Tag Archive for Scam

3 On Your Side: How To Spot A Credit Repair Scam

3 On Your Side: How To Spot A Credit Repair Scam
News from CBS Local:

By Jim Donovan

PHILADELPHIA (CBS) — Now that the economy is starting to improve, many Americans are hoping to clean up their finances, pay down debt and improve a credit score.  But 3 On Your Side Consumer Reporter Jim Donovan warns, you better do your homework first!

From buying a car to buying a home, your past financial decisions are all laid out for lenders to see in a credit report.

With many aspects of the American economy on the upswing, many consumers are seeking to clean up their credit history and some scammers see that as an opportunity.

According to the Federal Trade Commission, there are a few easy ways to spot a credit repair scam:

First, if the company asks for payment before they render any services.

Also, if they ask you not contact the credit reporting agencies directly.

And, if they suggest giving false information when applying for a mortgage or a loan.

Another troubling trend among credit repair scammers, is the promise of an entirely new credit identity, which can unwittingly land a consumer in trouble with the law.

Consumers can spot these when a credit repair service suggests abandoning a Social Security number as a primary source of identification, and instead using a new number they assign and call a “CPN”  for “credit privacy number,” or “credit profile number.”

In…………… continues on CBS Local

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Cops took cash bribes in credit repair scam, according to federal government

Cops took cash bribes in credit repair scam, according to federal government
News from Local 10:

MIAMI –

Several Miami-Dade police officers are being targeted by the federal government after they took part in a credit repair scam in which they allegedly wrote phony crime reports in exchange for cash bribes, according to federal court records.

So far only one cop, Miami-Dade Officer Rafael Duran, has been charged in the scheme, but according to federal prosecutors, multiple police officers working for more than one police department in Miami-Dade accepted bribes in the scheme, which was orchestrated by now-imprisoned “credit doctor” Vanessa Perez, aka Vanessa Ortega.

Perez allegedly paid Duran and other police officers to write up false reports, indicating that her customers, who were looking to clean up their credit records, had been the victims of identity theft. Perez would then submit the phony reports to credit rating companies like Equifax, which would in turn issue the customers good credit based on the fraudulent reports.

“Perez obtained many of these false police reports by paying monetary bribes, directly and indirectly, to police officers employed by police departments in Miami-Dade County,” according to federal prosecutors in court records. “In return for these monetary bribes, police officers created the police reports that falsely reported the alleged incidents of identity…………… continues on Local 10

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6 Ways You’re Sabotaging Your Credit Repair Efforts
News from Valley News:

Although the financial climate is improving and unemployment rates continue to drop, many consumers are struggling. Last year alone, U.S. courts reported nearly 1 million cases of Chapter 7 and Chapter 13 bankruptcy filings.

How does a financial hardship like bankruptcy affect your long-term credit health?

For one, the damage can remain on your credit report for seven to 10 years.

If your credit is severely damaged because you filed for bankruptcy or for any other reason you can still take steps to repair it. In order to do so, though, you need to make sure you don’t hurt your credit even further. Avoid sabotaging your credit repair efforts by steering clear of these common pitfalls.

Failing to Budget

Where does credit repair begin? With a budget, of course. You wouldn’t travel without a map, and you shouldn’t spend money without a game plan. Creating a budget allows you to identify:

∎ Spending and saving habits.

∎ Areas that need improvement.

∎ Progress over time.

Depending on your motivations, the sum of these factors can help or hurt your credit. Gather the facts, and begin tracking…………… continues on Valley News

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Top 4 Ways to Spot a Credit Repair Scam

Top 4 Ways to Spot a Credit Repair Scam
News from The Cheat Sheet:

Source: Thinkstock

If your credit card debt has been spiraling out of control, you might be thinking about paying a professional to help you repair the damage.  You’re most likely feeling the pressure and would do anything in your power to relieve the discomfort. You might even be getting sick over it. In fact, the American Psychological Association’s 2015 Stress in America survey finds that financial strain can have a big impact on your health.

Although you may feel distressed, don’t let your delicate emotional state lead you into the arms of a scammer. This will make you a prime t…………… continues on The Cheat Sheet

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Free credit program offered in Raritan by Central Jersey Housing Resource Center
News from NJ.com:

The Central Jersey Housing Resource Center (CJHRC) offers a free program for those that are trying to establish or re-establish credit, have been denied recently for credit or want to better understand debt and special savings program.

This class will take place on Wednesday, April 8, 5-9 p.m. in the downstairs conference room at CJHRC, 600 First Ave., Raritan 08869.

This workshop has been revamped and will be much more interactive with participants walking away with important information they want and need. While in the past the topic of “Understanding Your Finances” focused on budgeting and tracking of expenses, now in addition participants will each receive a calculator and a bill-paying organizer. The attendees will do a few real-life examples so they feel confident in creating a budget and be able to calculate their debt to income ratio after the program.

Credit is an important topic, and the majority of landlords in this charge $ 25-$ 55 per applicant for a credit check. Your credit score is not the only deciding factor for landlords. This program will cover a lot of information on credit including what makes up a credit score and what is in a credit report.

Participants will learn now to request a free copy of their report from annualcreditreport.com and on April 8 they will have the option of getting a credit report. This is fre…………… continues on NJ.com

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Feds allege celebrity credit repair a scam

Feds allege celebrity credit repair a scam
News from U-T San Diego:

— Federal prosecutors call Keith Lawrence Middlebrook the “credit repair man to the stars,” but indicted him Thursday as a scam artist.

An indictment was unsealed in San Diego federal court charging Middlebrook, 46, of Los Angeles, with 15 counts of mail fraud and of identity theft, along with bankruptcy fraud and fraudulent use of a government seal.

He is alleged to have sought out celebrities and professional athletes as clients, bilking them of more than $ 1 million on promises to help them out of bankruptcy, get their debts erased and credit scores raised.

He would get paid before rendering the service, a violation of federal credit repair law, the United States Attorney’s Office said.

At arraignment as the indictment was unsealed, U.S. Magistrate Judge Stephen Hillman allowed Middlebrook to post a $ 175,000 bond and ordered him to return to court next Thursday.

Middlebrook’s Elite Platinum Portfolios is described on the company website as a financial planning and consulting firm, and displays dozens of photos of athletes with purported testimo…………… continues on U-T San Diego

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Best Ways To Repair Your Credit Score
News from Investopedia:

You’ve probably seen ads telling you, “We can erase your bad credit – 100% guaranteed.” Or possibly ones that promise they can: “Create a new credit identity – legally.”  Any company that promises a quick fix like this for your credit score is a scam. “Attorneys at the Federal Trade Commission, the nation’s consumer protection agency say they’ve never seen a legitimate credit repair operation making those claims,” says the FTC website. 

Repairing your credit if your score has fallen “takes time and there is no quick way to fix a credit score….The best advice for rebuilding credit is to manage it responsibly over time.” That’s the advice you’ll find on FICO’s website. Believe it.

FICO stands for Fair Isaac Corporation. This American corporation introduced the first general purpose FICO score in 1989.  Since then, consumers have depended on keeping a good FICO score to be able to get loans and credit cards – especially if they want low rates and generous terms. 

Now that it’s clear there’s no quick fix to improve anyone’s credit score, let’s review the steps for repairing your score the slow and legal way.

STEP 1 – Understand How Your Credit Score Is Determined

You need to unde…………… continues on Investopedia

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Team 10 confronts sex offender accused in credit repair scam

Team 10 confronts sex offender accused in credit repair scam
News from 10News:

Team 10 Troubleshooter Cristin Severance was waiting as Art Nuno showed up to court in Vista Wednesday.

KGTV

Art Nuno was in a Vista courtroom for failing to register his address, but once his hearing was over he ran from Team 10 Troubleshooter Cristin Severance.

KGTV

Copyright 2014 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Arturo Nuno

Copyright 2014 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

…………… continues on 10News
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Top 10 Reasons You Put Off Credit Repair
News from Boston.com:

by Nikitas Tsoukalis, President

Key Credit Repair

It’s not uncommon to be afraid to dig into your finances. Many people feel that they don’t properly understand credit or that it’d be difficult to learn. Not sure what is holding you back? Read on to learn common reasons that people avoid credit repair.

1. You think it’s too difficult.

If you did not get a good education in personal finance, you may not know a lot about credit. Luckily, there are many resources to help you learn.

2. You think your credit doesn’t matter.

If you pay in cash for everything, you may think your credit score doesn’t matter. However, bad credit can affect every aspect of your life from where you can get a job to how much you pay for insurance.

3. You don’t know how much you owe.

Not sure what your debt is? You’re not alone. According to The New York Times, people tend to report in surveys only about half as much as credit card companies say is owed to them.

4. You don’t have the funds to pay off old debt.

A recent study found that, on average, people with delinquent debt owe over $ 5,000 in credit card debt, past medical bills and other types of debt.

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Credit Repair Review – Allison March 2010 – Please note that credit repair is not just about resolving debt issues. Although paying off debt and keeping low …
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Man guilty in credit repair scam to be sentenced

Man guilty in credit repair scam to be sentenced
News from 10News:

A man accused of running an elaborate credit repair scam will be sentenced Thursday in a San Diego courtroom.

KGTV

Copyright 2014 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

…………… continues on 10News
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Trust takes years to build seconds to break and forever to repair – iPhone 5 / 5s – hard snap on plastic case – Inspirational and motivational life quotes
Trust takes years to build seconds to break and forever to repair - iPhone 5 / 5s - hard snap on plastic case - Inspirational and motivational life quotes

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3 sought in Las Vegas in credit score repair scam

3 sought in Las Vegas in credit score repair scam
News from San Jose Mercury News:

LAS VEGAS—Authorities in Las Vegas say three men are sought on felony charges alleging they ran an illegal credit repair mill with victims in southern Nevada, the Los Angeles area and New York.

An indictment filed Wednesday in Clark County District Court accuses Rashid Salim (sah-LEEM’), Arthur Bethae (beh-THAY’) and James Kobernusz (KOH’-bur-nooz) of racketeering, forgery and establishing a financial forgery laboratory.

The Las Vegas Review-Journal reports ( http://bit.ly/I11y7P) that warrants were issued for their arrests.

The three are accused of taking part with seven other people in a scheme to send forged police reports through a company called Trade Line Pros to consumer credit reporting agencies.

Investigators said the documents indicated that customers had been victims of identity theft, and their credit ratings should be restored to a favorable rating.

———

Information from: Las Vegas Review-Journal, http://www.lvrj.com

…………… continues on San Jose Mercury News
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US Attorney: Fresno credit repair firm was scam

US Attorney: Fresno credit repair firm was scam
News from BusinessWeek:

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Finally a Credit Repair Service Review Site That is Actually Accurate
News from Albany Times Union:

BestCreditRepairCompanys.com (BCRC) plans big changes for the Credit Repair industry through its customer review portal.

Pleasant Grove, Utah (PRWEB) June 08, 2012

Throughout the last several years, and with the development of the economic recession, many Americans have lost their jobs and fallen behind on their financial obligations. Their personal credit rates have suffered.

This has lead to many companies coming to the rescue, providing consumer credit repair help through their paid services. Each year more and more Americans stand in need of credit repair, and each year there are more and more companies showing up (some almost overnight), ready to fulfill that need. However, just like in any other industry, not all companies are created equal. And with an industry that has tight government regulations, the question comes down to this: which credit repair company can be trusted?

There are many out there willing to say which company to do business with, but their advice depends on how much they receive in compensation. With so many out there with “incentivized” motives, the truth about most credit repair companies doesn’t really come out. Until now.

BestCreditRepairCompanys.com launched in April of 2012…………… continues on Albany Times Union

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Scam watch: Credit cards, auto repairs, phone cards

Scam watch: Credit cards, auto repairs, phone cards
News from Los Angeles Times:

Students in San Clemente High School’s auto repair class. (Don Bartletti / Los Angeles Times)

Here is a roundup of alleged cons, frauds and schemes to watch out for.

Credit cards – At the request of the Federal Trade Commission, a federal judge has halted a telemarketing campaign that allegedly sold bogus credit cards and drained money from victims’ bank accounts. Operating as Platinum Trust Card and Express Platinum Card, the businesses offered credit cards with a limit of up to $ 9,500 for an advance fee of $ 99 and a monthly charge of $ 19. The company said the cards could be used at any business that accepted Visa or MasterCard, but they actually could only be used at an online store the business promoted.

Auto repairs – Car problems are difficult enough. Getting scammed into paying for repairs that are unnecessary, performed poorly or not performed at all can make things much…………… continues on Los Angeles Times

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Credit advice: How can I dump my timeshare?
News from OCRegister:

Still living off credit cards? Can’t figure out how much you could or should spend? Need to save for retirement? Deborah McNaughton, a Placentia credit expert, financial coach and author of “The Essential Credit Repair Handbook,” is here to provide her financial advice:

Q. If we decide to stop making payments on a timeshare contract, how will it affect our credit rating? This will be the only time we have ever defaulted on anything and we are aggressively paying off all other debt.

Getting into a timeshare is often a lot easier than getting out of one and just stopping your payments could wreck your credit.

ROD VEAL / THE ORANGE COUNTY REGISTER

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Our main concern is how a default might affect our ability to receive a decent interest rate when our current home loan is refinanced in 2017. That’s when our 10-year interest only loan expires and new loan terms are initiated.

Buying a timeshare in these difficult times seems like the stupidest thing to do right now.

A. Making a decision to stop making payments on any credit contract needs to be thought through. In most instances when a person has purchased a t…………… continues on OCRegister

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