Credit Debt and Loans Scams

Most people are exposed to credit, debt, and loan frauds on a regular basis; some are duped, while others are not. Credit scams to avoid include those that promise to lend you money after you pay a fee (loan origination fee), which could be as little as $50 or as much as a few thousand dollars. As a result, you should be aware of loan scams and how to spot them, as well as how to determine whether a loan company is real.

So, let’s have a look at how to prevent typical credit and loan fraud.

Advance fee loans.

When you have bad credit and someone promise to help you get a loan only after paying some advance fee, please don’t buy it. It may seem like a dream come true, but it is a loan scam. Credit Debt and Loans Scams.

How to avoid this type of Debt and loan scam.

Don’t make an upfront payment since scammers like to ask for this to approve your application, but in the real sense, they are there to scam you.
Get advice on how to build a good credit record if you’ve got a bad credit record and avoid bad credit loan scams.
Always verify the source of that promise.
Get a Co-signer if you can get a loan from a reliable source.
Always work with the approved companies.
Avoid lenders who do business through a phone. Credit Debt and Loans Scams

Credit card loss protection

This applies to stolen or lost credit card cases.

Know your rights. The first step is to report the stolen or lost credit card. Because if it is used you’re only liable to incur a $50 fee is used before you report and not liable at all if used after you’ve reported according to federal law.
Watch out for people who claim to be connected with the credit card issuer.
Don’t lend your card to anyone or leave it lying around. Always involve the issuer if you want to share your card with someone else.
Keep your essential card details in a different, safer place in case the wallet is stolen.
Always take a keen look at your credit card bills as soon as you receive them.
Ask if you can get an extra protection policy from your issuer.

Credit repair

There are no ways to erase a bad credit record; only time can solve that. To avoid any bad credit loans scams that promise to fix your bad credit.
Credit repairs, according to federal laws, always involve contracts and payments after they have kept their promises.
It doesn’t cost to dispute any mistake on your credit record.
You are allowed to explain why you were late in paying bills that affected your credit score (Sudden illness, jobless, etc.).
File segregation “creating a new credit file” is illegal. So is anyone who promises to, then run away. Credit Debt and Loans Scams.

Government Grants

“Get free government grants” is a trick they use to get your social security number, bank acct numbers or processing fee. Therefore:

Be aware of unsolicited emails, messages, letters, and phone calls that tend to promise you free Grants. The government doesn’t do that.
You never pay to get a government grant, report, or avoid those who try to prank you.
To get a government grant, you must apply for it not given out through phone calls.
Not even being a good taxpayer can get you a grant. Government grants are awarded to an individual or organization for a purpose.
Avoid falling on swindlers with impressive sounds and names.

You can get more info about government grants at:

Phantom Debt

Phantom debt scams mostly affect those consumers who are looking or have made an inquiry about payday loans. So, how can you avoid these loan scams?

Hang up if the caller starts asking for your financial details or asked for a wired money transfer.
Despite higher interest on online loans also you are at risk of exposing your details to a criminal when you apply for payday loans on the internet.
Relay on loan paperwork to find a legitimate company that offers a loan.
Always ask for written proof of the debt via email if you receive a call.
Report a fraud at Fraud.org in case a scammer tries to use a similar approach to the one you have once experienced.
Search for identity theft solution if you have received a phantom debt call.

Scholarship Scams

Students may try to lessen the burden on their parents by seeking for scholarships, thus increasing the prospect of them being scammed. Stay safe by:

Knowing who you are dealing with.
Stay away from search services that promise you scholarship money since they have zero control on scholarships sponsors.
Know what you are working on and how it works.
Check if they’ve got a refund policy and make sure you understand it.
Ask reliable sources (schools guidance counselors) about the available scholarships.

For more check out College Parents of America.

And if you have been scammed, Report here

FRC’s – complaint assistance.
Fraud.org’s – online complaint form.

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