Common credit repair scams and what you need to know to not be a victim!

You don't want to be one of them, do you?

I'm sure you don't! Here is the next most common new scam out there and this is a good one!

You can buy a good credit rating and improve your score!

This one is legal, for now, but it can hurt you in the end because what you are asked to do is put down a large sum of money and you will get someone with a good credit rating to put you on their credit as an authorised user, just long enough to boost your score and then you are taken off of the good credit holders credit!

The idea here is that once your score comes up and rises, you will be able to get better credit offers and therefore increase your buying power!

The biggest problem with this scenario is that you are required to give your social security number out to the company looking for a "sponsor" to lend you their credit rating and this is where your ID can be stolen! This is a common credit repair scam that can backfire on both of you! Get Equifax Score Watch Now!

The "sponsor" can be an Identity thief looking for someone like you who needs and wants a better credit rating and sometimes you can get one, for awhile! Your ID is being used by someone who will boost your score for you and when your credit is good, he will abscond off with all the purchases they made on your credit and leave you holding the bag for all of it!

Don't think that if your credit is already bad the damage is done and you cannot be any worse off, you can be! Your giving your social security number out to someone you don't even know and hoping they will be your saviour, but they could be a criminal who has a bad credit rating looking to steal a good credit rating from someone like you and your identity to escape punishment form the law!

This is why you have no idea of what could happen here! You have no way of knowing how this person will use your personal information! This is a great common credit repair scams scenario to avoid!

If you haven't changed your spending habits and you fail to pay on time, it's likely that you will wind up in default on the new credit history you just paid thousands of dollars for!

You could have done better on your own repairing and rebuilding your credit in ways that did not leave you open for ID theft!

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