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Tips to Avoid Credit Report Scams

By Ruth Racey
Published: Friday, July 30th, 2010

We live in a world where money is considered as the most important thing and many unscrupulous people go to various extends to scam people off their money. It is crucial to protect ourselves from these scams as scams related to the credit report can harm you in several ways. This article will help you understand how to recognize credit report scams before they cause damage to you. 

Beware of Companies That Offer Quick Fix Credit Solutions 

Companies that offer quick fix credit solutions are the ones that can cause you damage. These companies will take a fee for correcting errors in your credit report and they will use illegal ways to rectify your report. Some companies also ask people to use a new social security number to correct errors or remove entries from the credit report and this quick fix can be very harmful for you. 

Changing your social security number is a crime and if you are caught then you will have to pay a heavy fine. Some companies also take a fee for removing entries from your report and then vanish with the money. If you come across any such company that is scamming people then it is always recommended to report such companies to the bureau. You may also want to alert your friends and relatives so that they do not fall for such tricks. 

The Right and Only Way to Get Errors Corrected 

The only legal way to get errors corrected on your credit report is to contact the credit bureau. You will need to contact the relevant department in one of the three credit reporting companies and submit photocopies of the faulty report along with ID proofs and bills that are in question. 

Detailed addressed and phone numbers for Equifax, Experian and TransUnion can be got from the internet. Before filing the dispute it is recommended to get one free copy from each credit reporting company and to check for errors in all three copies. The relevant department will get in touch with you within 30 days and they will either accept that an error has been made or they will reject your dispute. If your dispute has been accepted then you will want to ask them to send corrected copies of the report to any creditor that has received the wrong report in the last 6 months. By law the company is suppose to send corrected reports to creditors so you may want to utilize this option.

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