By Charlestien Harris:

As “March Madness” draws closer, the chaos and excitement can be maddening not only for the sports world but for those trying to make sense of their finances. Combine that with the tendency for people to consider Spring as the time to get things in order, it can be a mad dash to try and fix your finances.

However, all that attention means scammers will be out in force, and one of the ways they love to target folks is through credit repair scams. These types of scams are everywhere. Some of you may have even received unsolicited telephone calls where the scammer tries to entice you to engage in their services.

They all make the same or similar claims: Credit problems? No problem. We can fix it! We erase bad credit—100% guaranteed! We can even create a new credit identity! Sometimes they’ll throw in specifics like: We remove bankruptcies, judgments, liens and bad loans from your credit report forever! 

Do NOT believe these statements! At best, these are a waste of your time, and at worst, they can cost you a lot of money. The best game plan for improving your credit is taking the time to create an organized effort and plan that uses legitimate methods and resources like those I’ve previously described in this column (that I’ll reshare again below).

To prevent yourself or a loved one from falling for these types of scams, be prepared to recognize the warning signs. Steer clear of any companies that…

• Ask you to pay for credit repair services before any services are rendered,
• Do not inform you of your legal rights and what you can do yourself for free,
• Recommend that you not contact a credit reporting bureau directly,
• Ask you to make false or misleading statements to a credit bureau or government agency,
• Suggest that you create a “new” credit identity by applying for an Employer Identification Number to use instead of your Social Security number,
• Recommend that you dispute all negative information in your credit report.

Not only are they unhelpful, but several of these options could even put you in legal jeopardy with the Internal Revenue Service, e.g., fraudulently applying for an EIN number.  Of course, it’s not always what they say that is the warning sign, but what they DON’T say.

The Credit Repair Organizations Act requires credit repair companies to give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They must also give you a written contract that explains in detail your rights and obligations. As a precaution, please read all documents before signing.

The law also has specific consumer protections such as:

• Preventing a company form making false claims about their services,
• Not being able to charge you until they have completed the promised services,
• Not being able to perform any services until they have your signature on a written contract,
• Providing a three-day waiting period for you to cancel the contract without having to pay any penalties or fees.

Your contract must specify the following:

• The total cost of the services,
• A detailed description of the services to be provided,
• How long it will take to achieve the desired results promised,
• Any specific “guarantee” they offered,
• The company’s name and business address and contact information.

If you have had a problem with a credit repair scam, you can (and should) contact your state’s Attorney General’s Office or Consumer Protection Division as well as the Consumer Financial Protection Bureau on the federal level (www.cfpb.gov). You can even contact your local Better Business Bureau.

A much better solution is to reach out to a HUD approved counseling agency like Southern Bancorp Community Partners. You can find a full list for us and other approved providers from around the country by visiting www.hud.gov/findacounselor.

So, remember, if you follow these guidelines, avoid the scammers, and get your information and help from reputable providers, you’ll be in great shape to tackle your finances during March Madness!

As always, if you’d like more information on this and other financial fitness topics, email me at Charlestien.harris@southernpartners.org or call me at 662-624-5776.  Until next week—Stay financially fit!

By Charlestien Harris:

As “March Madness” draws closer, the chaos and excitement can be maddening not only for the sports world but for those trying to make sense of their finances. Combine that with the tendency for people to consider Spring as the time to get things in order, it can be a mad dash to try and fix your finances.

However, all that attention means scammers will be out in force, and one of the ways they love to target folks is through credit repair scams. These types of scams are everywhere. Some of you may have even received unsolicited telephone calls where the scammer tries to entice you to engage in their services.

They all make the same or similar claims: Credit problems? No problem. We can fix it! We erase bad credit—100% guaranteed! We can even create a new credit identity! Sometimes they’ll throw in specifics like: We remove bankruptcies, judgments, liens and bad loans from your credit report forever! 

Do NOT believe these statements! At best, these are a waste of your time, and at worst, they can cost you a lot of money. The best game plan for improving your credit is taking the time to create an organized effort and plan that uses legitimate methods and resources like those I’ve previously described in this column (that I’ll reshare again below).

To prevent yourself or a loved one from falling for these types of scams, be prepared to recognize the warning signs. Steer clear of any companies that…

• Ask you to pay for credit repair services before any services are rendered,
• Do not inform you of your legal rights and what you can do yourself for free,
• Recommend that you not contact a credit reporting bureau directly,
• Ask you to make false or misleading statements to a credit bureau or government agency,
• Suggest that you create a “new” credit identity by applying for an Employer Identification Number to use instead of your Social Security number,
• Recommend that you dispute all negative information in your credit report.

Not only are they unhelpful, but several of these options could even put you in legal jeopardy with the Internal Revenue Service, e.g., fraudulently applying for an EIN number.  Of course, it’s not always what they say that is the warning sign, but what they DON’T say.

The Credit Repair Organizations Act requires credit repair companies to give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They must also give you a written contract that explains in detail your rights and obligations. As a precaution, please read all documents before signing.

The law also has specific consumer protections such as:

• Preventing a company form making false claims about their services,
• Not being able to charge you until they have completed the promised services,
• Not being able to perform any services until they have your signature on a written contract,
• Providing a three-day waiting period for you to cancel the contract without having to pay any penalties or fees.

Your contract must specify the following:

• The total cost of the services,
• A detailed description of the services to be provided,
• How long it will take to achieve the desired results promised,
• Any specific “guarantee” they offered,
• The company’s name and business address and contact information.

If you have had a problem with a credit repair scam, you can (and should) contact your state’s Attorney General’s Office or Consumer Protection Division as well as the Consumer Financial Protection Bureau on the federal level (www.cfpb.gov). You can even contact your local Better Business Bureau.

A much better solution is to reach out to a HUD approved counseling agency like Southern Bancorp Community Partners. You can find a full list for us and other approved providers from around the country by visiting www.hud.gov/findacounselor.

So, remember, if you follow these guidelines, avoid the scammers, and get your information and help from reputable providers, you’ll be in great shape to tackle your finances during March Madness!

As always, if you’d like more information on this and other financial fitness topics, email me at Charlestien.harris@southernpartners.org or call me at 662-624-5776.  Until next week—Stay financially fit!

By Charlestien Harris:

As “March Madness” draws closer, the chaos and excitement can be maddening not only for the sports world but for those trying to make sense of their finances. Combine that with the tendency for people to consider Spring as the time to get things in order, it can be a mad dash to try and fix your finances.

However, all that attention means scammers will be out in force, and one of the ways they love to target folks is through credit repair scams. These types of scams are everywhere. Some of you may have even received unsolicited telephone calls where the scammer tries to entice you to engage in their services.

They all make the same or similar claims: Credit problems? No problem. We can fix it! We erase bad credit—100% guaranteed! We can even create a new credit identity! Sometimes they’ll throw in specifics like: We remove bankruptcies, judgments, liens and bad loans from your credit report forever! 

Do NOT believe these statements! At best, these are a waste of your time, and at worst, they can cost you a lot of money. The best game plan for improving your credit is taking the time to create an organized effort and plan that uses legitimate methods and resources like those I’ve previously described in this column (that I’ll reshare again below).

To prevent yourself or a loved one from falling for these types of scams, be prepared to recognize the warning signs. Steer clear of any companies that…

• Ask you to pay for credit repair services before any services are rendered,
• Do not inform you of your legal rights and what you can do yourself for free,
• Recommend that you not contact a credit reporting bureau directly,
• Ask you to make false or misleading statements to a credit bureau or government agency,
• Suggest that you create a “new” credit identity by applying for an Employer Identification Number to use instead of your Social Security number,
• Recommend that you dispute all negative information in your credit report.

Not only are they unhelpful, but several of these options could even put you in legal jeopardy with the Internal Revenue Service, e.g., fraudulently applying for an EIN number.  Of course, it’s not always what they say that is the warning sign, but what they DON’T say.

The Credit Repair Organizations Act requires credit repair companies to give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They must also give you a written contract that explains in detail your rights and obligations. As a precaution, please read all documents before signing.

The law also has specific consumer protections such as:

• Preventing a company form making false claims about their services,
• Not being able to charge you until they have completed the promised services,
• Not being able to perform any services until they have your signature on a written contract,
• Providing a three-day waiting period for you to cancel the contract without having to pay any penalties or fees.

Your contract must specify the following:

• The total cost of the services,
• A detailed description of the services to be provided,
• How long it will take to achieve the desired results promised,
• Any specific “guarantee” they offered,
• The company’s name and business address and contact information.

If you have had a problem with a credit repair scam, you can (and should) contact your state’s Attorney General’s Office or Consumer Protection Division as well as the Consumer Financial Protection Bureau on the federal level (www.cfpb.gov). You can even contact your local Better Business Bureau.

A much better solution is to reach out to a HUD approved counseling agency like Southern Bancorp Community Partners. You can find a full list for us and other approved providers from around the country by visiting www.hud.gov/findacounselor.

So, remember, if you follow these guidelines, avoid the scammers, and get your information and help from reputable providers, you’ll be in great shape to tackle your finances during March Madness!

As always, if you’d like more information on this and other financial fitness topics, email me at Charlestien.harris@southernpartners.org or call me at 662-624-5776.  Until next week—Stay financially fit!

By Charlestien Harris:

As “March Madness” draws closer, the chaos and excitement can be maddening not only for the sports world but for those trying to make sense of their finances. Combine that with the tendency for people to consider Spring as the time to get things in order, it can be a mad dash to try and fix your finances.

However, all that attention means scammers will be out in force, and one of the ways they love to target folks is through credit repair scams. These types of scams are everywhere. Some of you may have even received unsolicited telephone calls where the scammer tries to entice you to engage in their services.

They all make the same or similar claims: Credit problems? No problem. We can fix it! We erase bad credit—100% guaranteed! We can even create a new credit identity! Sometimes they’ll throw in specifics like: We remove bankruptcies, judgments, liens and bad loans from your credit report forever! 

Do NOT believe these statements! At best, these are a waste of your time, and at worst, they can cost you a lot of money. The best game plan for improving your credit is taking the time to create an organized effort and plan that uses legitimate methods and resources like those I’ve previously described in this column (that I’ll reshare again below).

To prevent yourself or a loved one from falling for these types of scams, be prepared to recognize the warning signs. Steer clear of any companies that…

• Ask you to pay for credit repair services before any services are rendered,
• Do not inform you of your legal rights and what you can do yourself for free,
• Recommend that you not contact a credit reporting bureau directly,
• Ask you to make false or misleading statements to a credit bureau or government agency,
• Suggest that you create a “new” credit identity by applying for an Employer Identification Number to use instead of your Social Security number,
• Recommend that you dispute all negative information in your credit report.

Not only are they unhelpful, but several of these options could even put you in legal jeopardy with the Internal Revenue Service, e.g., fraudulently applying for an EIN number.  Of course, it’s not always what they say that is the warning sign, but what they DON’T say.

The Credit Repair Organizations Act requires credit repair companies to give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They must also give you a written contract that explains in detail your rights and obligations. As a precaution, please read all documents before signing.

The law also has specific consumer protections such as:

• Preventing a company form making false claims about their services,
• Not being able to charge you until they have completed the promised services,
• Not being able to perform any services until they have your signature on a written contract,
• Providing a three-day waiting period for you to cancel the contract without having to pay any penalties or fees.

Your contract must specify the following:

• The total cost of the services,
• A detailed description of the services to be provided,
• How long it will take to achieve the desired results promised,
• Any specific “guarantee” they offered,
• The company’s name and business address and contact information.

If you have had a problem with a credit repair scam, you can (and should) contact your state’s Attorney General’s Office or Consumer Protection Division as well as the Consumer Financial Protection Bureau on the federal level (www.cfpb.gov). You can even contact your local Better Business Bureau.

A much better solution is to reach out to a HUD approved counseling agency like Southern Bancorp Community Partners. You can find a full list for us and other approved providers from around the country by visiting www.hud.gov/findacounselor.

So, remember, if you follow these guidelines, avoid the scammers, and get your information and help from reputable providers, you’ll be in great shape to tackle your finances during March Madness!

As always, if you’d like more information on this and other financial fitness topics, email me at Charlestien.harris@southernpartners.org or call me at 662-624-5776.  Until next week—Stay financially fit!

By Charlestien Harris:

As “March Madness” draws closer, the chaos and excitement can be maddening not only for the sports world but for those trying to make sense of their finances. Combine that with the tendency for people to consider Spring as the time to get things in order, it can be a mad dash to try and fix your finances.

However, all that attention means scammers will be out in force, and one of the ways they love to target folks is through credit repair scams. These types of scams are everywhere. Some of you may have even received unsolicited telephone calls where the scammer tries to entice you to engage in their services.

They all make the same or similar claims: Credit problems? No problem. We can fix it! We erase bad credit—100% guaranteed! We can even create a new credit identity! Sometimes they’ll throw in specifics like: We remove bankruptcies, judgments, liens and bad loans from your credit report forever! 

Do NOT believe these statements! At best, these are a waste of your time, and at worst, they can cost you a lot of money. The best game plan for improving your credit is taking the time to create an organized effort and plan that uses legitimate methods and resources like those I’ve previously described in this column (that I’ll reshare again below).

To prevent yourself or a loved one from falling for these types of scams, be prepared to recognize the warning signs. Steer clear of any companies that…

• Ask you to pay for credit repair services before any services are rendered,
• Do not inform you of your legal rights and what you can do yourself for free,
• Recommend that you not contact a credit reporting bureau directly,
• Ask you to make false or misleading statements to a credit bureau or government agency,
• Suggest that you create a “new” credit identity by applying for an Employer Identification Number to use instead of your Social Security number,
• Recommend that you dispute all negative information in your credit report.

Not only are they unhelpful, but several of these options could even put you in legal jeopardy with the Internal Revenue Service, e.g., fraudulently applying for an EIN number.  Of course, it’s not always what they say that is the warning sign, but what they DON’T say.

The Credit Repair Organizations Act requires credit repair companies to give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They must also give you a written contract that explains in detail your rights and obligations. As a precaution, please read all documents before signing.

The law also has specific consumer protections such as:

• Preventing a company form making false claims about their services,
• Not being able to charge you until they have completed the promised services,
• Not being able to perform any services until they have your signature on a written contract,
• Providing a three-day waiting period for you to cancel the contract without having to pay any penalties or fees.

Your contract must specify the following:

• The total cost of the services,
• A detailed description of the services to be provided,
• How long it will take to achieve the desired results promised,
• Any specific “guarantee” they offered,
• The company’s name and business address and contact information.

If you have had a problem with a credit repair scam, you can (and should) contact your state’s Attorney General’s Office or Consumer Protection Division as well as the Consumer Financial Protection Bureau on the federal level (www.cfpb.gov). You can even contact your local Better Business Bureau.

A much better solution is to reach out to a HUD approved counseling agency like Southern Bancorp Community Partners. You can find a full list for us and other approved providers from around the country by visiting www.hud.gov/findacounselor.

So, remember, if you follow these guidelines, avoid the scammers, and get your information and help from reputable providers, you’ll be in great shape to tackle your finances during March Madness!

As always, if you’d like more information on this and other financial fitness topics, email me at Charlestien.harris@southernpartners.org or call me at 662-624-5776.  Until next week—Stay financially fit!

By Charlestien Harris:

As “March Madness” draws closer, the chaos and excitement can be maddening not only for the sports world but for those trying to make sense of their finances. Combine that with the tendency for people to consider Spring as the time to get things in order, it can be a mad dash to try and fix your finances.

However, all that attention means scammers will be out in force, and one of the ways they love to target folks is through credit repair scams. These types of scams are everywhere. Some of you may have even received unsolicited telephone calls where the scammer tries to entice you to engage in their services.

They all make the same or similar claims: Credit problems? No problem. We can fix it! We erase bad credit—100% guaranteed! We can even create a new credit identity! Sometimes they’ll throw in specifics like: We remove bankruptcies, judgments, liens and bad loans from your credit report forever! 

Do NOT believe these statements! At best, these are a waste of your time, and at worst, they can cost you a lot of money. The best game plan for improving your credit is taking the time to create an organized effort and plan that uses legitimate methods and resources like those I’ve previously described in this column (that I’ll reshare again below).

To prevent yourself or a loved one from falling for these types of scams, be prepared to recognize the warning signs. Steer clear of any companies that…

• Ask you to pay for credit repair services before any services are rendered,
• Do not inform you of your legal rights and what you can do yourself for free,
• Recommend that you not contact a credit reporting bureau directly,
• Ask you to make false or misleading statements to a credit bureau or government agency,
• Suggest that you create a “new” credit identity by applying for an Employer Identification Number to use instead of your Social Security number,
• Recommend that you dispute all negative information in your credit report.

Not only are they unhelpful, but several of these options could even put you in legal jeopardy with the Internal Revenue Service, e.g., fraudulently applying for an EIN number.  Of course, it’s not always what they say that is the warning sign, but what they DON’T say.

The Credit Repair Organizations Act requires credit repair companies to give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They must also give you a written contract that explains in detail your rights and obligations. As a precaution, please read all documents before signing.

The law also has specific consumer protections such as:

• Preventing a company form making false claims about their services,
• Not being able to charge you until they have completed the promised services,
• Not being able to perform any services until they have your signature on a written contract,
• Providing a three-day waiting period for you to cancel the contract without having to pay any penalties or fees.

Your contract must specify the following:

• The total cost of the services,
• A detailed description of the services to be provided,
• How long it will take to achieve the desired results promised,
• Any specific “guarantee” they offered,
• The company’s name and business address and contact information.

If you have had a problem with a credit repair scam, you can (and should) contact your state’s Attorney General’s Office or Consumer Protection Division as well as the Consumer Financial Protection Bureau on the federal level (www.cfpb.gov). You can even contact your local Better Business Bureau.

A much better solution is to reach out to a HUD approved counseling agency like Southern Bancorp Community Partners. You can find a full list for us and other approved providers from around the country by visiting www.hud.gov/findacounselor.

So, remember, if you follow these guidelines, avoid the scammers, and get your information and help from reputable providers, you’ll be in great shape to tackle your finances during March Madness!

As always, if you’d like more information on this and other financial fitness topics, email me at Charlestien.harris@southernpartners.org or call me at 662-624-5776.  Until next week—Stay financially fit!