit counseling agencies won't do this.
In the case of errors on your credit report, you can resolve these
issues yourself by contacting the three national credit bureaus.
The National Foundation for Credit Counseling site (www.nfcc.org)
contains debt advice and a list of valid credit counseling agencies.
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