Press release: The latest in a series of credit scams has hit the internet. Overseas credit card companies are offering credit cards, with no credit check, and the promise of rebuilding your credit file and restoring your ability to secure additional loans. They charge a large fee for what is actually a prepaid credit card, disguised as a personal line of credit. The line of credit is determined by the amount of deposit you send. The set up fees range from $100-$300, in addition to the deposit money. Consumer protection and watchdog groups are receiving reports from thousands of defrauded consumers who learn that their ‘credit cards’ do not provide any credit history as no line of credit is actually extended. The so called secured line of credit is all smoke and mirrors.

This is only one of many reported consumer scams that unsuspecting consumers are fooled into believing. So many people are desperate to establish even small lines of credit, that they are willing to believe these too good to be true offers.

The truth is that there are no easy fixes for poor credit. Building credit takes time and good financial management.

One thing that you can do to quickly impact your credit ranking is to have a credit repair company assist you in correcting errors on your credit report. It is estimated that 8 out of 10 credit reports contain errors. Given the overwhelming amount of bad debt and high unemployment, creditors are barely able to manage the reporting that goes along with default accounts. Errors are bound to happen as the lenders struggle to keep up with the increasing number of loans that are in late or default status.

Luckily for consumers, there is legislation in place which provides a clear cut method for disputing and correcting such errors. Credit repair professionals are well versed in the consumer laws that govern credit reporting in the United States. Hiring a professional and experienced credit repair company ensures that your requests for error resolution will be taken seriously. It takes a professional to effectively manage the credit repair process.

Do it yourself kits, sold for upwards of $500, offer nothing more than an outline of the process that you can locate for free on many consumer and government websites. If it was so easy to do it yourself, then the credit repair industry would not exist.

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