Loan and Credit Scams - Revision history

Elena Renderos at 03:41, 3 May 2017

2017-05-03T03:41:26Z

← Older revision		Revision as of 03:41, 3 May 2017
Line 18:		Line 18:
	The pitch goes something like this:		The pitch goes something like this:

	:''"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"''		::''"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"''

	This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.		This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.

Drew Jackson: /* Loan scams */

2017-04-25T20:50:15Z

Loan scams

← Older revision		Revision as of 20:50, 25 April 2017
Line 12:		Line 12:

	{{PLSTipsbox		{{PLSTipsbox
	\| text = Legitimate lenders never "guarantee" that you will qualify for a loan before a credit check is done. ~~In a~~ credit check, they look at your history of paying bills and repaying loans, which are detailed in a '''credit report'''. A legitimate lender would want to review your credit report before approving any loan.		\| text = Legitimate lenders never "guarantee" that you will qualify for a loan before a credit check is done. In a credit check, they look at your history of paying bills and repaying loans, which are detailed in a '''credit report'''. A legitimate lender would want to review your credit report before approving any loan.
	}}		}}

Drew Jackson at 20:48, 25 April 2017

2017-04-25T20:48:57Z

← Older revision		Revision as of 20:48, 25 April 2017
Line 44:		Line 44:
	\|author =		\|author =
	}}		}}
			__NOGLOSSARY__

Drew Jackson at 20:48, 25 April 2017

2017-04-25T20:48:16Z

← Older revision		Revision as of 20:48, 25 April 2017
Line 2:		Line 2:
	\|lessonname= Scams to Avoid Lesson Module}}		\|lessonname= Scams to Avoid Lesson Module}}
	{{REVIEWEDPLS \| reviewer = [[People's Law School]]\|date= March 2017}}{{Scams to Avoid TOC}}		{{REVIEWEDPLS \| reviewer = [[People's Law School]]\|date= March 2017}}{{Scams to Avoid TOC}}
	~~{{ambox~~
	~~\| type = content~~
	~~\| small = center~~
	~~\| image =~~
	~~\| smallimage =~~
	~~\| textstyle =~~
	~~\| text = This page is in the process of being updated. Please check back shortly.<br>~~
	~~\| smalltext =~~
	}}
	To trick you out of your money, some scams involve offers to loan you money or help you borrow money.		To trick you out of your money, some scams involve offers to loan you money or help you borrow money.

	==~~Scam 4.~~ Loan scams==		==Loan scams==
	In a '''loan scam''', a company tells you they can ~~“guarantee”~~ you a loan even if you have bad '''credit''' or no credit (that is, a poor history of paying back loans and paying bills). All you need to do is pay an upfront fee to ~~“process~~ the ~~loan”~~ or cover ~~“insurance costs”~~.		In a '''loan scam''', a company tells you they can "guarantee" you a loan even if you have bad '''credit''' or no credit (that is, a poor history of paying back loans and paying bills). All you need to do is pay an upfront fee to "process the loan" or cover "insurance costs".

	You send this ~~“advance fee”~~, but they don’t send the promised loan. Instead, they keep your money and send you a letter saying that your loan application has been denied.		You send this "advance fee", but they don’t send the promised loan. Instead, they keep your money and send you a letter saying that your loan application has been denied.

	This is illegal in BC. It is against the law for a company to charge an advance fee to obtain a loan, even if that fee is described as the first or last month’s payment.		This is illegal in BC. It is against the law for a company to charge an advance fee to obtain a loan, even if that fee is described as the first or last month’s payment.

	{{PLSTipsbox		{{PLSTipsbox
	\| text = Legitimate lenders never ~~“guarantee”~~ that you will qualify for a loan before a credit check is done. In a credit check, they look at your history of paying bills and repaying loans, which are detailed in a '''credit report'''. A legitimate lender would want to review your credit report before approving any loan.		\| text = Legitimate lenders never "guarantee" that you will qualify for a loan before a credit check is done. In a credit check, they look at your history of paying bills and repaying loans, which are detailed in a '''credit report'''. A legitimate lender would want to review your credit report before approving any loan.
	}}		}}

	==~~Scam 5.~~ Credit repair scams==		==Credit repair scams==
	The pitch goes something like this:		The pitch goes something like this:
	~~<BLOCKQUOTE>~~''"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"''~~</BLOCKQUOTE>~~
			:''"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"''

	This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.		This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.

	In fact, ~~there’s~~ no legal way to erase accurate negative information from within the last 5 years from your credit report. After 6 years, negative information can be purged from your credit report.		In fact, there's no legal way to erase accurate negative information from within the last 5 years from your credit report. After 6 years, negative information can be purged from your credit report.

	When accurate negative information is challenged, if the credit reporting agency cannot verify the information within a reasonable period of time, the information is removed. But it may be only temporarily. If the information is later verified, it will be placed back in your report.		When accurate negative information is challenged, if the credit reporting agency cannot verify the information within a reasonable period of time, the information is removed. But it may be only temporarily. If the information is later verified, it will be placed back in your report.
Line 37:		Line 29:
	Here are ways to reduce the risk of being the victim of a loan or credit scam.		Here are ways to reduce the risk of being the victim of a loan or credit scam.

	===1. Know who ~~you’re~~ dealing with===		=== Know who you're dealing with===
	If you are seeking to borrow money, apply for loans through local banks and credit unions.		If you are seeking to borrow money, apply for loans through local banks and credit unions.

	===2. Research the company===		===Research the company===
	See what other people are saying about the company. Search online for their name together with the word ~~“reviews”~~ or ~~“complaints”~~. Contact the Better Business Bureau to find out what they know of the company (see the ~~“Where~~ to Get ~~Help”~~ section for contact details).		See what other people are saying about the company. Search online for their name together with the word "reviews" or "complaints". Contact the Better Business Bureau to find out what they know of the company (see the "[[Where to Get Help for Scams to Avoid\|Where to Get Help]]" section for contact details).

	===3. Seek out help to improve your credit report===		===Seek out help to improve your credit report===
	If you’ve got a poor credit history, get advice on how to improve your '''credit score'''. You can improve your score by improving your track record on managing credit. The Credit Counselling Society helps people learn how to manage their money and debt better. See the ~~“Where~~ to Get ~~Help”~~ section for contact details.		If you’ve got a poor credit history, get advice on how to improve your '''credit score'''. You can improve your score by improving your track record on managing credit. The Credit Counselling Society helps people learn how to manage their money and debt better. See the "[[Where to Get Help for Scams to Avoid\|Where to Get Help]]" section for contact details.

	{{Scams to Avoid Navbox}}		{{Scams to Avoid Navbox}}

Elena Renderos at 03:35, 25 April 2017

2017-04-25T03:35:17Z

← Older revision		Revision as of 03:35, 25 April 2017
Line 45:		Line 45:
	===3. Seek out help to improve your credit report===		===3. Seek out help to improve your credit report===
	If you’ve got a poor credit history, get advice on how to improve your '''credit score'''. You can improve your score by improving your track record on managing credit. The Credit Counselling Society helps people learn how to manage their money and debt better. See the “Where to Get Help” section for contact details.		If you’ve got a poor credit history, get advice on how to improve your '''credit score'''. You can improve your score by improving your track record on managing credit. The Credit Counselling Society helps people learn how to manage their money and debt better. See the “Where to Get Help” section for contact details.


	{{Scams to Avoid Navbox}}		{{Scams to Avoid Navbox}}

Elena Renderos at 03:31, 25 April 2017

2017-04-25T03:31:11Z

← Older revision		Revision as of 03:31, 25 April 2017
Line 25:		Line 25:

	==Scam 5. Credit repair scams==		==Scam 5. Credit repair scams==
	The pitch goes something like this: ~~<BR>~~ <BLOCKQUOTE>''"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"''</BLOCKQUOTE>		The pitch goes something like this:
			<BLOCKQUOTE>''"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"''</BLOCKQUOTE>

	This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.		This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.

Elena Renderos at 02:42, 24 April 2017

2017-04-24T02:42:51Z

← Older revision		Revision as of 02:42, 24 April 2017
Line 21:		Line 21:

	{{PLSTipsbox		{{PLSTipsbox
	\| text = Legitimate lenders never “guarantee” that you will qualify for a loan before a credit check is done. In a credit check, they look at your history of paying bills and repaying loans, which are detailed in a credit report. A legitimate lender would want to review your credit report before approving any loan.		\| text = Legitimate lenders never “guarantee” that you will qualify for a loan before a credit check is done. In a credit check, they look at your history of paying bills and repaying loans, which are detailed in a '''credit report'''. A legitimate lender would want to review your credit report before approving any loan.
	}}		}}

Elena Renderos at 00:22, 24 April 2017

2017-04-24T00:22:23Z

← Older revision		Revision as of 00:22, 24 April 2017
Line 44:		Line 44:
	===3. Seek out help to improve your credit report===		===3. Seek out help to improve your credit report===
	If you’ve got a poor credit history, get advice on how to improve your '''credit score'''. You can improve your score by improving your track record on managing credit. The Credit Counselling Society helps people learn how to manage their money and debt better. See the “Where to Get Help” section for contact details.		If you’ve got a poor credit history, get advice on how to improve your '''credit score'''. You can improve your score by improving your track record on managing credit. The Credit Counselling Society helps people learn how to manage their money and debt better. See the “Where to Get Help” section for contact details.


	{{Scams to Avoid Navbox}}		{{Scams to Avoid Navbox}}

Elena Renderos at 00:22, 24 April 2017

2017-04-24T00:22:09Z

← Older revision		Revision as of 00:22, 24 April 2017
Line 25:		Line 25:

	==Scam 5. Credit repair scams==		==Scam 5. Credit repair scams==
	The pitch goes something like this: <BR> <BLOCKQUOTE>"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"</BLOCKQUOTE>		The pitch goes something like this: <BR> <BLOCKQUOTE>''"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"''</BLOCKQUOTE>

	This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.		This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.

Elena Renderos at 00:21, 24 April 2017

2017-04-24T00:21:43Z

← Older revision		Revision as of 00:21, 24 April 2017
Line 25:		Line 25:

	==Scam 5. Credit repair scams==		==Scam 5. Credit repair scams==
	The pitch goes something like this:		The pitch goes something like this: <BR> <BLOCKQUOTE>"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"</BLOCKQUOTE>
	<BR> <BLOCKQUOTE>"Credit problems? You can now wipe your credit report clean of bankruptcies, judgments, foreclosures and lien payments. AND IT’S 100% LEGAL!"</BLOCKQUOTE>

	This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.		This is a '''credit repair scam'''. It promises to help you improve your credit report. The detail in your credit report helps businesses, banks and others decide if you are likely to pay your bills on time. The scam typically urges you to dispute the negative information in your credit report or to set up a new credit identity for yourself.