How do I know if I have been the victim of a credit repair scam?

If you suspect you have been the victim of a credit repair scam, it is important to first take action to protect yourself. There are a few primary signs to look for when trying to identify a credit repair scam. First, a credit repair company cannot guarantee to remove accurate or negative information from your credit report. If a company promises such services, then it is likely a scam. Second, be wary of any company that asks for a large upfront payment. Legitimate credit repair companies typically only charge for services actually rendered and not for upfront fees. Third, be sure to check the company’s credentials. According to Virginia credit repair law, any credit repair company must provide either a surety bond or a letter of credit as proof of their financial security. Double check any company’s credentials before signing up for services. Finally, if the company asks you to falsify information or create a new credit identity, it is likely a scam. Legitimate credit repair companies cannot advise you to do this as it is illegal. If you have any further suspicions, it is important to contact the Virginia Attorney General’s Office as soon as possible. They can help you determine if you have been the victim of a credit repair scam.

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How do I know if I have been the victim of a credit repair scam?

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