ON YOUR SIDE: Beware of debt relief and credit repair scams

Published: Dec. 27, 2022 at 4:51 PM CST
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SPRINGFIELD, Mo. (KY3) - Borrowers beware of debt relief and credit repair scams.

With so many struggling to make ends meet, scammers may offer you help. You might get a letter, email, or phone call about these services.

Do not believe in guarantees. Nobody can guarantee debt will go away or improve your credit score.
Beware of promises like removing negative information from your credit report. Scammers insist you get a new identity or apply for an Employer Identification Number instead of using your Social Security number.

“BBB tracker received over 500 reports about credit repairs and debt relief scams last year,” said Pamela Hernandez of the Better Business Bureau. “Consumers told the BBB about companies guaranteeing credit score increases or a debt forgiveness in exchange for a charge upfront for services, which are two big red flags.”

Many charge fees that do work you can do yourself.

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