We have seen it all over the news lately, and some of us may have experienced this personally. Here's the pitch in exchange for a small fee, credit repair companies offer those struggling with bad credit the chance to get their credit back on track. While many individuals are quick to jump at such an attractive offer, they need to be wary; unfortunately this is an industry full of scams, just like others.
There are some proven methods that the best credit credit company in Oklahoma will often share so you know how to carefully navigate through a filter to and avoid credit repair scams. Today we will address the top 7 signs of a Credit Repair Scam.
Top 7 Signs of a Credit Repair Scam
When searching for credit repair services in Oklahoma, be sure to pay attention to the following because they can indicate a potential scam.
1. All credit card repair companies are required, by law, to let you know that you can perform these credit repair services on your own. A reputable credit repair company in Oklahoma will provide you with a copy of the “Consumer Credit File Rights Under State and Federal Law” to let you know your rights in obtaining a credit report and in disputing inaccurate credit report information. If you are not provided any of this information, do not proceed with the credit repair company.
2. Before dealing with credit repair in Oklahoma, you should be given a copy of the agreement or contract detailing the services you are agreeing to. Read the agreement or contract, and if you are unable, seek an attorney to help you make sense of the important information that the agreement or contract contains. If there is no agreement/contract is provided, do not agree to or pay for anything.
3. Once you have obtain a written agreement or contract in front of you, we recommend focusing on the following information: (a) the amount you are being charged for these services, (b) details about the services being performed (if there are little to no details, this is a red flag), (c) the dates of said services, the name and business address of the organization (we suggest you Google the address to confirm it is indeed legal), (d) and a cancellation clause that will allow you to terminate the agreement. If the credit repair contract in Oklahoma does not contain all of this, do not sign it as you are most likely agreeing to a scam.
4. If a credit repair company in Oklahoma asks you to pay a fee upfront, they are breaking the law that prohibits companies from doing this. You should never pay for credit repair in Oklahoma before the service is performed.
5. While some information can be removed from a credit report, not all information can be. If a credit repair company in Oklahoma recommends you do something like claim identify theft to have accurate information disputed, you are being asked to participate in a scam.
6. Do not trust a credit repair company in Oklahoma that advises you against contacting credit reporting agencies, such as Experian, Equifax, and TransUnion.
7. Legally licensed credit repair companies in Oklahoma will never suggest you to replacement of your social security number with a CPN or any other identifiable information that is not your SSN. If a company offers this or tells you to apply for credit using the CPN or EIN, they are suggesting an illegal practice.
Unfortunately, no easy fix or shortcut to credit repair in Oklahoma, and anything a legally licensed company can do is also something you can do on your own as well at no cost. If a company promises something that sounds too good to be true, usually it is because they are scamming you.
There are more clear signs to help you avoid credit repair scams. One thing last thing that we recommend is to inquire if they are licensed by the state to perform the services desired. Many credit repair scams will avoid this question. You can actually Google your state and see if a license is required. Here in Oklahoma, the best credit repair company in Oklahoma like Credit Fitness Financial Group is licensed, bonded, and insured.
Contact us for more details.