Consumer Alert: The Biggest Credit Repair Scams Preying on Consumers Today and How to Avoid Them, a New GoBankingRates.com Report

As a new year inspires many to reexamine their finances and take proper steps to improve their financial situations, top personal finance site, http://www.GoBankingRates.com, investigates the biggest credit repair scams in effect today. Individuals looking to clean up their credit should be aware of the scams prevalent in today’s society so they can enlist the help of a legitimate credit repair service to remove false information.

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Credit Repair Scams

Credit Repair Scams

Consumers need to be aware of today's scams, like offering to remove inaccurate information or selling new Social Security numbers, so they can protect themselves from being ripped off. Unfortunately, it happens all too often.

EL SEGUNDO, CA (PRWEB) January 09, 2013

January is known as the month when those who set New Year's resolutions begin following through on their goals, many of which are financially-related. As the Web's leading personal finance resource, Go Banking Rates is warning consumers of credit repair scams they could fall victim to when seeking to repair credit, if not prepared.

"January is a huge month for credit repair," Go Banking Rates managing editor, Casey Bond, explains. "A lot of consumers have set resolutions to improve their finances, and there are plenty of scammers out there ready to prey on those in need of credit repair services." She adds, "Consumers need to be aware of today's scams, like offering to remove inaccurate information or selling new Social Security numbers, so they can protect themselves from being ripped off. Unfortunately, it happens all too often."

In fact, an April 2012 report titled “Are They Credible?” from Robert H. Teuscher, researcher for the St. Louis BBB, states that although consumers pay credit repair companies an average of $816, 85% of the complainants said “no services” were provided by the companies.

Moreover, the report goes on to state that, “Consumers seeking help from BBBs to resolve their credit and debt problems with a multitude of companies have increased more than 800 percent in five years, from 930 in 2006 to 8,070 in 2010.”

For Go Banking Rates, correspondent Nicholas Pell investigated the top credit repair scams occurring today. As part of the investigation, Pell interviewed Steven Weisman of Scamicide.com, one of the country’s leading scam and identity theft experts, to find out how consumers can identify warning signs and avoid becoming victims.

In the report, Pell also details the inner-workings of three major credit repair scams affecting consumers today, outlining the top red flags signaling a fraudulent credit repair service.

To see the full Go Banking Rates report, please click here.

About Go Banking Rates

http://www.GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.

Additionally, GoBankingRates.com partners with a number of major media outlets such as Business Insider and US News & World Report to provide compelling and edifying personal finance content, and its expert editors have been featured and quoted on several premier finance websites like Yahoo! Finance, Forbes, The Street, Huffington Post and more.

GoBankingRates.com belongs to a network of more than 1,500 finance websites, including GoInsuranceRates.com and GoFreeCredit.com. These sites receive more than 2 million visits each month.

For questions or comments, please contact Jaime Catmull, GoBankingRates.com Director of Public Relations, at JaimeC(@)GoBankingRates(dot)com, or 310.297.9233 x261.

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Photo Credit: Examiner.com


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The 3 Biggest Credit Repair Scams Today and How to Avoid Them

The 3 Biggest Credit Repair Scams Today and How to Avoid Them


GoBankingRates.com

GoBankingRates.com