Scams to avoid when it comes to fixing your credit

Published on April 26, 2008 by in Credit Scams

Credit Scam
Questions & Answers (Q&A)

what is the best way to look for a rental house?
I have bad credit, but I want to buy/rent a house!?

Scams to avoid when it comes to fixing your credit

Some people when faced with desperation can make themselves easy targets to those with very few principles, who prey on the problems of others in order to make personal gain for themselves. When it comes to credit then almost all of us have to rely on it at some time or another. However if for some reasons our credit rating falls short then being able to get credit is impossible or you are charged expensive rates of interest for the luxury of being giving credit which leads to even more debt. This is where the “scammers” begin to rear their ugly heads with promises of fixing your bad credit rating and they have an arsenal of scams in their supply all of which you should avoid. Here are some of the main ones to watch out for and to be aware of.

Beware of anyone who claims that they are “in” with the credit bureau and that for hundreds of dollars of your hard earned cash can wipe the slate clean for you and bring your credit rating up to scratch in the blink of an eye. Your credit rating can be repaired but it cannot be done this way, it takes time to repair your credit rating and score and the bureau will not take a “back hander” from anyone.

Another scam that is widely used is the promise that if you part with your hard earned cash then the company can convince the creditor that you really don’t owe them the money at all. While it would be nice if we could wave a magic wand and make the debt go away in reality we know that this simply isn’t true, however it can tempting but you should avoid the temptation of this scam.

“Not only can we clean your credit record but we can also get you a loan quickly and easily by using our contacts”. This unfortunately one of the newest and also the more costly of the many scams that is travelling around at the moment, as the unsuspecting person is so desperate to get a loan they will often fall for the promise that not only will they be able to get the loan after being turned down elsewhere but also that their credit rating will be cleaned and they can start from fresh. The majority of these are nothing but conmen who will take your money upfront not only for the promise of repairing your credit but also take part of the money for the promise of a deposit on a loan.

Beware of those companies that if you call their special 900- number you will be able to get your credit rating fixed by taking their essential information that no one else but them knows. The truth of the matter is that this number is often a huge amount of dollars per minute and the person on the other end will offer you information is nothing more than you would be able to find yourself quickly and easily online while racking up a huge amount of money on the phone call.

Your credit rating can be repaired but you can do it yourself and the only thing that costs you will be the fee for your own credit report.

Credit Scam Question & Answers

Credit Scam Question: 1

what is the best way to look for a rental house?

I am trying to find a house for rent in my area that is afffordable and won't care overly much that my credit isn't that great. I am a single mom just trying to improve my babies living inviroment. All the internet sites i have looked through have some kind of scam or another.

Answer: 1.
Look in the phone book under Real Estate Rentals.

Most big corporate complexes will want a credit report and landlord references, so be prepared.

There are also a lot of small companies that rent out houses and duplexes as a service to the owners.

Also, this is a very inefficient method but it works: Drive around neighborhoods and look for "For Rent" signs and check bulletin boards at markets, in community newsletters, etc.

Equal Opportunity and Housing laws have forced many small private landlords (the ones with just a couple of houses or apartments to let) to go "underground". This means they DO NOT ADVERTISE in the big city papers. Also check college bulletin boards and papers.

They want to be selective about who rents from them and they feel that they can "weed out undesirables" by low key marketing that is very localized, so they only advertise in the neighborhood only.

This is not always as racist as it sounds on the surface ---- although it is clearly Class Discrimination. Hey, I'm not defending it, this is just how it is.

Find out what schools are rated very highly and look for places to rent in those areas. Give your kids every chance for success!

Small time landlords will probably not insist on a credit report.

Tell them your desire to improve your childrens neighborhood environment and education opportunities. This is something to be proud of.

Many folks, myself included, have a soft heart when it comes to those who openly declare that they want things better for themselves and their kids and are willing to do what it takes to make it happen, including the right schools and environment.

I'm proud of you, stay strong and keep doing the right things!
Answer: 2.
where you and kids can be safe from any danger,
and you feel comfortable with neighbours and
reasonable facilities are around..
Answer: 3.
Find your local Real Estate office that does rentals. They will set you up with an agent that will work with your budget and situation. Things will go a lot smoother and faster! Trust me it is worth it!
Answer: 4.
Newspaper, it works for any thing!
Answer: 5.
Your local paper usually has a section for rentals, and you can contact the people by phone, to make sure it is legitimate.
Answer: 6.
Newspaper or Realtor.

Credit Scam Question: 2

I have bad credit, but I want to buy/rent a house!?

My boyfriend and I have pretty crappy credit. Both of us are tired of apts. So we want a house. I wanted to ask everyone how I should go about doing that. I see these ads from realtors stating "No Credit? Bad Credit? No Problem - we'll get you into the house of your dreams!" Big scams I'm sure. So I'm either looking for advice or some resources to help us out. It doesn't have to be a new home. We'd actually prefer an older, fixer-upper.. It'd be a first house for both of us. Let me know!! Thanks!

Answer: 1.
Um basically you will be paying huge interest if anyone will even bother to give you a loan which is pretty unlikely. Also, loan companies don't like to loan to unmarried couples as it could get messy later on and they won't be able to get their money. You will probably have to put a pretty big down payment down. Have you guys been saving? I would say rent a house first for a couple of years. Get your credit back in shape and then go to buy a house so you wont have such high interest and you will have a chance to save up for your down payment.
Answer: 2.
My husband & I went through a bankrupcy and foreclosure on our house. We didn't think we'd be able to find a place either! We are now renting a duplex. So there's hope for you! We went through a local realtor agency that had a rental division. The trick is finding a renter that is willing to work with you despite your bad credit. Good luck!
Answer: 3.
Have you tried the fanny Mae foundation or FHA HUD. these programs not only help lower income but with credit issue also. we had late payment on our credit and received an FHA loan for our home.
Answer: 4.
If your credit rating is above 500 you can get approved for a loan (with sufficient debt/Income ratio and satisfactory employment time) but for a higher interest rate. You will not be able to go through a prime lender but a sub-prime lender will fiance you if conditions are met.

In the long run you would be better off to get your credit on track and pay your bills on time. There are many articles on the 'net on how to improve your credit rating.