Many people have lost their jobs in the last few months as the economy has turned sour. Scam artists are still fully employed, however, in good times and bad. The threat of being defrauded is just as prevalent during a recession, as money becomes tight and thieves work overtime to get their hands on yours.
The “We can repair your credit!” Scam:
During a recession, a lot of people fall behind on their payments for credit cards and other debt. Con artists take advantage of this situation by creating fake companies that offer to “clean up” your credit. This can be confusing, because there are legitimate, accredited credit counseling agencies that do advise people on how to improve their debt situation. No one can quickly “erase” information from your credit record, however, or repair it immediately, so be wary of offers to do so. And remember that if there are mistakes on your report, you can resolve this problem yourself by contacting the three national credit bureaus.
For more information, the National Foundation for Credit Counseling site (www.nfcc.org) contains debt advice and a list of ethical credit counseling agencies.
Read more on common scams and how to avoid becoming a victim.
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