May 23, 2022

New Year Brings New Scams

We recently discussed the top three scams that targeting those who wish to repair their credit. Now, let’s take a look at several more schemes that are gaining popularity and some tips on how you can avoid being a victim.

If you’ve ever considered selling anything on Craigslist, you’ll definitely want to check this one out!

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Disastrous Credit Myths

Think you know everything there is to know about credit? Well, think again.

Several common misunderstandings can lead you down the path to bad credit and eventually bankruptcy.

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FTC Keeps Watch Over Credit Report Accuracy

Good news! You’re not the only one looking out for your good credit. Since 2004, the Federal Trade Commission has been monitoring credit reports and seeking information from consumers regarding errors.

According to the FTC’s December 2010 report, the study will be the first to directly engage the three main groups in the credit reporting process: consumers, national consumer reporting agencies, and furnishers of information to the reporting agencies. Approximately 1,000 consumers, randomly selected throughout the nation, will review their credit reports from all three national credit bureaus with an expert, who will help identify potential errors on their reports. Participants will be encouraged to dispute errors that could affect their credit standing, and credit reports with alleged errors will be sent to Fair Isaac Corporation (FICO) for rescoring. The study will estimate the proportion of consumers who would find one or more material errors in their credit reports, and it will reveal the main types of errors, their frequency, and their impact on a consumer’s credit standing. Overall, the study will categorize errors by type and seriousness in terms of potential consumer harm.

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Despite Legislation, Credit Card Companies Still Hungry For Young Adults

Credit card companies are still finding some of their best customers in young adults.

Unable to offer students free items such as t-shirts and pizza, companies are coming up with even sneakier ways to lure college students into the credit trap. Intangible features such as discounts and rewards remain fair game and are easily paving the way for financial ruin.

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Your Credit Can Affect Your Ability to Get Hired

Your credit score might affect your ability to get hired.  This is particularly true if the job at stake involves the company’s financial matters.

Using credit reports is another tool that employers use when conducting background checks. It’s all a part of the process to make sure they do their homework on candidates and make sure they are making the right choice when hiring. It has become another part of the hiring process – like checking references, validating employment history and/or verifying educational records.

If your credit has been checked in conjunction with the application for a job, you have a right to know. Further, if you are rejected for a job because of your bad credit, the employer is required by law to present you with the information they obtained.

Read more here about your rights as a job applicant and how your credit score might affect you.