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June 01, 2011

  • Warning Signs Of Credit Scams, Pt.3
       Is it legitimate? Do the homework.

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    If your credit history is damaged, you may fall for the credit repair service scam. Fraudsters take advantage of credit cardholders that are already struggling with how to pay down debt and a poor credit report. Many will advertise in all media forms including newspaper, online, and on TV that they can help you repair your credit for a small fee. These thieves promise to repair your poor credit card payment history or to get other dark marks removed from your credit report. Legitimate bad debt cannot be legally removed from you credit history except by the institution that placed it there. The only way to get bad credit card debt removed from your report is to pay the debt off. Some lenders will negotiate to lower the debt, but you are the one that must be involved. If you need help with excessive debt, contact your creditors personally.

    Another growing and popular scam among online marketers is the unauthorized recurring billing scam. Here companies will offer a free trial of their product, however, in order to get your free trial, you are asked to supply your debit or credit card information to pay for a small shipping and handling fee. Once you turn over your card information, the unscrupulous merchants set up automatic recurring credit card payment. When the cardholder becomes aware of the charge, it is almost impossible for them to get the company to stop the payments. In many cases, cardholders have resorted to closing the account in order to end the charges. A free trial is a free trial. If any company or individual asks you to pay shipping or any other fee, it is NOT a Free Trial. Avoid these offers like the plague or you'll find out that the free trial has cost you hundreds of dollars.

    Work-at-home schemes have also grown in popularity as young mothers and fathers look for ways to care for their family while contributing funds to the household expenses. Many of these fraudulent websites tease individuals with a list of legitimate businesses and then request your credit card information to get the job specifics. Don't be fooled by these scams; search for a website that provides information at no charge.

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