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Credit repair can be defined as the process in which a debtor repays the amount that is due and thus obtains a clean and repaired credit report. However, the process of repairing a credit report is lengthy and tedious. Companies that specialize in improving a bad credit report undertake this job. Many companies and attorneys offer to improve the bad credit history of a company or a person.

There are companies and con artists who specialize in defrauding unsuspecting and desperate people who want an instant solution for their credit report problems. This is a distinguishing factor when it comes to recognizing a swindler. The swindler will usually entice the victim by suggesting or promising a quick remedy for all the credit related problems that the victim faces. Walking away from any deal that seems too good to be true is the best option when searching for a company that specializes in credit repair.

The modus operandi of these criminals is to open a new tax id or account that is valid for businesses only. Then the number is used for forming a new credit line. This discrepancy usually does not come out in the open for some time but when it does then the victim is usually in so much debt that it becomes impossible for him to pay back the owed amount. Other typical offers that a cheat will use are creation of a new ID, taking or demanding an advance payment, suggestions about not contacting the appropriate agency, and does not inform about DIY credit repairing and asking credit card specifics.

A major disadvantage of being a credit repair scam victim is that the victim himself can be prosecuted if it cannot be proven that the concerned party is the victim of a scam. This will not only compound the credit problem but can wreak havoc in a person's financial, personal, and professional life. What seems like a shortcut to all the credit related problems might become a major headache if proper care is not taken while selecting a method of credit repairing.