![]() ![]() These companies may be selling stolen Social Security numbers if you use a stolen number, that may involve you in identity theft. It can also be also a federal crime to lie on a credit or loan application and to misrepresent your Social Security number. While EINs are legitimate, and used by businesses to report financial information to the federal government, an EIN is not a substitute for a Social Security number, and obtaining one from the IRS under false pretenses is a federal crime. They may also direct you to apply for an Employer Identification Number (EIN) from the Internal Revenue Service. After you pay the company, it may provide you with a nine-digit number that looks like a Social Security number, calling it a credit profile number or a credit privacy number. ![]() Fail to explain your legal rights to you when telling you what they can do for youĪ scam credit repair company, for instance, may claim it can help you hide negative account information or bankruptcy.Tell you to give false information on credit applications.Tell you to dispute information on your credit reports, even if you know the information is accurate.Advise you not to contact any of the three nationwide credit bureaus.Insist that you pay them before they do any work for you.But how do you tell the legitimate credit repair companies from the scams?Īccording to the Federal Trade Commission, companies engaging in credit repair fraud may: That said, there are a number of reputable credit counseling agencies that can help present you with options such as a debt management plan. You may wind up losing time and money, and it may even have legal consequences. “Credit repair” companies claiming to erase credit problems, remove situations like bankruptcies from your credit reports, or create a new credit identity for you may not be legitimate. ![]() ![]() If you are struggling to pay off debt and would like some help with credit, credit repair companies promising they can provide a “quick fix” for your credit may sound tempting.īut the truth is, there is no such thing as a “quick fix” when it comes to credit – it’s a process that takes time.
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June 2023
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