Help your clients avoid these credit-score scams

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11/17/2015 | Author: Editorial Staff

Scammers are claiming they can help consumers raise their credit scores—for a price. Freddie Mac says there are some common fraud schemes those who offer credit-repair services are trying with uninformed consumers, such as encouraging borrowers to make false claims of identity theft or create a misleading credit profile by abusing credit-privacy numbers.

Help your prospects and clients avoid problems by letting them know they should be wary of paying for services that promise to raise their credit scores. If they are seeking to raise their credit score, put them in touch with financial advisors who can provide them with credible advice.

You can also tell clients and prospects that the safest way to raise their credit score is by consistently paying their bills on time and paying off debts. Remind them that it is better to take time repairing their credit than trying a quick fix that may lead to more problems in the future.

Educate your clients about other potential scams related to getting a mortgage. Freddie Mac offers free, customizable fliers and brochures for borrowers in both English and Spanish that offer tips on avoiding mortgage fraud. Find these items in the Fraud Prevention Toolkit on Freddie Mac’s website.

Categories: Business tips
Tags: mortgage, credit score, scams


Tom Morgan on 11/17/2015

Thanks for posting.  I was not aware of the Freddie Mac kit - that’s very good to know.

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