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Signs you are being scammed. 1. A company charges an upfront fee of more than $50 before it has produced results. The Credit Repair Organizations Act makes it illegal for companies to charge a fee until their services have been performed.
2. A company offers to create a new identity using an EIN (employee identification number) or create a new credit file for you. That's illegal.
3. A counselor offers to improve your credit rating or remove information from your Credit Report. Only the original credit grantor can change information.
There are some absolutely legitimate credit help services, such as Consumer Credit Counseling Services (800-388-2227) and Cambridge Credit Counseling (800-897-2200) that can assist you in dealing with creditors, lowering finance charges and establishing consolidated repayment plans. Stick with these reputable services. If you think you've been scammed contact the Federal Trade Commission at (202) FTC-HELP.
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