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Thursday, September 24, 2009

Credit Repair Scams: an insight(1)

Good credit profile is damn necessary to build your creditworthiness to all the creditors…in order to increase your chances for getting more loans. To get your credit worthiness increased you should have a satisfactory credit score on you. And, we all know that your credit score is increased only when you are bearing a good credit report throughout your financial life. But, what if your credit suddenly broke down due to a financial disaster you had to face? If you have suddenly gone through a bankruptcy, or failed to timely repay some installments of your last taken loan & eventually got the event of missed payments marked on your credit report, these things would surely create a negative impact on your credit profile…which in turn, would harm your creditworthiness. But, already there is a solution for such bad credit, too.

A lot of companies are now providing Credit repair services, who offers to rebuild & repair your damaged or broken credit profile, & re boost your credit score… help you stand on a satisfactory (than before) credit position once again. The heart-broken borrowers, who need loans & badly wish betterment of their credit scores, go to these companies. But unfortunately, many dishonest & scam credit repair service providing companies have already mushroomed here & there….I warn my readers & advise to stay away from them. To earn your trust & faith, initially these company guys talk damn sweet & do not exhibit any rude, professional behaviour at all. They offer the potential victims to provide them a fast solution to their poor credit profile, & promises to get their credit scores jump high. Guess what after that?? Your (you, a supposed Victim) faith is damn restored upon the company, you are sure about the usefulness of that service….now you are ready to pay. And now!! They’ll charge a lump sum service fee from you, almost amounting to hundreds or thousands of dollars. The next day, the company guys disappears; no single credit officer is there, & when after failing to contact them through repeated phone calls, you turn up to meet, you’ll probably see the office CLOSED (Its true, most of them are are fly-by-night sort of firms).

These frauds & scams related to credit repair services have almost become a widespread problem nowadays….perhaps a social & financial nuisances. But don’t worry, there are some ways for you…which, if taken, can greatly help to prevent credit repair scams…which I will elaborately discuss on in me next post. So, keep coming to my blog, & watch out for the next entry…I’ll come back with a detailed discussion on those preventive financial measures.


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