If you are need of better credit and higher FICO scores you no doubt have seen theads that promise AAA credit overnight.
You are probably wondering if all the hype surrounding those ads is actually true? Well read on because we will explain what is actually involved in the AAA credit overnight scams.
How The Overnight Credit Repair Companies Operate These companies will instruct you to to get a new identity by abusing identification numbers that the federal government uses.
This is a practice where the company actually opens a new credit file for you.
Mostly it is done using an EIN or TIN.
These are numbers issued by the federal government and are not the same as social security numbers so creditors will have no idea of your past if you apply using these numbers.
The EIN number is issued to employers and stands for Employer Identification Number.
A TIN is a taxpayer identification number and both can be used to apply for credit but are not the same as a social security number.
This type of scam is well known and is so old that the credit bureaus are aware of it and have put practices in place to identify people who are using it.
It is also illegal and you could be charged with a felony if the IRS discovers that you are using TIN and EIN numbers for other purposes then what they were designed for.
If you truly have intentions of repairing your credit and are looking for an affordable option then self credit repair is probably the best method for you to use.