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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

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While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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