What is a “Credit Repair” Scam?
Watch out for “credit repair” companies that offer to help you hide bad credit or “create a new credit identity.” It is a federal crime to make false statements on a loan or credit application or to misrepresent your social security number. Some credit repair companies advise people to get Employer Identification Numbers and use them instead of social security numbers. If you are doing this to hide bad credit, it is illegal. In general, beware of any group offering “credit repair.” They may charge you money for bad advice or for things you could do yourself for free. Published by Legal Aid Society of Minneapolis, Northside Office, Minneapolis Urban League Building, 2100 Plymouth Ave, Minneapolis, MN 55411. Reprinted with permission. This information is not a complete answer to an individual legal problem. See your lawyer or you local legal aid office for advice.
