Credit repair companies are everywhere. This line of business is in high demand due to the millions of people who desperately need their credit fixed. Not only do people need their credit scores raised, but they need it done quickly. But, this quick fix can bring on long term agony. On Thursday, September 24, the Attorney General’s Office issued a consumer warning about credit repair scams. Recently, there was a nationwide investigation into a fraud scheme involving two individuals from Baton Rouge, LA. According to Attorney General James “Buddy” Caldwell, the scheme involved the sale of Credit Profile Numbers (or CPNS). CPN’s are nine-digit numbers that resemble a Social Security number. The CPN’s are sold to consumers with the promise of getting rid of bad credit. “These companies may be selling stolen Social Security numbers, which could be taken from children,” Attorney General Caldwell said. “By using a stolen number as your own, the con artists will have involved you in identity theft.” U.S. citizens should be aware of the dangers of using these services. To prevent this type of thing happening to you, here are a few tell-tell signs that this person or company is into credit repair fraud: Insists you pay them before they do any work on your behalf. Tells you not to contact the creditor or the credit reporting companies directly. Tells you to dispute information in your credit report — even if you know it’s accurate. Tells you to give false information on your applications for credit or a loan. Doesn’t explain your legal rights when they tell you what they can do for you. If you have an issue with a credit repair company, it is imperative that you contact the AG’s Office Consumer Protection Section at (800) 351-4889. Source
