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Credit Repair

EIN’s and Credit Repair: Illegal!

Consumers with poor credit histories need to be cautious about signing up for the services of a credit repair company. Sure, though at first glance it can be awfully tempting to hire a service that promises to consolidate debt and put an end to those threatening phone calls and letters, the truth is that some credit repair services can create an even larger problem.  

Some credit repair services give their clients advice that is in fact illegal. They ask their clients to request an Employment Identifier Number that the clients are then to use in place of their social security number. This creates for them a new identity.

This actually does work. When these people apply for credit using their EINs, lenders are not able to access the client’s credit histories that are tied to their social security numbers. However, what the credit repair agents don’t tell their clients is that it is illegal to use an EIN for personal purposes. What’s even worse is that applying for one through the post or with a phone is mail and wire fraud, something no one can afford to do. 

For this reason, it especially import to work with a company that only does legal credit repair.

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