Credit Repair Scam: We can get you a new, clean credit file. Ya right, not legally. Some firms will try to get customers to apply for a new taxpayer identification number or Employer Identification Number (also called an EIN) for the purpose of building a new credit history. This is a big felony and you can go to jail for this. Credit repair.
But people get taken because con artists who don’t explain the whole scheme, so consumers don’t realize what they are being asked to do can land them in the big house just for trying to repair their credit. Assuming of course that consumers may not know that getting a new number to create a new credit history is illegal. And the whole concept is based on faulty reasoning. Since the new file will list the same name and address, it would still have all the same information and history, even with a new number. Credit repair.
Credit repair: Beware if anyone talks about getting you a new credit file, file segregation or a fresh credit history. Long story short, this is a big credit repair scam.