Home > Email Scams > Credit Repair Scam

Credit Repair Scam

By: Chris Nickson - Updated: 7 Sep 2012 | comments*Discuss
 
E-mail Credit Repair Credit Repair Scam

With consumer lending and spending at an all-time high, it's not surprising that people end up in debt. Even if you're perfectly solvent, you've almost certainly received spam e-mail offering to quickly repair your credit. For those who are desperate, it can seem like a lifeline. But it's really a scam. There are no steps a company can legally take to repair your credit that you can't take yourself.

How It Works

The plain and simple truth is that it doesn't work; it can't work. What the credit repairers offer to do is boost your credit scores (making you more eligible for loans) and remove county court judgements from your credit file. They offer guarantees that their programme will give you good credit. They may even offer you a loan - in many instances that's the ultimate aim.

How To Identify A Credit Repair Scam

  • Look at the source. If it came from a spam e-mail, don't trust it, period.
  • What exactly are they offering? If they say they'll be able to erase your bad credit history, don't believe a word. If you have bad credit, there are steps that can be taken, but nothing will happen instantly.
  • Do they ask for an upfront fee? No proper organisation will.
  • If they suggest supplying false information on a credit application, don't listen. This is a crime and you can be prosecuted for it.
  • Are they offering a loan? On the surface it might seem tempting, but be very, very careful. Read the terms and you'll probably see that the interest rates are outrageous, and the repayment plan probably impossible.
If you encounter any of the above, walk away. It will not repair your credit. In fact it could land you much deeper in debt or in court.

Steps You Can Take To Repair your Credit Rating

  • One of the best ways to start is by requesting the booklet "No Credit?" from the Office of the Data Protection Commissioner.
  • Order a copy of your credit file. There are three credit reference agencies in the U.K - Equifax, Experian and Call Credit. You can obtain a copy of your file for £2. Don't be afraid to challenge entries you think are wrong. Amendments can be made to a file, erasing incorrect information, or a note added to the file stating why you believe it's incorrect.
  • Identify your debts and take steps to pay them. Many lenders are amenable to working out payment plans, and there are legitimate credit counselling agencies. Your Citizens' Advice Bureau can help you find one.
  • If you've had a county court judgment against you and paid within a month, it should be removed from the court records and credit files (however, the history of the debt may not be deleted from your credit file).
  • Judgments paid after a month can be marked "satisfied" after you apply to the court for a certificate of satisfaction. The court will then pass the information to the credit reference agency. If you believe information of a judgment is incorrect, the court can give you guidance on having it changed.
  • Consider bankruptcy only as a final resort, and then only after legal consultation.
Being in debt is unpleasant, and being deep in debt can be a nightmare. But you can take steps to bring it all under control and clear the amounts you owe. It won't be easy, and it won't happen in a month. Don't believe anyone who tells you otherwise.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Latest Comments
  • Sal
    Re: Sky TV Scam
    Had a call today from a Indian lady saying I overpaid my sky bill by £202 she then asked my dob then requested the expiration date of my card I asked…
    7 September 2018
  • SimplyMe
    Re: Sky TV Scam
    Just received same call purporting to be from Sky Refund Department. When I said I had something to tell him (i.e. not a Sky customer) he hung…
    23 August 2018
  • Syed Ali
    Re: Sky TV Scam
    I received a call 9.30am the lady calling from 07125656364 said she is calling from sky from billing dept and want to refund overpaid amount to sky of…
    14 August 2018
  • Maggie
    Re: Sky TV Scam
    I’ve just had a phone call from07125656364 telling me she was from sky and saying that I had overpayed £202 and they want to refund me. She then asked…
    6 August 2018
  • SafeFromScams
    Re: Vishing Scam
    Jhey - Your Question:I received an email from Royal Mail saying that my fiancé belongings are arrived to london to receive the parcel they want me to s
    24 July 2018
  • Jhey
    Re: Vishing Scam
    I received an email from Royal Mail saying that my fiancé belongings are arrived to london to receive the parcel they want me to send £2150 via western…
    23 July 2018
  • Wmy
    Re: Vishing Scam
    AEAC0155408 has been used here in Nigeria to scam my sister. Please be careful.
    16 July 2018
  • WomenHelpingWomen
    Re: Scammed by a Holiday Romance?
    Hi, I work for a women's magazine weekly and we are trying to raise awareness during the time of travel so no more women fall as…
    5 July 2018
  • Le Tissier Pearson
    Re: Vishing Scam
    Scam messages can be a nuisance and the fraudsters can go to jail.
    22 June 2018
  • eggreig
    Re: Sky TV Scam
    Just had a call from a lady could hardly understand her but she said I was due a refund but didn't believe her it was a mobile number 07158655859
    19 June 2018